Schlagwort: crypto business

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Time to sell Dogecoin as token fails breakout at key resistance level

  • Dogecoin’s bullish strength waned on weak fundamentals

  • The cryptocurrency is yet to clear $0.07 successfully 

  • DOGE risks further drop or consolidation below the resistance zone

Dogecoin’s DOGE/USD’s bullish rally has not only cooled off. Cracks are emerging that could push the token done once more. Minding that cryptocurrencies can often pull a surprise, investors would be better off selling the meme coin. This thesis explores why. 

One of the fundamental drivers of Dogecoin recently was the anticipation of growth in use cases. Investors speculated that once Doge’s father, Elon Musk, acquires Twitter, he would accept its payments. The acquisition remains in limbo. Still, no major Dogecoin announcements or influencer mentions have happened lately. 

The second factor for DOGE’s lack of bull strength is buyer exhaustion. Attempts to take Doge to $1 by Elon Musk failed terribly. At the bottom price of $0.05, DOGE attempted recoveries as other cryptocurrencies surged. As most tokens surged by double digits, the highest that DOGE hit was $0.078 at the end of June. That’s an upsurge of around 56% from the $0.05 bottom. Nevertheless, the token always crashed below the resistance at $0.07 each time it surged. The token currently trades at $0.069 as it consolidates lower.

DOGE fails another breakout at $0.07 resistance

Source – TradingView

Technically, DOGE is consolidating below the $0.07 resistance. The MACD line is close to the moving average and about to move below it. A bear case is strong as the price lacks bullish power. Investors should sell now before the price slides further. A break above the $0.07 resistance will confirm a bull case.

Concluding thoughts

Dogecoin token could turn bearish after failing to break above the resistance. The cryptocurrency is suffering from a lack of buyers. A bear pressure will push the token down, and it’s time to sell.

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FCA’s new rules on marketing of high-risk investments don’t currently apply to crypto

The Financial Conduct Authority (FCA), UK’s financial regulator, has announced a clampdown on the marketing of high-risk investments amid the need to make sure investors are not hoodwinked into high risk products.

The FCA’s tough stance was highlighted in a press release on Monday, in which the regulator said it had finalised its work on stronger rules on marketing and promotions in high-risk investments.

New rules don’t apply to crypto – yet

While FCA’s new regulatory guidelines provide an intervention against misleading financial promotions around high-risk investments, they do not apply to crypto.

That’s what the agency said in its release, explaining that applying these rules across cryptoasset promotions will only be considered “once the Government and Parliament confirms in legislation how crypto marketing will be brought into the FCA’s remit.”

When this happens, the regulator will announce qualifying rules on cryptoasset ads respective of the given type of asset. Generally, however, it is expected the crypto-related rules will not differ markedly from those being introduced for high-risk investments. 

FCA’s fight against misleading adverts

Under its new rules, the FCA wants all companies involved in the approval and issuance of marketing materials to have the appropriate expertise. As well, any firm engaged in the marketing of high-risk investments is obligated to conduct better checks, ensuring that targeted consumers match the intended investments.

The new rules also align with the Consumer Investments Strategy, which is intended to limit potential exposure to high-risk offerings that don’t reflect a consumer’s risk appetite. It’s an objective the regulator wants to achieve and demands that marketers provide clearer risk warnings, and which must be prominent within advert.

Notably, the use of incentives such as ‘refer a friend bonuses’, targeting investors’ connections have been banned. 

‘We want people to be able to invest with confidence, understand the risks involved, and get the investments that are right for them which reflect their appetite for risk,” said Sarah Pritchard, FCA’s Executive Director, Markets. 

According to the FCA, the tough rules intend to tackle “poor financial promotions” that are likely to see investors fail to appreciate the risks of investing and losses that may come with certain investment products.

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XRP’s mini breakout faces bear pressure as bullish momentum fades

  • Ripple reported a 50% jump in XRP sales in the second quarter

  • The token has pushed above a consolidation channel, but buyer power is weak

  • Investors should watch price action at $0.37

Ripple XRP/USD has seen an unprecedented demand lately. A recent report indicated that Ripple sold $409 million worth of XRP tokens in the second quarter. The sales were double that of the previous quarter. That suggested an increase in its On-Demand Liquidity service. The increase in demand could be attributed to investors’ expectations of a price surge. That relates to potential positive outcomes from the case with the SEC.

Despite the second quarter sales, XRP remained in the trenches. It held to a bottom of $0.3 up to mid-July. Ripple attributed the low price of XRP to macro issues and protocol-specific developments. Of course, notwithstanding, the SEC case could go either way.

Still, investors have been optimistic about XRP price recovery. After the price remained in a consolidation zone for nearly 2 months, it broke out on July 30. The breakout occurred after the price pierced through the $0.37 resistance. However, we see this as a mini-breakout as the token has to overcome another tackle at $0.40. That explains why bulls’ power remains weak. However, XRP remains on course for stronger gains and should be on investors’ watch list.

