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Tag: Technical Analysis

  • Monero (XMR) coin year in review and future predictions

    Monero (XMR) coin year in review and future predictions

    Monero (XMR) established its all-time high at $517 two weeks ago. The cryptocurrency has since fallen amidst the market dip. At the time of writing, Monero stands at a price level of $289 with the price increasing in the daily timeframe. Monero is considered as the de facto market leader of privacy coins. The coin often times get preferred to competitors like ZCash.

    Monero (XMR) Adoption and Acceptance

    Like all cryptocurrencies, Monero (XMR) saw huge growth in the year 2021. The cryptocurrency also saw a wide acceptance and adoption. Merchants all around have begun to consider the value that Monero provides because of its privacy features; hence, the project was able to bag various partnerships. Merchants in the block exploring sector, payment gateways, webhosting, entertainment and many more accepted Monero as a mode of payment and with the time the list continues to grow.

    It is not just merchants and retailers that are flocking to the privacy coin. Pro-privacy organizations and a number of free and open-source software (FOSS) projects have also incorporated Monero as a mode of payment.

    Monero (XMR) statistics

    • Monero’s transactions per day increased from 7,000 to 10,000 in the year 2019 – 2020 while the transactions saw a further increase to 23,000 per day in 2021
    • Monero’s blockchain grew by 13.34GB in 2021 compared to the 7.41GB growth in 2020
    • The year-on-year growth of the blockchain saw a 180% increase; however, the average size of a transaction fell by 13.76% YoY
    • Monero’s block subsidy (emission) dropped by 39% from 2020 to 2021
    • For the total transactions in 2021, the fees averaged at $0.0003211 while for 2020 the figure was at $0.0003916

    Monero (XMR) Technical Analysis

    Monero coin’s market sentiment in bearish – in line with the sentiment of the overall market. A majority of the technical indicators are giving out a signal of sell.

    Monero (XMR) Technical Analysis
    Monero (XMR) Technical Analysis

    A trader had identified a possible future trajectory for XMR coin. Per the trader’s analysis, Monero is expected to be operating on an Elliot wave count. The cryptocurrency is currently under pullbacks but it is expected to soon go upwards to nearly $350.

    Long Forecasts projects show that Monero crypto will close the year with a price level of $306 while the price may reach towards $500 in 2022. Digital Coin Price is extremely bullish on the cryptocurrency and expects that Monero will end the year with a price of $447. The five-year projection shows Monero at a price level of $1,258.

  • Dogecoin (DOGE) towards $0.15, trader

    Dogecoin (DOGE) towards $0.15, trader

    Dogecoin (DOGE), the meme crypto, had become an internet favorite thanks to support from celebrity figures like Elon Musk. At the time of writing, DOGE Coin stands at a price level of $0.27. DOGE crypto established its twenty-four-hour low at $0.21 while the high was at $0.68 – showing increased volatility. The price of the cryptocurrency has fallen by 14% since yesterday while the daily trading volume has increased by 120%. Dogecoin is ranked sixth with a market capitalization of $45 billion.

    Dogecoin (DOGE) Technical Analysis

    The market sentiment for DOGE coin is bearish; however, the technical indicators are giving out a neutral signal. Out of the total twenty-six technical indicators eight are standing at a neutral position while both buy and sell indications are at nine each. The oscillators and moving averages are also neutral with the moving averages leaning more towards bearish with a heavy sell side.

    Dogecoin (DOGE) Technical Analysis
    Dogecoin (DOGE) Technical Analysis

    Amidst the strong pullbacks, DOGE coin is testing various support levels. The price level of $0.38 failed to hold as support and is now acting as strong resistance. The next strong support can be found at the price level of $0.24. A trader is expecting Dogecoin crypto to have sideways movements in the channel formed by a strong resistance and support level. The trader is expecting the bulls to dominate and possibly lead the cryptocurrency upwards. However, given the strong bearish sentiment there is a good chance that Dogecoin crypto will test the support level at $0.24 and the support level may fail. In that scenario, the price level of $0.15 will act as the next support level.

