Schlagwort: crypto analysis

MATIC is up by more than 1% in the last 24 hours as the broader cryptocurrency market continues to recover from last week’s slump.

MATIC, the native coin of the Polygon network, is up by more than 1% in the last 24 hours. The performance comes as the broader crypto market slowly recovers from its poor outing last week.

The positive performance can be attributed to Nike revealing that it would be entering the Polygon ecosystem.

Grab your kicks 👟
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾

This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX

— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022

The Polygon team revealed that Nike, one of the leading sports apparel manufacturers in the world, will build its web3 experience on Polygon. 

The performance also comes as the broader cryptocurrency market continues to maintain its positive start to the week. 

The total cryptocurrency market cap stands around $845 billion, up by less than 1% in the last 24 hours. Bitcoin is closing in on the $1,700 resistance level after adding 1% to its value today.

Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% today and is now trading at $1,259 per coin.

Key levels to watch

The MATIC/USD 4-hour chart remains bearish despite MATIC adding more than 1% to its value today. The technical indicators show that MATIC is recovering from last week’s poor performance.

The MACD line is currently below the neutral zone, indicating that the bears still control a large chunk of the market.

The 14-day relative strength index of 47 shows that MATIC is no longer in the oversold region. At press time, MATIC is trading at $0.938 per coin. If the positive trend is maintained, MATIC could trade at around $0.9893 before the end of the day.

MATIC could surge past the second major resistance level at $1.0641 in the near term if it gets support from the broader cryptocurrency market. 

Where to buy Polygon now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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After a series of developments, Polygon (MATIC/USD) is again making airwaves. This time around, the network is entering the metaverse – a new milestone.

On November 12, Polygon announced it was taking the first airport to the metaverse. The blockchain announced that BLR Airport was entering the virtual world. BLR will benefit by showcasing its services to customers in a virtual space. On the other hand, a successful endeavour could see more metaverse projects building on Polygon and raising its token’s utility.

It is still early to speculate how much of a success Polygon’s metaverse endeavours will be. However, we already know that the virtual reality world grew immensely last year, boosting tokens of associated platforms. Thus, the latest cryptocurrency news should be well received by Polygon fans.

Meanwhile, Glassnode data shows that the total number of MATIC addresses has been increasing over the past month. The growth happens amid a largely bear crypto market, indicating that investors hold Polygon highly. Consequently, MATIC has been relatively stable compared to peers in a bear market. 

MATIC price outlook as it hits resistance

Source – TradingView

On the daily chart, momentum is weak for MATIC amid a bearish MACD crossover. However, MATIC is stable, as bulls defended the $0.77 level when the market crashed last week. The cryptocurrency is pushing higher, but the $0.96 resistance is holding it back. 

Is MATIC about to become bullish?

MATIC’s price has recovered slightly, but there is no indication the token could become bullish soon. The cryptocurrency has to clear $0.96 to consider a bullish bias.

The cryptocurrency is open to consolidation at the current level if the price does not get the catalyst to break higher. Investors should wait for a breakout at the key level.

Where to buy MATIC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Polygon teases a metaverse game changer. Is MATIC now bullish or about to be? appeared first on CoinJournal.

KuCoin token (KCS/USD) was among a handful of cryptocurrencies that posted double-digit gains on Monday. With a surge of about 20%, the token was only rivalled by the Trust Wallet Token in the top 100 list by market cap. The coin is native to the KuCoin crypto exchange.

KuCoin claims to be the world’s largest social trading platform. The exchange lists over 20 million global investors and more than 1 trillion USD accumulated trading volume. Over 700 coins are available on the platform.

While KCS traded at a high of $28 in November 2021, it has come crashing this year. The token trades at just $7.9. That’s a drop of more than 70%. The decline is still favourable compared to some cryptocurrencies, which have lost at least 90% of their value from their all-time highs.

The gains in KCS happen even though confidence levels on crypto exchanges remain low. In light of the concerns, KuCoin assured users of the safety of their funds. The company said it was working on the Merkle-tree proof-of-reserves as an accountability measure. Should the latest price jump reignite hope for further recoveries of KCS?

KuCoin token slowing down after meeting resistance

Source – TradingView

The latest price jump takes the KuCoin token near a resistance at $8.69. The token has slowed down near the resistance zone. 