XRP retreats to resistance-turned support after the latest breakout

Source – TradingView

On the daily technical outlook, XRP has touched the $0.37 breakout level after the latest correction. The MACD indicators are bullish on the token, although the momentum is waning. Investors should watch $0.37 for a potential bullish reversal. If XRP breaks below the level, it could slip back to the consolidation zone once more.

Summary

XRP remains in bullish momentum, but bears are pushing the price lower. We need to watch $0.37 for a bullish reversal.

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Wing Finance gains 167% in a week: here’s where to buy WING token

The price of Wing Finance token has been on the rise in the past few days, especially since Thursday, July 28. The price skyrocketed to hit a high above $53 on Friday, July 29 before taking a major dive to its current price of $16.69. WING token has gained about 167.8% over the past 7 days and it is still bullish.

Nevertheless, investors believe that last week’s price hike is a pointer that the WING token could jump to higher highs in the coming days. After all, it is currently trading at more than triple its price on July 27, which is about five days ago.

To help investors and traders who want to take advantage of the Wing Finance token especially now that it has dropped from its Friday’s high, Coinjournal has created this brief article to help with identifying the best places to buy WING tokens.

To find out more, please continue reading.

Best places to buy Wing Finance token

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy WING with OKX today

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 WING with Binance today

What is Wing Finance?

Wing Finance, commonly just referred to as Wing, is a credit-based, decentralized platform that is designed for crypto-asset lending and cross-chain communication between Decentralized finance (DeFi) projects.

It aims at making crypto lending services more inclusive via a credit evaluation module that eliminates the need for use of collateral in borrowing. It also allows for the creation of new blockchain projects.

Wing uses decentralized governance (DAO) coupled with a risk control mechanism to develop a relationship between creditors, borrowers, and guarantors. This has increased the number of projects using the platform and also increased accessibility to crypto lending and borrowing services to users

Wing has successfully managed to tackle the problem of over-collateralization that plagues the DeFi industry by using the Wing DAO. The DAO has built a credit-based DeFi protocol that runs on the Ontology (ONT) blockchain and it allows users to also take part in the decision-making, operations, and product design processes.

Should I buy the WING coin today?

If you are looking for a cryptocurrency that has shown signs of taking off in the coming days, especially in the wake of the recent crypto market meltdown, then Wing Finance could be a good choice.

Nevertheless, you should take caution since the crypto market is extremely volatile as just witnessed with WING over the weekend where its price rose to above $53 and dived below $20 in a matter of five days.

Wing Finance price prediction

A majority believe that Wing Finance the hike on Friday was just a warm-up and it could be poised for a major take off especially following the rising activity on the Wing platform.

Wing platform recently launched the Wing NFT Pool and announced the Wing x Flamingo Joint Event and Wing Polkapets NFT Airdrop Update.

All eyes are on a target price of $60 before the end of this week.

Wing Finance social media coverage

 

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Aave DAO votes in favor of a proposal to launch GHO stablecoin

Aave DAO, the Aave DeFi protocol’s governing body, in voting that ended today has voted in favor of a proposal by Aave Companies to the DAO for the introduction of GHO.

In the three-day voting process, the GHO stablecoin proposal was supported by 99.99% of all the voters (501,000 AAVE token holders).

The GHO will be administered by Aave governance through an AIP and 100% of interest payments on GHO borrows will also be sent to the AaveDAO. However, it will be up to the AaveDAO to decide if it will support the Aave Companies for the cost and work on the GHO.

Minting the GHO stablecoin on Aave

Following the community approval, GHO stablecoin will be launched on the Aave Protocol. Aave protocol users will be able to mint the GHO stablecoin against a wide range of crypto-assets. In addition, those who borrow GHO will also continue to earn interest on their underlying supplied collateral.

Aave users have the liberty of depositing any of the cryptocurrencies accepted on the platform as collateral for minting the GHO stablecoin. Besides the deposits serving as collateral for minting GHO stablecoin, the deposits will also generate yield for the Aave Borrowers who take out GHO stablecoin loans.

Just like the MakerDAO’s DAI, Aave wants the GHO to be an over-collateralized stablecoin meaning more GHO tokens will be created compared to the value of the deposited cryptocurrencies.

Earlier on, the founder of Aave, Stani Kulechov, stated that they would try promoting organic acceptance of the GHOstablecoin on Layer 2 of Ethereum.

By approving the proposal to launch the GHO, Aave has basically set itself on a path to join the likes of MakerDAO and other DeFi stablecoin issuers in launching stablecoins. Another protocol that has expressed the intention of launching a stablecoin is Curve Finance.

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