Schlagwort: crypto business

• Cardano’s ADA has been surging for the last two weeks

• The token was rejected twice at the resistance resulting in a double top

• ADA could slide, but investors should be keen on a potential breakout

Double tops and double bottoms are important price action signals in financial markets. The “tops” are seen as price peaks and are potential signals of an oncoming bear market. The “bottoms” are interpreted similarly and suggest a potential price jump. 

Cardano ADA/USD is one of the cryptocurrencies that has remained bullish since mid-July. The crypto token rose to a high of $0.54 on July 20 from $0.41 on July 14. That happens amid an increase in whale activity on the network and as most cryptocurrencies gained. After trading slightly above or at resistance, bull exhaustion is evident. We believe ADA could fall further, but investors need not to panic.

ADA under pressure as double top forms at resistance

Source – TradingView

ADA price is under pressure after forming a double top slightly above the $0.52 resistance. The rejection of the price at the same level confirms buyer exhaustion. As a result, ADA will continue to fall in the short term. However, it also communicates that buyer interest remains strong in ADA. That was after buyers tried to clear the $0.52 for the second time. 

ADA has broken below the 14-day and 21-day moving averages. That confirms a slight bearish pressure in the short term. The token has a minor support at $0.48., where the price is likely to settle. A further drop could see ADA settle at $0.44.

Concluding thoughts

Although ADA is under pressure from the double top, buyer interest remains high. We expect only a short-term drop. ADA will see lasting recoveries if it overcomes the consolidation by breaking past the $0.52 resistance.

The post Cardano forms a double top – Are we likely to see a price decline? appeared first on CoinJournal.

• Solana has lost 5% in 24 hours as cryptocurrencies turn red

• The decline in crypto tokens is due to profit-taking after weeks of gains.

• Solana token could break out soon, and investors should be keen.

Solana SOL/USD has lost 5% in the last 24 hours as of press time. Maybe you could be wondering; is it time to buy? Or, you are a bit paranoid that the bear market has kicked in, and you are considering staying away. We urge that Solana could be looking for more bullish power before a major breakout occurs. Investors should watch the token for the potential to buy once that happens.

Looking generally at the crypto sector as of July 25, most tokens remain in the red. While the macro concerns remain, the bear market happens after some robust gains. The declines are, therefore, a result of profit taking from mainly short-term traders. SOL is one of the crypto tokens that saw an attempt to break from a key resistance fail. The slide could see buyers come in again, allowing a stronger bullish push.

Solana crashes back to the consolidation zone after a false breakout

Source – TradingView

On the daily chart, SOL has entered the consolidation zone established at between $32 and $42. It happens after the token temporarily breaches the resistance level in a false breakout. However, we can’t rule out that the breakout will remain valid if SOL holds above the MA. What we are sure of is that SOL remains bullish as long as it remains supported above $32.

At the moment, the token could continue consolidating until bulls overpower bears. The cryptocurrency is a hold. Investors can also add positions at the current level if the price remains supported by MAs. A drop to $32 would also open buy trades.

Summary

SOL remains robust despite a false breakout above $42. The token could find a bullish momentum to push above the consolidation zone. The next potential level is $58.

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The Hive price went parabolic on Monday even as other cryptocurrencies recoiled. The coin jumped to a high of $0.5517, which was the highest level since June 22nd. It has risen by more than 85% from the lowest level in June, bringing its total market cap to over $197 million. 

What is Hive and why is it rising? 

Hive is a leading blockchain project that aims to become a leading platform for developers to build decentralized applications in all industries. It emerged from a hard fork of Steem. 

It is a forward-looking platform built on the Delegated Proof of Stake (DPoS) protocol. According to its white paper, Hive leverages the proof-of-brain technology by distributing a portion of inflation to content creators and consumers. 

Hive has two main assets in its ecosystem: Hive and Hive Backed Dollars (HBD). HIVE is the liquid currency of the Hive ecosystem. It has a decreasing inflation rate as its inflation drops by 0.01% with every 250,00 blocks until it reaches 0.95%.

Hive has been used to build some of the leading applications in the industry. Some of the top apps in the industry are Splinterlands, PeakD, Ecency, Leo Finance, and Dtube among others. It is unclear whether the total value locked (TVL) in the Hive ecosystem. 

It is unclear why the HIVE price is rising as other cryptocurrency prices are falling. Therefore, this rebound could be part of a pump and dump scheme. Recently, we have seen many small coins have similar pumps and dumps. 

Hive price prediction 

The four-hour chart shows that the Hive price has had a significantly low volume in the past few days. The coin went parabolic on Monday even as other coins declined.

Hive moved above the 25-day and 50-day moving averages and the important resistance level at $0.5025, which was the highest point on July 10th.

It is approaching the important resistance level at $0.566, which was the highest point in May this year. 

Therefore, since there is no major news and the volume remains low, there is a likelihood that the coin will resume the downward trend in the near term. If this happens, the next key support level to watch will be at $0.45.

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• Shiba Inu SHIB is correcting after the latest gains

• Shiba Inu blockchain partnered with The Third Floor for its metaverse project.

• The cryptocurrency is entering the consolidation zone

The last one week has been good for crypto buyers as most tokens returned by double digits. However, it is now time for corrections as investors take profits. Shiba Inu SHIB/USD is one of the tokens in a correction wave, and short-term investors should be cautious.

Very few developments have been occurring on Shiba Inu lately. On July 20, the network announced a partnership with The Third Floor. The partnership with the American visualization company will power the blockchain to its metaverse project. Shiba Inu’s metaverse is already a closely monitored event. However, Shiba Inu investors could be waiting for more than just a partnership. The launch of the metaverse will be a game changer, but for now, SHIB investors are merely speculating. 

SHIB/USD has lost by 4.58% in the last 24 hours as of the time of writing. The drop means a lot for SHIB as the cryptocurrency is entering a bearish market.

Shiba Inu forms a bearish pin bar at resistance

Source – TradingView

Technically, SHIB is bearish. MACD indicators are bullish, but that does not align with the technical levels. The token seemed to have overcome resistance at $0.000012 after breaking past it. It is now emerging that it was a false breakout. A bearish reversal has resulted in the formation of a bear pin bar. We expect the price to continue sliding until the cryptocurrency finds support at $0.00001. 

Summary

Shiba Inu token is bearish as correction occurs at key resistance. SHIB may continue to fall and find support at $0.00001. Investors should consider selling now for a chance to buy lower at the support.

The post Shiba Inu flashes a bear signal as correction gets underway – What next? appeared first on CoinJournal.