Schlagwort: crypto market

Solana price has not been left behind in the ongoing cryptocurrency sell-off. SOL dropped by over 78% between January and September 2022, bringing its market cap to about $11.6 billion. It is also one of the worst-performing large-cap cryptocurrencies during the year.

Solana faces an uphill task

Solana is one of the top Ethereum-killers in the blockchain industry. It is a smart contract platform that is known for its use of the proof of history (PoH) consensus framework. According to its developers, Solana has better features than Ethereum. For example, it has super-fast speeds and extremely low gas fees.

As a result, Solana is a leading player in some of the biggest industries in the blockchain industry like Decentralized Finance (DeFi) and non-fungible tokens (NFT). Some of the top applications that have been created in Solana are StepN, Solend, Audius, and Marinade Finance. 

Solana has also been used widely in the NFT industry. For example, it was used to build Magic Eden, one of the biggest NFT marketplaces in the world.

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Solana, like other blockchain networks has faced numerous challenges in the past few months. For one, activity in its key platforms has dwindled. Its total value locked in DeFi has crashed from over $10 billion to slightly above $1.3 billion. Similarly, its NFT activity has also dropped.

Another key challenge is that Solana is widely known for its outages. In 2022 alone, the network has had several severe outages that impacted its entire ecosystem. 

Still, there are several catalysts for Solana price. First, its network has been used to build some of the most popular web3 networks around like Audius, StepN, and Brave Browser. Second, the developers have made progress on fixing the regular outages. Further, it has a strong market share in key industries, meaning that its price will likely rebound in the future.

Solana price prediction

The daily chart shows that SOL price has been in a strong downward trend in the past few months. As a result, the coin has moved below all moving averages. A closer look shows that it has found a strong support at around $30. This support seems like a form of a double-bottom pattern whose neckline is at $48.46.

Therefore, at this stage, the outlook oF Solana is neutral. A drop below the support at $30.42 will signal that bears have prevailed. As a result, the coin will drop to the next key support at $25. On the other hand, because of the double-bottom pattern, a rebound to $50 cannot be ruled out.

The post Is Solana a good investment? appeared first on CoinJournal.

Ether is underperforming despite the broader cryptocurrency market focusing on the Ethereum community thanks to the Merge. 

ETH, the native coin of the Ethereum blockchain, has been underperforming over the last 24 hours. Ether has lost more than 5% of its value so far today, correlating with the broader cryptocurrency market. 

The total cryptocurrency market cap has dropped below $1 trillion for the first time in more than a week. This comes after the market lost more than 6% of its value in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency, risks dropping below the $20k psychological level after losing nearly 19% of its value so far today. 

At press time, ETH is trading at $1,610 per coin. The poor performance comes despite the Ethereum Merge currently taking centre stage in the crypto market.

The cryptocurrency space is focusing on the Ethereum community over the next few days as the blockchain transitions from a proof of work to a proof of stake mechanism. 

Key levels to watch

The ETH/USD 4-hour chart has turned bearish as Ether has been underperforming over the last 24 hours. The technical indicators show that ETH is not fairing well despite the fanfare around the Merge.

The MACD line is below the neutral zone, indicating that the bears are currently in control of the Ether market.

The 14-day relative strength index of 37 shows that ETH could enter the oversold region if the bearish trend continues.

If the bears remain in charge, ETH could drop towards the $1,500 psychological level for the second time in a week.

In the event of an extended bearish run, ETH could struggle to defend its second major support level at $1,412 in the near term. 

The bulls might regain control and push Ether past the first major resistance level at $1,710 before the end of the day. The second major resistance level at $1,783 should cap further upward movement in the short term.

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The post Ether dips below $1,700 again: Can it stay above the $1,500 level during the Merge? appeared first on CoinJournal.

After months of waiting, the Ethereum merge is finally here, and investors are looking forward to a pump in the coming days and weeks. The expectation is that Ethereum could trigger another market rally and help the broader cryptocurrency market come out of the current bear run.

Such prospects are not far-fetched. In August 2021, after the hard fork that made Ethereum deflationary, ETH gained momentum, and by September, the rest of the market had caught up. What followed was a rally that saw most cryptocurrencies hit new highs by November 2021. 

That said, if Ethereum pumps, a number of cryptocurrencies hold the potential to outperform it. That’s because they are cheaper – accessible to small investors – and have many other factors supporting their potential rally. 

If you are an investor looking to make the most of the market in the short term, below are three cryptocurrencies to watch immediately after the Ethereum merge. 

Ethereum Classic (ETC)

Ethereum Classic (ETC) was pumped a few weeks ago, and though it has eased up, it still holds a lot of potential short term. That’s because once the Ethereum merge is complete, miners will be left with equipment that still needs to remain profitable for it not to go obsolete. This was the reason behind the Ethereum Classic pump after Ethereum founder Vitalik Buterin urged miners to look to ETC.

As the shift to ETC by miners starts to happen at scale, investors can expect a pump in the price and possibly the resurge of ETC as a top cryptocurrency to invest in for the long term.

