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Tag: cryptocurrencies

  • Why is AAVE coin moving upwards?

    Why is AAVE coin moving upwards?

    Aave (AAVE) has been one of the best performing cryptocurrencies in the past week with a gain of 32%. The cryptocurrency has been trending upwards since the end of June all thanks to increasing interest in decentralized finance. At the time of writing, Aave stands at a price level of $299. The cryptocurrency moved upwards by 6% in the daily timeframe while the trading volume increased by nearly 30%.

    The market sentiment for Aave is bullish. Out pf the total twenty-six technical indicators, eleven are giving out a signal of buy with nine standing at a neutral position and six indicators signaling a sell position. The oscillators are neutral while the moving averages suggest a strong uptrend.

    DeFi space has been one of the top sectors in terms of performance. Although the bearish divergence of the market resulted in investors shying away from DeFi space along with other sectors, a comeback is being observed. In the past week, the DeFi sector has increased by $15 billion while the market capitalization skirted close to $80 billion. The DeFi space is one of the most lucrative sectors of the blockchain industry with good potential. Cryptocurrencies like Aave and Compound have contributed significantly to its growth.

    The development team of Aave has a lot in store for the DeFi lending protocol. The team revealed the news of a Pro version of the network to be launched soon in a Webinar held last week. Following the webinar, attendees received a follow-up email with more details of the permissioned version. Aave Pro is targeted towards institutional investors and will incorporate V2 smart contracts. The pro version has been cited to be a result of increasing interest in the project of institutional investors. The launch of Aave pro is scheduled for July and has helped turned the market sentiment for Aave bullish.

    Is Aave a good long-term investment?

    The DeFi sector, in general, has a lot of potential – which appears to be only increasing with time. The technical for the cryptocurrency indicate towards more bullish momentum. The price forecasts for Aave in the long run are also bullish. According to Wallet Investor, Aave price level will be close to $800 in a year’s time while it is expected to be trading at $3,086 in five years’ time. Per the estimates of Digital Coin Price, Aave crypto will end the year with a price level of $425 while the price in 2028 is expected to be $1,329.

  • Algorand (ALGO) coin price prediction – To cross $1 soon?

    Algorand (ALGO) coin price prediction – To cross $1 soon?

    Algorand (ALGO) has been going downhill since the beginning of May. The cryptocurrency has been struggling with maintaining bullish momentum and eventually succumbed to the bears. As June ended, the cryptocurrency market showed signs of revival but the signs fell short for Algorand as it spiraled downwards once again. At the time of writing, Algorand stands at a price level of $0.86. The price has declined by 5% in the past twenty-four hours while the trading volume has fallen by 8%.

    The market sentiment for Algorand is bearish. Out of the total twenty-six technical indicators, fourteen are standing at a sell position with nine neutral indications and only three signals at buy. The oscillators are neutral while the moving averages are bearish.

    Algorand has been operating with a descending trendline. The trendline has also been acting as resistance for the cryptocurrency. Unless bullish momentum overtakes the market, Algorand is expected to continue downhill with lower price levels as major resistances. The relative strength index can also be observed to be declining.

    The price prediction in the long-term for Algorand is optimistic. Digital Coin Price predicts that the cryptocurrency will end the year at a price level of $1.31 and will be operating at a price level of $3.76 in 2028. Wallet Investor’s predictions are more bullish. Per their estimates, the price after one year would be $1.71 while the five-year price will be $5.22.

    Algorand (ALGO) major developments

    Even though the cryptocurrency is bearish, the development team of Algorand has been active. Algorand has made the official wallet of the network open-source and the codebase is now publicly available. Moreover, there has also been an influx of new projects on the network. A couple of former PayPal employees have launched a cross-border payment network on Algorand.

  • The top crypto winners of the second quarter ‘21

    The top crypto winners of the second quarter ‘21

    The second quarter of 2021 has been almost the exact opposite to the first one. While the first quarter of the year saw new all-time highs and record adoption and acceptance of cryptocurrencies, the second quarter is marked by panic-selling and un-ending bearish momentum.

    While the bears were dominant in the second quarter, there were still cryptocurrencies that outperformed others. The outperformers in the second quarter were: Dogecoin (DOGE), Ethereum Classic (ETC), Ripple (XRP) and Ethereum (ETH). The outperformers ended the quarter with positive gains while others had succumbed to the bears.

    DOGE AND ETC
    DOGE AND ETC

    Dogecoin (DOGE) had a positive change of 325% in the second quarter. The performance of Dogecoin can largely be attributed to the “Doge-father” – billionaire CEO Elon Musk. Musk has been a champion of cryptocurrency and had been behind most of the cryptocurrency’s price rallies.

