Monat: Februar 2022

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Axie Infinity (AXS) could bounce back by about 15% despite recent selling pressure

Axie Infinity (AXS) has seen some correction after surging quite impressively earlier this month. The coin has seen a 50% retracement of its price and is now looking well and truly in a bear market. But despite this, we still think there is real potential for a decent upside. Here are some highlights.

  • In recent days, AXS has bounced off between $45 – $49 after a 50% price retracement.

  • The coin could however pull back up to $55 in the near term.

  • At press time, AXS was trading at $49, down nearly 8% over the last 24 hours.

Data Source: Tradingview 

Axie Infinity (AXS) – The outlook so far

It was largely expected that at some point, the crypto market will pull back after surging in February. But much of the slump we are seeing right now has largely been triggered by geopolitical tensions in Europe. 

Axie (AXS) has as a result, seen a 50% retracement from its early February highs. At the moment, the price action has been bouncing off between $45 and $48. We don’t think this will remain the case for long. In fact, we expect the coin to test its overhead resistance of $55 in the coming days.

This will represent an upswing of around 15% or thereabout. While we don’t see AXS reclaiming its February high of $72, bulls will try to consolidate above $55 before the next leg up.

Why you should put Axie Infinity (AXS) on your watchlist

Metaverse and blockchain gaming tokens delivered insane growth last year, Axie Infinity included. While most of these tokens have slowed this year as the broader market continues to struggle, the metaverse is one of the most exciting areas of the crypto-verse.

Besides, it’s just recently when AXS was trading at over $200. It’s not inconceivable that the coin may get there again.

The post Axie Infinity (AXS) could bounce back by about 15% despite recent selling pressure appeared first on Coin Journal.

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Solana (SOL) bears eye $75 as sell-off in crypto continues to intensify

A mobile phone with Solana on it, representing where FIDA can be found

It doesn’t seem like long ago when there was talk of Solana (SOL) smashing past $500. But the altcoin, like many assets in the market, has seen massive corrections. The recent one came barely a few days ago, and bears now have the upper hand. Here are some highlights:

  • Solana (SOL) will continue to see more weakness and could hit $75 in the days ahead.

  • At press time, the coin was selling for $83, down about 5% for the last 24 hours.

  • There are fears that severe headwinds in the market could trigger a complete price capitulation.

Data Source: Tradingview 

Solana (SOL) – Where does it end for bears?

There is no arguing that right now, bears have the upper hand as far as Solana (SOL) goes. The coin has faced one of the largest sell-offs of any major coins in the last week or so, and based on the chart pattern; bears are targeting $75 in the coming days. 

Also, bulls have struggled to gain any traction. In fact, our analysis shows that for this bearish outlook to be invalidated, the coin would have to push a weekly close of $93 on Friday.

While this is not entirely impossible, based on the current sentiment in the market and prevailing geopolitical factors, it is highly unlikely. We are going to watch and see if the weakness continues below $75.

Is Solana (SOL) still hot?

When Solana (SOL) came out, it was by far one of the hottest projects in crypto, and it remained so for quite some time. It’s still arguably one of the most promising coins to buy. 

But with the current volatility in the market, it’s probably not the best time to invest. It would be advisable to watch the sentiment and buy when there are some signs of improvement.

The post Solana (SOL) bears eye $75 as sell-off in crypto continues to intensify appeared first on Coin Journal.

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Uniswap (UNI) could crash to $5 in the coming days – Here is why

Uniswap Crypto Coin

The initial climb by Uniswap (UNI) earlier in February appears to be evaporating. It’s been day after day of losses for the DEX, and there are signs that the bleeding will continue in the coming days. But how far can bears take the price action? Here are some highlights:

  • Uniswap (UNI) could crash to $5 before it finds its next leg up
  • The coin was trading at around $8.74, down by nearly 7% in 24 hours at press time.
  • The price action is within a crucial demand zone but so far bulls are staying off.

Data Source: Tradingview 

Uniswap (UNI) – why a crash to $5 is likely?

As noted above, UNI has entered a crucial demand zone. Looking back at the chart, every time the token has entered the range of between $ $7.31 and $9, bulls have come in and bought in huge numbers. We are not seeing that right now.

In fact, even though at present UNI is trading at around $8.74, the bearish trend appears to be holding steady. We are watching to see if there will be any bullish activity in the coming days.