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The Graph (GRT)

Ethereum is the most widely used blockchain for smart contracts. That’s despite its many weaknesses, especially in costs and scalability. It means that developers value the Ethereum network regardless of the costs. In essence, once the merge is complete, there could be a surge in the usage of the Ethereum network. This places networks that make using the Ethereum blockchain easier to use and a lot more valuable.

The Graph (GRT) is one of the cryptocurrencies that make using Ethereum easier. It is used for querying data on the Ethereum blockchain. As Ethereum adoption grows, investors will find this network much more valuable. 

Adoption and the fact that it is a cheap cryptocurrency puts it at the forefront of cryptocurrencies that could go parabolic after the merge.

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Polygon (MATIC)

With The Merge, Ethereum transactions will mainly be handled by layer-2 solutions. The goal is to take the load off the mainnet, thereby cutting gas fees and increasing transaction speeds. One of the layer-2 solutions set to benefit the most is Polygon (MATIC).

Polygon already has a considerable number of projects running on top of it. This gives it an edge over other Ethereum L2s. Most importantly, Polygon recently introduced ZkRollups for maximum security and also implemented deflationary tokenomics. These two factors make Polygon higher attractive to investors and could see it emerge as one of the best performing cryptocurrencies after the merge.

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The post Top Cryptocurrencies to watch after the Ethereum Merge appeared first on CoinJournal.

• Hedera Hashgraph has reacted positively to the news about the Coinbase listing.

• HBAR has consolidated weekly gains at 6%.

• The token is attempting a breakout above a descending resistance level.

Hedera Hashgraph HBAR/USD has recorded a sharp pump in price on Coinbase listing news. Coinbase announced on Monday it will support USD and USDT pairs for HBAR token starting September 13. The exchange noted that the listing would be subject to liquidity conditions and a sufficient supply of the trading pairs.

As a result, the Hedera Hashgraph native token, HBAR, is currently exchanging at $0.067. The price change is 3.59% in the past day and a 6.24% increase in the last week. Aside from the listing, Hedera is gaining relevance among organizations of all sizes. 

It is the most popularly used, sustainable, enterprise-grade public ledger. The network uses a decentralized ledger based on directed acyclic graph technology. DAG is an alternative network to the blockchain. Hedera Hashgraph is owned and governed by a council of global innovators like Google, Boeing, and IBM.

Another aspect positioning Hedera Hashgraph as a blockchain of the future is Hedera Token Services. The service allows for the configuration, management, and transfer of non-fungible tokens on the Hedera network. The services are powered by HBAR, a token used in settling transactions. From the technical outlook, HBAR has touched the descending resistance.

HBAR corrects at the descending resistance 

Source: TradingView

According to the daily chat above, HBAR is at the descending resistance line. The pattern has remained in place since May. HBAR has also formed a double bottom. The closet resistance is set at $0.083 and the nearest support at $0.057. From the momentum indicator, the Stochastic Oscillator, HBAR has more headroom before entering the overbought zone. 

Bottom line 

Investors should be keen on HBAR price action at the descending resistance level. Clearance above the level shifts the focus to the next resistance of $0.083. At the moment, $0.0571 remains the reference support and a potential retracement if the breakout does not materialize.

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The post Which levels should you watch as HBAR reacts to Coinbase’s listing? appeared first on CoinJournal.

HBAR, the native token of the Hedera ecosystem, is one of the best-performing cryptocurrencies over the past 24 hours.

HBAR is outperforming the broader cryptocurrency market after adding more than 6% to its value so far today. 

The broader crypto market is retracing after starting the week in a positive fashion. The total cryptocurrency market remains above $1 trillion despite losing less than 1% of its value in the last 24 hours.

Bitcoin remains in the green zone and is trading above $22k per coin. The world’s leading cryptocurrency by market cap has added less than 1% to its value today. 

Ether continues to underperform despite the Merge getting closer. ETH is down by more than 2% today and is trading around $1,720 per coin. 

HBAR, the native token of the Hedera ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap. HBAR has added more than 6% to its value in the last 24 hours, outperforming the broader crypto market. 

The positive performance comes after Coinbase, one of the leading crypto exchanges in the world, announced its support of HBAR. 

Coinbase will add support for Hedera (HBAR) on the Hedera network. Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets (@CoinbaseAssets) September 12, 2022

Key levels to watch

The HBAR/USD 4-hour chart is bullish as Hedera’s native coin has been performing well over the past 24 hours. The technical indicators show that HBAR is outperforming the broader crypto market at the moment.

The MACD line crossed into the positive line over the weekend and has remained there, indicating bullish momentum for HBAR.

The 14-day relative strength index of 62 shows that HBAR is moving closer to the overbought region of the market.

At press time, HBAR is trading at $0.0683 per coin. If the bulls remain in control, HBAR could rally past the first major resistance level at $0.0735 before the end of the day.

If the broader market recovers, it could push HBAR past the $0.081 resistance point for the first time since August. 

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The post HBAR is up by more than 6% on Tuesday following Coinbase’s integration appeared first on CoinJournal.