Monat: März 2022

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Algorand (ALGO) could rally by nearly 60%

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

Algorand (ALGO) has become one of the more resilient top coins in the market. Despite facing increased pressure, the coin has managed to hold a key support zone. It now looks like the price action has reached an important intersection that could trigger a 60% rally.

  • ALGO has found strong support at the $0.675 mark.

  • The coin has also reached an important intersection between liquidity and support.

  • This could trigger a massive bull run with gains of over 60% in the near term.

Data Source: Tradingview 

Algorand (ALGO) – What to expect next

The key for ALGO right now is the $0.675 support. If the bulls hold that, then we could be looking at a very good run. At the moment, Algorand is trading at $0.693, relatively higher than the aforementioned support. 

More importantly, below the $0.675 support zone is what we call sell-stop liquidity that was formed in the middle of 2021. That liquidity is going to become more decisive. If this happens, then it is likely that ALGO will swing above $1 or higher.

This will go a long way in recovering some of the losses the coin has reported over the last two months. After all, ALGO still remains 78% lower compared to the highs of November 2021. 

But there is some downside risk as well. However, even if ALGO loses the $0.675 support, the 60% rally could still happen. The only way this uptrend could be invalidated is if the coin drops below $0.62.

What next for Algorand (ALGO)

The massive plunge we have seen in Algorand (ALGO) is not a surprise. Much of it has nothing to do with the fundamentals but more to do with broader pressures in the market. 

As sentiment starts to turn around, ALGO will reclaim its glory days. The coin could in fact get to $5 by the end of 2022. It’s, therefore, something to watch for any investor.

The post Algorand (ALGO) could rally by nearly 60% appeared first on Coin Journal.

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SafeMoon (SFM) is looking at a 40% upswing – how will it happen

As with all meme coins in the market, SafeMoon (SFM) has been on a persistent downtrend in the last week or so. But it seems the coin is about to hit a trend reversal that could usher a decisive bull run. But how will it happen? We have some answers below, starting with notable highlights.

  • SFM has found strong support at $0.00118 after the recent pullback.

  • A trend reversal appears likely after a period of consolidation.

  • At press time, SafeMoon (SFM) was trading at $0.00103041

Data Source: CoinGecko

SafeMoon (SFM) – The trend reversal to watch

The recent downtrend we have seen in most meme coins has been brutal. But after days of decline, SafeMoon (SFM) has managed to stop the bleeding. Bulls have managed to find strong support around $0.00118. In the last couple of days, SFM has consolidated around this zone, and a trend reversal appears quite imminent. 

This will easily push the coin on a decisive bull run. But how high can it rise? The upside for growth is hard to say. But looking at the chart, SFM has established a strong supply zone between $0.00165 and $0.00175. 

We expect any bullish run to pull back once that zone is hit. But despite this, SFM will still gain 40% in the rally. Besides, we have seen this price action play out before. Recently, after SFM bottomed at $0.00106, it went on to rally by nearly 30%. There is no reason why this can’t happen again.

What are the benefits of buying SafeMoon (SFM)

Not many investors are going to buy meme coins during periods of market uncertainty. But meme coins can be very good for short-term trades. 

At the moment, a short-term play that takes advantage of the 40% swing is very feasible. From a long-term point of view, SafeMoon is still decent. But you have to be prepared for the wild volatility.

The post SafeMoon (SFM) is looking at a 40% upswing – how will it happen appeared first on Coin Journal.

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Green metaverse token (GMT) starts to pull back after rallying for over 60% the last few days

The Green Metaverse Token (GMT) emerged as one of the hottest performers in the crypto market over the last few days. The coin started the week surging and outperformed the entire market by a huge margin. But we are now starting to see some pullback. Here are the highlights:

  • GMT reached $0.43 Monday, a gain of nearly 62%.

  • However, there seems to be an immediate pullback.

  • GMT was down nearly 25% at press time, trading at $0.28.

Data Source: Tradingview

Will GMT Stabilize in the days ahead?

A 60% surge is not uncommon in crypto. But it is always expected that after such a bullish run, some correction will come. For GMT, it seems that correction has come almost immediately. After hitting highs of $0.43, the token has now lost almost a quarter of those gains in less than 24 hours. 

At press time, the coin was actually trading at $0.28, down around 25% in 24-hour intraday trading. Crucially, GMT has lost a crucial support zone of $0.303. For this reason, we expect the correction to continue in the days ahead until the token bottoms at $0.22. This will represent over 20% in losses from the current price. 

The only way this downtrend could reverse is if GMT can find another rally that puts it above $0.4. At this moment, this does not seem likely. Bears have the momentum, and the downward pressure still has some way to go.

Is The Green Metaverse Token a good investment?

