Schlagwort: crypto analysis

Binance (BNB/USD) buyers continue to defend $266. The level has become a crucial zone, as the cryptocurrency has formed multiple bottoms. That gives buyers a real chance to thwart bear interest and move the cryptocurrency higher.

The stability of BNB comes when crypto exchange-related tokens are going south. As of press time, the FTX token trades at merely $22, nearly the lowest price of $21 in the year. Similarly, the Cypto.com token is trading near its yearly lows. BNB trades at $272, up from its yearly lows of $184, cementing the status as a stable exchange-linked coin.

Of course, Binance ranks as the largest crypto exchange, and it is easy to see why. In September, the crypto exchange saw increased trading volumes despite cryptocurrency prices falling sharply. The rise in volumes followed the exchanges’ move to remove trading fees on popular crypto pairs. 

With the stability of Binance, bulls have been relentless as the token hit $266. A technical outlook shows that $300 remains a realistic target if the bear market does not worsen further.

BNB holds $266 support intact amid a bear market

Source – TradingView

Technically, BNB remains stable at or slightly above $266 support. However, the RSI reading is below the midpoint suggesting that bears have the upper hand. Should sentiment remain, bulls could push the price back to the $300 resistance.

On the flip side, a further bear market could allow bears to push the price lower to $244.

Concluding thoughts

On a balance of probabilities, a bull case is stronger for BNB based on the stability of the price at support. Bears are also active, giving a potential consolidation scenario for BNB at or around $266. BNB buyers can take a chance at the current level but monitor price action and sentiment since a lower price is still possible.

Where to buy BNB

eToro

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The post Binance BNB steady above $266 – A quick technical outlook appeared first on CoinJournal.

Uniswap (UNI/USD) forays into Web3 seem to be hitting the right buttons. A week since CoinJournal reported a $165 million funding for DeFi, the native token has been bullish.

CoinMarketCap shows that the Uniswap token has gained more than 11% in the past week. It is down by an intraday of 2% after a slight market correction. The gains are the second highest among cryptocurrencies in the top twenty. UNI could remain in a bullish market amid building momentum and reawakened interest.

Uniswap is not the only blockchain to make inroads into the nascent DeFi sector. However, the latest funding, led by Polychain Capital, shed a message that it wasn’t messing around. The $165 million deal is one of the largest in the DeFi Space. It also occurs when cryptocurrencies are under intense pressure. Crypto analysts have lauded the move saying it is proof of the growing interest in the DeFi domain by investors. 

Uniswaps Labs’ founder has described the funding as a validation for DeFi projects. He says he sees immense value in the sector amid the bear market. The investment raises optimism about crypto infrastructure amid the collapse of firms like Voyager.

Binance’s latest move has also given validation for Uniswap. On October 18, the crypto exchange delegated 13.2 million tokens of Uniswap. That allows Binance to become the second-largest on Uniswap DAO by voting power. Binance’s move adds trust in Uniswap as a protocol expected to grow and return massively to investors.

UNI initiates a bullish MACD crossover as price surges

Source – TradingView

A bullish MACD crossover on the daily chart is validation for bulls on Uniswap. The technical outlook is convincing, considering that the cryptocurrency has overcome a drop below $5.6. The MACD indicator also shows that momentum is starting to build for UNI.

What next for the Uniswap token?

Although UNI faces some resistance at $6.8, we remain optimistic that the cryptocurrency could go higher. Our area of interest lies at $8.38 and potentially higher at $9.2. Beyond the target price will depend on the prevailing crypto sentiment.

Where to buy UNI

eToro

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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 Uniswap bullish pressure remains. Here is the key target for buyers appeared first on CoinJournal.

Polkadot price has been in a strong sell-off in the past few months amid a prolonged cryptocurrency sell-off. DOT plunged to a low of $6.1, which is slightly above this week’s low of $5.69. It has surged by more than 88% from its highest level in 2021. As a result, the total market cap has dropped to about $6.9 billion.

What drove the Polkadot price lower?

Polkadot is a unique blockchain project that was created by Gavin Wood, a computer programmer who was a co-founder of Ethereum. 

It is a unique one compared to other projects like Solana, Ethereum, and Cardano. It focuses on parachains, which are sovereign applications that are supposed to work with each other.

The core of the Polkadot network is known as the Relay Chain. It is described as the nucleus of the network and is responsible for securing, governing, and connecting the parachains. According to how it is developed, the Relay Chain can support between 100 and 250 parachains.

Recently, however, a closer look at the parachains show that they have been having a challenging period. The most troubled one was Acala, one of the biggest challenges in the world. 

Earlier this year, Acala USD (aUSD), which powers the network lost its peg. It is now trading at $0.7, which is much lower than where it should be at $1. As a result, Acala Network’s total value locked (TVL) has crashed to $47 million from its all-time high of $113 million.

