Monat: März 2022

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Polygon (MATIC) rejected at crucial overhead resistance – Is the uptrend losing momentum?

Polygon Logo on a mobile phone screen

Polygon (MATIC) had been trending upwards for the best part of the week. The coin is, in fact, in the green over the last 7 days, and there were some analysts looking at a possible breakout. But MATIC was rejected at a crucial zone and this could spell doom for bulls. Here are the facts.

  • After surging for the week, MATIC was rejected at $1.75.

  • The coin has since fallen to $1.59 ever since.,

  • It is likely MATIC will retest that zone again this week.

Data Source: Tradingview 

Polygon (MATIC) – Understanding the uptrend

The recent uptrend in MATIC has been quite impressive. The entire market also seems to be on the up, with Ethereum and Bitcoin also seeing major gains. But it is clear that the momentum for MATIC has slowed. For most analysts, the goal for the coin was to surge past $1.75.

This would have signaled a strong bull run that could be sustained for longer. But MATIC was decisively rejected at $1.75 and has since retreated significantly to hit $1.56. The $1.75 is actually the 200-day EMA, while the $1.56 is slightly lower than the 50-day EMA. 

It is conceivable that MATIC will bounce off between these two zones. We expect the coin to test $1.75 again this week. Whether this time round it will be successful remains to be seen. But a push above the 200 EMA will be the signal that bulls have taken over.

Is Polygon (MATIC) the future?

Polygon (MATIC) came out as an Ethereum scaling solution. It has since tried to fully diversify from its core business and is now creating new verticals in GameFI and NFTs. 

It is not the biggest crypto asset of course. But it will remain among the top ten for a long time to come. This makes it a very decent investment for the longer term.

The post Polygon (MATIC) rejected at crucial overhead resistance – Is the uptrend losing momentum? appeared first on Coin Journal.

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Stellar (XLM) pushes more into DeFi – Should you buy?

Stellar (XLM) has been pushing more into DeFi in recent weeks, and this could have a positive impact on its price outlook. The coin has also been surging in recent weeks. How will the focus on DeFi affect XLM? More to follow below, but here are some facts for you:

  • XLM has been up to over 15% over the last 7 days.

  • The chain has been making major moves into DeFi in recent times.

  • The 7-day rally will continue as sentiment in the market improves.

Data Source: Tradingview 

Stellar (XLM) – The long-term outlook?

DeFi has been one of the key drivers of growth in crypto for the best part of a year now. DeFi projects are expected to continue to explode. Stellar has been trying to bring in more DeFi to its ecosystem. In fact, the project just announced recently that it will be launching a new product that will aggregate DeFi protocols and connect them to investors. 

That news alone saw XLM surge by over 15%. As the push towards DeFi continues, we are likely to see gains in this token in the medium and longer term. Besides, we have also seen some steady improvement in investor sentiment over the last few weeks.

It is safe to say that the torrid start to 2022 that we saw is now starting to ease. As such, it is likely that we will see more growth for XLM and other coins.

Why is Stellar (XLM) a good project?

Even before its recent push to DeFi, Stellar still remained one of the most promising projects in crypto. This is a blockchain project that aims to spur the growth of innovative decentralized apps. 

Stellar has been working on improving cross-chain interoperability and is always finding new ways to add more value to its ecosystem. For an investor looking for a legitimate opportunity, XLM is up there with the best.

The post Stellar (XLM) pushes more into DeFi – Should you buy? appeared first on Coin Journal.

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Whale Holdings for Ethereum (ETH) continues to surge as coin prepares for a bull run

Ethereum (ETH), the second-largest crypto in the world, finally managed to surge past $3000 this week in a two-week rally. ETH bulls have managed to keep the price there. Also, we are seeing whale accumulation in Ethereum increase. Here are some notable details:

  • Increased whale demand could trigger a decisive 2022 rally

  • Some analysts believe that the coin could hit $6100 by year-end.

  • Ethereum could also generate nearly $12 billion in fees this year.

Data Source: Tradingview 

Ethereum (ETH) – Where does the price go next?

This is the sixth day in a row we have seen Ethereum surge. The coin in fact briefly rose past monthly highs of $3200 before finally retreating slightly. The short-term outlook is very bullish. In fact, analysts are watching to see how ETH holds up in the coming days.

