Schlagwort: blockchain analysis

Day trading crypto is very easy these days. The crypto market is after all filled with lots of derivatives. It is estimated that the daily volume in the crypto derivatives market is more than $3 trillion. With these numbers, it’s no wonder many traders are using these assets. Here is why day trading crypto makes sense:

• The market offers very high volatility daily.

• You do not need a huge account to day trade crypto.

• There is a massive variety of crypto assets to day trade.

Well, in case you are not sure which assets are perfectly ideal for an active crypto day trader, the suggestions below should help:

Dogecoin (DOGE)

As far as volatility goes, very few can measure up to DogeCoin (DOGE). As one of the leading meme coins, DOGE also has massive trade volume thanks to its market cap of around $17 billion. 

Data Source: Tradingview 

With that in mind, the price action on DOGE will always fluctuate by a large extent on a regular basis. This gives active day traders a huge range of entry points to profit from DOGE. But there are of course, certain risks that come with highly volatile assets. Make sure you employ proper capital management.

ThorChain (RUNE)

ThorChain (RUNE) is not nearly as big as DOGE, but it still has excellent volume. This is a coin that has a market cap of $1.2 billion. Therefore, RUNE typically exchanges hands a lot of times on any given day, making it a decent target for a day trader. The coin is also known for high volatility as well.

Ethereum Classic (ETC)

With a daily market cap of around $3.7 billion, incredible name recognition, and significant circulating supply, Ethereum Classic (ETC) is also a great fit for active day traders. It is a bit expensive though, since one coin right now sells for around $27. But it should be worth it.

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DeFi is no doubt the next big thing, and the blockchain industry is offering the infrastructure needed for that. Lending and borrowing are two big parts of the DeFi ecosystem. The good news is that there are certain projects in this area that offer very good prospects. Here is why lending and borrowing protocols matter:

• Lending and borrowing are at the heart of DeFi right now.

• There is a huge demand for these protocols as people transition from traditional CeFi.

• Most of these projects are also grossly undervalued.

So, if you are not sure which lending and borrowing protocols you can invest your money in, here is a list to consider:

Aave (AAVE)

Aave (AAVE) is one of the leading DeFi protocols in the market right now. The platform is designed to act as a liquidity provider for exchanges across the crypto-verse. Users simply deposit their crypto assets in liquidity pools which are then used to provide liquidity in the market where it’s needed. 

Data Source: Tradingview 

The users then earn a percentage of the transaction fees charged by these exchanges. Aave (AAVE) has grown immensely over the years. At the time of writing this post, this coin was trading at $140 with a market cap of around $1.9 billion.

PhoenixDAO (PHNX)

In case you are looking for an untapped asset in the lending and borrowing space, then PhoenixDAO (PHNX) is a huge bet. The coin is relatively small in fact, right now it has a market cap of just $1.8 million. This is a project that could realistically grow 10x easily. There are also plans to add more functionality to the Phoenix ecosystem in the near future.

Venus (XVS)

Venus (XVS) is an automated market maker protocol designed to provide liquidity in the market. It works the same as Aave. The coin has a market cap of $107 million and is trading at $9 at the moment. It is worth looking at.

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Tezos (XTZ) is one of those coins that seems to have really come from the brink. The coin slumped massively in January, at a point even hitting its six-month low. But after the decent rally that we saw at the start of the month, things are looking gloomy for the coin. Here are some facts:

• Tezos (XTZ) is up over 80% from its lows in January this year.

• At press time, the coin was down around 7% and was trading at $2.98.

• It doesn’t seem like there is enough bullish momentum to take XTZ further in the near term.

Data Source: Tradingview 

Tezos (XTZ) – Price prediction and analysis

As noted above, the recovery that we saw on Tezos (XTZ) over the last few weeks has been impeccable. The coin has come from six-month lows to report gains of over 80%. At one point, Tezos was even testing $5. 

But as the crypto market continues to see more weakness due to increased tensions in Europe, Tezos (XTZ) has pulled back significantly. In fact, the coin has lost nearly 26% in the last 11 days and has fallen below a crucial support zone of $3.2. 

This suggests that there will be more weakness in the days ahead. At press time, XTZ was trading at $2.99. The key right now is to watch whether bulls can push the price above $3.2. But this only happens when we start to see more volume in the market.

Should you buy Tezos (XTZ)?

Tezos (XTZ) is a smart contracts platform that is designed to offer better, more efficient operations than Ethereum. So far, the project has seen increased investor interest and is rated among the most promising chains in the market right now. 

It is indeed a very good asset to put in your portfolio, especially when you consider that the market cap is still at $2.6 billion.

The post Tezos (XTZ) is up nearly 80% from January lows – Is there enough momentum for growth? appeared first on Coin Journal.

Broader weakness in the crypto market has been quite evident over the last week or so. As a result, we are starting to see Algorand (ALGO) forming a bearish pattern that could lead to a massive price correction. Here are some highlights:

• At press time, Algorand (ALGO) was trading at around $0.81, down 5% for the day.

• The $0.8 mark has proved to be a crucial support line but we expect ALGO to fall below that.

• When this happens, the coin could push towards $0.5 in the near term.

Data Source: Tradingview 

Algorand (ALGO) – The coming 40% correction?

There is no doubt the broader crypto market has seen a lot of weakness in recent days. Algorand (ALGO) has also followed suit. After a more robust performance at the start of the month, the coin is now on the decline. 

The $0.8 mark remains one of the key support zones. Although bulls have done well so far to maintain the price action above this, we don’t expect ALGO to hold out for much longer. As a result, the coin could fall to $0.5 before we start to see any signs of a trend reversal. 

This will represent a correction of nearly 40%. However, if bulls can somehow manage to send ALGO above $0.9, the bearish outlook may abate in the foreseeable future. At press time, the coin was trading at $0.81.

Is it the right time to buy Algorand (ALGO)?

Well, most coins right now are trading lower, so if you are a dip buyer, this would be the time to come in. But when you consider that more weakness is projected on Algorand (ALGO), it would be more prudent to sit out for now and wait for the price to decline further. At least that way, you get minimal downside risk and a discount when you decide to buy.

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The initial climb by Uniswap (UNI) earlier in February appears to be evaporating. It’s been day after day of losses for the DEX, and there are signs that the bleeding will continue in the coming days. But how far can bears take the price action? Here are some highlights:

• Uniswap (UNI) could crash to $5 before it finds its next leg up
• The coin was trading at around $8.74, down by nearly 7% in 24 hours at press time.
• The price action is within a crucial demand zone but so far bulls are staying off.

Data Source: Tradingview 

Uniswap (UNI) – why a crash to $5 is likely?

As noted above, UNI has entered a crucial demand zone. Looking back at the chart, every time the token has entered the range of between $ $7.31 and $9, bulls have come in and bought in huge numbers. We are not seeing that right now.

In fact, even though at present UNI is trading at around $8.74, the bearish trend appears to be holding steady. We are watching to see if there will be any bullish activity in the coming days.

If indeed, UNI is able to generate demand and push back above $10, it could suggest more gains. But with sentiment in the market largely fearful, we don’t expect this to happen. Instead, UNI could slip below its demand zone and eventually settle at $5 in the coming days.

Is Uniswap (UNI) still a good investment?

The dip in crypto prices is a sign that perhaps this may not be as much of a smooth year as 2021. But even then, the long-term outlook on Uniswap (UNI) still remains very positive.

In fact, if indeed the coin drops to $5, get it. Even if you don’t end up holding for long, there is a chance the downward trend will reverse, and UNI will be back to double figures in no time.

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