Other parachains like MoonBeam, MoonRiver, and Karura have all stumbled. For example, Karura’s TVL has crashed to $14.6 million while MoonRiver has dropped to $110 million.

However, there are some emerging Polkadot platforms. For example, Phala Network coin has jumped by more than 200% in the past 7 days. Others like Energy Web Token (EWT), and Ankr have done well recently.

Polkadot technical analysis prediction

The daily chart shows that the DOT price has been in a strong bearish trend in the past few months. It dropped below the important support level at $10.33, which was the lowest level on July 2021. The coin has moved below all moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50.

DOT is sitting at the lowest level this year. Therefore, the outlook for the coin is neutral. A drop below the support at $5.70 will signal that bears have prevailed and will see it continue falling. A move above the resistance level at $7 will signal that bulls have returned, which will see it rise to $8.

How to buy Polkadot?

eToro

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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 Polkadot price prediction: should you buy the DOT dip? appeared first on CoinJournal.

MATIC is down by less than 1% despite Polygon’s recent partnership with Nubank. However, the coin could rally higher over the coming hours and days.

MATIC, the native coin of the Polygon network, is down by less than 1% in the last 24 hours. At press time, MATIC is trading at $0.8432 per coin.

The poor performance comes despite Polygon announcing a strategic partnership with Nubank, the leading fintech platform in Latin America. 

#Polygon is taking @Nubank from #Web2 ➡️ #Web3!

In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon 🤝

This move will open the gateway for 70 mn+ Nubank users to the #Web3 space 🤯 pic.twitter.com/Fu06Vi7IpV

— Polygon – MATIC 💜 (@0xPolygon) October 19, 2022

According to the terms of the deal, Nubank will launch its own chain using Polygon Supernets. Nubank will also launch its digital token Nucoin on the Polygon network. 

MATIC’s performance comes as the broader cryptocurrency market is underperforming. The total cryptocurrency market cap stands at $923 billion, down by less than 1% in the last 24 hours.

Bitcoin is up by less than 1% and continues to maintain its price above the $19,000 support level. Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% and is currently trading at $1,300 per coin.

Key levels to watch

The MATIC/USD 4-hour chart is bullish thanks to Polygon adding more than 14% to its value over the past seven days. 

MATIC/USD Chart By TradingView

The MACD line is currently in the positive zone, indicating that MATIC is performing excellently at the moment. The 14-day relative strength index of 53 shows that MATIC is not close to the oversold region at press time.

The bulls are gaining control of the market and could push MATIC higher before the end of the day. MATIC could soar past the first major resistance level at $0.9055 over the next few hours.

However, MATIC would need the support of the broader market to rally toward the $0.9402 resistance level for the first time since August. 

If the bears take full control of the market, MATIC could slip below the $0.8033 support level before the end of the day. 

Where to buy MATIC now

eToro

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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 Will polygon price soar higher after announcing a partnership with Nubank? appeared first on CoinJournal.

Nearly a month after the Cardano hard fork, the native cryptocurrency (ADA) remains underwater. Largely, the bearish price action is due to a weak market sentiment. However, data by CoinMarketCap shows ADA making bigger slumps compared to its closest rivals.

As of press time, ADA price was trading at $0.357, shedding 8.65% in the past week. The decline is the largest among the cryptocurrencies in the top ten bracket by market cap. Amid the bear momentum, Cardano is witnessing increased activity.

Data shows Cardano network transactions rose 75% month-over-month to 97,959 on October 19. The NFT volume on the network reached 3.0 million on October 17. On October 15, Coin98 Analytics ranked Cardano second in terms of active developer counts. The developments are positive and indicate that Cardano could continue to grow.

Amid the developments on Cardano, whales are showing limited interest in taking the price higher. The price action shows no end in sight for ADA after the token lost an important $0.42 support.

ADA’s bear momentum accelerates after losing the $4.2 support

Source – TradingView

ADA’s price action on the weekly chart shows the token crashing below $4.2. The decline suggests a bottomless next price for ADA with no support in the vicinity. An RSI reading of 32 highlights that bears has been aggressively selling the token after it lost the support. The token is near oversold, but this doesn’t signal an imminent bullish reversal. 

Is ADA a buy now?

There is no clear buy zone for ADA below $4.2. Conversely, we cannot confidently tell the next likely support for the cryptocurrency. As long as ADA trades below $4.2, we discourage buying the token. 

Instead, traders should wait until ADA recaptures $4.2 to buy it. The sentiment should also work in favour of the cryptocurrency.

Where to buy ADA

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 After 9% losses in a week, Cardano stares at a bottomless pit appeared first on CoinJournal.