Author: Cryptohopper

Is FLOKI’s Rally Halted or on a Break? | And More in This Week’s Crypto Update

https://medium.com/the-capital/is-flokis-rally-halted-or-on-a-break-and-more-in-this-week-s-crypto-update-8108071e6a49?source=rss----c4037b4d8519---4

  • Is FLOKI’s Rally Halted or on a Break?
  • STX Retraces Back to Support
  • TON About To Increase?
  • Trading IMX in a Ranging Market

Is FLOKI’s Rally Halted or on a Break?

FLOKI had an outstanding rally, but it recently came to a halt. Will it continue soon?

Firstly, what is FLOKI? FLOKI is a decentralized community-driven token built on the Binance Smart Chain. The token was launched in June 2021 and gained popularity quickly due to its unique name and association with Elon Musk. The token has a total supply of 1 quadrillion and a circulating supply of 890 trillion, which is why the price is so low.

FLOKI’s price has been on a wild ride since its launch, experiencing significant gains and retracements. This year, the token gained 670%, but it has since retraced from that high. However, it may soon get back to those levels if the rest of the market also experiences a bull run.

FLOKI’s current situation

Currently, FLOKI is caught in a descending channel, which is a bearish signal. If the channel breaks to the upside, we will probably have another bull run on our hands. If the channel breaks to the downside, we will probably see further retracements.

If the price breaks to the upside, there is a $0.000065 resistance level to watch out for. Apart from that, there are no other resistance levels to the all-time high. That is because when FLOKI had its bull run in 2021, it made the most gains in the span of three days, gaining 450%, and as a result, it did not make any support or resistance levels.

On the other hand, if the price breaks to the downside, there are two support levels to watch out for: $0.00002 and $0.000005. Additionally, the 150 Simple Moving Average has proven to be very reliable so far as a mobile support and resistance.

Bottom Line: FLOKI is caught in a descending channel, and traders should watch for a breakout. If the price breaks to the upside, there is a resistance level at $0.000065, while if it breaks to the downside, there are two support levels at $0.00002 and $0.000005, along with the 150 Simple Moving Average.

STX Retraces Back to Support

STX is retracing after failing to break above the $1.00 resistance; let’s see what comes now!

What is Stacks (STX)? Stacks is an open-source network that enables smart contracts and decentralized applications (dApps) to be built on the Bitcoin network. The token is used to pay transaction fees and as a reward for miners who process transactions on the network. It was launched in January 2018 and has since gained popularity among investors and traders.

STX Price Analysis

STX recently broke above the $0.50 support level but was stopped by the $1.00 resistance. It currently appears to be retracing back to the $0.50 support level. This movement is typical in the cryptocurrency market, where prices tend to move in waves of support and resistance.

During this rally, the Relative Strength Index (RSI) has seen its most overbought level ever. Therefore, a retracement was inevitable, and the price is now consolidating. The most likely scenario now is that we will see a ranging market, as that is what usually happens to STX following a very overbought RSI. The RSI is a momentum indicator that measures the trend’s strength and can signal when a market is overbought or oversold.

Potential Future Movements

After the ranging market, if Bitcoin becomes bullish once again, we will probably see STX break above the $1.00 resistance level this time and head towards the next one, around $1.80. However, if Bitcoin experiences a bearish trend, STX may return to its support levels.

Bottom Line: STX has recently broken above its support level but is currently retracing back to it. Following the overbought RSI, we will probably see a ranging market. After that, if Bitcoin becomes bullish again, we can expect STX to break above the $1.00 resistance level and head towards the next one, around $1.80.

TON About To Increase?

Toncoin (TON) appears to be bullish despite the overall market pullback!

What is TON? TON is a cryptocurrency developed by the Telegram messaging app team. Telegram is a cloud-based messaging platform with over 500 million users worldwide. The company initially planned to use TON to enable secure, instant transactions within the app. However, after facing regulatory issues, Telegram was forced to abandon the project. Despite this setback, TON continues to be traded on several cryptocurrency exchanges.

