Schlagwort: crypto market

• Uniswap is the largest DEX with a $5.52 billion TVL.

• Uniswap token has been recovering in the last seven days.

• UNI has further potential after keeping key support and is a hold or buy on a retracement.

Uniswap UNI/USD is the leading decentralized exchange, with a total value locked of $5.52 billion. Out of the TVL, $5.3 billion is locked on Ethereum. Thus, it is expected that the Ethereum Merge will impact protocols such as Uniswap.

Uniswap has been gaining in the last one week ahead of the projected soft date of September 15 for the Merge. It is still too early to speculate that the gains are attributed to the Merge. Across the sector, most cryptocurrencies have been gaining. The gains in UNI reflect the broader crypto sentiment rather than the Merge itself.

UNI recovers from the $5.6 support as the price shows bullish signs

Source – TradingView

Looking at the daily chart, UNI is initiating a bullish reversal after buyers resisted bears at $5.6. The price retested the support before bouncing back and recently crossed above the 20-day MA. Multiple inside bars formed at the support before the price broke to the upside. The breakout confirms a bullish momentum.

The MACD technical indicators also show a building momentum, with a bullish crossover. However, the MACD indicator remains below 0, suggesting that UNI’s bear market is yet to end.

Concluding thoughts

While technical indicators are mixed for UNI, the token shows renewed strengths. The price resisted bearish pressure at $5.6 two times. It broke above multiple pin bars, and the 20-day MA joined support. The price action reinforces a bullish bias in the short term. A potential retracement is an opportunity to buy while the price maintains $5.6 support.

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• Sandbox announced a partnership to take DBS to the metaverse.

• Metaverse is estimated to go up to $13 trillion in value in the current decade.

• Sandbox is yet to post strong gains amid the partnership.

Metaverse – an integrated network that promises virtual worlds and a 3D version of the internet. The network will be a $13 trillion opportunity by 2030, according to Citi analysts. The craze to enter the 3D virtual reality world grew exponentially in 2021. It has since cooled down, taking with it the tokens of Metaverse platforms such as Sandbox SAND/USD. 

There is still hope as companies again show interest in the yet-to-be-exploited space. On September 9, banking giant DBS said it was entering the metaverse through the Sandbox. DBS is set to purchase a 3*3 piece of real estate on The Sandbox. The partnership will give birth to DBS BetterWorld, an interactive experience in the virtual space. 

Revisiting SAND after the DBS partnership

While the DBS partnership rekindles the memories of the metaverse, SAND is yet to react strongly. The token is up only 1.55% in the last one week.

Source – TradingView

From the technical outlook, SAND is recovering. A bullish MACD crossover confirms a bullish building momentum. However, the current price level remains vulnerable. 

The established resistance for SAND is $1.00. The cryptocurrency currently trades at $0.966. The price is already facing resistance at or slightly below $1.00. Although the price has slightly crossed above the 20-day MA, the momentum is weak. The possible price move is bearish unless SAND reclaims $1.00.

Concluding thoughts

Sandbox recently welcomed DBS to the metaverse. The native token is yet to post significant gains. The slow gains may indicate that crypto’s macro-issues are far from over. SAND faces resistance at $1 while the momentum looks weak.

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• Tron’s has entered a strategic partnership with crypto market maker Wintermute.

• TRX is showing recovery at a 2% gain in the past week.

• The token, however, lacks the momentum to continue with the uptrend.

Tron TRX/USD has jumped 0.33% in the past day and 2.09% in the past week. The positive sentiment is partly due to Tron’s strategic partnership with Wintermute. The latter is a global crypto market maker. In the partnership, Wintermute seeks to provide liquidity for TRX pairs across crypto exchanges.

The crypto market maker has stirred optimism in the Tron network since joining Tron DAO reserve. As part of the DAO, Wintermute facilitates the minting and redeeming of Tron’s decentralized stablecoin USDD.

Much as Tron has been around for a while, its fundamentals position the network right. The blockchain was created to give content creators exclusive ownership rights over their work. It is now a go-to network where users can create dApps, share content, and benefit from TRX incentives.

