Schlagwort: blockchain analysis

The Ankr price tilted upwards slightly after the developers launched App Chains, a platform for Web3 development. The coin’s price is trading at $0.03, which is slightly above this week’s low of $0.022. Its market cap is more than $243 million.

App Chains launch

Ankr is a leading blockchain infrastructure project that makes it easy for Web3 developers to build applications. 

The network provides products known as Remote Procedure Call (RPC), which is a useful tool among developers. It simply helps them to communicate with the back-end when building.

In the past few months, the number of developers using Ankr’s RPCs has been in a strong upward trend. Some of the most popular developers that are currently using Ankr are Airbitrum, Optimism, Avalanche, Binance and Celo among others.

In a statement this week, Ankr said that it was launching App Chains, a dedicated blockchain that houses one specific dApp. It can be thought of as a single-tenant bare-metal server without the noisy servers. This characteristic will make the platform significantly scalable.

In addition to scalability, App Chains is a highly flexible process. For one, they will not be restricted to using specific programming languages and constraints of a specific virtual machine like EVM. As a result, it will help to reduce the technical barriers to joining Web3.

Ankr has had a relatively busy month. Earlier this month, the developers announced that they were changing the revenue model to pay-as-you-go for its RPC services. They also launched in Opimism, the fast-growing blockchain project. In a statement, Optimism’s CEO said: 

“Adding Ankr as an infrastructure provider helped fulfill the desires of our community members who want to build with robust and reliable services.”

Still, Ankr price has not done well in line with the performance of other cryptocurrencies like Cardano, BNB, and VeChain. This price action is mostly because of the changing market and monetary conditions. Further, the recent corporate actions in Three Arrows, Celsius, and Bancor have pushed many people away from crypto.

Ankr price prediction

The daily chart shows that the Ankr price has been in a bearish trend for months. It remains below the important resistance level at $0.0500, which was the lowest point in February. The coin remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the oversold level.

Therefore, the path of the least resistance for Ankr token is still lower. If this happens, the next key support level to watch will be at $0.023, which was the YTD low.

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For so many years, many fence-sitters in the crypto industry have waited in bated breath for the prices to crash so that they can buy in. After all, in 2021 crypto was just hot. Coins hit record-breaking highs, and Ethereum was predicted to hit $10,000 this year. But things haven’t really turned out that way. Here are some facts:

• ETH fell below $1000 for the first time in months.

• However, the coin has managed to regain the four-digit price.

• An upward trend reversal is not likely at the moment.

Data Source: TradingView 

Ethereum: Where will it go?

Now, when ETH fell below $1000, most analysts saw a deeper fall. But the crypto market just surprised us. Prices recovered, and ETH was once again above $1000. This may seem like a good sign. But it’s actually not. The driving economic and financial risks that have put so much pressure on crypto have not yet eased.

Yes, there are growing efforts to deal with inflation and reduce its impact on the economy. But the success of these efforts will come in the long term. So, even though ETH is now above $1000, the coin is still exposed to further downside.

We in fact think that another major sell-off is coming in crypto. This will likely be the last blow that finally sends ETH and most coins firmly into the bear market. As such, it may not be the most ideal time to buy.

When to buy Ethereum?

There are two support levels for ETH after $1000. The most immediate one is around the $800 mark, and the second one is at about $550. ETH will likely bottom at either of these two.

The best strategy would be to use dollar-cost averaging and buy the moment ETH hits $800. Continue buying even if it dips towards $500. After that, give it a few months and just wait.

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Cardano was up for a few days of recovery after the crypto market rebounded over the last weekend. At one point, ADA in fact managed to surge past the crucial $0.5 price. Many analysts expected the coin to consolidate above this but it has since pulled back below. So, what happens next for ADA? Here are some notable highlights first:

• ADA has retreated slightly but could still retest $0.5 with improved sentiment

• The coin will however need to see a surge in trade volume for this to happen

• Failure to reclaim $0.5 could push ADA back to the $0.380 support in the short term

Data Source: TradingView 

Cardano price analysis and prediction

After a major sell-off in crypto over the past week, the market began to recover this weekend. ADA in fact went above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to keep the price there. 