TON’s performance in recent months

TON has been one of the best-performing cryptocurrencies since August 2022. As mentioned in the previous newsletter, the token has been following an uptrending channel. Toncoin tested this channel again in February and March. Currently, TON is closer to the bottom half of the channel, indicating that the coin may increase in value soon.

Resistance level and all-time high

Toncoin has recently developed a minor resistance at the $2.60 level. The price will need to break above this level to reach its all-time high, which is only 37% higher than the current price. If TON manages to break above this resistance level, we may see a significant increase in value.

Support levels

If the uptrending channel breaks, there are two support levels to consider. The first is the $2.00 level, which has been a strong support level in the past. The second is the 150 Simple Moving Average (SMA), which is currently sitting at around $2.10. These support levels should prevent the price from experiencing a major downturn.

Bottom Line: TON is a cryptocurrency that has been performing well in recent months. The uptrending channel it has been following indicates that the coin may increase in value soon. TON has a minor resistance level at $2.60 that it will need to break above to reach its all-time high. If the uptrending channel breaks, there are two support levels at $2.00 and the 150 SMA that should prevent the price from experiencing a major downturn.

Trading IMX in a Ranging Market

Let’s see how you can trade IMX in a ranging market successfully!

What is ImmutableX IMX? ImmutableX IMX is the native cryptocurrency of the ImmutableX platform. ImmutableX is a layer-2 scaling solution for Ethereum, designed to offer fast and secure trading of non-fungible tokens (NFTs). ImmutableX uses the Ethereum network for security and settlement but offloads the heavy lifting of transaction processing and validation to its own layer-2 solution. ImmutableX aims to be the fastest and most secure way to trade NFTs on the Ethereum network.

IMX’s performance in 2022: IMX has had a good year so far, increasing about 200% since the start of the year. However, it is currently caught between two levels, which makes it an excellent candidate for range trading.

Trading with the Relative Strength Index (RSI) indicator

The Relative Strength Index (RSI) indicator is a momentum oscillator that measures the speed and change of price movements. It is used to determine when an asset is overbought or oversold. The RSI is usually an excellent choice to use on coins that are ranging.

In this chart above, we traded with the RSI on the 1-Hour chart with the basic settings of Period 14, buy when the RSI is below 30 and sell when the RSI is above 70. This setup brought a profit of 89% since February 1st, 2023, until today. This indicates that range trading with the RSI indicator can be a profitable strategy for IMX.

Disclaimer: Please take into account that the RSI works well when the market is ranging. When the market is in a downtrend, it will start working significantly worse.

Bottom Line: IMX showed significant growth in 2022, and is now ranging. The RSI indicator is a useful tool for trading IMX in its current-ranging market.

should prevent the price from experiencing a major downturn.

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Is FLOKI’s Rally Halted or on a Break? | And More in This Week’s Crypto Update was originally published in The Capital Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.

Loopring Breaks Channel, What Now?| And More in This Week’s Crypto Update

https://medium.com/the-capital/loopring-breaks-channel-what-now-and-more-in-this-weeks-crypto-update-be9908d6f153?source=rss----c4037b4d8519---4

Get up to date on the latest analysis and trading tips with our Crypto update week 9

  • LRC Breaks Channel, What Now?
  • GT A Different Token
  • Will Maker Continue Its Rebound?
  • Will EGLD Start a Bull Run?

LRC Breaks Channel, What Now?

LRC has broken its uptrending channel, will the support hold?

What is LRC? Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It is designed to allow users to trade cryptocurrencies in a decentralized and trustless manner without the need for a central authority or middleman.

LRC Uptrend

LRC has been experiencing a bear run since last year, but it has recently started to rebound. The coin was caught in an uptrending channel, which helped LRC to gain a maximum of 150%. However, the channel was recently broken to the downside, and LRC needs to find another support level to continue its upward momentum.

