Monat: März 2022

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1Inch (1INCH) pulls back after 24-hour surge – What does the future hold?

As the crypto market shows some bullish signs today, 1Inch (1INCH) had posted impressive gains in 24-hour intraday trading. But those gains have pulled back. The coin was under a lot of pressure in recent weeks. It seemed for a moment things were finally looking up. But how far can today’s rally go? Here is what you need to know first:

  • 1INCH still remains bearish despite the recent surge in the price.

  • The coin has lost 85% from its all-time highs too.

  • At the time of writing, 1INCH was trading at around $1.49

Data Source: Tradingview 

1Inch (1INCH) – Predictions and analysis

It’s not that long ago when 1INCH was hitting an all-time high of $8.29. This in fact happened at the end of 2021, and there was a lot of hope that 2022 could be huge. But things have not really taken off. 1INCH has now tanked, and at one point, it was just hovering around $1.

But there are signs things may start to turn. First, the coin has managed to cross over a crucial overhead resistance of $1.39. 1INCH has consolidated above that price and is now trying to trigger sufficient demand for a bullish break. But we do not see enough upside right now to push the token above $3.

It will take time before those $8.39 highs are repeated. But in the short term, 1INCH could still hit $3 before it pulls back once more.

What is the value of 1Inch Network (1INCH)?

1Inch Network (1INCH) is a network that hopes to create a collection of fast-growing decentralized protocols. The aim is to provide a robust infrastructure where people or organizations can launch innovative blockchain solutions. 

The project has received a lot of investment and still has some potential to deliver real gains in the long run. It currently has a market cap of around $600 million.

The post 1Inch (1INCH) pulls back after 24-hour surge – What does the future hold? appeared first on Coin Journal.

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Is Play to Earn the next big trend in crypto? 3 coins to buy

The explosion of play-to-earn games in the blockchain has been spectacular. In 2021, play to earn coins in the market were the fastest growing assets. Although they have lost some of the gains made last year, this subsector remains very promising. Here is why:

  • Play to Earn incentivizeS players to play for rewards.

  • The integration of NFTs into Play-to-Earn games is bringing a new dimension.

  • All major blockchain developers and investors are backing blockchain games.

So, if you missed Axie Infinity, there are still other upcoming blockchain games that could deliver impeccable outcomes. Here they are:

Illuvium (ILV)

Illuvium (ILV) is an immersive RPG adventure game that gives players access to broad landscapes and exciting gameplays. It is built on Ethereum and comes with various levels. There is also NFT integration and staking as well for investors. 

Data Source: Tradingview 

Illuvium is hoping to become a dominant strategy game that will attract millions of daily users. It is still at its initial phase right now too. Its native token ILV is currently trading at $534, up around 5% for the day. The project also has a market cap of under $346 million.

Battle of Guardians (BGS)

Battle of Guardians (BGS) is another real-time and immersive game that has dubbed itself “The future of fighting games”. It has full NFT integration as well and strives to give users a real battle experience all through the game. There is also an expansive gaming universe to keep things fresh. The native token for the game is the BGS, and it is trading at $0.01265 right now.

High Street (HIGH)

High Street (HIGH) has integrated both play to earn and the metaverse. In addition to the immersive games, users can also own various in-game items, including virtual real estate. High Street is actually working to bring big brands into its digital universe. Its native token HIGH was trading at $3 at press time.

The post Is Play to Earn the next big trend in crypto? 3 coins to buy appeared first on Coin Journal.

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Gala Games (GALA) Could rise above the crucial 20-day EMA

Gala Games Logo

The metaverse wipe-out we saw during the last week has pushed a lot of coins way lower from yearly highs in 2022. Gala Games (GALA) has not been spared, and the coin has been on a massive downturn since the end of February. But are there signs of a recovery? Here is what we know:

  • GALA could rise above its 20-day EMA in the days ahead.

  • The EMA will create important support for price consolidation in the near term.

  • The meta coin was trading at $0.22 at press time.

Data Source: Tradingview 

Why does the 20-day EMA matter for GALA?

Trend reversals are very crucial in technical analysis. In most cases, when coins have dropped consistently over a long period of time, bulls are often watching for the right trend reversal to buy. For GALA, rising above its 20-day EMA of $0.28 could signal a trend reversal is coming. 