    Musk to get serious about Dogecoin?

    The founder of Cardano, Charles Hoskinson, has created a video titled “How to fix Dogecoin (For Elon Musk)”. The creator talks about steps that the Tesla CEO can take to rebuild the cryptocurrency. Hoskinson suggested that Musk look into research papers for the cryptocurrency which will help people understand Dogecoin as well as provide avenues for improvements in the coin. The Cardano creator also suggested adding smart contracts functionality to Dogecoin.

    If Elon Musk is to act on the suggestions of Charles Hoskinson, then Dogecoin may truly become a force to be reckoned with.

  • Uniswap (UNI) broke major support – Next support at $14

    Uniswap (UNI) broke major support – Next support at $14

    Uniswap (UNI) suffered from a major pullback as Bitcoin fell below $30,000. Uniswap fell to as low as $16 in the daily timeframe while the high for the day was at $30. At the time of writing, Uniswap was trading hands at $24 apiece. The price had been falling sharply with a nearly 20% fall in the past twenty-four hours. On the other hand, the daily trading volume has gone up by 150%.

    Uniswap (UNI) Technical Analysis

    The market sentiment for Uniswap continues to be bearish. Out of the twenty-six technical indicators, thirteen are giving out a sell indication with nine standing on a neutral position and only four indicators giving out a buy signal. The oscillators are neutral while the moving averages are strongly bearish.

    Uniswap (UNI) Technical Analysis
    Uniswap (UNI) Technical Analysis

    Uniswap coin was operating in an ascending channel formation earlier; however, the bearish downtrend in the market has resulted in the cryptocurrency breaking out of the channel to the downside.  A trader had identified the price level of $24 as strong support which can lead Uniswap back towards the safe zone and, hopefully, to the channel formation. But the bears are in control of UNI crypto at the moment and Uniswap could not establish $24 as a support level. In the coming days, UNI coin will be testing other major support levels at $14 followed by $9.

    Will Uniswap (UNI) go upwards?

    Uniswap (UNI) is one of the most popular decentralized exchanges or automated market makers. The DEX garnered a lot of attention in a short time span. Uniswap recently launched the third iteration, v3, of the platform which saw trading volume parallel to 80% of the v2 in just a week. The v3 provides custom liquidity options which will increase capital efficiency on the platform. The innovation also makes market making more complex for liquidity providers while also making it more competitive; hence, decreasing the incentives for liquidity providers to shift to v3. It is yet to be seen how the newer version of the platform plays out, but it can possibly play a role in decreased liquidity on the platform.

    The young Ethereum co-founder has proposed to Uniswap to incorporate oracle functionality. Uniswap already provides oracle services but only for ERC-20 tokens. If the platform incorporates the technology, then there is a good chance of a price surge as decentralized oracles like Chainlink are in high demand.

  • Filecoin (FIL) support level – To stabilize or to drop further?

    Filecoin (FIL) support level – To stabilize or to drop further?

    Filecoin (FIL) established its all-time high at $188 during April. The cryptocurrency had been oscillating between resistance and support ever since. The bullish pullback of the Filecoin coin was ruined as the cryptocurrency market neared a crash similar to the 2018 one. At the time of writing, Filecoin crypto stands at a price level of $88. The price has been down by 16% in the past twenty-four hours while the daily trading volume is going upwards. Ranked twenty-sixth in the market, the capitalization of the coin has been suffering as well.

    Filecoin (FIL) Technical Analysis

    The market sentiment for Filecoin crypto is strongly bearish. Out of the twenty-four technical indicators, fifteen are giving out an indication of the sell while eight are standing at a neutral position with only one indication of buy. Both the oscillators and moving averages are strong bearish.

