Monat: April 2022

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Tron (TRX) continues to plummet and could bottom at $0.05 in the days ahead

The crypto market has pulled back after the end of March rally. Tron (TRX) has been hit hard, and it seems like the coin is starting to get bearish barely days after posting one of the best uptrends this year. The coin could plummet even further before consolidation. Here are some of the key facts:

  • The 3-day chart since Monday shows TRX has formed a large bearish trend

  • Momentum indicators like RSI also show that the coin is bearish.

  • Tron will likely drop to $0.5 before it finds its bearings again.

Data Source: Tradingview 

Tron (TRX) – The bearish short-term trend

There were a lot of positive outlooks on Tron last month. The coin had managed to post a 30% counter-trend rally which would later give way to a sustained bull run that saw TRX hit 2022 highs. 

Based on this, it was expected that overall, the coin would continue to post gains and even test $ 0.2 in the near term. But the bullish trend appears to have sharply reversed. TRX has lost a lot of value this week, and its 3-day candle now points to a bearish outlook.

TRX also remains very far away from the next overhead resistance. This suggests that bears are now in control and will look to take the price to $0.05 before any other bull run. This will represent sustained losses over the last week of nearly 30%. However, a close above $0.82 will invalidate this prediction.

Should you stay away from Tron?

For now, TRX remains highly risky so it may be best to stay away for a while. Since the coin is already on a downtrend, buyers can wait to see how soon it will bottom at $0.05. 

Once it hits this price, it is likely that TRON will consolidate. This will be the perfect time to buy, provided overall conditions in the market are positive.

The post Tron (TRX) continues to plummet and could bottom at $0.05 in the days ahead appeared first on Coin Journal.

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Shiba Inu (SHIB) could double your money in the near term – Here is why

Doubling your investment in crypto is not always that hard, especially when you are talking about meme coins like Shiba Inu (SHIB). But for all its glory back in 2021, SHIB has actually fallen sharply this year albeit we saw some recovery at the end of March. But the coin has the potential for doubling your money. You will see why below but first, check out these important takeaways:

  • Shiba Inu appears to be sitting within a significant demand zone.

  • The coin could break out in a decisive bullish run with 100% gains.

  • SHIB also remains above strong support with very low downside risk

Data Source: Tradingview 

Can SHIB actually deliver 2x in the near term?

Yes, the chart appears to show that there is a setup for 100% gains. Right now, SHIB has entered a crucial demand zone of between $0.0000235 to $0.0000263. This has actually happened before in late February, and once SHIB broke, it went on to rally by a huge margin. 

The most conservative estimate will be a 38% upswing this time round. But where will the 100% rise come from? Well, you see SHIB is also sitting above a very strong support zone. This means that the risk of steep corrections is minimal. 

For this reason, it is likely that SHIB will swing by around 40%. After that, a small correction will come where SHIB will pull back slightly before rising again. In the end, it’s conceivable that the price will double in the near term.

Is it time to get SHIB?

Well, Shiba Inu will break out sooner or later. It, therefore, makes sense to start accumulating these coins within this demand zone. 

From a long-term point of view, SHIB remains a bit risker due to uncertainty over long-term investor sentiment. But considering that it has fallen sharply from its 2021 ATHs, it could be a great time to buy the meme coin at a discount.

The post Shiba Inu (SHIB) could double your money in the near term – Here is why appeared first on Coin Journal.

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Loopring (LRC) could rally to $1.2 in the near term – Here is the setup

After reporting a sharp fall over the last three days, it seems like Loopring (LRC) has started to consolidate. The coin could find enough demand for another rally in the coming days. But how fast will this happen? More analysis to follow but here are the latest developments:

  • Despite the recent fall, LRC is still within an important upward trend line

  • The coin also shows a bullish signal on the Relative Strength Index (RSI)

  • LRC could surge towards $1.2 before it tries to consolidate once again.

Data Source: Tradingview 

Loopring (LRC) – Analysis and price prediction

The last 3 days have proved quite difficult for LRC holders. The coin has seen a major drop and was in fact down by around 7% in the last 24 hours. But this doesn’t mean the token is in a bear market. 

We are in fact seeing a period of price consolidation within a very important upper trend line. As such, we expect LRC to report more gains in the days ahead. Conservative estimates show that the coin could hit $1.2 before it finds further momentum. This will still represent a gain of around 20% from the current price.

Also, the RSI reading shows LRC is now in oversold territory. This could suggest that any risk of another major sell-off is highly unlikely. This analysis will however be null and void if LRC falls below $0.735.

Why should you buy LRC now?

Loopring is a scaling solution for Ethereum that has a lot of star-studded investors. It’s a project that has great long-term value. There is also an opportunity to make a return on a short-term trade.

Since the coin is roughly trading at around $1 right now, there is a likely 20% upswing in the days ahead if the surge towards $1.2 happens. The perfect entry zone for this short-term play will be between $0.74 and $1.

The post Loopring (LRC) could rally to $1.2 in the near term – Here is the setup appeared first on Coin Journal.