Schlagwort: crypto market

Klaytn has started the week excellently after the team proposed a block reward reduction over the weekend.

KLAY, the native coin of the Klaytn blockchain, is the best performer amongst the top 100 cryptocurrencies by market cap so far today.

KLAY has added 25% to its value in the last 24 hours, outperforming the broader cryptocurrency market.

The rally comes after the Klaytn team announced a governance proposal to reduce block reward on its blockchain by 1/3. The block reward reduction is in order to optimise the level of KLAY emission.

According to the team, if the proposal is approved by the Governance Council, the inflation adjustment will be reflected on-chain by the middle of next month.

KLAY’s rally also comes as the broader cryptocurrency market starts the week in a positive manner. The total cryptocurrency market cap stands at $931 billion, up by 1% in the last 24 hours.

Bitcoin has regained its value above $19k after slipping toward the $18,800 mark over the weekend. BTC is now up by nearly 1% so far today.

Ether is also trading above $1,300 after spending the best part of last week trading below that threshold and is now up by more than 2% today. 

Key levels to watch

The KLAY/USDT 4-hour chart is extremely bullish, as Klaytn has been performing well over the past 24 hours. 

KLAY/USDT Chart By TradingView

The MACD line is above the neutral zone, indicating that Klaytn has been performing well over the past few hours. The 14-day relative strength index of 78 also shows that KLAY is heading into the overbought region if the momentum is sustained.

At press time, KLAY is trading at $0.1864. If the rally continues, KLAY could cross the first major resistance level at $0.2234  before the end of the day.

However, it would need the support of the broader cryptocurrency market to reach the $0.2540 resistance level for the first time since August. 

Where to buy now

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.

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Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

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The post Klaytn rallies by 25% after the team proposed a block reward reduction appeared first on CoinJournal.

Aave (AAVE/USD) is currently trading for $81.59. The price represents a 10.32% increase in the past week and a 0.64% daily loss. Despite recent volatility in the crypto market, AAVE price is on an upward trajectory.

Although the sentiment could hold, the total value locked in the DeFi blockchain is on a decline. AAVE’s TVL has dipped 7% in the past week to $4.82 billion. The protocol is currently ranked fourth on DefiLlama in the TVL list, deployed across seven networks.

Besides, the whale investor activities seem not to favour AAVE. The latest data from whale alert shows that Tron’s founder, Justin Sun, transferred $50 million of USDT from Aave protocol to an anonymous wallet. Aave’s transactions in the past day have also declined. It is down 12% to $128 million in the period.

Some other fundamentals in the Aave ecosystem relate to the GHO stablecoin. The network recently released a whitepaper for digital assets. AAVE described GHO as a ‘flexible, decentralised, configurable token designed to maintain a stable value.’ From the technical outlook, AAVE struggles to clear a key resistance level.

AAVE faces resistance at $81 

Source: TradingView

According to the daily price outlook above, AAVE moved from $70 on October 14 to the current price of $82. The price is a significant level that has been tested severally. Despite the MACD looking bullish with green histograms, AAVE has entered the overbought zone. Thus, it may be due for a retracement.

Concluding thoughts

Despite AAVE currently looking bullish, it is facing a hurdle at $81. However, it could not be the most appropriate price entry. First, the DeFi crypto is overbought and needs enough buyers to break above the level.

Although the MACD level looks green, AAVE is not out of the woods yet. The price must clear the current resistance to welcome a bullish sentiment. Otherwise, it could retest the immediate support level of $69.

Where to buy AAVE 

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.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post Aave jumps by a weekly 10%. Is it attractive now? appeared first on CoinJournal.

Avalanche (AVAX/USD) has lost 90% of its value since the November 2021 high. The token has been falling alongside other major cryptocurrencies in the bear market. The bear momentum is still high, with the cryptocurrency trading at $15. In the past one week, AVAX has lost more than 5% and is looking to head to $10. What’s happening?

Avalanche has been touted as an alternative platform to Ethereum for DeFi and NFTs. However, the two nascent blockchain sectors have been hit this year. According to data by Dune Analytics, NFT’s weekly trading volume has dropped by a massive 98% this year. The total trading volume at the end of January 2022 was $6.2 billion but now stands at $114. 

NFTs and DeFi decline has been a significant blow to blockchains like Avalanche. That’s because the blockchain had crafted a name around the evolving sectors. Consequently, it may take time before investors flock back, suggesting that a bear market could last longer. Going by the recent decline, bears are in control of AVAX, with a lower price on the horizon.

