Monat: April 2022

Veröffentlicht am

The best cryptocurrencies to buy with rising US inflation

Bitcoin has often been described as a hedge against inflation, and for good reason. It can be a good store of wealth even though it has its own volatile nature. But in addition to this, there are still other crypto assets that can help you weather the storm of inflation better. Here is why:

  • Crypto assets are now part of the mainstream financial industry.

  • There is a lot of liquidity in the crypto market, so it’s easier to convert assets into money.

  • The value of crypto still has so much potential for future growth.

So, if you are worried about the rising inflation in the US, we have two crypto assets that may help avoid this. Here they are:

Pax Gold (PAXG)

Pax Gold (PAXG) is a stablecoin whose value is directly linked to the price of gold. In essence, the coin moves in tandem with how gold prices move in the real market. Now, as you know, there is no better hedge against inflation than gold.

We have in fact seen gold prices surge in recent days as new inflation data comes out in the US. Pax Gold allows you to get exposure to the precious metal by simply buying decentralized crypto assets.

Bitcoin (BTC)

If you are not sure about gold, you can always revert back to the ultimate hedge against inflation in crypto. Bitcoin (BTC) has always been a huge part of investment portfolios around the world simply because of its immunity against runaway inflation.

Besides, the value of BTC can dramatically increase in the process. Bitcoin has also off late started to correlate with tech stocks. Tech stocks have often been seen as growth assets and as such, the coin can expose you to more growth in the tech industry while preserving your precious dollars.

The post The best cryptocurrencies to buy with rising US inflation appeared first on Coin Journal.

Veröffentlicht am

Ethereum (ETH) is set for a strong bullish run – Here is why

After reporting sharp losses at the start of this week, Ethereum (ETH) has rebounded. The coin has shown incredible resilience in the face of major market pressure. ETH now looks poised for a major bull run, but how will this play out? Here is what you need to know first:

  • ETH Managed to regain the crucial $3000 support after falling below in recent days

  • So far, the price action has largely consolidated above $3000.

  • ETH has now crossed over its 50-Day SMA, and more gains will follow.

Data Source: Tradingview 

What is ETH’s upside potential?

For most parts of 2022, it looks like growth for Ethereum has been capped at $4000. The coin has failed to breach $4000 this year, and every time it gets close, it ends up falling back down once more. For now, we do not think ETH has the bullish momentum needed to reach $4000. 

Instead, we expect the price action to steady at slightly above $3000. Once this happens, ETH will likely break above $3200, and eventually, the coin will retest its 100-day SMA of around $3600 in the days ahead. If this happens, we could see gains of around 30%. 

But if bulls are not able to hold the $3000 support, this prediction will become invalidated. ETH still remains highly volatile, and we may see it push lower than $3000 if current trends don’t hold.

When will ETH Hit $4000?

The bellwether for ETH’s decisive bullish breakout will come if the coin smashes $4000. In fact, many investors have been watching this price for the last four months. 

Well, right now there isn’t enough to suggest that ETH will surge above $4000 in the near term. Instead, the coin is likely to range between $2700 and $3600. But this could change as we end Q2 this year. ETH is also predicted to hit $10,000 by the end of 2022.

The post Ethereum (ETH) is set for a strong bullish run – Here is why appeared first on Coin Journal.

Veröffentlicht am

Oversold RSI Could push Decentraland (MANA) up significantly in the near term

The last 7 days have been bitter-sweet for Decentraland (MANA). After initially falling, the coin has started to gain some upward momentum albeit it hasn’t been that much. But an RSI reading suggests that a potential bull run is possible. Here are the main facts:

  • RSI readings show MANA is now oversold, suggesting the risk of a major sell-off is low.

  • With limited downside risk, MANA could bounce back steadily in the near term.

  • The coin could surge by 50% in this bullish setup.

Data Source: Tradingview 

How can MANA smash $3?

The recent uptick in bullish momentum has not been that huge. But it has been enough to bring MANA above a crucial support zone of around $2. Bulls have done quite well to keep the price action above this. As the price consolidates, we expect it to push further towards the overhead resistance of $2.3. 