LRC Support

The $0.33 level, which was recently broken, is now ready to act as support. Additionally, there is the 200 Simple Moving Average (SMA) on the Daily chart, which acts as a mobile support and resistance level. These support levels are around the same price, increasing the chances that LRC will bounce soon.

Bottom Line: Loopring (LRC) is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It has recently started to rebound after a bear run and is currently finding support at the $0.33 level and the 200 SMA on the Daily chart.

GT A Different Token

GT trades differently than most tokens; let’s see why that is and how you can benefit from it!

What is GT? Gate Token (GT) is a native cryptocurrency token of the Gate.io exchange. It is an exchange token that provides various benefits and privileges to its users, such as reduced trading fees, access to exclusive trading pairs, and participation in the exchange’s community and governance decisions.

Why Different?

Like most exchange tokens, GT trades differently than the entire market. That is because the value of these tokens is heavily dependent on how well their respective exchange is doing and what benefits holding the tokens brings to the users of that exchange. As such, exchange tokens often outperform the market but also come with higher risks. If the exchange fails, as was the case with FTX, their native tokens are also wiped out of the market.

In recent months, GT has shown strong support at the 200 Simple Moving Average (SMA), which acts as a mobile support and resistance level. The token has recently broken above this level, and if it continues its pattern, it is likely to stay above it for a long time.

Another benefit of trading a coin that behaves “independently” of the market is that it is great for diversification. When trying to diversify, you want as many assets that move independently as possible in order to spread out your risk.

Looking Ahead: If the coin continues its strong uptrend, it may reach its all-time high before the rest of the market, as it did in the last bull run. To reach its all-time high, GT will need to break above the $5.60 resistance level, which is coming up shortly, and then the $7.50 level, which is the last resistance in its path to the all-time high. If it manages to break above these levels, we could see significant gains in the token’s price.

Will EGLD Start a Bull Run?

After an astonishing bull run in 2021, is EGLD ready to repeat it?

What is EGLD? MultiversX (EGLD) is a decentralized cryptocurrency that operates on the Elrond blockchain. It is used as a utility token for the Elrond network, which aims to provide a fast, secure, and low-cost platform for developers to build decentralized applications. In this analysis, we explore the recent trends of EGLD and analyze the potential growth prospects of this cryptocurrency.

EGLD’s Rebound?

EGLD had one of the best rallies of the entire market in 2021, rising by about 6,000%. However, as a result, it also experienced a severe bear run that reduced its market value by 94% in 2022.

EGLD started rebounding in January 2023, and it has been gaining momentum since then. However, the rally is still not confirmed yet, as it failed to break above the 200 Simple Moving Average (SMA), which acted as resistance throughout the bear market. The 200 SMA is a critical technical indicator used to determine the overall trend of an asset. If the price is above the 200 SMA, it is considered bullish, while if it’s below, it is considered bearish.

Support and Resistance Levels:

So far, EGLD has broken the important $40.00 level, which now acts as a support. This level acted as significant resistance during the bear market, and its break now suggests that the market sentiment has turned bullish. However, the price has yet to break above the 200 SMA, which is another significant resistance level.

If EGLD manages to break above the 200 SMA, it could lead to further growth in the cryptocurrency’s price. The next resistance in EGLD’s path to the all-time high is the $65.00 level.

Bottom Line: EGLD’s recent rebound from the bear market and break above the $40.00 level suggest that the cryptocurrency may be turning bullish. However, it has yet to break above the 200 SMA, which is the most crucial resistance for the cryptocurrency.

Will Maker Continue Its Rebound?

Maker has rebounded recently, but how stable is this renewed bull run?

What is Maker? Maker (MKR) is a decentralized cryptocurrency that operates on the Ethereum blockchain. It is a governance token used to manage the MakerDAO platform, which is a decentralized finance (DeFi) protocol. MKR has experienced some recent market trends and developments, so let’s the potential growth prospects of this cryptocurrency.