    Filecoin (FIL) Technical Analysis
    Filecoin (FIL) Technical Analysis

    Filecoin (FIL) had been identified by a trader to be operating in a descending channel formation. The channel had been further divided. Filecoin, amidst the strong bearish downtrend, has fallen towards the lower portion of the channel. The trader had identified the price level of $88 as a strong support level – with the convergence of a supporting line with the lower boundary of the formation. FIL crypto is testing the strong support level at the time of writing. The upcoming price action of the coin will prove to be crucial as it is imperative to find out whether or not the cryptocurrency will be able to hold the support level.

    Filecoin (FIL) Price Prediction

    Wallet Investors’ one-year prediction shows Filecoin to climb upwards. The price level of FIL crypto is expected to be at $348 while the five-year prediction shows a price of $1329. Digital Coin Price also suggests a bullish trend in the coming years for FIL coin. Their projections estimate Filecoin to be trading at $127 by the end of the year and at a price level of $387 in five years’ time.

  • Cardano (ADA) to test major support level

    Cardano (ADA) to test major support level

    Cardano (ADA) has been one of the few cryptocurrencies that were showing positive growth despite the downward market trend. In the weekly window, Cardano coin had been one of the well-performing ones. However, cryptocurrency has succumbed to the bearish trend of the overall market as well. Cardano crypto peaked at a price level of $2.30 on the 16th of May. At the time of writing, the cryptocurrency stands at a price level of $1.61. The price is down by a whopping 23% in the past twenty-four hours while the daily trading volume has decreased by nearly the same amount as well.

    Cardano (ADA) Technical Analysis

    The technical for the cryptocurrency shows that the market sentiment for Cardano is neutral. Out of the total twenty-six technical indicators, ten are standing at a neutral position while the buy and sell indications are at eight each. Both the oscillators and moving averages are balanced at a neutral position.

    Cardano (ADA) Technical Analysis
    Cardano (ADA) Technical Analysis

    With the strong bearish outlook of the market, bullish analyses have been invalidated. Cardano (ADA) was expected by quite a few analysts and traders to eventually continue upwards but the cryptocurrency disappointed as it was not able to fight the strong bears. Cardano crypto is now expected to test the strong support level of $1.47. However, there is a good chance that the cryptocurrency may not be able to stabilize at the level.

    Cardano (ADA) Price Prediction

    The downturn of the market has not affected the long-term predictions of the coin by that much. Trading Beasts expects Cardano to be stable at an average price of $1.83 by the end of the year while by 2024 the price of the coin is expected to be at $3.1. Wallet Investor is still bullish on the cryptocurrency and projects a price of #3.5 by the end of the year with a price level at $9.1 in five years’ time.

  • Solana (SOL) going strong amidst market crash

    Solana (SOL) going strong amidst market crash

    Solana (SOL) may be one of the few cryptocurrencies that are immune to the current market crash. As established cryptocurrencies suffer immensely, Solana (SOL) continues on its strong uptrend. Amidst the crashing market, Solana established its new all-time high at $52. At the time of writing, the cryptocurrency is trading hands $49 apiece. The price of the cryptocurrency has increased by 8% in the past twenty-four hours while the daily trading volume has surged by 225%.

    Solana (SOL) Technical Analysis

    The market sentiment for SOL coin is strongly bullish. Out of the twenty-six technical indicators, sixteen are giving out a signal of buy with nine standing at a neutral position and only one indication of sell. The oscillators are mainly neutral while the moving averages are strongly bullish.

    Solana (SOL) Technical Analysis
    Solana (SOL) Technical Analysis

    Solana crypto has been operating in an ascending channel formation. A trader has identifiedSolana to have entered a rectangular zone marked by a major resistance and support. The price movements of the cryptocurrency have been oscillating inside the zone. The trader is expecting Solana crypto to soon break out towards the upside of either of the formations. Even if Solana breaks down to the downside from the ascending channel, it will still find strong support inside the rectangular zone and will stabilize. The trader has set the price levels of $64, $72, $82 and $99 as potential price targets.

