Schlagwort: blockchain analysis

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Chiliz is up by more than 15% on Tuesday: Here’s why

The cryptocurrency market continues its poor start to the week, but Chiliz has been performing excellently today.

CHZ, the native token of the Chiliz blockchain, is up by more than 15% over the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The broader crypto market has been underperforming since the start of the week. The market has lost more than 3% of its value in the last 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has maintained its price above $24k after losing less than 1% of its value today, while Ether has dipped below the $1,900 resistance level as it is down by 1.2% in the last 24 hours.

CHZ’s rally can be attributed to the Chiliz team tweeting about its upcoming Pequin update. Pequin is the fifth phase of its Scoville testnet update and will lead to the launch of the CHZ cross-chain bridge.

After the Pequin update, Scoville has only one more update before the mainnet launch, which is slated to happen in the third or fourth quarter of the year.

Key levels to watch

The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the past 24 hours.

The MACD line is deep within the positive territory, indicating that CHZ is bullish despite the bearish sentiment in the broader cryptocurrency market.

The 14-day relative strength index of 75 shows that CHZ is close to entering the overbought region. CHZ is up by more than 37% in the last seven days.

At press time, CHZ is trading at $0.20 per coin. If the positive momentum is maintained, CHZ could cross the $0.24 resistance level for the first time since April. In the event of an extended bullish performance, CHZ could trade above the $0.310 resistance level over the next few days.

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Compound protocol token maintains uptrend despite sluggish gains

  • Compound protocol plays a role in DeFi through crypto lending.

  • The protocol runs on the Ethereum blockchain.

  • COMP has been gaining slowly after breaking above a key resistance at $55.

Since breaking above the $55 resistance last month, Compound COMP/USD has negligible gains. The cryptocurrency trades at $61.7, slightly above the support. However, the token remains bullish, and investors should be keen at the current valuation.

Compound was founded on the promise of revolutionizing the DeFi sector through crypto loans. Users deposit their crypto into a pool as deposits which are extended as loans for interest. Depositors also receive cTokens, which is tradable and transferable.

Compound token gains largely stem from the broader recoveries in cryptocurrencies. Nonetheless, DeFi tokens are earning boosts from the anticipated Ethereum shift to Proof-of-Stake. With COMP based on the Ethereum blockchain, it is one of the tokens to benefit from the spillover.

COMP maintains above the moving average and breakout zone

Source – TradingView

From the technical outlook, COMP is bullish. The token is retreating after making small gains in the last one week. However, COMP is yet to break below the 50-day moving average since mid-July. 

The MACD line is crossing below the moving average suggesting the bear pressure could continue. COMP could slide back to the $55 level or the 50-day MA. Investors should watch price action for a potential to buy the token. COMP has the next resistance at $75 if the price maintains above $55. The token presents an opportunity to buy and hold in the long term.

Concluding thoughts

Compound token is bullish despite the latest correction. The blockchain is one likely to benefit from the anticipated Ethereum shift to Proof-of-Stake. The $55 support remains the level to watch. The token could also initiate a bullish reversal at the 50-day MA.

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Cardano’s ADA sets $0.655 the next in sight as breakout looks sustainable

  • The journey to the Vasil upgrade remains on course after the launch of the 1.35.3 node version.

  • The Vasil upgrade is expected to improve the scalability of Cardano.

  • Cardano token broke above key resistance at $0.52 as investors waited for the upgrade.

Cardano ADA/USD is a cryptocurrency to watch this week. It could be a matter of when and not if ADA will reach $0.655. The token was trading at $0.56 as of press time. The price was still a drop of about 2% in the last 24 hours.

ADA gains have largely been due to the anticipated Vasil upgrade. The development team issued an update on Friday indicating that the Vasil upgrade was well on course. According to the development team, a new node version 1.35.3 has been released. The team said that as long as no significant issues are experienced, the node version will trigger the upgrade.