AVAX price outlook as momentum weakens

Source – TradingView

The daily chart shows AVAX trades on a system of lower lows and lower highs on a weak momentum. The MACD indicator is deep in the bear zone.

At the current level, AVAX is trading at a potential pivot point. However, momentum is weak, giving bears a chance to take the cryptocurrency lower.

What next for AVAX?

With the weak momentum, we rate a reversal chance at $15 very low for AVAX. The cryptocurrency is not a buy since it may continue to slide, finding support at $10. The support is crucial since it marks the zone where the crypto boom started in 2021.

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.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post AVAX to $10? A bleak technical outlook shows why buyers have to keep off for now appeared first on CoinJournal.

As the clock ticks, the more certain we become that a bear market is here to last. Recovery looked to have started in June and July, but the elephant in the room remains – macro uncertainty.

Consequently, Ethereum (ETH/USD) looked on its way up as it tapped $2,000 in August, doubling in value from the July lows. However, the gains have been shuttered, and ETH trades at merely $1262. That begs the question, when will the cryptocurrency bear market end? 

Galaxy Digital CEO Mike Novogratz has weighed on the matter. According to him, Ethereum and other altcoins will depend on innovation to get out of the bear market. He also says that, to some extent, the macro conditions will determine. However, for Bitcoin, the CEO says the macro conditions rank first.

The comments by Novogratz come when all the markets are under pressure. Red-rot inflation and economic tightening have been the main cause. The macro factors have the upper hand in the bear market. In our assessment, they will determine the medium-term market recovery for all cryptocurrencies. Nonetheless, as Novogratz notes, innovations around DeFi and NFT will determine the long-term growth and recovery of Ethereum and altcoins. 

Aside from the fundamentals, ETH looks stable, around $1250. However, buyers lack the power to take cryptocurrency to the next level.

Ethereum holds steadily to $1250

Source – TradingView

Technically, ETH trades at $1276, slightly above the support of $1250. Although that signals stability for the cryptocurrency, buyers have been unable to take it higher. Instead, the token has mainly been consolidating at the support.

Turning to the RSI, the reading is below the midpoint but not in the oversold territory. The reading suggests that bears are also active for ETH at the current level.

Should you buy ETH?

Ethereum price lacks a directional movement. The price action suggests a strong will by bulls to take ETH higher, but the macro uncertainty weighs on the token. We only encourage buying and holding for long-term gains on ETH. 

Where to buy ETH

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.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Ethereum price outlook: what will drive it from the bear market? appeared first on CoinJournal.

As the Ripple vs. SEC case drags on, interesting twists are popping up. The SEC has finally complied with a court’s order to submit internal documents contested by Ripple (XRP/USD). The documents could prove to be a significant win for Ripple, going by the comments of its CEO Brad Garlinghouse.

Ideally, the said documents related to internal emails and early drafts of a speech by former SEC official William Hinman. They date back to 2018 and are comments by Hinman when he asserted that Bitcoin and Ethereum could not be classified as securities.

Ripple is now attacking the regulator for double standards. According to Ripple’s general counsel Stuart Alderoty, SEC is picking winners and losers in digital asset categorisation. Of course, Ripple was a target of the SEC based on the argument that XRP should be classified as a security.

Garlinghouse has called out the SEC, terming its behaviour as shameful. According to the Ripple CEO, the SEC does not care about disclosure or transparency. He points out that it will be shocking once the truth comes out, in reference to the Hinman documents.

XRP shows indecision despite the latest development

The Hinman documents add to growing optimism that Ripple would win against the regulator in the XRP classification. However, XRP has yet to react and has even lost by an intraday of 4.30%. Technical indicators show it is bearish.

Source – TradingView

On the technical side, XRP is under pressure at minor support of $0.44. A bearish MACD crossover was initiated recently as bears circled the token.

Although the $0.44 level has held before, an increasing bear pressure could force a breakout. The next potential zone for XRP will be $0.37.

Should you buy XRP?

XRP is not a buy at the current level despite the positive developments. The bullish momentum seems to have hit speed bumps, and bears are taking control. 

Potentially, the news isn’t exciting enough to the bulls looking more at the case’s outcome. Also, a bear market is to blame. Investors should aim to buy XRP lower. 

Where to buy XRP

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.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post How good is XRP after this brutal statement by Ripple against the SEC appeared first on CoinJournal.