MKR’s Rally

MKR has started rebounding from the descending channel that it has been stuck in since May 2021. It broke from its descending trendline it has been stuck in since August 2021 and crossed above the 200 Simple Moving Average (SMA), which acts as mobile support and resistance. These two indicators suggest MKR has turned bullish, and investors should keep an eye on this cryptocurrency.

While MKR had a big day on Wednesday when it increased by 17%, it is unclear whether this strong rally will continue. Currently, MKR is slightly overbought, which means that the price may start to drop or range. Historically, each time MKR reached overbought levels on the Relative Strength Index (RSI), it started falling or ranging. However, it’s essential to keep in mind that the RSI can be overbought for a few days, so it doesn’t mean that it will change its current trend immediately.

Support and Resistance

If MKR starts retracing, the $700 and $500 support levels are ready to step in and halt the retracement. These support levels have been significant in the past and have helped to stabilize MKR during bearish phases.

On the other hand, if the rally continues, the next resistance stands at $1,700. This level has been a significant support in the past. If MKR manages to break above it, it could lead to further growth in the cryptocurrency’s price.

Bottom Line: MKR recently rebounded from the bear market and crossed above the 200 SMA, suggesting that the cryptocurrency may be turning bullish. However, it is uncertain whether this rally will continue, and investors should keep an eye on the support and resistance levels mentioned above.

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Loopring Breaks Channel, What Now?| And More in This Week’s Crypto Update was originally published in The Capital Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.

STX performs massive breakout! | And More in This Week’s Crypto Update

https://medium.com/the-capital/stx-performs-massive-breakout-and-more-in-this-weeks-crypto-update-dc1b27e72889?source=rss----c4037b4d8519---4

Get up to date on the latest analysis and trading tips with our Crypto update week 8

  • Predicting NEO’s Next Rally
  • STX Performs Breakout
  • FTM is Trapped, What Now?
  • Trading the Volatile ANKR like a Pro!

Predicting NEO’s Next Rally

NEO has had 2 massive rallies already; let’s see what they can tell us about the next one!

What is NEO?

NEO is a cryptocurrency and a blockchain platform launched in 2014 under the name Antshares before rebranding to NEO in 2017. NEO is often referred to as the “Ethereum of China” due to its similarity in design and functionality to Ethereum and its goal of becoming the leading platform for smart contracts and decentralized applications (dApps).

Like Ethereum, NEO allows developers to build dApps and smart contracts on its platform, with the added benefit of supporting multiple programming languages, including C#, Java, and Python. The NEO blockchain also uses a consensus mechanism known as delegated Byzantine Fault Tolerance (dBFT), which is designed to provide high levels of transaction throughput and scalability while maintaining security and decentralization.

Using the past to predict the future

As with any investment, technical analysis can be a useful tool for predicting the future movements of NEO. Looking back at the price history of NEO, we can see that the cryptocurrency had a remarkable bull run in 2017 that ended in January 2018. Following the bull run, NEO entered a severe bear market that saw the coin lose almost 98% of its value.

However, the bear market ended in March 2020, and NEO has experienced a strong rally, with the coin delivering over 3,500% profit to investors who bought at the bottom of the bear market. Following the bull run, NEO again experienced a 96% drop, which suggests that the price may have already reached its lowest point or is very close to doing so.

It’s worth noting that before NEO made its big rally, it had numerous smaller rallies of 200% to 300%, which could be what we are seeing currently.

Looking Ahead: The current 100% rally could be a precursor to even more significant gains for NEO in the future, especially if the project continues to deliver on its promise of becoming a leading platform for decentralized applications.

STX Performs Breakout

What is Stacks? Stacks (STX) is a cryptocurrency that runs on the Stacks blockchain, a layer-1 blockchain that connects to the Bitcoin network. The Stacks blockchain uses a unique consensus mechanism called Proof of Transfer (PoX), which allows STX holders to earn Bitcoin rewards by locking up their STX tokens.

