Schlagwort: crypto analysis

Ripple’s (XRP/USD) has been trading in a choppy pattern for almost a month now. Quick short-term price appreciations have been followed by almost an equivalent of declines. The upside has rarely surpassed $0.54, while the downside has held to $0.43. However, the price action shows that XRP bulls are relentless. 

Well, Ripple’s case with the SEC remains a focal point. Of course, both parties submitted their motions for a summary judgement last month. While the SEC has held its ground, Ripple is optimistic about triumphing against the regulator. XRP gained strongly in September on the back of positive expectations of the case resolution. 

The recent sluggishness of XRP occurs due to the lack of sufficient catalyst for further upside. Ripple’s CEO Brad Garlinghouse has expressed disappointment with the SEC. He has pointed out that litigation is not about the law but power.

In a statement during the DC Fintech Week, Garlinghouse said that he expects a resolution in the first half of next year. That suggests that the case’s outcome comes up to the second quarter. The indication could be a little of a disappointment to the XRP enthusiasts. As CoinJournal reported, the investors had earmarked an “end game” as soon as the end of this year or early 2023. Still, the expectation could be met if the resolution occurs early in the first quarter.

Aside from the SEC case proceeding, Ripple has had positive developments lately. The blockchain is seeking to bring Ethereum smart contracts to its ledger. The move would increase liquidity for XRP through the new sidechain. XRP has shown limited movement since the news dropped.

XRP in choppy movement after the latest surge

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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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Source – TradingView

The daily chart shows that XRP lacks a directional basis. Nonetheless, the cryptocurrency has maintained the previous gains as bulls are relentless at $0.43. Momentum is weakening as a MACD bearish crossover was initiated about a week ago. However, we can’t reliably say the token is bearish. 

Should you buy XRP?

At the current level, XRP is not attractive. The current choppy pattern could force a price break to the upside or downside depending on the existing sentiment.

The post Ripple’s XRP price maintains a choppy movement. What’s going on? appeared first on CoinJournal.

Phala Network price went vertical on Tuesday after the coin was listed in Gate.io and as the delegation amount continued rising. PHA rose to a high of $0.4858, which was the highest level since January 5 of this year. At its highest point this week, the coin was almost 600% from its lowest level this week.

What is PHA and why did it surge?

Phala Network is a leading blockchain project built on Polkadot, one of the biggest smart contract projects in the world. Its coin has a market cap of over $173 million and is the 173rd biggest cryptocurrency in the world.

Phala Network describes itself as a secure decentralized cloud computing network based on Polkadot. It is a cross-chain interoperable confidential smart contract network. As such, Pha Contract supports compute-intensive tasks, has low latency, and has cross-chain computing features.

PHA price rose sharply after it was integrated by Gate.io, one of the biggest crypto exchanges in the world. This means that users can buy and sell the coin in the ecosystem. Historically, cryptocurrency prices tend to rally after being listed in a major exchange.

Meanwhile, it seems like there is substantial demand for the token, In a tweet, Phala Network said that its stakepool delegation exceeded 180 million PHA, worth about $87 million.

11/ @PhalaNetwork has announced an integration with @gate_io, making the PHA token available on the platform: https://t.co/vJdZuFo3ym

Stakepool delegation, designed to ensure the stability and security of Phala Network, has exceeded 180 million PHA: https://t.co/y7dktDsOFx

— Polkadot @DOTinVietnam (@Polkadot) October 17, 2022

Another major cryptocurrency news at the ongoing DOTinVietnam event was the rebrand of its programming model to Pha Contract. This contract is an innovative programing language that enables off-chain computation. It acts as the Web3 version of Amazon Lambda backed by the decentralized Phala computing cloud. 

PHA price forecast

The daily chart shows that the Phala Network price has been in a consolidation phase in the past few months. It then went parabolic this week as Polkadot hosts a major event in Vietnam, where the Gate.io integration was announced. 

The coin has managed to move above all moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, there is a likelihood that the coin will pull back sharply as the excitement about the new listing wanes. 

Historically, post-listing pumps don’t last for long, As such, the coin will likely resume the bearish trend and move to the support at $0.1447, which is about 45% below the current level.

How to buy Phala Network

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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The post PHA price prediction as Phala Network defies gravity appeared first on CoinJournal.

MATIC, the native coin of the Polygon network, is up by more than 8% today, thanks to Polygon reaching a new milestone.

MATIC is the best-performing cryptocurrency amongst the top 20 coins by market cap in the last 24 hours. The coin has added more than 8% so far today and could rally higher before the end of the day.

The positive performance comes after Polygon announced that it had achieved a new milestone.

🚀 A MAJOR adoption milestone 🚀

53,000+ decentralized apps have found their home #onPolygon as of the end of September, as per @AlchemyPlatform.

This means… 🤯
8x jump from the start of 2022.
60%+ increase since June.