The Relative Strength Index or RSI appears to suggest that this is actually more likely. You see, in recent days, RSI readings have moved towards the oversold territory. This basically suggests that the risk of any major sell-off as far as MANA goes is very low. 

As a result, the only way is up. If indeed MANA is able to breach overhead resistance at $2.3, then it is a matter of time before it reaches $3. The biggest challenge however will be to maintain the price action above $3.

How can investors profit from this bullish setup?

There are two ways to profit from this MANA bullish setup. First, you can buy above the $2 support. As the token tests $2.3, you can either exit or bet on it, hitting $3. Either way, a run towards $2.3 still makes you 15%.

Secondly, you can wait for the coin to breach overhead resistance at $2.3. MANA will likely surge to $3 after that, delivering gains of around 25%.

The post Oversold RSI Could push Decentraland (MANA) up significantly in the near term appeared first on Coin Journal.

Veröffentlicht am

Terra (LUNA) aims to smash past $100 in the coming days

We have seen some decent positive momentum for Terra (LUNA) over the last three trading sessions. The coin however appears to have stagnated but there is still more upside for growth. Here are some key facts to note:

  • LUNA has fallen sharply from its $119 highs at the beginning of April.

  • The coin is however consolidating and could surge towards $100 in the days ahead.

  • This will represent a 15% upswing from the current price.

Data Source: Tradingview 

How soon will LUNA hit $100?

After recording modest gains over the last two sessions in a row, LUNA appears to have stagnated. The coin is largely trading sideways, but this is actually a good thing. It means we are seeing some price consolidation following the steep correction LUNA reported after hitting $119 on April 5. Once this consolidation is done, LUNA bulls will likely take over.

This will happen in the next few days, in fact, we expect LUNA to test $100 at the beginning of trading next week Monday. The run will represent a 15% gain from its current price. The key for bulls however will be to see off any sell-off after hitting the $100.

As we have seen with many coins this year, when a decisive bull run breaks out, investors are locking profits at crucial resistance zones. The $100-mark is one such resistance for LUNA, and if bulls decide to lock profit at this price, a fall; towards $80 will be inevitable. But in the short term, the possibility of a $15 – 20% gain is highly likely.

How far can the uptrend go?

We are not sure there will be enough bullish momentum to take LUNA above $100. In fact, this price will be a huge supply zone.

Unless something drastic happens, the upswing potential for the coin is severely limited for now. But if the token can sustain gains above $100 for a few days, then a surge towards $120 is not out of the question.

The post Terra (LUNA) aims to smash past $100 in the coming days appeared first on Coin Journal.

Veröffentlicht am

Harmony (ONE) reports an extensive rebound – Will the uptrend last?

Harmony (ONE) had suffered a major sell-off at the start of April. The coin in fact hit the lowest level since the tail end of February and was looking bearish. But so far, it seems like the token is rebounding. How long can this uptrend last? Learn more below but first, here are key takeaways from the article:

  • Harmony has managed to maintain strong support at $0.1130 in recent weeks.

  • The coin has surged by 6% in the last 24 hours albeit it remains 10% down for the week.

  • The rally over the last few days seems unlikely to last that long.

Data Source: Tradingview 

Harmony (ONE) – Why the recent uptrend will fade?

There is a very big difference between a rebound and a trend reversal. When coins go through a sustained bearish period, they are likely to rebound slightly but overall, the bearish conditions still remain. This is the exact case with Harmony (ONE). 

Although the coin has posted some decent gains in the last few days, we don’t expect the medium-term bearish trend to reverse. In fact, ONE still remains well below its 25- and 50-day SMAs. Besides, a look at the chart shows that coin has formed an inverted cup and handle pattern. 

These two indicators suggest that a bearish trend is still expected. Perhaps the good news for ONE investors is the fact that the coin is still trading above the crucial support zone of $0.113. But if this price is breached, more losses will follow.

How to play the Harmony (ONE) setup?

There is a massive downside risk with Harmony right now. The best thing to do as an investor is to watch the price action this week. If bulls manage to maintain the $0.11 support, then you can buy and exit at 20% gains max. 

The potential upside for ONE remains significantly low. But if the support is breached, give it another week to consolidate before you buy.

The post Harmony (ONE) reports an extensive rebound – Will the uptrend last? appeared first on Coin Journal.