Cloud Hosting

The Hive blockchain network's coin soared about 30% on Tuesday as other altcoin prices slid. - Photo: Shutterstock

HIVE went on a roll Tuesday as other altcoin prices slid.

The low-profile cryptocurrency soared about 30% during afternoon trading in North America as traditional markets closed, according to CoinMarketCap data. Standing out in a market that continues to underperform, HIVE was up about 44% from the previous week and approximately 23% from a month earlier.

Only terraclassicUSD posted better results than HIVE on Tuesday. TerraClassic is actually the renamed terraUSD, a stablecoin that collapsed last month after losing its peg to the US dollar. Although the price collapsed, the coin quietly kept trading. The original luna coin collapsed at the same time and has since been reborn on a new blockchain under the name LUNA2.

The token spiked Tuesday in conjunction with an ask me anything (AMA) season hosted by Elmas Land, the digital autonomous organization (DAO) that governs it. (AMAs) are similar to question-and-answer sessions between a company and shareholders.)

HIVE is backed by a decentralized information-sharing blockchain network of the same name. According to Kalkine Media, the network is used by such popular Web3 apps like Splinterland, PeakD, and HiveBlog. Web3, also known as Web 3.0, refers to the next generation of the Internet, which will include many 3D features.

HIVE is tied to the hive backed dollar (HBD), a stablecoin supported by the US dollar. According to the Hive website, HIVE and HBD deploy two decentralized conversion operations designed to keep HBDs value at $1 with a tight margin.

HBD holders who store their tokens on the Hive blockchain currently receive 20% interest.

Meanwhile, 1INCHhit paydirt Tuesday, rising about 13.5%, according to CoinMarketCap data. The coin was up approximately 9% from a week earlier.

1INCH is backed by decentralized exchange aggregator of the same name. According to Decrypt, the aggregator scours other decentralized exchanges for the cheapest fees and reroutes its customers crypto trades accordingly.

Vote to see Traders sentiment!

You voted bullish.

You voted bearish.

Give BTC/USD a try

Start trading

Try demo

BitTorrent New (BTT) also had a big day Tuesday as it climbed about 9% to go up roughly 13% from a week earlier. The coin is tied to the BitTorrent File System (BTFS), a decentralized storage service which its developers describe as both a protocol and network implementation that provides a peer-to-peer (p2p) mechanism for storing and sharing digital content, such as music. BTFS runs on a single blockchain that uses a delegated proof-of-stake system to process transactions as quickly as possible and increase the value of BTT.

KAVA, a proof-of-stake coin createdby Kava Labs, was also among the few altcoin gainers on Tuesday. Backed by the Cosmos blockchain, the token is used for lending purposes, enabling holders to earn passive income. But KAVA holders are required to keep their coins in a staking pool for a specific period of time, according to Outlook India.

Most other cryptocurrencies were down Tuesday as bitcoin (BTC) remained in the $20,000-$21,000 range. ETH, the worlds second most valuable coin, which is backed by the Ethereum blockchain network, stayed in the $1,100 range.

Read this article:
Daily crypto wrap: Hive on a roll as other altcoin prices slide - Capital.com

A closely followed crypto analyst says Solana (SOL) will have better returns than most crypto assets in the current cycle.

Pseudonymous analyst Altcoin Sherpa tells his 178,800 Twitter followers that the popular smart contract platform could outperform other altcoins depending on the price movement of Bitcoin (BTC).

Altcoin Sherpa says he does not know how high Solana can go but expects the crypto asset to see resistance at around $40. He says SOL will likely tumble if it hits $50. At time of writing, the smart contract platform is trading for $38.31.

Another crypto asset that Altcoin Sherpa is bullish on is Decentraland (MANA). The analyst says the virtual reality platform is set to rebound after hitting the bottom. MANA is now trading for $0.90 from a low of $0.74 in June.

He then shares his forecast for another metaverse token, ApeCoin (APE). He says the altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community may reverse to the downside at $6. APE is currently worth $4.40.

As for Bitcoin, the analyst says the outlook is still high time frame bearish market structure. At time of writing, BTC is changing hands at $20.894.

Featured Image: Shutterstock/klyaksun/Abscent Vector

See the original post here:
One Ethereum (ETH) Rival Will Outperform Vast Majority of Altcoin Market, According to Top Crypto Trader - The Daily Hodl

A low-cap altcoin is erupting in the last seven days as the broader crypto markets flash signs of strength toward the end of the week.

STORJ, the native asset of Storj, a decentralized protocol designed to provide an end-to-end encrypted cloud storage platform, has more than doubled its value in just one week.

From a seven-day low of $0.40, STORJ surged to a high of $0.96 to record gains of over 140%. The 205th-ranked crypto asset by market cap has slightly retraced since and is trading for $0.90 at time of writing. It does remain down over 72% from its all-time high of $3.23, which it hit in March of 2021.

Storj aims to provide affordable and ridiculously resilient cloud object storage with blazing performance and zero-trust security, according to its website.

The project recently announced the addition of three new non-fungible token (NFT) customers, including Europa Labs, Ultimate Division and AMUZED.

Explains Ben Golub, the chief executive of Storj,

Storj is ideal for storing digital assets like NFTs because it brings enterprise-grade performance, durability and security to Web3. Minting platforms and brands can trust that their customers will always have instant access to their NFTs. Other pinning services use centralized services or decentralized platforms with limited availability. Storj brings a new standard of speed and permanence to NFTs and is excited to work with these visionary NFT platforms.

Featured Image: Shutterstock/korrakot sittivash/Vladimir Sazonov

The rest is here:
One Low-Cap Altcoin Skyrockets by More Than 140% in Just One Week As Crypto Markets Rebound - The Daily Hodl

Published 22 hours ago

The AAVE price has been resonating in a falling channel pattern for nearly a year now. Historically, when the coin price has fallen to the bottom support trendline, the coin chart displays a recovery rally of more than 50% or more till it reaches the overhead trendline. Thus, the altcoin has again reverted from the support trendline, indicating a recovery opportunity for traders.

Source-Tradingview

A falling parallel channel pattern reflects the AAVE/USDT pair downtrend since mid-August 2021. Moreover, the coin price has retested on the descending trendlines multiple times, validating the pattern is active and could affect the upcoming rally.

Amid the June second-week sell-off, the AAVE price plummeted to the combined support of a descending trendline and $50. While the crypto market witnessed a widespread recovery last week, the altcoin surged 54.8% higher and hit the $76.6 resistance.

However, over the past eight days, the AAVE chart shows several long-wick rejection candles at overhead resistance, suggesting the sellers are aggressively defending this level. Thus, if the altcoin continues to sustain below this resistance, the sellers may pull the price 28% lower to the 50-$48 support zone.

Conversely, a possible breakout from the $76.6 resistance could trigger another bull cycle within the falling channel. The resulting recovery could rise to overhead resistance.

The OBV indicator showed exceptional growth in response to the recent price jump, bolstering the breakout theory from the $76.6

However, since the April-May sell-off, the AAVE price has experienced dynamic resistance from the 20-and-50-day EMAs. Currently, the 20 EMA aligned with the $76.6 chart level puts additional selling pressure on coin traders.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Continue reading here:
AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery - CoinGape