As most coins in the crypto market continue to slump, Immutable X (IMX) has been posting incredible gains over the last week or so. Recent chain news has driven much of this surge but can IMX keep this going? Here are some highlights:
Immutable X (IMX) announced it had raised $200 million to fund the expansion of its ecosystem.
Despite the rally, Immutable X (IMX) still remains significantly lower compared to its ATH
At press time, the coin was trading at around $1.8.
Data Source: Tradingview
Immutable X (IMX) – Price prediction
The recent 50% surge for Immutable X (IMX) came as a welcome surprise for investors. The market over the last few days has been very volatile and it’s been harder every day to find some good news across the board. But despite this, we expect IMX to pull back slightly.
In fact, at the time of writing, the coin had lost around 5% over the last 24 hours, trading at $1.85. The most important thing to watch right now is the $1.95 mark. If indeed, IMX can find enough bullish uptrend to test or even cross that threshold, then we could see more gains coming in the near term.
But there still remains a significant risk of a sell-off. When coins rally like this, they will plateau at some point. For IMX, it seems that the point is $1.8. A break below that could lead to more losses.
Is Immutable X (IMX) worth it?
There is no doubt that Immutable X (IMX) has fallen sharply since it reached all-time highs a few months back. The coin has also been on a bearish trend for the most part of this year.
While this can be a problem for the short term, from a long-term point of view, Immutable X (IMX) still remains a decent buy with significant potential.
MicroStrategy wants to hire a Bitcoin software engineer to build a software-as-a-service (SaaS) platform on the Lightning Network.
MicroStrategy, a top business intelligence firm that’s the largest corporate holder of Bitcoin (BTC), is looking to hire a software engineer to help build a Lightning Network-based enterprise platform.
Bitcoin software engineer to build SaaS platform
On Friday, the US-based technology company announced it was on the hunt for an individual who will be tasked with developing a software-as-a-service (SaaS) platform.
According to the firm, the new platform will offer innovative solutions around cyber-security challenges to enterprises as well as enable new e-commerce use-cases.
“The engineers at MicroStrategy are working on some exciting new Lightning apps to help our enterprise customers secure networks, monetize websites, and deploy wallets en masse using Bitcoin,” MicroStrategy Executive Chairman Michael Saylor tweeted, urging those interested in joining the team to apply for the position.
Among other qualifications, one is required to have experience in developing software solutions that leverage the Bitcoin blockchain and Lightning Network, or decentralised finance (DeFi) technologies.
Saylor left his role as MicroStrategy CEO early last month to become the Executive Chairman, stating at the time that he was taking the step to focus more on the company’s Bitcoin strategy.
Just this month, the company purchased an additional 301 bitcoins to bring its total holdings to 130,000.
The Ethereum merge is likely to entrench Ethereum’s position as a top layer-1 chain. That’s because, with better scaling and lower fees, more developers are likely to find Ethereum even more attractive.
So, does this mean the platform blockchain market is cornered, and there is no space for other players? Far from it! While Ethereum is likely to entrench its position as the number one platform blockchain, others will still thrive. That’s because Ethereum fees will, on average, still be higher than other players in the industry.
In fact, at current depressed prices, now could be a good time to invest in layer-1s that have the potential to do well if Ethereum triggers a broader market rally in the short term.
Solana (SOL)
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 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.
Solana (SOL) takes pride in being one of the fastest platform blockchains and is unmatched regarding transaction costs. Solana can handle up to 50k transactions per second at fees in the pennies.
While Solana has had security scares recently, developers seem to have confidence in it, as its adoption is growing fast. For instance, Solana NFTs are growing exponentially, and the number of DeFi projects launching on Solana is also on the rise.
One of the big projects moving to Solana and could change its fortunes in short to medium term is Helium. Helium is considering a shift to Solana, and once it happens, it will be a huge credibility boost for Solana.
It will be a good indicator that Solana still has room to grow despite the increasing pressure that Ethereum will put on Layer-1 blockchains going into the future. When you factor in that Solana is way off its most recent highs, it’s clear why it is one of the top cryptocurrencies to watch even after the Ethereum merge.
Terra Classic (LUNC)
As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for LUNC
Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.
Terra Classic (LUNC) has been in the news recently, primarily due to the token burn that was implemented as an on-chain tax. While this is the reason for the massive pump witnessed last week, Terra Classic remains one of the most capable Layer-1s in the market. It still has the technical capabilities and lots of projects building on top of it. That’s despite the UST collapse that almost ruined the network. Terra Classic’s scalability, low fees, and now the token burn put it in a unique position to compete with Ethereum even after the Ethereum merge.
Avalanche (AVAX)
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.
Avalanche (AVAX) is another top layer-1 cryptocurrency gaining traction quite fast in adoption. The most recent pointers to Avalanche’s growing adoption include GMX, a decentralized spot trading exchange, and DeFi aggregator 1Inch. Being one of the more stable L-1 chains, Avalanche is likely to record growing adoption even after the Ethereum merge.
Since Avalanche is trading at record lows compared to its most recent all-time highs, it stands out as one of the top cryptocurrencies to keep an eye on not just in September but for days to come.
