Monat: Februar 2022

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Cosmos (ATOM) remains above the crucial support zone and could surge 18% in the coming days

Cosmos (ATOM), like other major coins, is feeling the heat from the rising tensions in Eastern Europe. The coin has seen some decline over the past few days, and as bears eye the $25-mark, ATOM has remained quite resilient in the face of this massive pressure. Here are some highlights:

  • Bulls have fiercely defended the $27.64 support in recent days.

  • However, at press time that threshold was breached with ATOM now trading at $26.60.

  • Despite this, we expect ATOM to bounce back in the near term.

Data Source: Tradingview 

Cosmos (ATOM) – Price action and prediction

After some selling pressure last week, ATOM looked poised to return to its support zone of $25. But bulls managed to fend off selling pressure, maintaining the price action above $27 for the most part. 

However, at the time of writing, this important zone had been breached. ATOM was trading at $26.66, down about 7% over the last 24 hours. Nonetheless, we still think that ATOM will bounce back above $27.

It will be interesting however to watch how long the bulls can keep the coin above that. If indeed we open Monday above $27, then expect ATOM to surge past its 200-day SMA of around $30. The coin could even gain further and hit $32 in the coming days. But if bears manage to keep the price below $27, we could see a drop below $25 with further weakness following.

Why you should consider Cosmos (ATOM)

Cosmos (ATOM) is seen as one of the most innovative blockchains that hope to transform the decentralised ecosystem. It is not an Ethereum scaling solution per se, but it offers a great alternative thanks to its speeds and low gas fees. 

Cosmos has also seen an increase in on-chain developments with several top DApps coming on board. It is a very promising project that is worth the attention of any serious investor.

The post Cosmos (ATOM) remains above the crucial support zone and could surge 18% in the coming days appeared first on Coin Journal.

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Ethereum (ETH) falls below the important $2800 support zone – how far can bears take it?

At the start of February, we saw the entire crypto market rebound sharply. Ethereum (ETH) was one of the key performers and at one point, even got closer to $4000. But it has been a sharp fall ever since. More importantly, ETH has fallen below the crucial support zone of $2800. So, how far can bears take this? Here are some highlights:

  • ETH was trading at $ 2734 at press time, down about 5% in the last 24 hours

  • ETH has also fallen below the crucial 20-day exponential moving average

  • It is likely that the coin will fall to its next support of $2400 in the coming days.

Data Source: Tradingview

Ethereum (ETH) – Price analysis and prediction

There is a big systemic risk in the crypto market right now due to the tensions between Ukraine, the West, and Russia. We are likely to enter a period of extreme market volatility in the coming weeks, at least until the crisis is resolved. 

For this reason, it’s very difficult to make accurate technical predictions with such huge systemic risks hanging over the market. However, as of now at least, bears have the upper hand with Ethereum. 

We expect the coin to fall towards $2400 before bulls try to find sufficient demand for some momentum. Besides, ETH still remains below the 20- and 200-day exponential moving averages, suggesting weakness. The relative strength index also shows a bearish outlook.

Should you consider Ethereum (ETH) right now?

With a short-term bearish outlook, this may not be the right time to get into Ethereum (ETH). In fact, there is a real chance of buying in at a very good discount since the price is expected to fall further. 

The $2400 mark will be the perfect entry point for both short- and long-term buyers. Short-term buyers should hope to exit once ETH bounces back to $2800.

The post Ethereum (ETH) falls below the important $2800 support zone – how far can bears take it? appeared first on Coin Journal.

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Is Avalanche (AVAX) heading for $110 in the near term?

Avalanche (AVAX) closed Friday’s session trading on the red and has continued that weakness well into Saturday. The coin has fallen for three consecutive days. But even with this somewhat bearish trend, there is enough upside for more gains in the near term. Analysis to follow below but first, some highlights:

  • Bear pressure has seen AVAX lose nearly 18% in two days.

  • The coin is currently trading at $82.78, down around 2% in 24 hours

  • The key is to hold the coin above $80 in the coming days.

Data Source: Tradingview

Avalanche (AVAX) – Can it go to $110?

It’s hard to see any path towards $110 for AVAX given the recent price movement and broader risks in the market. But when you look at the history of AVAX and its performance, this is not a big hurdle. 

In fact, after hitting lows of $53 in January, the coin has surged by nearly 80%. It won’t be a surprise if we see such gains again. The key is to keep the price above $80. At press time, the coin was trading at around $82. 

We also think that the current retracement seen over the last three days will stop at $80 before there is enough demand to push AVAX further. The coin also remains above its 20-day EMA, suggesting more bullish strength. If bulls hold the $80 support, then a swing up towards $110 is very feasible.

Is Avalanche (AVAX) worth looking at?

When analysing coins worth buying in the crypto market, there is no doubt that Avalanche (AVAX) will be among the top ten. It is a very promising project that has some decent things in its favour. 

The $80 mark is a good entry zone for those who have not bought into AVAX yet. The coin is likely to offer outstanding value in the longer term.

The post Is Avalanche (AVAX) heading for $110 in the near term? appeared first on Coin Journal.