Schlagwort: crypto market

• Dogelon Mars token rose by double digits on Monday

• Fantasy sports platform Rage Fan announced a partnership with Dogelon

• ELON could sustain gains if buyers defend crucial support at $0.0000003

Elon Musk-inspired Dogelon Mars (ELON/USD) is making shockwaves. The cryptocurrency gained by double digits on Monday, with investors showing great interest. Trading volumes on the little-known cryptocurrency had surged by 400% in the day.

The gains in the Dogelon Mars token were boosted by cryptocurrency news over the weekend. Fantasy sports platform Rage Fan announced a partnership with Dogelon. The partnership will see the introduction of blockchain gaming to individuals that hold ELON. Rage Fan said it was introducing a Free Call of Duty Tournament for ELON holders to celebrate the partnership.

Dogelon token is also growing a huge following. It already has a cool 454,000 followers on Twitter. Perhaps its name combination, Dogecoin+Elon, is helping aside from its partnership with Rage Fans. We all know of the growing speculations around the use of Twitter on digital payments by Elon Musk. Investors, therefore, could be looking at ELON as the next big thing in the meme space after Dogecoin. All these are speculations, but one thing is sure. Dogelon Mars is building a fanatic community, which could grow if the project finds more utility in the crypto space. Let’s look at its technical bits.

ELON corrects after an intra-day surge

ELON/USD Chart by TradingView

A daily chart technical outlook shows ELON correcting after breaking to $0.0000004. The 20-day and 50-day moving averages joined a support for the cryptocurrency. The RSI also remains above the midpoint, indicating the buyers’ strength.

Will ELON proceed higher?

A retest of the $0.0000003 support followed by bullish price action could attract bulls. Investors will again aim for the $0.0000004 resistance or higher up at $0.0000005. 

If seeking to buy ELON, you could consider a little bit of patience with bullish reversal signals. Developments around the project, as well as those of Dogecoin, could also be potential bullish triggers.

Where to buy ELON

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 ELON with OKX today Disclaimer

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy ELON with KuCoin today

The post Dogelon Mars. What’s up with the meme coin now attracting a huge following? appeared first on CoinJournal.

• Avalanche rose by 4% on Monday.

• Avalanche onboarded Alibaba Cloud and will use the latter’s suite of products.

• The cryptocurrency remains largely bearish.

Avalanche price (AVAX/USD) gained more than 4% on Monday amid positive cryptocurrency news. A bear momentum has subdued the token of the Avalanche protocol for quite a while. Monday’s rally could offer hopes that AVAX will overcome a projected drop to below $10. The cryptocurrency traded at $14.07 as of press time.

Investors may have rekindled hopes for the DeFi protocol days after getting the nod from Alibaba Cloud. The subset of e-commerce giant Alibaba expanded its developer tools and cloud technology to the Avalanche blockchain. Avalanche users will be able to build products, launch validator nodes, keep custody, and share resources via Alibaba Cloud in Asia. The developers can also use the suite of products offered by Alibaba Cloud to enhance their products and meet demand.

The latest announcement comes amid a slow DeFi activity that has cost platforms such as Avalanche. According to data aggregator DefiLlama, the total value locked on DeFi protocols stands at $42.83 billion. The volume is a decline from $54.11 billion in the last 30 days. It also compares to $170.01 billion TVL at the start of the year. With the low activity, tokens of associated platforms have crashed sharply this year. AVAX has subsequently lost 90% of its value from the all-time high.

AVAX stays bearish despite an improved momentum

AVAX/USD Chart by TradingView

From the technical outlook, AVAX price is rising along the 20-day moving averages. The MACD indicator shows improving momentum for the cryptocurrency, although it is still bearish. 

The longer-term market bias is bearish for AVAX. The 50-day MA is the next level to watch. A recovery above the MA could take AVAX to $19 and $21 next.

Should you buy AVAX now?

Despite the latest gains, buying AVAX now could be premature. The bear market remains in place, despite the latest recoveries. Should buyers fail to capitalise on the current gains, $10 remains in sight for a potential price bottom.

Where to buy AVAX

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 AVAX with eToro today Disclaimer

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 AVAX with OKX today Disclaimer

The post Avalanche becomes bullish. Here is the reason and next target appeared first on CoinJournal.

• Kadena is a blazingly fast Ethereum rival that handles over 450k transactions per second.
• Its price has rebounded in the past few weeks as cryptocurrencies rebound.

Kadena price has been in a strong bullish trend in the past few days as investors bought the coin’s dip. The coin surged to a high of $1.2472, the highest level since November 15. It has jumped by more than 200% from the lowest level this year. So, is it safe to buy Kadena?

What is Kadena and is it a good buy?

Kadena is a leading proof-of-work (PoW) layer-1 network that makes it easy for developers to build decentralized applications. It is an Ethereum rival that was created by two ex-JP Morgan employees. 

Kadena is known for several key reasons. First, it is a proof-of-work blockchain like Bitcoin and Litecoin. This means that new coins are validated through mining. While PoW is not an environment-friendly process, Kadena’s developers believe that their technology has lower emissions than other networks.

Second, Kadena is known for the speed of its transaction. While Ethereum handles less than 20 transactions per second (TPS), Kadena handles over 450k. This makes it one of the fastest network in the blockchain industry.