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The token is boosted by speculations of PoW miners’ shift
Ravencoin RVN/USD is alongside Terra Classic, making parabolic moves. In the last 7 days, RVN has added 54.42%. The gains are not stopping as the token surged by 20.36% in 24 hours as of the time of writing. So, what’s driving the price of the 79th-ranked cryptocurrency by market cap?
Let’s first dissect what Ravencoin is and its role in the crypto ecosystem.
Ravencoin is a brainchild of Bitcoin, with the blockchain just 4 years old since its April 2018 launch. The blockchain has most of the features of Bitcoin. As such, it undergoes periodic halvings and runs on the Proof-of-Work consensus mechanism.
Ravencoin’s whitepaper indicates that it is a blockchain-based ecosystem. It allows users and developers to come up with tokens for whatever asset of their liking. The ability to create a token from virtually anything is the network’s main value proposition. Users can then move the tokens to third parties via the Ravencoin network.
Ravencoin price and prediction
While RVN has been bullish lately, it is nothing near its former self. At press time, the cryptocurrency was trading at $0.044, the highest ever since May. While crypto recoveries were boosting RVN, increased speculation is also behind the latest surge. PoW miners are seeking alternatives ahead of Ethereum’s move to Proof-of-Stake consensus. Investors are looking at Ravencoin as a superior alternative to Bitcoin in PoW miners’ shift. That’s because the network comes at lower costs and faster speeds. To some extent, RVN investors are reading from the same script as the Ethereum Classic enthusiasts.
Source – TradingView
From the technical outlook, RVN has successfully cleared the $0.04 resistance. We shall remain interested in the level as Ethereum Merge approaches. More volatility could see the token continue to surge. The next level is $0.05.
Summary
Ravencoin is rising due to growing expectations it could attract PoW miners from Ethereum. The token remains largely susceptible due to volatilities. $0.04 is the level to watch if seeking to buy.
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.
CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.
Crypto recoveries and expected Ethereum Merge potential reasons for the surge
Momentum remains weak, but NEAR could start a bullish surge if it sustains $4.2
Near Protocol token NEAR/USD buyers are keeping hopes alive as the token reclaims $4.2. The level is the established support for the token of the Layer-1 network. In a single day, the token surged by more than 9%, erasing some previous losses. The gains took NEAR slightly above $4.2, but the momentum remained weak. Trading volume was also up 6.0% in 24 hours, highlighting increased buying pressure. So why is NEAR gaining?
A combination of factors could explain the recent recoveries in NEAR. A spot check indicates that the overall crypto sentiment is improving. Near Protocol is recovering in line with the crypto sentiment. Nonetheless, NEAR gains were above most cryptos. The Ethereum Merge, expected later this month, could be boosting Layer-1 blockchains.
Clearly, there is no specific event boosting Near Protocol token. However, to a technical reader, the current price is one to watch for the next few days.
Near Protocol token price action on the daily chart
Source – TradingView
NEAR trades at $4.6 after capturing the $4.2 level. The minor breakout could have caused the increased buying pressure at the support. A MACD crossover above the moving average is another bullish indicator for the cryptocurrency. The 20-day moving average has joined support. The price is yet to break above the 50-day MA.
Final thoughts
NEAR is a potential buy at the current levels as bullish signs emerge. We need to wait for a bullish confirmation after the close of the daily candlestick. If the candlestick crosses below, that could invalidate the bull call. It is nonetheless important to monitor NEAR at the $4.2 level.
Native MANA token remains key in the metaverse space.
The token is experiencing a low buying pressure with the RSI at 38.
Decentraland MANA/USD shows early recovery signs. In the past 24 hours, the token has gained 3.2%, but remains 0.49% down in the past week. MANA is not the only token staging a comeback in the metaverse space. Sandbox has pumped 3.66% during the period.
Despite the positive gains, Decentraland is a shadow of itself. The token is down by a significant margin since its ATH of $5 last year. At the time of writing, MANA was exchanging for $0.76. Nonetheless, Decentraland remains a significant crypto project. It supports the emerging crypto sectors like DeFi, DEXs, and NFTs.
Decentraland is a protocol for metaverse and crypto games. On the platform, users can interact, play games, purchase items, or attend virtual events. Its native MANA token is based on Ethereum’s ERC-20 standard.
Looking into the future, the buzz around the metaverse could gain momentum. The popular function where individuals can buy LAND tokens is gaining traction among corporations. The virtual assets represent unique pieces of virtual land that are purchased and sold in an open market. Despite the positive prediction, MANA has some hurdles to overcome in the technical outlook.
MANA trades around key support amid weak momentum
Source: TradingView
According to the daily chart above, MANA is trading around the $0.76 support level. From the chart, the bears still have a bigger control of the metaverse token. At an RSI of 38, the token lacks the buying pressure and can retest lower levels. Moreover, MANA is trading below the 20-day and 50-day moving averages, offering resistance from above.
Concluding thoughts
The current price surge in MANA shows that the bulls are buying the dips. However, the momentum remains low, and the upside potential is low. The current level does not present a perfect entry point since MANA is unlikely to sustain the uptrend. There could be some consolidation around the moving averages.
Data Source: Tradingview
Source – TradingView
Source – TradingView
Source: TradingView