This will in turn trigger a buying frenzy that will push the meta coin well above $0.36. This will be almost 80% above the current price which is presently at $0.22. The most important indicator to watch in this setup is the $0.21 support. 

The bulls will need to defend this zone and create enough momentum for the next leg up. If GALA falls below that threshold, it will be very hard to see any recovery. In fact, the coin could easily bottom to $0.17 before it rises again.

Why is Gala Games (GALA) trending lower?

Much of these losses were occasioned by news that Meta Platforms, one of the key tech drivers in the metaverse, missed earnings expectations. But the high market volatility due to economic and geopolitical pressures has played a big role. 

This volatility is sadly here to stay for the foreseeable future. But even with that, overall, the longer-term outlook for GALA remains largely in positive territory.

The post Gala Games (GALA) Could rise above the crucial 20-day EMA appeared first on Coin Journal.

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Ethereum approaches crucial resistance zone – Here is why $3200 is happening

Ethereum (ETH) has continued to report modest gains as it steadies up the price action over the last few days. The coin is now approaching a very crucial resistance, and there is a real chance it will reclaim it. What does this mean? Well, here are some pointers:

  • Ethereum (ETH) has now surged to a weekly high and is expected to continue.

  • The coin is getting closer to its 50-day EMA of $2820.

  • At press time, ETH was trading at $2810, up about 4% for the day.

Data Source: Tradingview 

Ethereum (ETH) – Why $3200 is happening

The $2820 support is crucial for one main reason. If ETH reclaims it, it will be the first time in a few weeks it has surged above its 50-day exponential moving average or EMA. This often indicates a bullish trend is starting to form. 

Also, the last time Ethereum rallied from this zone, it went on to hit $3600. The coin has also hit weekly highs, and as sentiment in the market improves, it’s only a matter of time before it tests $3200.

The most important thing now will be for bulls to hold $2820. If they can do this at the end of the week, then we will be in bullish territory for ETH. But a failure to do so will send the coin to the next support of $2600.

Is Ethereum Struggling?

A lot of things have been happening in the Ethereum ecosystem. There is a big shift towards Ethereum 2.0, which will usher in a proof of stake model. But market volatility has hampered growth for the coin. 

This will remain the case for the near term. But we believe that ETH will find sufficient demand in the long term and could still end the year at $10,000. But so many downside risks still pose major challenges.

The post Ethereum approaches crucial resistance zone – Here is why $3200 is happening appeared first on Coin Journal.

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VVS Finance (VVS) remains in a bear market – Can the DeFi token turn around?

After surging to new highs in November last year, VVS Finance (VVS) has tanked. The DeFi coin is firmly in the bear market and the volatility in the broader market has only made things worse. But will things start to turn around soon? Probably not but here are some facts to know:

  • VVS has fallen 85% from its November highs.

  • The coin was trading at $0.00002232, up by around 2% for the day.

  • The downtrend will not reverse in the near term unless sentiment in crypto shifts drastically.

Data Source: Tradingview 

VVS Finance (VVS) – what’s next for the coin?

The drop in price for VVS has come fast and sharply. It seems like a long time ago when the token hit all-time highs in November last year. 

Things have really been difficult for VVS investors. In fact, the coin is down nearly 50% since the start of February. Momentum indicators are all pointing downwards. For instance, VVS remains lower than several crucial SMAs and the RSI also suggests a risk of a sell-off. 

There will of course be days where there will be rallies. But in the medium term, we don’t expect a big change in the price. The best thing right now for investors would be to wait until we start seeing some signs of price consolidation. This may trigger a bullish run that could push VVS above important indicators.

Should you buy VVS Finance (VVS)?

VVS actually stands for Very Very Simple finance. The project is simply trying to make blockchain and crypto mainstream. It hopes to offer users a more simplified DeFi protocol where anyone can use crypto.

This is a noble gesture and it could deliver great results. The fact that VVS is at around $230 million in the market cap means that we could yet see more gains in the future.

The post VVS Finance (VVS) remains in a bear market – Can the DeFi token turn around? appeared first on Coin Journal.