The MACD indicator remains deep in the bear zone. Although momentum is weak, the severity has lessened following the intra-day gains. 

Should you buy KCS?

The intraday gains are positive for KCS, given that they come when cryptocurrencies are under pressure. However, the momentum could be unsustainable, given the inherent risks and $8.69 resistance. If you are buying KCS now, you should be ready for potential prolonged consolidation.

Where to buy KCS

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Is KuCoin token becoming a little hero in a depressing crypto market after 20% gains? appeared first on CoinJournal.

Binance (BNB/USD) sits above a support zone of $266. At the current valuation of $281, BNB has lost 30% since nearly topping $400 a few days ago. A contagion of risks has been responsible for this.

First, the collapse of FTX raised caution about the financial health of crypto exchanges. As a cryptocurrency affiliated with an exchange, BNB was not spared either. Secondly, although the US inflation rate came lower for October, it remains elevated. Further rate tightening is possible despite investors eyeing a softer stance by the Federal Reserve.

With growing risks, Binance is not taking chances. CEO Changpeng Zhao recently announced that the crypto exchange had raised its Secure Asset Fund for Users to $1 billion. The move reassures the market shaken by the collapse of FTX. On November 14, CZ announced the creation of an industry fund. The fund will bail out “strong” crypto firms facing a liquidity crisis.

Amid the growing concerns and developments, BNB bulls are defending $266. The level has become significant since BNB has yet to trade below it since a breakout in July. BNB has a real chance of recovering from this level if the bulls hold ground.

BNB defends $266 amid a weak momentum and bearish MACD crossover

Source – TradingView

Technically, we should consider BNB bearish. The momentum is weak, while the recent MACD crossover supports a bearish view.

However, since BNB settled at $266, the price has regained stability. Multiple inside bars can be seen at the key support, indicating indecision in the market.

Should you buy BNB now?

The outlook is mixed for BNB price at the support zone. Bulls are defending $266, but the technical indicators show a bearish market.

If BNB continues to maintain stability, we should watch for the formation of bullish bars at the key support. That could welcome a bullish momentum. Alternatively, a breakout of the inside bar pattern should also attract buyers to the token.

A bullish confirmation should take BNB back to the resistance at $360. We should, however, monitor the crypto sentiment to consider the level around $400 attainable.

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post Binance coin price analysis amid fresh pains in the crypto market appeared first on CoinJournal.

Litecoin price remained in a consolidation phase on Monday as investors reflected on the happenings in the crypto industry. LTC was trading at $57.30, which was about 20.7% above the lowest level this year. This price was about 21% below the highest level this month. So, is it safe to buy Litecoin now?

Is LTC a good investment?

Litecoin, like other cryptocurrencies, has been in a strong bearish trend in the past few days as concerns about the sector continued. The biggest risk is the collapse of FTX, the second-biggest crypto exchange in the world after Binance.

As such, investors fear that a contagion risk could occur increase. Therefore, the number of crypto withdrawals from exchanges has continued rising in the past few days. At the same time, Bitcoin’s fear and greed slumped to the lowest level in months.

Historically, cryptocurrencies like Litecoin and Bitcoin tend to crash hard after a major seismic event like FTX’s crash. Most of them dropped like a rock after the collapse of Voyager Digital and Terra’s ecosystem in May this year. The only difference is the magnitude of FTX’s clash and the role it has in the economy.

Meanwhile, on-chain data shows that Litecoin’s hash rate has crawled back after falling sharply last week. It has risen to a high of 542 TH/s, which was higher than last Friday’s low of 507 TH/s. 

A hash rate is defined as the measure of computational power on a blockchain network. It is determined by the number of guesses made per second. The hashrate helps to determine the security and mining difficulty of a blockchain’s network.

Litecoin’s hash rate is now slightly below its all-time high of about 575 TH/S. This could be a sign that the network has some activity.

Litecoin price forecast

The four-hour chart shows that the LTC price has been in a strong bearish trend in the past few days. It has moved slightly above the important support level at $55.75. The coin remains slightly below the 25-day moving averages. At the same time, the Stochastic Oscillator has moved above the neutral point. 

Litecoin has also formed a hammer pattern, which is usually a bullish view. Therefore, the coin will likely continue rising as buyers target the key resistance level at $63. A drop below the support at $55.7 will invalidate the bullish view.

How to buy Litecoin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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