If indeed, it’s able to surge past the 200-day EMA of $3144, then we could see enough bullish momentum that takes the coin well above $4000. This will represent nearly 55% in gains from this year’s lowest price of around $2159. 

As for the long-term outlook, ETH could possibly hit $ 6100 this year. This is actually a very modest and conservative estimate. Some experts in fact think that with improved sentiment, we could get to $10,000. But there are still some potentially risky factors, including the runaway inflation in the US.

Is Ethereum (ETH) the best crypto this year?

Well, if you are looking for steady growth in capital, then Ethereum (ETH) is a fairly decent option to buy. The coin will not deliver 100x growth of course. But it has the potential of offering between 20% and 30% in 2022. 

For any investor looking for a safer bet when it comes to crypto, you won’t find a better alternative than Ethereum. Besides, the coin has also attracted a lot of institutional money.

The post Whale Holdings for Ethereum (ETH) continues to surge as coin prepares for a bull run appeared first on Coin Journal.

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Terra (LUNA) Staring at possible correction – Here is what to expect next

After seeing gains over the past few trading sessions, Terra (LUNA) has stagnated and is starting to pull back. We have also seen the price action hover around a very tight range. We may see a small correction in LUNA in the near term. Here are some of the facts:

  • After surging for a few days, it is likely investors will take profit.

  • Failure to clear above $90 at the start of trading Monday could suggest weakness.

  • The relative Strength Index also shows a bearish outlook in the days ahead.

Data Source: Tradingview 

How far can Terra (LUNA) drop?

We are not looking at a huge drop here. In fact, in the last 24 hours, the stablecoin platform had lost around 1%, but more will come. The key will be to look at the $90 mark. This had always proved to be a key support zone for LUNA. 

If at the start of trading on Monday the coin is well below that, then we could see a wipeout of at least 15% before the end of the week. Besides, there is a trend in this volatile market over the last few months to note.

You see, in most cases, bullish momentum is driven by short-term speculative traders. It is likely they will lock profit at $90. This is going to trigger a mini sell-off that could push LUNA further towards $75.

Is Terra (LUNA) worth your time?

Well, the fact that Terra (LUNA) is among the top 10 crypto assets in the market means that you should give it your attention. But it doesn’t seem like there is any serious upside momentum right now. 

A good play will be to wait for the correction to come through in the coming days and then buy at $75 or thereabout. But short sellers can also play the short-term decline for a profit.

The post Terra (LUNA) Staring at possible correction – Here is what to expect next appeared first on Coin Journal.

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Algorand (ALGO) analysis – Crucial buying opportunities to watch in the coming days

Algroland (ALGO) logo on a mobile phone being held by a hand to view

In case you have been thinking of adding Algorand (ALGO) into your portfolio, then the coming days could present some decent buying opportunities. This applies to both short-term and long-term plays as well. Before we get to the analysis, here are the main facts:

  • Algorand has surged by nearly 20% over the last 5 days or so.

  • The bullish run is going to continue, and investors can buy-in.

  • There are several buying zones you can consider to earn decent returns.

Data Source: Tradingview

Algorand (ALGO) – Buying zones to watch

After surging over the last few days, Algorand has faced massive resistance at $0.9. In fact, it seems the price has stagnated here, but the coin is continually testing this zone in a huge way. We expect there will be some bullish momentum to take the price action above $0.9. 

When that happens, it would be a good time to buy. But in case you don’t want to face the risk of a trend reversal, you can watch $1.1. After $0.9, the $1.1 mark will be ALGO’s next big test. If indeed the coin is able to rise above that, then it is likely going to surge past $1.4 in the near term. 

However, this bullish thesis will become null and void if ALGO falls below $0.8. We however don’t see this happening in the days ahead unless something major happens in the broader crypto market.

Why you Should buy Algorand (ALGO)

Algorand (ALGO) has had a very volatile time since it debuted in the market in 2019. The coin has fallen massively below its ICO price which was at $2.4. But there is still a lot of value that Algorand can offer. 

It is likely that the coin will regain some of this upward momentum and reclaim the $2.4 price before the end of the year. That will be over 100% in gains from the current price.

The post Algorand (ALGO) analysis – Crucial buying opportunities to watch in the coming days appeared first on Coin Journal.