GMT is the native utility token for the STEPN network. STEPN bills itself as a lifestyle app that offers a wide range of social and gaming features. 

It is part of the Web3 revolution and remains at a valuation of around $167 million. There is a lot of unlocked potentials here, especially from investors who don’t mind being patient.

The post Green metaverse token (GMT) starts to pull back after rallying for over 60% the last few days appeared first on Coin Journal.

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Musk still believes in Dogecoin and it’s a big deal – Here is why

Dogecoin spiked after Musk said he was not selling his cryptos.

  • Dogecoin spikes after Elon Musk announced that he was not selling his cryptos.

  • The move is a big deal and shows that Elon Musk still has sway over Dogecoin.

  • Dogecoin is still range-bound, just like the rest of the market.

Dogecoin (DOGE) is the largest of the meme coins that came to prominence in 2020. While the meme coin fever has slowed down significantly, Dogecoin remains one of the most likely to pump if the market turns bullish again. That’s because it has the backing of Elon Musk, one of the wealthiest people in the world and a powerful voice in crypto. 

His power was most evident in May 2021, when the price of Bitcoin tanked after he questioned its environmental credentials. Today, his influence on the market was reinforced after he stated that he would not be selling his crypto holdings, including Dogecoin.

The impact of Musk’s sentiment was a massive uptick in the price of Dogecoin before it continued with the range-bound trading that has characterized its price action over the past few weeks.

The implication is that Dogecoin could be crypto that could give investors extraordinary returns once the markets turn bullish again. That’s because Elon Musk has his eyes set on space colonization and has been very vocal about it. Back in 2021, he announced that he was looking into interplanetary commerce and cryptos in it.

He was even part of a project called Doge-1, whose goal was to test the applicability of Dogecoin in interplanetary commerce. While the Doge-1 mission seems to have slowed down, there are always the prospects that it could come back and easily push Dogecoin to new heights.

Dogecoin continues trading in a range.

 

Source: TradingView

Like the rest of the market, Dogecoin is range-bound. Dogecoin is currently trading between an upper bound at $0.1195 and a lower bound at $0.1104. If bulls break the upper range at $0.1195, then prices above $0.13 could be hit in the short term.

However, if bears take control and push Dogecoin through the lower bound at $0.1104, then prices below $0.10 could easily become a reality in the short term.

Summary 

Dogecoin spiked on March 14th after Elon Musk said that he would not sell any of his crypto holdings. It goes to show that Elon Musk has significant sway on Dogecoin. If his forays into space are anything to go by, Dogecoin could see a massive rally if he chooses it for any of his space adventures.

The post Musk still believes in Dogecoin and it’s a big deal – Here is why appeared first on Coin Journal.

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What to expect as Chiliz edges closer to Chiliz 2.0

The introduction of staking could trigger a massive rally 

  • Chiliz is close to launching Chiliz 2.0.

  • The upgrade comes with multiple benefits, including staking. 

  • Investors can look forward to a rally once the upgrade is complete. 

Chiliz (CHZ) is one of the cryptocurrencies changing the sporting world. Through the Chiliz blockchain, sports teams can create tokens that can better interact with their fans while also unlocking value in ways never seen before.

Besides its ability to transform the world of sports, Chiliz has a lot of opportunities for investors. In the last Bull Run, Chiliz was a top performer, and it has what it takes to become a top performer in the next Bull Run. Chiliz is already making moves that could trigger a rally faster than the rest of the market. 

One of these moves is Chiliz 2.0. Chiliz 2.0 is the more advanced version of Chiliz. Several factors will see Chiliz 2.0 become a game-changer in the blockchain ecosystem.

Through Chiliz 2.0, the Chiliz blockchain will move to Binance Smart. This will make it faster and, with lower fees, suitable for its adoption. On top of that, Chiliz 2.0 is set to introduce intellectual property protection technologies and consumer rights technologies.

Most importantly, Chiliz 2.0 will allow investors to stake Chiliz. This is likely to drive up the adoption of Chiliz, as investors looking to earn a passive income will flock into Chiliz. 

All these factors combined could trigger a massive rally in the price of Chiliz once the market turns bullish again. 

Chiliz range-bound 

Source: TradingView

Chiliz is currently trading between an upper bound at $0.195 and a lower bound at $0.1897. If bulls can push Chiliz through the $0.195 upper bound, it could test $0.21 in the short term. 

However, if bears take control and push Chiliz through the $0.1897 lower bound, then $0.179 could be tested in the short term. 

Summary

Chiliz is currently working on Chiliz 2.0, which will make it faster, more efficient, and introduce staking. This could be a huge deal, as it could trigger adoption and help drive up the price.

The post What to expect as Chiliz edges closer to Chiliz 2.0 appeared first on Coin Journal.