    Solana (SOL) Price Prediction

    Solana (SOL) has been surging and the project is considered to possess a lot of potential. Solana is designed to facilitate decentralized app creation but with much higher ease and scalability. The project has bullish projections for the future. Wallet Investor predicts Solana crypto to be valued at $150 after a year while the price after five years is expected to climb to $574. Digital Coin Price is, however, not as bullish. They project the price of Solana to be at $73 after a year and $219 after five years.

  • Ethereum Classic (ETC): Strong resistance and support nearing

    Ethereum Classic (ETC): Strong resistance and support nearing

    Ethereum Classic (ETC) has fallen nearly 10% in the past twenty-four hours as the crypto market dipped. At the time of writing, Ethereum Classic (ETC) stands at a price level of $90. In the twenty-four timeframe, the price of the cryptocurrency dipped as low as $81 while the daily high was at $103. The daily trading volume of the hard fork has also declined by nearly 7%. The hard fork of Ethereum had been rising in par with the queen of the market but it was not immune to the cryptocurrency market crash.

    Ethereum Classic (ETC) Technical Analysis

    Even though the cryptocurrency has fallen, the technique for the Ethereum Classic is still bullish. Out of the twenty-six technical indicators, eleven are giving out a signal of buy while ten are standing at a neutral position and five are giving out a sell indication.

    Ethereum Classic (ETC) Technical Analysis
    Ethereum Classic (ETC) Technical Analysis

    A trader had identified ETC coin on an upward trend earlier; however, amidst the market dip, the cryptocurrency failed to uphold its upward trajectory. Now, as ETC coin is moving lowers it is crucial to identify strong support levels. The trader has identified the price level at $80 as strong support for ETC. The price of Ethereum Classic has had pullbacks from $80 in the past twenty-four hours. The hard fork is moving upwards amidst pullbacks with the $91 level as strong resistance. Once the resistance level is broken, it will be established as another strong support level.

    Ethereum Classic (ETC) price prediction

    Even though the current market corrections are brutal, it is highly likely that ETC coin will not reverse the gains it has had in the bull run of 2021 in the longer timeframe. The coin is expected to eventually resume its upward trend with most price predictions still bullish. Wallet Investor places the cryptocurrency at a price level of $129 after a year’s time while the five-year price prediction is at $174. Digital Coin Price is more bullish on ETC coin in the long-term window. Their projections predict ETC coin will have a price of $138 by the end of 2021 while the five-year price will be at $402.

  • Binance Coin (BNB): Will it rise?

    Binance Coin (BNB): Will it rise?

    Amidst the brutal market crash, Binance Coin (BNB) suffered immensely too. The third-ranked cryptocurrency has fallen 12% in just the past twenty-four hours while the 7-day loss is at a whopping 25%. Binance Coin was operating above $500 a few days ago but now the price has dropped to $500 with indications of going even lower. The 24-hour low stands at $486 while the high for the day was at $606. The daily trading volume for the cryptocurrency has been rising regardless as traders try to capitalize on the market dump.

    Binance Coin (BNB) Technical Analysis

    The market sentiment for the BNB coin is bearish in line with the overall cryptocurrency market. Out of the 26 technical indicators, thirteen are giving out an indication of sell with nine standing at a neutral position and just four indications of buy. Both the oscillators and moving averages are bearish at the moment.

    Binance Coin (BNB) Technical Analysis
    Binance Coin (BNB) Technical Analysis

    BNB coin has invalidated all bullish analyses as the whole market is in the grips of strong bears. A trader has identified various important support levels – most of which are expected to be broken by BNB coin. The first support level at $527 was broken by Binance Coin. The second support level to follow lies at the price level of $375. A good return on investment can be expected with short trades as the bearish trend of BNB coin is expected to last.

    Binance Coin Price Prediction

    The crypto market had been feared to enter major corrections as the bull run was thought to have over-lasted. The final push was provided by Elon Musk – CEO of Tesla – as he denounced the use of Bitcoin as a payment method for his Tesla cars because of environmental concerns. Musk has been called a hypocrite among many other names but that is not going to shift the market sentiment.

