Schlagwort: crypto business

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PHA price prediction as Phala Network defies gravity

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.

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.

Buy PHA with Binance today

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.

Buy PHA with Swapzone today

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Quant (QNT) gains 26% in a week as other cryptos struggle: here’s why

Quant (QNT) cryptocurrency has been on a sustained bullish trend in the past week as the majority of cryptocurrencies including Bitcoin and Ethereum struggled to get a footing after months of a bear market.

Although QNT is on a downtrend today, having lost about 6% in the past 24 hours, the coin has gained about 26.3% in the past seven days. The coin has seen a resurgence that has seen it beat Bitcoin and Ethereum, the two largest cryptocurrencies by market cap. But why?

Let’s delve into the forces propelling this cryptocurrency high in such tough times.

Why Quant price surged 26% in the past week

Interestingly, there has not been any major news about Quant blockchain or its QNT token over the recent past that would spur such a performance for the coin. But all the same, a blockchain analytics startup called Santiment has attributed Quant’s price surge to “Volume, daily active addresses, and whale accumulation.” The startup says that whales have accumulated 15% of QNT tokens in just five months.

Data from Intotheblock also shows that about 60% of holders purchased QNT between one and twelve months ago.

The majority of Quant’s network activity can be attributed to the recent changes where the network introduced the Tokenize mechanism back in June allowing users to generate QRC20 tokens that are compatible with ERC20 tokens. Quant also supports QRC21 tokens allowing users to build and deploy safe, interoperable non-fungible tokens (NFTs).

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Azuki launches physically backed token linking real objects to blockchain

Japanese anime-inspired NFT initiative Azuki is expanding its presence in Web3 with the launch of a physically-backed token (PBT). The PBT will allow users to generate digital tokens to represent real objects on the Ethereum blockchain allowing on-chain ownership of tangible assets.

The PBT will give businesses and content creators a tool for creating experiences and next-generation storytelling for their audiences.

Physical Backed Token standard

Creating digital representations of real-world objects is not a new concept. However, maintaining the link with the object throughout its lifetime is still a challenge and that is what Azuki’s new PBT token standard aims to solve.

The Physical Backed Token standard technology provides complete on-chain, decentralized identification, and monitoring of the entire ownership history of physical goods through their digital representations. It introduces trustless authentication where anyone and everyone can freely authenticate, validate, and construct interactions with the objects.

Azuki’s scan-to-own experience

Azuki’s PBT offers a “scan-to-own” experience that allows users to generate digital tokens by simply scanning real objects. The person who scanned the physical item (who is also the owner of a physical item) then becomes the owner of the generated digital token.

According to Azuki, several Web3 projects have developed ways of developing digital tokens for physical products but in most cases, the physical product and the generated digital token are immediately separated after the digital token is minted. Azuri has gotten around this drawback by providing decentralized authentication and tracking of the physical product throughout its lifetime.

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MATIC soars by more than 8% so far today: Here is why

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.

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

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.

Buy MATIC with eToro today

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.

Buy MATIC with Skilling today

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Is Solana about to slide further, or a bullish reversal is imminent?

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

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.

Buy SOL with eToro today

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.

Buy SOL with Capital.com today

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.

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