    Ethereum Classic – the hard fork of Ethereum – had a return of 268%. The quarter had been eventful for Ethereum Classic as the development team published a detailed roadmap and the budget for 2021. ETC coin also saw various software releases and network upgrades which contributed to its growth in the quarter.

    Ripple (XRP) had been going strong ever since the bears from the Ripple Labs vs. SEC lawsuit took a backseat. The cryptocurrency outperformed by 12% in the quarter. The lawsuit continues with full force but the counsel of Ripple Labs argue that the SEC has singled out XRP. The price of XRP has become near-immune to the lawsuit.

    Ethereum (ETH) – the queen of the market – ended the second quarter with an increase of 13%. Ethereum begun the Layer 2 scaling solution led by Polygon in the second quarter. Upgrades and proposals were implemented to take care of the issue of high gas fees on the network. The network is also moving towards a proof-of-stake mechanism.

  • Why is Harmony’s (ONE) coin price rallying?

    Why is Harmony’s (ONE) coin price rallying?

    Harmony (ONE) has been trending in the recent timeframes as it entered into a strategic partnership with Terra (LUNA). Both the cryptocurrencies have been rallying because of the partnership. Harmony crypto is on a steep upward trend. At the time of writing, ONE coin stands at a price level of $0.082. The price has increased by 15% in the past twenty-four hours while the trading volume has shot up by 230%.

    Harmony (ONE) technical analysis

    The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, eleven are giving out a buy indication with eight standing at a neutral position and seven indicators at sell. The oscillators are mainly bearish while the moving averages are bullish.

    Harmony (ONE) technical analysis
    Harmony (ONE) technical analysis

    Harmony had been operating in a falling wedge formation. The falling wedge is a bullish pattern and indicates the onset of increased bullish momentum in the market. Harmony crypto is under strong bullish pressures which resulted in the cryptocurrency breaking out early from the formation to the upside. The breakout has confirmed the strength of the bulls. Harmony coin will be facing a strong resistance level at $0.12. The price action will be crucial at the resistance level as it will determine the future trajectory of the cryptocurrency.

    What is causing the bullish momentum?

    Harmony and Terra entered into a partnership which will bring Terra’s UST to Harmony to be used in applications on the blockchain. Terra and Harmony have also agreed to explore DeFi initiatives together. But that is not all. Harmony’s development team has also been busy. SushiSwap recently integrated with Harmony – deploying all of Sushi products onto the blockchain of Harmony. The partnership is expected to bring millions of people into the DeFi space. Another milestone was achieved by Harmony’s team as the blockchain development platform Tatum also integrated Harmony.  Tatum’s infrastructure will allow Harmony’s users to experience various benefits.

  • Why Terra (LUNA) coin may be a good investment?

    Why Terra (LUNA) coin may be a good investment?

    Terra (LUNA) has been trending as the team goes full force with developments of the blockchain. Terra had been gaining since the end of June; however, the bullish momentum was overtook by the bears in the market. At the time of writing, LUNA crypto stands at a price level of $ 6.79. The price has decreased by 4% in the past twenty-four hours while the trading volume has also declined.

    Why is Terra (LUNA) going upwards?

    The Terra blockchain utilizes stablecoins to power the global payment system.  The proposition of Terra makes it unique as it combines the efficiency and speed of cryptocurrencies with the stability of fiat-pegged stablecoins to power the payment systems. The development team of the blockchain has been busy which coupled with an increasing interest in stablecoins resulted in a price rally for Terra (LUNA).

    Terra has entered into a one-stack partnership with Harmony (ONE) which resulted in furthering the bullish trends of both cryptocurrencies. Both the platforms have agreed to join forces to explore DeFi initiatives together. Under the partnership, Terra will add Harmony to its Shuttle Bridge platform which will enable users to send Terra’s UST stablecoin across other blockchains. UST can be migrated to Harmony and used in applications on Harmony’s blockchain.

    Terraform Labs – the firm behind Terra (LUNA) – has also announced to utilize 50 million Terra SDT from the firm’s reserve fund for Anchor Protocol. The role of stablecoins in the cryptocurrency ecosystem is also increasing exponentially which has resulted in a boost of Terra (LUNA).

    Is Terra (LUNA) a good long-term investment?

    Given the recent performance of the cryptocurrency, Terra (LUNA) appears to be a good investment. Moreover, the development team is highly reputable and the offering of the blockchain unique. The technicals for LUNA coin are also going strong – with a bullish outlook. According to the estimates of Wallet Investor, Terra (LUNA) will be standing at a price level of $60 in five years’ time. Although a word of caution, the cryptocurrency market is highly volatile and anything can happen.

