Schlagwort: crypto business

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Conflux price prediction: CFX outlook after 15% spike today

  • Conflux price spiked 15% after Binance announced support for the CFX mainnet.
  • The CFX outlook on the 4-hour chart shows price recently broke out of a symmetrical pattern.
  • The RSI is trending in overbought territory, which could see CFX price fall.

Conflux price is up nearly 15% today after the cryptocurrency’s massive network activity in recent weeks. The coin’s sharp gains add to a bullish outlook for a coin that experienced a parabolic increase in the value of the native CFX token.

After trading to lows of $0.029 in late January following the brutal 2022 bear market, CFX price rose to top $0.47 in March. While prices have recently been sideways as the broader market waded in negative sentiment, the latest upside coincides with a major boost for the coin from crypto exchange Binance.

CFX/USD is also rallying at a time the crypto market cap has jumped over 4% in the past 24 hours amid Bitcoin price breaking above $30,000. 

Major altcoins rallied on Tuesday as Ethereum broke above $1,900 as ETH bulls eyed the psychological $2,000 level ahead of the highly anticipated Shanghai upgrade.

Why CFX price jumped 15% today

Conflux is a top layer 1 blockchain platform that’s regulatory compliant in China. 

The platform has recently made huge steps in its development roadmap, signaling further network growth with key partnerships, including with China Telecom, DeFi protocols platform dForce, and blockchain game platform Samurai.

On Tuesday, the world’s largest cryptocurrency exchange by trading volume Binance announced it would support Conflux’s mainnet integration. With the support, Binance will add deposits and withdrawals for the CFX tokens. Users can access the tokens through Conflux eSpace, Conflux Core Space and the BNB Smart Chain.

CFX reacted to the Binance news with a sharp price increase. 

CFX price prediction

Conflux price recently broke out of a symmetrical triangle pattern. However, the sharp rise to the multi-week highs of $0.45, sellers appear to be returning as the 4-hour RSI suggests CFX is overbought.

Conflux price movement on the 4-hour chart. Source: TradingView

The 4-hour MACD indicator shows bulls remain in a strong position though and likely selling pressure as investors take profits could see CFX/USD rely on a new support level at the previous hurdle of the symmetrical triangle resistance trendline.

In the short term, a bullish outlook for Conflux price will remain in place if buyers consolidate gains above $0.42. If not, then bears can target fresh moves below $0.40, with $0.36 providing the primary support level.

The post Conflux price prediction: CFX outlook after 15% spike today appeared first on CoinJournal.

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Here’s why Solana price just made a bullish breakout

Solana price has made a strong bullish comeback in the past few days as investors focus on the great crypto comeback. SOL jumped to a high of $22.60, the highest level since March 23 of this year. It has soared by over 30% from the lowest level in March.

Crypto comeback continues

It is worth noting that Solana’s comeback has coincided with the return of the raging bull in the crypto industry. Overnight, Bitcoin surged above $30,000, as we wrote in this article.

The main driving force for this crypto rally is the feeling that the Federal Reserve is about to end its hiking cycle. Analysts believe that the bank will hike interest rates by 25 basis points in May and then maintain them at an elevated level for a while.

Some analysts expect that the bank will then start cutting interest rates later this year or in 2024. As a result, the change in monetary policy will send more people back to risky assets like cryptocurrencies and stocks.

The other reason why Solana and other cryptocurrencies are rising is the upcoming bank earnings season that will start on Friday. Expectations are that many large banks like Bank of America and JP Morgan had a good quarter as deposits rose.

However, for many regional banks, there is a likelihood that their businesses slowed after the collapse of Silicon Valley Bank and Signature Bank. During the banking crisis, we saw cryptocurrencies and gold do well as traders took them as safe havens.

Meanwhile, Solana seems to be gaining traction in the past few weeks. The most recent big news was that Render Network decided to migrate to the network. This is a notable event since Render is one of the top projects in the industry. Helium, a blockchain broadband project has also moved to Solana.

Solana’s DeFi ecosystem is also recovering. Its total value locked (TVL) in DeFi has risen to S14.1 million from its year-to-date low of S11.8 million.

Solana price prediction

The 4H chart shows that the SOL price has been in a bullish trend in the past few days. It managed to move above the important resistance at $21.66, the highest point since March 30th. The coin has jumped above the 25-period an 50-period moving averages while the MACD has jumped above the neutral point.

Therefore, there is a likelihood that the coin will continue rising as buyers target the next resistance level at $25.

How to buy Solana

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

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 SOL with Binance today

The post Here’s why Solana price just made a bullish breakout appeared first on CoinJournal.

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MetaMask introduces a new fiat purchase function for cryptocurrency

Key takeaways

  • MetaMask has introduced a new feature that allows users to purchase cryptocurrencies with fiat currencies. 

  • The wallet wants to make it easier for users to purchase cryptocurrencies directly on its platform. 

  • MetaMask has included payment options like debit or credit cards, PayPal, bank transfers and instant ACH.