Further, Kadena launched Kadena Eco in 2022 to incentivize developers to the network. Kadena Eco is a $100 million grant program that provides funding to developers who are building projects in the network.

Kadena’s ecosystem is relatively small but its developers hope that it will keep growing. According to DeFi Llama, the network has a total value locked (TVL) of over $9.1 million, with Kaddex having dominance of 82%. At its peak, it had a TVL of over $31 million.

Kadena price has rallied because of the upcoming news and milestones in the network In a tweet, the developers said that they will unveil new Kadena Eco grantees announcements and a roadmap upgrade.

Still, the biggest challenge that Kadena faces is that its industry is getting competitive, with projects like BNB and Tron having a substantial market share.

Kadena price forecast

                                                    Kadena chart by TradingView

The four-hour chart shows that the KDA price has been in a strong bullish trend in the past few weeks. In this period, the coin has rallied above the 25-day and 50-day moving averages while the MACD has moved above the neutral level. 

Kadena’s current price is at the highest point since November 27 while the Relative Strength Index (RSI) has been in a bullish trend. Therefore, Kadena price will likely continue rising as buyers target the key resistance level at $1.200. 

The post Is it safe to buy Kadena as the rebound accelerates? appeared first on CoinJournal.

Digibyte price has been in a slow recovery pace in the past few weeks as investors buy the coin’s dip. The DGB coin was trading at $0.0077 on Monday, which was about 26% above the lowest level this year. According to CoinMarketCap, it has a market cap of over $122 million, making it the 164th biggest coin in the world.

What is Digibyte and is it a good buy?

Digibyte is a proof-of-work (PoW) cryptocurrency that was established in 2014. It was created from the code of Litecoin and has a unique Genesis Block. Since then, it has gone through a series of soft forks and hard forks that led to the improvement of the network.

Digibyte has extensive speed and scalability features. According to its developers, it has a block timing rate of 15 seconds. Like Bitcoin, Digibyte has a supply limit of 21 million coins that will be fully mined by 21 million.

Other features in its ecosystem are multiple algorithms, GPU/FPGA mining, on-chain scaling, and educating the importance of running a full node. 

There are several reasons why Digibyte price has recovered recently. First, this recovery is in line with the performance of other cryptocurrencies, including BTC and ETH. They have all recovered as investors buy the dip.

Second, the coin has gained several integrations recently. For example, it was one of the networks that was added in Atomic DEX ecosystem. It was also added to Santiment’s platform, meaning that users can conduct on-chain analytics on the network. Meanwhile, the Digibyte Foundation was relaunched in November. 

Still, like other coins, Digibyte’s on-chain analytics have not been encouraging as investors ponder the collapse of FTX that we wrote about here. The number of new wallets has been falling while user transactions have declined.

Digibyte price forecast

                    Digibyte chart by TradingView

The four-hour chart shows that the Digibyte price has been in a slow bullish trend in the past few weeks. In this period, it has managed to form an ascending triangle pattern and move above the 25-day and 50-day moving averages. The MACD has moved above the neutral point while the Relative Strength Index (RSI) has moved to the neutral point.

Therefore, the Digibyte price will likely have a bullish breakout as buyers target the next key resistance level at $0.00900. This view will be confirmed if the price moves above the important resistance level at $0.0080. A drop below the support at $0.0075 will invalidate the bullish view.

The post DigiByte price prediction for December 2022 appeared first on CoinJournal.

• Solana token fell the most in November

• Social metrics are negative for the cryptocurrency

• SOL has been consolidating for weeks and faces further downside

Solana (SOL/USD) was one of the worst-performing cryptocurrencies in November. The cryptocurrency came from a high of $38 on November 5 but now trades at just$13.55. The losses came in the wake of the FTX collapse. However, for almost three weeks, SOL has been consolidating at or above $13. Does this signal the entry of buyers?

Solana’s consolidation comes amid a troubling on-chain activity. According to Santiment data, Solana’s spot and futures markets are struggling, with the trade volumes at monthly lows. As of December 2, the open interest on Solana was $208.9 million, a decline of 1.25%.

Besides, short-position trades were active on Solana, with the funding rates remaining in the negative territory. Further indications were that there were more long liquidations ($207,000) than short liquidations ($89,000) worth of SOL.

Clearly, the data is against SOL. Social metrics show limited upside, with the sentiment negative. Consequently, the latest consolidation may signal sellers’ exhaustion rather than buyers’ entry. A break to the downside would welcome a lower price for SOL.

SOL consolidates at $13 amid bearish momentum

SOL/USD Chart by TradingView

Technically, SOL is bearish in the longer-term outlook. The RSI is escaping the oversold level but still remains way below the midpoint. A slight recovery saw SOL move to the 20-day MA, but the price upside is still muted.

When to buy SOL?

Solana’s price is still bearish. Investors looking to buy SOL should wait for the bear market to subside before scooping the token. A break below the consolidation zone could see SOL hit single-digit prices.

Where to buy SOL

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 Disclaimer

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 SOL with OKX today Disclaimer

The post Is Solana’s consolidation a wait for takeoff or a further slide? appeared first on CoinJournal.