STX Breakout

In recent weeks, STX has been making headlines for its impressive price performance. As mentioned in our last analysis, STX had been attempting to break through the $0.33 resistance level, which it had struggled with for some time.

However, STX managed to not only break above the $0.33 resistance level but also the secondary $0.50 resistance level. This was a significant milestone for the cryptocurrency and could signal further price appreciation in the future.

Possible Retracement?

The next resistance level in STX’s path to its all-time high is $1.00. If STX can break through this level, it could see further upward momentum, potentially leading to a retest of the $1.80 resistance level. Of course, this is not guaranteed, and the price of STX could just as quickly begin retracing from its current levels.

If STX does begin to retrace, the $0.50 and $0.33 levels could act as support. The 100 Simple Moving Average (SMA) could also act as a mobile support and resistance level.

Looking Ahead: If STX continues its rally, it will have to break through the $1.00 and the $1.80 resistances. If STX commences a retracement, the $0.50 and $0.33 levels in addition to the 100 SMA are ready to act as support.

FTM is Trapped, What Now?

FTM is trapped between two levels, so what happens now?

What is FMT? Fantom (FTM) is a decentralized blockchain platform designed to facilitate instant transactions at low fees, making it ideal for businesses and developers who need to process large volumes of transactions.

FTM’s current situation

FTM experienced an impressive rally recently, with its value increasing by 220% from January 1 to February 3. Despite this surge, FTM is still priced relatively low compared to its all-time high, which would require a further 600% increase in value to reach.

However, FTM has been struggling to break above the $0.66 resistance level and is currently trapped between the $0.66 resistance and the $0.40 support. If FTM manages to break through the current resistance level, the next levels it would have to overcome are $1.00 and $1.60.

On the downside, if FTM breaks below the $0.40 support, $0.165 is the next significant support level. However, given the current market conditions, it is unlikely that the price will drop that low. Instead, the 200 Simple Moving Average (SMA), which acts as a mobile support and resistance, is a more probable level of support.

Bottom Line: FTM is an exciting cryptocurrency to watch as it continues to gain popularity and attract investors. Its low transaction fees and fast transaction times make it an attractive option for businesses and developers. However, as with any investment, it’s essential to do your research and proceed with caution before investing in FTM or any other asset.

Trading the Volatile ANKR like a Pro!

Let’s look at how you can make a profit trading ANKR.

What is ANKR? Cryptocurrencies are known for their volatility, but few can match the explosive movements of Ankr (ANKR). ANKR is a blockchain platform that enables users to deploy and manage their own nodes, providing them with secure and reliable access to cloud computing resources.

Trading ANKR

Trading ANKR can be different from most other cryptocurrencies due to how it moves. While altcoins usually follow Bitcoin’s trend, ANKR can have sudden and violent movements. This makes trend-following indicators less effective, but momentum oscillators such as the Relative Strength Index (RSI) and Williams %R work better as a result.

From our limited testing, we have found the Classical RSI on the 4-hour chart period with a period of 3 and overbought at 70 and oversold at 30 works well as a trading strategy for ANKR. For our backtesting, we took into account a 0.1% fee per trade. All trades were taken with the entire amount, and no slippage was considered. The backtesting period was from July 2019 until today.

The strategy yielded returns of 5,340.93%, which is ten times more than the buy-and-hold return of 585.09% for the same period. However, it’s important to note that the maximum drawdown was significant at 73%, even though it was less than the 93% of the buy and hold.

Disclaimer: While past performance does not guarantee future success, ANKR remains an interesting cryptocurrency to watch due to its unique trading characteristics and potential for explosive growth. As with any investment, it’s essential to do your research and proceed with caution before investing in ANKR or any other cryptocurrency.

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STX performs massive breakout! | And More in This Week’s Crypto Update was originally published in The Capital Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.