Instead, ADA retreated and is now trading at around $0.48. However, there is still an opportunity for the coin to jump above $0.5. But based on relatively lower trade volume, ADA may struggle to get there. Nonetheless, if bulls can somehow regain $0.5, ADA will need to surge past $0.55 to have any chance of staying above.

In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if weakness persists, ADA may see a major cliff dive that will push it towards its monthly support of around $0.380.

Will ADA rebound?

Well, ADA has actually been rebounding over the past few days. The pullback seen over the last 24 hours could be a bleep in an otherwise decent run. 

But since sentiment in the market is yet to fully recover, it is likely ADA has faced a major loss of momentum. As such, a steadier decline could come in the days ahead.

The post Cardano fails to hold $0.5 – What next? appeared first on CoinJournal.

The cryptocurrency market has shed some of the gains it recorded earlier this week.

The cryptocurrency market has underperformed over the past 24 hours. The market has lost more than 3% over the past few hours, with the total market cap now under the $900 billion mark again.

Bitcoin has lost its support above the $21k level and risks dropping below $20k for the first time this week. Ether also risks dropping below $1,000 after losing more than 7% of its value in the last 24 hours.

However, SHIB, the native token of the Shiba Inu ecosystem, is up by more than 12% in the last 24 hours. Thanks to this ongoing rally, SHIB is the best performer amongst the top 20 cryptocurrencies by market cap today.

There is no catalyst behind SHIB’s ongoing positive performance. Amongst the top 100 cryptocurrencies by market cap, SHIB is the second-best performer, only behind WAVES.

Over the past seven days, SHIB has added more than 23% to its value, which is superior to some of the leading cryptocurrencies.

Key levels to watch

The SHIB/USD 4-hour chart is bullish as Shiba Inu has been performing well since the start of the week. The technical indicators show that SHIB is recovering from the losses recorded last week.

The MACD line is within the positive territory, indicating bullish momentum in the near term. The 14-day relative strength index of 58 shows that SHIB is no longer in the oversold region.

At press time, SHIB is trading at $0.00000947. If the rally continues, SHIB could surge past the $0.00001084 resistance level before the end of the day. However, it would need the support of the broader market to move past the $0.00001240 in the short term.

The bear market is still in play and SHIB could drop below the $0.00000906 support level if the bears regain control. 

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The Perpetual Protocol price is defying gravity even as other cryptocurrencies crash. The PERP token is trading at $0.7800, which is about 50% above the lowest level this year. The token has a market cap has jumped to more than $55 million, making it the 356th biggest coin in the world.

What is Perpetual Protocol?

Perpetual Protocol is a leading decentralized exchange (DEX) that enables people to buy and sell cryptocurrencies. It mostly focuses on perpetual futures, which are similar to other futures products but those that don’t have an expiry date. Some of its top competitors are platforms like dYdX, FTX, and BitMex.

The platform has more than $30 million in total value locked (TVL), which is lower than its all-time high of over $51 million. Unlike most exchanges, Perpetual Protocol and other derivative products have seen relatively higher volume during this crash since they allow people to make money as prices retreat.

Perpetual Protocol has made some important strides in the past few months. For example, the developers launched V2 of its platform on Optimism, one of the fastest-growing blockchain projects. This launch had some important features such as the integration with Uniswap v3, which allowed liquidity providers to employ a powerful liquidity provision strategy.

Another useful feature offered by Perpetual Protocol is Perp-Curie Arbitrageur. This opn-source product enables people to execute an arbitrage trade between Perpetual Protocol v2 and FTX. 

It is unclear why the Perpertual Protocol price is soaring. A likely reason is that investors are now buying the dip as they anticipate strong performance of the platform as volatility continues. Since there is no major news, this rally can be part of a pump and dump scheme among traders.

PERP price prediction

The four-hour chart shows that the PERP price declined to the YTD low of $0.4975 during the weekend. It has managed to bounce back and move slightly above the 25-day and 50-day moving averages. The coin remains below the important resistance level at $1, where it struggled moving below in May this year. At the same time, the MACD indicator has moved close to the neutral point. 

Therefore, in my view, I suspect that Perpetual Protocol will resume the bearish trend and retest the important support level at $0.50

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