Author: BTCLFGTEAM
-
ApeCoin (APE/USD) hits resistance after a weekly surge
-
ApeCoin has returned 18% in a week.
-
The launch of an NFT marketplace and expected staking feature is boosting the token.
-
Further recoveries will depend on whether a breakout will occur at $4.2.
ApeCoin (APE/USD) has risen by double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost an intraday 0.78% as it hit a crucial resistance. The recent launch of an NFT marketplace has been fueling gains alongside an expected staking interface.
Staking allows users to lock their crypto tokens to a protocol to earn rewards. By staking, users contribute towards the stability of the ecosystem. Beginning December 05, APE staking will go live and pave the way for a pre-deposit. APE holders will start to earn rewards on December 12. The announcement, made on November 23 by Horizen Labs, however, raised criticism over the locking out of users in some territories, including the US. Regulatory concerns were cited as the reason for blocking them.
Nonetheless, investors could be accumulating APE ahead of the crucial December date. Should this turn out to be a bullish trigger, APE would break out and overcome a prolonged downside. It is still too early to speculate, as we have seen cryptocurrencies reacting ahead of major developments. With that in mind, keeping a tab on the technical side of APE trading would help.
APE meets resistance and descending trendline
The long-term technical outlook is bearish for APE. The token’s price is testing the resistance at $4.2, and momentum has weakened slightly. The resistance lies in the same zone as the long-term descending trendline.
The MACD indicator has turned bullish and shows momentum is building for APE. The RSI is above the midpoint, indicating that the buyers remain in control.
Should you buy APE?
A breakout at $4.2 or the descending trendline would be needed before buying APE. A successful breakout would take the token to $5 and potentially above $6.
If the breakout fails at $4.2, APE could witness consolidation below the crucial resistance.
Where to buy APE
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Nexo
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
-
-
Fantom (FTM/USD) eyes a breakout. Is the token about to post sustainable gains?
-
Fantom token has recovered by 28% in the last seven days
-
Developments around Fantom asset base have boosted the cryptocurrency
-
FTM has hit a descending trendline and could correct
Fantom (FTM/USD) trades at $0.24 as of press time, its highest level in nearly a month. The cryptocurrency has risen by 28% in the past week, a robust recovery since it bottomed at $0.17. The gains come amid positive cryptocurrency news.
The latest FTM gains came as reports suggested that the Fantom Foundation earns consistent profits. According to the financial records dated November 28, Fantom was generating more than $10 million annually. The reports also indicated that Fantom could have about $340 million worth of digital assets. The assets could last 30 years without the foundation having to sell its stash of FTM tokens.
With many crypto firms and exchanges under a liquidity crunch, the records of Fantom boosted investors’ confidence. Addresses holding Fantom tokens saw a strong increase in November from the smallest to the largest investors. The accumulation suggests that investors anticipate a recovery in the cryptocurrency’s price, which has lost 93% from its ATH. But can buyers sustain the recovery?
FTM heading to the descending trendline
Technically, the Fantom token has recovered above crucial support at $0.20. The recovery has seen the cryptocurrency move above the moving averages. However, the token remains trapped by a long-term descending trendline.
The RSI reading shows that FTM is nearing overbought levels at the descending trendline. A possible correction could occur before buyers have a chance to break the crucial barrier.
What next for FTM?
A breakout above the descending trendline will confirm further gains in Fantom token. A breakout will allow buyers to ride to $0.30 next and $0.40.
On the flip side, FTM will be rejected at the descending trendline. That will allow bears to force a correction back to $0.20. However, with growing FTM accumulation, buyers may crave another chance to break above the descending trendline.
Where to buy FTM
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
-
-
Why Bitcoin (BTC/USD) rose to $17K. Here is the potential price action next
-
Bitcoin rose on Thursday after Powell’s statement indicated slower rate hikes.
-
BTC price has recovered above the 20-day MA.
-
The long-term momentum is bearish for BTC unless bulls win back the $19,000 level.
Bitcoin (BTC/USD) saw increased buyer interest on Thursday, rising to over $17,100. The price increase reflected renewed optimism in all markets after a soft statement by the US Fed.
A Wednesday statement by Fed Chair Jerome Powell showed that the central bank might slow rate hikes. According to Powell, smaller rate increases could be pursued starting in December. The suggestion raised hopes of slower economic tightening, which has been hitting markets. However, Powell still warned that monetary policy could remain restrictive until real progress to contain inflation is made.
Powell’s statement may boost prices of cryptocurrencies for some time, led by Bitcoin after the FTX-inspired selloff. Nonetheless, DFD Partners President Bilal Little shared insights from the gains. Little says that any time markets undergo periods of distress, they tend to oversell. As markets regain clarity again, the prices look up again. However, the DFD Chief warned that the rally would be hard to sustain.
According to Little, Bitcoin would likely touch the $12,000 to $13,000 level. He warns of other contagion impacts of the FTX collapse amid liquidity risks grappling crypto firms. As such, Little says many crypto firms may be unable to meet liquidity demands or counter the risk concerns.
BTC is recovering above the 20-day moving average
Technically, BTC bulls are pushing the cryptocurrency above the 20-day moving average ($16,586). The cryptocurrency is breaking above a consolidation zone at $16,000.
The RSI is slightly below the midpoint, indicating that demand is catching up with the supply. Still, BTC sellers have the upper hand.
Should you buy BTC?
Despite the latest gains, BTC remains largely bearish. The price recovery above the 20-day MA may offer optimism that BTC price may rise in the short term. However, bears may try to exert their influence at the 50-day MA. The $19,000 resistance may also counter the upside.
Where to buy BTC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
-