  • Telcoin (TEL) price under bearish momentum

    Telcoin (TEL) price under bearish momentum

    Telcoin (TEL) is one of the worst-performing cryptocurrencies in the weekly timeframe. Telcoin is on a sharp downward trend with the bears dominating the cryptocurrency. TEL crypto had also been highly volatile with a few minor upside breakouts. At the time of writing, Telcoin stands at a price level of $0.020. The price has declined by 10% in the past twenty-four hours while the trading volume has climbed up by 30%. Whether the sellers will continue to overpower the buyers, is yet to be seen.

    Telcoin (TEL) technical analysis

    The market outlook for Telcoin is strongly bearish. Out of the total twenty-six technical, indicators, fifteen are giving out a signal of sell with nine standing at a neutral position and only two indications at buy. Both the oscillators and moving averages are bearish – the moving averages more so than the oscillators.

    Telcoin (TEL) technical analysis
    Telcoin (TEL) technical analysis

    Telcoin (TEL) has been operating in a descending channel formation since the peak in May at $0.064. The bearish momentum has been dominant for two months. TEL crypto is near some crucial resistance and support levels. The cryptocurrency can find support at the price level of $0.018 which lies parallel to the Fibonacci retracement level of 0.786. The nearby resistance level lies at the 0.236 Fibonacci level – $0.027. The resistance also coincides with the upper boundary of the channel which makes it a major resistance.

    Telcoin (TEL) price prediction

    The Ethereum based cryptocurrency aims to be a bridge between the blockchain and the telecommunications industry. As the adoption of the blockchain technology increases, its incorporation in various industries will also rise – pulling cryptocurrencies like Telcoin upwards. The long-term price prediction for TEL crypto is optimistic. Wallet Investor predicts Telcoin will be priced at $0.169 in five years’ time – more than 700% increase. Digital Coin Price also expects a price increase from the cryptocurrency, although not as vigorous. Per their estimates, Telcoin will be trading at $0.092 by 2028 – an increase of 360%.

  • FLOW coin – Upcoming resistance at $24

    FLOW coin – Upcoming resistance at $24

    Flow (FLOW) had been moving downhill; however, the cryptocurrency has picked up the pace with nearly 100% gains in the past week. At the time of writing, the cryptocurrency stands at a price level of $17.81. The price level of Flow coin has gone up by 50% in the past twenty-four hours while the trading volume has shot up by 250%.

    Flow (FLOW) technical analysis

    The market sentiment for Flow coin has turned bullish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of buy with seven standing at a neutral position and only three indications at sell. The oscillators are neutral while the moving averages suggest a strong uptrend in the daily timeframe.

    Flow (FLOW) technical analysis
    Flow (FLOW) technical analysis

    Flow coin had been operating in a descending channel formation amidst the bearish trend in the market. As the bulls renewed, the cryptocurrency was able to break out of the channel formation – breaking the strong resistance which lied at the upper boundary of the channel. Flow coin will find other major resistances which may hinder its upward trajectory if the bullish momentum is not strong enough. The immediate resistance that lied at $16.88 had been broken as well and will now be acting as a support level. The price level of $24 followed by $41 are the potential price targets as well as resistance levels for Flow coin.

    What is Flow (FLOW)?

    The Flow blockchain has been designed to become lead the next generation of blockchains. It is developer-friendly, fast, and completely decentralized. The success of the blockchain can be attributed to the abled team leading it. The development team of Flow has a repute in the crypto space and has delivered various good projects like Crypto Kitties etc. FLOW is the native token of the blockchain and will act as a gateway to the borderless digital economy powered by the blockchain technology.

  • Dogecoin (DOGE) – Bullish break soon?

    Dogecoin (DOGE) – Bullish break soon?

    Dogecoin (DOGE) had been giving a subpar performance in the weekly timeframe. The cryptocurrency had appeared to pick up the pace; however, the bulls failed and Dogecoin once again started moving downhill. In the past seven days, Dogecoin has fallen by 8%. At the time of writing, the cryptocurrency stands at a price level of $0.23. The price is decreasing in the daily timeframe as well and so has been the trading volume.

    The market outlook for DOGE coin is bearish. Out of the twenty-six technical indicators, eleven are giving out an indication of sell while ten are standing at a neutral position with only five signals of buy. The oscillators are primarily neutral while the moving averages suggest a downtrend.