MetaMask launches a fiat purchase feature 

Cryptocurrency wallet and decentralised application (DApp) provider MetaMask announced on Monday, April 10th, that it had launched a new feature that would allow its users to purchase cryptocurrencies with fiat currencies directly from its Portfolio Dapp.

According to MetaMask, the move is designed to make it easier for users to purchase crypto with fiat currency. 

MetaMask’s new “Buy Crypto” feature enables its users to buy numerous cryptocurrencies using various payment methods, including debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). 

The wallet provider revealed that the service would be rolled out to users in 189 countries and will offer more than 90 tokens across eight networks, including Fantom, Celo, Ethereum, Arbitrum, BNBChain, Polygon, Optimism, and Avalanche. 

MetaMask users would be required to connect their wallets to the Portfolio Dapp to click on the “Buy” button in the MetaMask extension wallet to access this feature. This will allow users to select their region, payment option, the token, and the network they want to purchase on. 

MetaMask’s new feature works with location

According to MetaMask, the new feature takes into account various factors, like the user’s location and local regulations, to provide a customised payment quotation. 

Users are then redirected to a third-party provider’s website to complete the transaction, and the funds are deposited directly into the user’s MetaMask wallet afterward. 

MetaMask has been partnering with companies to make it easier for users to purchase cryptocurrencies. Last month, MetaMask partnered with MoonPay to enable direct crypto purchases in Nigeria.

Also in March, MetaMask Institutional partnered with Allnodes, Blockdaemon and Kiln to launch a staking service for institutional investors. Companies and institutional investors are able to access a wide range of staking services provided by ConsenSys Staking Allnodes, Blockdaemon and Kiln.

The post MetaMask introduces a new fiat purchase function for cryptocurrency appeared first on CoinJournal.

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Solana on-chain staking now on crypto exchange Crypto.com

  • Solana is a top blockchain network and its native SOL token ranks among the largest by market cap.
  • SOL on-chain staking is now supported on Crypto.com.
  • Investors can earn rewards of up to 5% when they stake SOL on Crypto.com.

Solana on-chain staking is now available on Crypto.com, a leading cryptocurrency exchange based in Singapore.

An announcement from the exchange on Monday revealed that Crypto.com now supports SOL on-chain staking. According to the crypto platform, SOL holders can now earn more SOL rewards when they stake on Crypto.com, with up to 5% APR.

There are also no fixed terms or minimum staking amount, the exchange announced via the Crypto.com Institutional Twitter account.

Solana among best crypto assets for staking

Crypto staking platforms are crypto exchanges, brokers, or apps that allow users to earn rewards on their crypto assets by making it possible for them to lock the tokens in wallets or staking pools for a reward that comes after a set period.

The staking process allows proof-of-stake blockchains to use staked coins to support and secure the network – which is different from the mining process of proof-of-work blockchains like Bitcoin.

Solana is the third-largest crypto asset by staking market cap, behind only Ethereum and Cardano. However, according to the latest on-chain data for staking, the Solana network boasts the largest market share when it comes to staking reward ratio.

Staking ratio refers to the percentage count of tokens eligible for staking that are being staked, and Solana’s ratio is currently at over 71%.

In comparison, Ethereum, which transitioned to a proof-of-stake consensus mechanism in September 2022 via the Merge, only has staked ETH at 15.64%. Ethereum staking was introduced in December 2020 with the Beacon Chain genesis.

Cardano and Cosmos have about 67% of tokens eligible for staking.

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KBW downgraded Block stock on Monday: find out why

  • KBW analyst now rates Block stock at market perform.
  • Steven Kwok still sees upside in “SQ” to $75 a share.
  • Block shares are currently down over 25% year-to-date.

Shares of Block Inc (NYSE: SQ) are trading down this morning after a KBW analyst downgraded the crypto company citing several “small risks”.

Block Stock could still climb to $75

Steven Kwok now rates the San Francisco-headquartered firm behind Cash App at “market perform”. His lowered price target of $75, though, still suggests about a 10% upside on its previous close.

The analyst finds Block stock a bit less attractive now that multiple risks are piling against it. His research note reads:

This big items revolve around rising competition within acquiring, and potential for regulatory scrutiny within its Cash App segment.

In February, Block Inc reported weaker-than-expected earnings for its fourth financial quarter.

Hindenburg has a short position in Block Inc

Kwok is not convinced that the company’s income from instant deposit fees or unregulated interchange are very dependable. Rising competition, he said in his research note, could also weigh on take rates, volume growth, and profitability.

Strength in its seller business is rooted in its in-store offering, and as more goods are sold online, this could shift purchase volume to marketplaces and eCommerce focused platforms like Shopify.

Last month, short seller Hindenburg Research also took aim at the crypto company, alleging that its Cash App has a lot of fake/duplicate accounts, many of which were involved in criminal activities.

Year-to-date, Block stock is down more than 25% at writing.

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