    HODLers stay strong as the long-term price prediction for the cryptocurrency remains bullish. Wallet Investor predicts BNB coin at $934 after a year while the five-year price of BNB is expected at $1,990. Digital Coin Price projects the price of Binance Coin at $776 by the end of the year while the 5-year price is expected at $2,197.

  • VeChain (VET) facing major resistance levels, here’s what to know

    VeChain (VET) facing major resistance levels, here’s what to know

    VeChain (VET) has been highly volatile over the past few days with strong pullbacks and impulsive moves. At the time of press, VeChain crypto stands at price level of $0.20. In the twenty-four timeframe, the price of the cryptocurrency has fallen and so had the daily trading volume. VeChain crypto had been struggling ever since it had established its all-time high at $0.27 nearly a month ago; although, somewhat of an uptrend has been established recently but with high volatility.

    VeChain (VET) technical analysis

     

    Despite the somewhat downturn in the market, the sentiment is majorly bullish. Out of the total twenty-six technical indicators, twelve are giving out a signal of buy while nine are standing at a neutral position with only five indications of sell. The oscillators are mainly neutral while the moving averages are strongly bullish.

    A trader has identified VeChain (VET) crypto to be operating in multiple ascending channel formations. The trader expects the channelized behavior of VeChain’s price to continue in the coming days. Per the technicals of the cryptocurrency, the trader is expecting VeChain coin to grow – as the market is bullish. The trader has also identified resistance levels at $0.22 followed by $0.26 and finally at $0.33. If VeChain coin is able to break the identified resistance levels then it would indicate high bullish momentum and a possible upside breakout from the various channel formations.

    Developments in the VeChain (VET) community

     

    The VeChain Foundation recently announced it is delving into the NFT frenzy. The Foundation is actively working on promoting the adoption of the blockchain technology and for this purpose, the Foundation has announced a $1 million fund for VeChain Grant Program for developers and projects working on bringing value to the enterprise NFT or eNFT sphere.

    An application, E-HCert, based on the blockchain of VeChain in Cyprus is designed to fight the Coronavirus pandemic in the country. The VeChain-based solution will enable users to corroborate coronavirus test results.

  • Uniswap (UNI) to break all time high soon?

    Uniswap (UNI) to break all time high soon?

    Uniswap (UNI) has been on an upward trend since February 2021. Amidst various impulsive moves, Uniswap crypto had established many higher highs. The current all-time high stands at a price level of $44.97. Uniswap coin is, once again, on an impulsive move and; hence, it is expected to establish a new all-time high as it skirts close to the level. At the time of publication, Uniswap was trading hands $42.54 apiece. The price of the cryptocurrency has increased by 15% since yesterday while the daily trading volume has upped more than 30%.

    Uniswap (UNI) technical analysis

    The Uniswap (UNI) market has a strong bullish outlook. Out of the total technical indicators for the cryptocurrency, seventeen are giving out a buy signal while eight are standing at a neutral position with only one indication of sell. The oscillators and moving averages both are bullish.

    A trader has pointed out towards the formation of an ascending channel. Uniswap coin has been oscillating inside the channel formation since February. The upper and lower boundaries of the formation are acting as strong resistance and support levels, respectively. The market had taken a downturn as the Uniswap crypto began a downward move in the channel. However, the trader predicts an upward break out from the channel formation after such pullbacks towards the lower boundary. The breakout from the channel will place Uniswap at a price target of $47.

    Uniswap (UNI) price prediction

    Trading Beasts predicts the average price for Uniswap coin by the end of year to be at $40. By the end of 2024, Uniswap is expected to have a price level of $63. Wallet Investor, on the other hand, is bullish in their estimates. Wallet Investor places Uniswap at $113 by the end of 2021 and at $400 in five years’ time. Digital Coin Price projects the value of Uniswap to be $62 by the end of the year while the five-year projections predict Uniswap to be at $192.