    A trader has identified DOGE coin to be operating in an inverse head and shoulder formation. The cryptocurrency has successfully completed the formation of the left shoulder and head while the right shoulder may soon be completed. The inverse H&S formation is a bullish pattern with an upside breakout as the more likely trajectory. The trader has identified the potential price target at $0.44 which would give nearly 80% gains from the current price.

    Dogecoin (DOGE) fame not dying anytime soon?

    Despite the bearish trend in the price movements, Dogecoin does not appear to be losing any popularity. Freshman Congressman Barry Moore has revealed heavy investment in DOGE coin, Ethereum and Cardano. Glauber Contessoto, a Dogecoin investor, famous for investing his $250,000 lifesavings in Dogecoin has increased his Dogecoin portfolio as the cryptocurrency dips. Contessoto has added an additional $25,000 to his investment in the cryptocurrency.

    So why is Dogecoin being bought despite the downtrend? One answer could be Elon Musk. The cryptocurrency continues to enjoy the protection of the billionaire CEO. Musk is also going full-force with Dogecoin’s development team to make it a global digital currency.

  • Solana (SOL) coin price prediction of $391 possible?

    Solana (SOL) coin price prediction of $391 possible?

    Solana (SOL) started off on an upward trend since the end of June. Solana has been gaining bullish momentum; however, it has now entered a consolidation phase with decreased volatility. At the time of writing, the cryptocurrency stands at a price level of $35. The price has increased slightly in the past twenty-four hours while the trading volume has also gone up by 20%.

    Solana (SOL) technical analysis

    The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, fourteen are standing at a buy position with ten indicators at neutral and only two suggesting a sell. The oscillators are neutral while the moving averages suggest a strong uptrend in the daily timeframe.

    Solana (SOL) technical analysis
    Solana (SOL) technical analysis

    A trader has identified various crucial levels for the cryptocurrency. Solana (SOL) is operating in an ascending channel formation. The cryptocurrency is currently near a major resistance level at $35. If Solana is able to break this resistance, it would confirm the bullish trend. The break out from the resistance level will activate price targets at $39 followed by $41.

    The price predictions for the cryptocurrency are favorable as it is considered a good long-term investment. According to the estimates of Wallet Investor, Solana is expected to be operating at a price level of $105 in a year’s time while the five-year projection shows a price of $391. Digital Coin Price’s forecast is not as optimistic but optimistic nonetheless. Per their estimates, Solana will end the year with a price of $51 and will continue climbing upwards till $153 by 2028.

    What might push the cryptocurrency upwards?

    Solana’s blockchain provides DeFi solutions. The network has been garnering increasing popularity. The Solana blockchain has had plenty of good projects working on it with plenty more under development. Recently, Solrise Finance – a decentralized asset management based on Solana’s blockchain – raised $3.4 million in its ICO. The number of good projects of the blockchain is increasing exponentially and the utility and potential of Solana is evident. This may help Solana achieve the optimistic price targets set for it.

  • Monero (XMR) coin upcoming price action

    Monero (XMR) coin upcoming price action

    Monero (XMR) has been under the bears as the market crashed after the bull run. Monero dropped to as low as $202 but it appears as though the cryptocurrency may soon reverse the trend. At the time of writing, XMR coin stands at a price level of $227. The price of the cryptocurrency has been gaining in the past twenty-four hours and so has been the trading volume.

    Monero (XMR) technical analysis

    The market outlook for Monero crypto is neutral which may indicate the onset of bullish momentum in the market. Out of the total technical indicators, ten are standing at a neutral position with nine giving out a sell signal and seven indications of buy. The oscillators are neutral as the price of the cryptocurrency may be consolidating while the moving averages suggest a bearish signal overall.

    Monero (XMR) technical analysis
    Monero (XMR) technical analysis

    Monero coin has been identified to have formed a falling wedge formation. The cryptocurrency has been experiencing decreased volatility inside the formation as it nears a break out. The falling wedge is a bullish pattern although the unpredictability of the market may lead to a downside breakout. Up till now, the price movements of XMR coin hints towards a possible upside break out from the formation. If the break out occurs upwards, the price level of $260 may be validated as the potential price target.

    New Monero mining malware

    Monero being a privacy coin can also prove to be useful for hackers. Where the anonymity and privacy of the cryptocurrency is what sets it apart, it also makes it a hotspot for cybercrime. Avast Antivirus has detected a new Monero mining malware called “Crackonosh”.Crackonosh is an advanced malware which can disable anti-virus mechanisms easily. Monero is being used by hackers to hijack computing resources for mining. A report also claims that Monero’s mining malware is responsible for 4% of its circulation. If the development team does not come up with a solution for this, the privacy feature may lead the cryptocurrency to its downfall.