Since the announcement, ADA has gone to clear the $0.52 resistance successfully. That comes as investors speculate that the Vasil upgrade could come as soon as this month. The upgrade will improve the scalability and performance of the Cardano blockchain.

Cardano towers above support as the token eyes $0.655

Source – TradingView

From the daily chart, Cardano is now past key resistance at $0.52. All indicators sound bullish for the cryptocurrency. The 21-day moving average moved above the 50-day moving average, a bullish indicator. Both moving averages provide support for the Layer-1 blockchain token. The MACD indicators are also bullish on Cardano.

Concluding thoughts

Cardano remains on course to hit $0.655, the next resistance level. The prediction is based on the recent breakout above $0.52 and the bullish indicators. Investors should buy now or after a slight retracement towards the support or moving averages.

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Infinity Skies rallies 200% on Monday: here’s why

The broader cryptocurrency market has underperformed over the last 24 hours, but Infinity Skies has rallied by more than 200% during that period.

ISKY, the native coin of the Infinity Skies ecosystem, is up by 200% in the last 24 hours. Thus, making it one of the best-performing cryptocurrencies in the entire crypto market. By contrast, Bitcoin is down by 1.5% today and is trading above $24k per coin. Ether, the second-largest cryptocurrency by market cap, is also down by nearly 4% today and is now trading just above $1,900.

ISKY’s ongoing rally can be attributed to several factors. Community engagement has increased over the past 24 hours, thanks to the ongoing competition. The Infinity Skies team has $5,000 up for grabs for the best castle builders within its community.

The Infinity Skies builders have created some interesting castles, and this has improved the general community engagements. 

Another reason behind the ongoing rally is the imminent launch of Infinity Skies’ staking pool. The staking pool would make it easier for users to stake their tokens and earn rewards for doing so.

The Infinity Skies team is also participating in the ongoing Battle of the DApps hosted by BSCNews. In Battle of the Dapps, 9 projects on BNB Chain compete in a community-decided event to be crowned King of the Dapps.

Infinity Skies is competing against eight other decentralised applications, including Floki, GMR, EverRise, Hypermine, DG Pals, Ten Finance, Mogul Productions, and XWG Games.

Finally, another reason why Infinity Skies is rallying today is the upcoming land sale within the ecosystem. The land sale event will allow people to own a piece of the Infinity Skies ecosystem, allowing them to build amazing structures and castles.

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Reviewing the bull case for Monero as it completes the network upgrade

  • Monero completed its hard fork on Saturday for more network privacy and security

  • The native token has not reacted to the hard fork and was down on Monday

  • Monero remains on an uptrend to new heights

Monero XMR/USD successfully completed its network hard fork on Saturday. The privacy-focused blockchain said the network is now more private and efficient. The upgrade comes with Bulletproofs+ algorithms for faster transaction speeds. Introduced view tags on the network will also cut wallet sync times by up to 40%. 

The successfully deployed hard fork comes with the benefits of more security and privacy. The benefits are especially to boost its native token. Monero has been surging in anticipation of the upgrade and improved crypto sentiment. The token currently trades at $166, up from a low of below $100 in mid-June.

Despite the latest upgrade, the Monero token is yet to post robust gains. As of the time of writing, the token was down by 2.18%, with the trading volume up just 10%. The slowdown is occurring across the crypto sector. The indecision underlines that Monero had already priced in the positive news. The upgrade was already a long-awaited event. But how bullish is Monero?

Monero slows amid the latest network upgrade

Source – TradingVew

Monero remains on a solid uptrend despite the boosts from the hard fork. The token is supported by the 21-day and 50-day moving averages, with the latter joining recently. The MACD indicator shows waning momentum, a suggestion of a potential retracement.

Concluding thoughts

Although Monero’s momentum is weakening, it is on a clear uptrend. The cryptocurrency is yet to reach the established resistance at $204. Any correction is an opportunity to buy. The latest upgrade could still be the boost needed to take the Monero token to the next level.

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