— Polygon – MATIC 💜 (@0xPolygon) October 17, 2022

The Polygon team revealed that the total number of decentralised applications (dApps) on its platform has now surpassed 53,000. The team revealed that it had experienced an 800% increase since the start of the year and an over 60% increase since June.

The rally comes as the broader cryptocurrency market continues its positive start to the week. The total cryptocurrency market cap is up by nearly 2% today and now stands at $940 billion.

Bitcoin, the world’s leading cryptocurrency by market cap, is closing in on $20k as it is up by more than 1% over the last 24 hours. Ether is also up by 2% so far today and is now trading at $1,335 per coin. 

Key levels to watch

The MATIC/USD 4-hour chart is bullish, as Polygon has been performing well over the last 24 hours. The technical indicators show that MATIC is outperforming the broader crypto market at the moment. 

MATIC/USD Chart By TradingView

The MACD line is above the neutral zone, indicating that MATIC is currently in a bullish mode. The 14-day RSI of 64 shows that MATIC is heading into the overbought region if the rally is sustained.

At press time, MATIC is trading at $0.8758. If the positive momentum is sustained, MATIC could soar past the first major resistance level at $0.9355. 

However, it would need the support of the broader cryptocurrency market to cross the $1 psychological level for the first time since August. 

Where to buy now

eToro

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Skilling

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The post MATIC soars by more than 8% so far today: Here is why appeared first on CoinJournal.

Solana (SOL/USD) trades at $30.5 after an intraday gain of 2.22%. However, weekly losses total 6.42%. A brief check of the price action shows that this is a support zone for the cryptocurrency. To a technical reader, the area remains of interest. 

Solana has been touted as an Ethereum killer due to its fast speeds and low transaction costs. Yet, the blockchain shares significant similarities with the Ethereum ecosystem. However, the name tag is quickly getting eroded as a series of hacks have hit the Layer-1 blockchain. Rising capital outflows have been commensurate with the price decline.

As of October 13, data by CoinMarketCap shows that Solana had a total capitalisation of $10.6 billion. That was a 13% or $1.43 billion decline from October 6. The drop coincided with a $100 million exploit of Mango Markets, a Solana DeFi protocol. SOL has been under pressure since then, although the market cap has improved slightly to $10.9 billion

While macro issues, including high inflation, are to blame for SOL’s decline, the hacks send wrong market signals. That partly explains why the cryptocurrency is struggling at the $30 level. In our assessment, a further decline is a more probable outcome than a bullish reversal. 

Solana retests $30 supported-turned resistance

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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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Source – TradingView

The daily chart above shows that $30 has already become a resistance. Potentially, SOL is retesting it before proceeding lower. A lack of positive sentiment is to blame, with the momentum weakening into bear territory. 

Which way, SOL?

A retest of the $30 resistance could force a further decline, with the next potential zone for SOL at $26. However, buyers could try to overcome a further drop and keep SOL above $30. 

Although the bull scenario looks less likely, we should watch for price action at the potential resistance. Bulls must also overcome the descending trendline to consider a more lasting upside.

The post Is Solana about to slide further, or a bullish reversal is imminent? appeared first on CoinJournal.

Injective Protocol price has been in a bullish trend in the past few weeks as investors wait for the upcoming Project X. It also rose as the market focused on the growing total value locked (TVL) in its ecosystem. INJ rose to a high of $2.22, which was the highest level since August 11. Its market cap has risen to over $153 million.

Project X launch coming up

Injective Protocol is a leading blockchain project that is aimed for the Decentralized Finance (DeFi) industry. Built on top of the Cosmos ecosystem, the company is backed by companies like Binance, Pantera, and Jump Crypto.

Injective Protocol aims to be a better alternative to Ethereum in terms of its optimization to DeFi. Some of its features are its cross-chain interoperability, intuitive developer experience, low fees, and is highly environmentally friendly.

INJ price has risen sharply in the past few days as investors focus on the upcoming Project X launch. Project X is the next-generation DeFi protocol that is made up of two key components. First, it has an automated strategy vault for marketing and passive yield generation. 

As such, it will help users provide passive liquidity and access trading strategies that were inaccessible to everyday users. These vaults will act as an Automated Market Maker (AMM) without any impermanent loss risk.

Second, Project X will introduce a one-click launchpad for fundraising and listings. This launchpad will allow any developer to permissionless fundraise for a project and instantly list it on Injective exchange dApps in just a single click.

INJ price has also risen because of the rising total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL in its ecosystem has risen from $35 million in June to over $103 million.

INJ price prediction

The daily chart shows that the Injective Protocol price has been in a bullish trend in the past few months. In this period, it has moved above the ascending trendline shown in green. It moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the neutral point.

Therefore, the INJ price will likely continue rising as bulls target the next key resistance level at $3. A move below the support level at $2 will invalidate the bullish view.

How to buy Injective Protocol

Binance

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KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

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The post Is Injective Protocol (INJ) cheap ahead of Project X Launch? appeared first on CoinJournal.