Recently, Tron was lauded as the most eco-friendly blockchain with a low carbon footprint. A report by the Crypto Carbon Ratings Institute has attributed this to the platform’s Delegated proof-of-stake consensus model. Unlike PoW, DPoS allows users to stake native TRX tokens to nodes for a chance to validate transactions. However, TRX is showing mixed signals in the daily chart. 

TRX on a sluggish recovery

Source: TradingView

Technically, TRX is looking bullish. The token has moved from $0.059 and $0.064 since September 7, representing an 8% increase. From the chart above, the 20-day moving average has joined support, but the token remains below the 50-day moving average.

TRX currently has an RSI reading of 50, signifying no specific trend. Furthermore, TRX faces an immediate resistance level at $0.066.

Bottom line

Tron is looking up but lacks the momentum to maintain the price movement. The RSI is at a neutral 50, and investors must wait for the market to show a defined trend. From the long-term perspective, TRX has solid fundamentals coming from the partnership with Wintermute.

The post Can TRX hit new levels after strategic partnership with Wintermute? appeared first on CoinJournal.

NEAR is one of the best performers amongst the top 100 cryptocurrencies on Monday as the market starts the week on the front foot.

The cryptocurrency market has started the week on the front foot. NEAR, the native token of the Near Protocol, is one of the best performers amongst the top 100 cryptocurrencies on Monday.

NEAR has added 10% to its value today, outperforming the broader cryptocurrency in the process. The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

NEAR’s rally comes as the Near Protocol officially launches its NEARCON event today.

NEARCON is live! 🎉❤️‍🔥 Don’t worry if you can’t make it in real life – the livestream is here to bring #NEARCON to your home.

Watch it here: https://t.co/JkIlY1X49x

— NEAR Protocol | NEARCON.org | Lisbon | Sept 11-14 (@NEARProtocol) September 12, 2022

The event is taking place in Lisbon, Portugal, and is highlighting all the ways the Near ecosystem is growing. There will be talks, networking, workshops, live demos, entertainment, and more.

Key levels to watch

The NEAR/USD 4-hour chart is bullish as the Near Protocol has been performing well over the last 24 hours. The technical indicators show that NEAR is outperforming the broader cryptocurrency market.

At press time, NEAR is trading at $5.1712. The MACD line crossed into the positive zone earlier this month and continues to remain there, indicating strong bullish momentum.

The 14-day relative strength index of 71 shows that NEAR could enter the overbought region if the rally continues.

If the bulls remain in charge, NEAR could touch the $5.557 resistance level before the end of the day. The second major resistance level is around $6.16, and NEAR could reach that level for the first time since May if the rally can be sustained.  

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Golem is currently the best performer amongst the leading 100 cryptocurrencies on Monday.

GLM, the native token of the Golem ecosystem, is setting the trend on Monday, as it is outperforming the broader cryptocurrency market. 

The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

GLM is the best performer amongst the top 100 cryptocurrencies on Monday. GLM has added more than 40% to its value so far today and is trading at $0.419 per coin. There is no immediate catalyst behind this rally. There is no upcoming event in the Golem ecosystem 

Key levels to watch

The GLM/USD 4-hour chart is extremely bullish as Golem has been performing positively over the last 24 hours. The technical indicators show that GOLEM is outperforming the broader crypto market at the moment.

The MACD line is deep within the positive territory, indicating bullish momentum. It has been within that region since September 8, indicating that the bulls are currently in control of the market.

The 14-day relative strength index of 80 shows that GLM will soon enter the overbought region if the rally continues.

If the bulls continue to be in charge, GLM could surge past the first major resistance level at $0.51 before the end of the day. In the event of an extended bullish run, GLM could surge past the $0.60 resistance level for the first time since the start of the year.

We are still in a bearish market, and the bears could regain partial control. If that happens, GLM could slip below the $0.40 psychological level over the next few hours.

However, GLM should comfortably defend its position above the $0.36 support level in the near term. 

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