Schlagwort: crypto business

• Binance coin has returned more than 77% since the June bottom price.

• The token hit the resistance target at $326, forcing profit-taking activities.

• BNB has temporarily broken below key support, although a bearish momentum is not yet confirmed.

By all means, Binance coin BNB/USD has returned massively for investors who targeted $326 resistance. The level, hit during the first week of August, represents an upsurge of 77% since BNB bottomed at $142. To a technical reader, $326 represents a take-profit zone. That reveals why the token lost momentum after hitting the level. BNB now trades at $280.

BNB slowdown is connected to profit-taking activities rather than weak fundamentals. Whereas the price could climb above $326, investors remain cautious as the recession risks remain. As of press time, most cryptocurrencies remained in the red. However, we can’t confirm a bear market as of now. 

BNB trades at a key level as price slides

Source – TradingView

From the daily chart outlook, BNB is under pressure. The momentum line has crossed below the moving average, suggesting a bearish push. The cryptocurrency has also broken above the 21-day MA but remains supported by the 50-day MA. 

Two scenarios are likely as BNB trades at key support of $285. In the bull case scenario, the daily candle stick could close above the support, leaving a bearish pin bar. That will allow bulls to take control and push the token back to $326. The scenario will see BNB remain supported by the 50-day MA.

In the bear scenario, the daily candlestick will close below the support zone. That could be followed by a bear confirmation candlestick. The bear scenario will see BNB move back to $244.

Concluding thoughts

Investors should watch the close of the daily candlestick on BNB. That will reveal whether BNB will enter a bear market or begin a bull reversal.

The post BNB breaches key support but be aware of false breakout as bulls take charge appeared first on CoinJournal.

The cryptocurrency market is currently consolidating after more than 7-months of persistent losses. However, if past cycles are anything to go by, this could indicate that another pump is on the way. 

Already the market is showing bullish signals, as seen in last week’s price action when most altcoins rallied by over 30%. It is a perfect time to start looking into cryptocurrencies likely to outperform the rest of the market in the next crypto bull run. In the very short term, these three hold a lot of potentials to beat the rest of the market.

Cardano (ADA)

Cardano (ADA) remains one of the best cryptocurrencies to buy and hold now. Besides trading in a tight range for over a week, Cardano has lots of good news at the moment that could help drive up the price. Among them is that Cardano will now be available to German investors through two of the country’s most important banks. 

The two, Comdirect and Onvista, have millions of users. If their users start buying Cardano, it will likely impact the price positively. Besides, the news alone validates Cardano as an investment and could trigger FOMO around it.

Celebrities are also showing interest in Cardano-related projects. For instance, Snoop Dogg’s son is involved in Cardano NFTs, specifically the Clay Nation NFTs project. Since such people have influence, he, like other celebrities, is likely to draw investor interest in Cardano NFTs.

This is likely to boost ADA in the short term since the token could surge in demand. It is not surprising that positive sentiment around Cardano is on the rise.

XRP (XRP)

Despite the SEC dampening the mood around XRP (XRP), the token remains resilient. It has good news that has the potential to send its price rocketing if the broader market turns bullish in the short term. 

One of them is that a bank in Brazil is now accepting XRP for on-demand liquidity. The bank, Travelex, has stated that the move to adopt XRP is driven by the need for instant and low-cost transactions without having to tie down capital. This is a big deal and points to the growing use case for XRP, which has been growing consistently over the years. It’s a factor that makes XRP a prime candidate for a pump in the short to medium term. 

Shiba Inu (SHIB)

Shiba Inu (SHIB) was one of the top performers last week and is currently still one of the top trending cryptocurrencies. This indicates that despite the price slowing down, there is still a lot of excitement around SHIB. At the moment, Shiba Inu is currently facing stiff resistance at the 200-day MA. With all the excitement around SHIB, if the 200-day MA resistance is broken, investors could see the price rocket to new heights in the short term. It is a cryptocurrency to keep an eye on in the short term.

The post Top cryptos that could easily double your money in August appeared first on CoinJournal.

PROS price has defied gravity in the past few weeks as demand for the coin rose. The Prosper token jumped to a high of $0.7451, which was the highest level since April 14. It has jumped by over 455% from the lowest level this year, giving it a market cap of over $2.8 million.

What is the Prosper crypto?

Prosper is a relatively small blockchain project that is in the prediction and betting markets. It is backed by Tenzor Capital, Prometheus Labs, Ava Labs, and Bonded Finance. The platform is based on the BNB Chain, formerly known as the Binance Smart Chain. 

The concept behind Prosper is simple. Anyone can visit the website and predict where a certain cryptocurrency will move in a certain duration. 

To do that, users first visit the website and then link their wallets. Metamask is the most recommended wallets. After doing this, you should add the network. Finally, select the currencies you want to predict and select the amount you want to bet. Finally, the system will move you to Metamask to confirm your account. 

Some of the top benefits for using Prosper is that it is retail-oriented, has fiat integration, has an insurance system, and has custom pools owned by members.

PROS is the native token for the Prosper ecosystem. It is used to help users create their custom pools and also insure the process.

PROS token has defied gravity in the past few weeks as demand for its prediction market has risen. According to the developers, the number of users has jumped sharply in the past few weeks.

PROS price prediction

The daily chart shows that the PROS price has been in a strong recovery in the past few weeks. This rebound happened after the coin dropped to a low of $0.1170. It has rallied and moved above the 25-day and 50-day moving averages.

At the same time, the Relative Strength Index (RSI) has surged above the overbought level while the momentum has continued rising. Therefore, the coin will likely keep rising as buyers target the important resistance level at $0.9490, which was the highest level on April 3.

The post PROS price has defied gravity. Is the Prosper coin a buy? appeared first on CoinJournal.

STG price went parabolic on Friday after being listed in Binance, the biggest exchange in the world. The Stargate Finance token jumped by more than 80% and soared to the highest level since June 1. It has recovered by about 100% from its lowest level this week, giving it a market cap of over $69 million.

Binance lists Stargate Finance

Stargate Finance is a relatively small blockchain project that is in the decentralized finance (DeFi) industry. It describes itself as the first and only bridge that solves the three main challenges that bridges face. 

These challenges are related to instant guaranteed finality, unified liquidity, and native assets. It has features that enable people to wrap all existing DeFi applications. 

Also, users and dAapps can easily transfer native assets cross-chain while accessing unified liquidity pools with instant guaranteed finality. Stargate has a total value locked (TVL) of over $448 million, according to its website.

STG is the native token for Stargate Finance. It is the governance token that helps to run the Decentralized Autonomous Organization (DAO). Stargate liquidity providers can provide their LP tokens in exchange for STG rewards.

The STG price went parabolic on Friday after Binance announced that it will list the coin in its platform. This means that millions of people who use Binance will have access to the coin. 

Historically, cryptocurrencies tend to rise when they get listed by leading exchanges like Coinbase and Robinhood. However, these gains are usually short-lived as investors start to quickly take profit. 

Stargate Finance also rose after OmniBTC integrated with Layer Zero Labs and the platform. This means that users can easily OmniSwap among EVM chains.

STG price prediction

The four-hour chart shows that the Stargate Finance price has been in a downward trend recently. This decline saw it drop to a low of $0.33 this week. It then went parabolic on Friday after the Binance listing. 

As it rose, it managed to move above the important resistance point at $0.5452, which was the highest point on June 28. It also rose above the 25-day and 50-day moving averages.

Therefore, as mentioned, these pumps that happen after a listing are usually temporary. As such, there is a high probability that the coin will drop and even move below the support at $0.50.

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