Monat: April 2022

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Bitcoin risks dropping towards $35k as the bearish trend thickens

The cryptocurrency market underperformed over the weekend, and Bitcoin could record further losses soon.

The broader cryptocurrency market has been in a bearish trend over the weekend. In the last 24 hours, the total cryptocurrency market cap has dipped by more than 4% and currently stands above $1.7 trillion.

Over the past seven days, the broader crypto market has lost more than $200 billion. Bitcoin remains the number one cryptocurrency by market cap but has recorded losses over the past few days.

At press time, Bitcoin is trading above $38k per coin, down by more than 2% over the last 24 hours. If the market momentum is maintained, Bitcoin could face further selling pressure and could slip towards the $35k psychological level before the end of the week.

Key levels to watch

The BTC/USD 4-hour chart is bearish at the moment as the bearish sentiment in the market thickens. The technical indicators show that BTC could suffer further losses over the coming hours and days. 

The MACD line is below the neutral zone, indicating strong bearish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin could soon enter the oversold region if the current market condition persists.

If the bears remain in control, Bitcoin could slip below the first major support level at $37,102 before the end of the day. This would be the first time Bitcoin will trade below $38 since the start of the month.

In the event of an extended bearish run, Bitcoin could be forced to defend the second major resistance level at $35,289. Bitcoin hasn’t tested the $35k psychological level since February.

However, if the bulls regain control, Bitcoin could test the $40k resistance level over the next few hours. The second major resistance level at $42,154 should cap any further upward movement in the short term.

The post Bitcoin risks dropping towards $35k as the bearish trend thickens appeared first on Coin Journal.

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Highlights April 25: Cryptos in the red, Moonbeam slides 16%

The crypto market as a whole is very bearish with almost each top 100 coin in the red at the time of writing. 

Top cryptos

Bitcoin is down around 3% in the last 24 hours, trading at $38,500. Ethereum and Binance Coin are each down by around 5%. The biggest loser in the top 20 is NEAR Protocol, which slid 10%. 

XRP leads the pack with the biggest losses over the past 7 days: over 11%. Terra’s LUNA shed 3% of its value today, but it remains the only top 20 crypto in the green in terms of gains in the last 7 days (+16%).  

Top movers

Most top 100 coins lost 4-6% of their value today. Notable standouts are Cosmos, Neo, Theta Network, and Holo, each down 9%; UniSwap, Chiliz, Loopring, and Secret, each of which suffered a loss of 10%, and Aave with 11%. 

The Waves coin, created by Ukrainian-born Alexander Ivanov, shed 12% of its value despite support for the David in the uneven battle. Zilliqa and Audius, both of which rallied recently, have lost 13% each. 

The biggest top 100 loser is Moonbeam, which slid 16%. About ten days ago, Moonbeam gained 15% after taking part in a series of leading international crypto events and reaching an important milestone in terms of total value locked on the platform.

At the other end, there are just two modest gainers. Amp and ApeCoin each added around 1%.  

Trending

There are two new hot tokens today. The token of Bend DAO (BEND) is up 866% in the last 24 hours. Bend is a decentralized non-custodial NFT-backed borrowing and lending protocol where users can participate as depositors or borrowers. 

Whenever there’s a big event related to the crypto industry, there emerges a coin for it. This brings us to the second hot token, ELON BUYS TWITTER. After Elon Musk announced he had found the money to buy the social media giant, this token was created. It gained 564% in the last 24 hours. 

ELON BUYS TWITTER will give meme creators a chance to earn and allow them to gain stipulated revenue for their work. It will help aspiring meme creators showcase their talent to the world. 

 

The post Highlights April 25: Cryptos in the red, Moonbeam slides 16% appeared first on Coin Journal.

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Polkadot’s (DOT) failed rally exposes the coin to serious downside risks

Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish, and what happens next could either send the price sharply lower or push it higher in a more decisive way. Here are some notable facts:

  • DOT has been trading between a range of $16 and $23 for most of the year

  • At the moment, it is on the lower side of that range at around $17.3 in price

  • A drop below $16 could prove catastrophic for DOT bulls

Data Source: Tradingview 

Is Polkadot heading for a sell-off?

As noted above, Polkadot has reached a make-or-break moment. The coin has ranged between $16 and $23 for most parts of 2022. In fact, this range is shaping out to be a long-term trend and as such, it is important to watch it. 

For DOT bulls, the key is to make sure the price stays within this range. If bears push the coin below $16, then everything may start to unravel. DOT will face a stiff sell-off and may end up bottoming at $8 in the near term. 

But there is a flip side to all this. It depends on if DOT will maintain its $16 – $23 range. If the coin can manage to stay above $16 for a few days, then a run towards $23 will be well on and truly in sight.

Polkadot’s long term upside

The longer-term upside for DOT is still positive. The coin could still deliver 3x in value from its current price by the end of 2022. But in the short term, it’s hard to see the token going past $23. 

The trend line that we have discussed above appears strong. As such, DOT will likely bounce off between $16 and $23 in the near term. But this theory will become invalid if the price falls below $16 in the days ahead.

The post Polkadot’s (DOT) failed rally exposes the coin to serious downside risks appeared first on Coin Journal.