If indeed, UNI is able to generate demand and push back above $10, it could suggest more gains. But with sentiment in the market largely fearful, we don’t expect this to happen. Instead, UNI could slip below its demand zone and eventually settle at $5 in the coming days.

Is Uniswap (UNI) still a good investment?

The dip in crypto prices is a sign that perhaps this may not be as much of a smooth year as 2021. But even then, the long-term outlook on Uniswap (UNI) still remains very positive.

In fact, if indeed the coin drops to $5, get it. Even if you don’t end up holding for long, there is a chance the downward trend will reverse, and UNI will be back to double figures in no time.

The post Uniswap (UNI) could crash to $5 in the coming days – Here is why appeared first on Coin Journal.

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These are the best NFT crypto projects to watch out for in February

NFT FTX Token

In 2021, NFTs or non-fungible tokens simply exploded. We saw unprecedented NFT sales, and there is no doubt this is a subsector of the crypto market that is worth noting. Here are some of the reasons why:

  • NFTs can be great stores of wealth when the market is slumping.
  • Many exciting new projects in NFTs keep coming out regularly.
  • There is hope that NFTs will also boom with the rise of the metaverse.

Well, if you ever wanted to invest in the future of NFTs, there are a few new and exciting projects you can consider. Here is the full list.

FTX Token (FTT)

FTX Token (FTT) is one of the leading crypto exchanges in the world. It is geared for the daily trader thanks to its wide range of derivative products. However, over the last few hours, FTX announced a new initiative that will see increased investment in gaming and NFTs.

Data Source: Tradingview 

In fact, the platform is looking to make NFTs widely adopted across the world not just as a store of value but also as a unique asset class within crypto.

Crypto.com (CRO)

Crypto.com (CRO) is not what you would call a new NFT based project. It is in fact one of the oldest exchanges in the world. But just like FTX, Crypto.com has also been making incredible moves in the NFT space.

The launch of a dedicated NFT marketplace as part of the CRO ecosystem is one of these moves. We expect the crypto.com NFT platform to grow and deliver immense value in the near and long term.

Chiliz (CHZ)

Chiliz (CHZ) is one of the leading sports entertainment blockchains behind the many fan tokens we have seen with football clubs in Europe. The platform is also spending a lot of resources on building a broad NFT platform for sports memorabilia and other items. It is worth watching in the coming months.

The post These are the best NFT crypto projects to watch out for in February appeared first on Coin Journal.

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Komodo (KMD) up 5% in 7 days: factors behind the jump as a majority of coins drop

Komodo (KMD) coin prices have jumped 5% amid the global crypto bloodbath and despite today’s pullback is poised for a major take-off going by its recent price movements.

Today, the KMD coin started by shooting up by more than 25% to clinch a daily high of $0.657233, before pulling back to a price of $0.478111 at the time of writing.

Let’s take a deep dive into the factors fuelling Komodo’s price surge.

What is Komodo and why is its price rising?

In a nutshell, Komodo is an open decentralized multi-chain platform. Its native token is KMD.

Both the Komodo platform and the KMD coin have been gaining traction across the crypto space because of Komodo’s alternative approach to achieving cross-chain interoperability.

Below are the main reasons contributing to the current KMD price hike.

1. Multiple blockchain networks integration

One of the best and major developments that the Komodo protocol has made this year is the recent support for 13 separate blockchain networks on AtomicDEX.

AtomicDEX offers support to Ethereum Virtual Machine-compatible networks and networks that share a source code with Bitcoin (BTC) like Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH).

Also, according to comments from different parties, there is a possibility of some more coins like Cosmos, Polkadot, and Digibyte getting integrated on AtomicDEX in the future.

2. Launching NFTs on Komodo Network

The other reason for the KMD price surge is the launching of Non-Fungible Tokens (NFTs) on its ecosystem. The most recent NFT collection to be launched is the upcoming launch of Cyber Komodos, a collection of 777 unique Komodos with varying rarity that is scheduled for launch on 15th, March this year on the Tokel NFT platform.

Currently, NFTs are trending the most within the crypto space and they are attracting both new users as well as engaging their communities.

3. Cross-chain interoperability

Achieving secure cross-chain interoperability has not gone unnoticed. Most of the cross-chain projects have been faced with security challenges with some being exploited by hackers. The most recent high-profile exploit of cross-chain bridges is the Wormhole bridge hack on the Solana network.

The post Komodo (KMD) up 5% in 7 days: factors behind the jump as a majority of coins drop appeared first on Coin Journal.