Monat: April 2022

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Ethereum Classic (ETC) falls after hitting 2022 highs – is this a pullback or trend reversal?

Ethereum Classic (ETC) has performed quite impressively over the last month. The coin has managed to rise from its yearly lows and hit an all-new high for the year. At one point, it was testing $60, which was huge. But ETC appears to have fallen ever since. Here are some key developments:

  • After peaking at around $54 in recent weeks, the coin has lost about 20% of its value.

  • ETC has also struggled to find upward momentum and continues to trade sideways

  • The coin is facing a real risk of a trend reversal that could push prices further down.

Data Source: Tradingview 

Ethereum Classic (ETC) – Is a trend reversal coming?

The recent uptrend in ETC has largely been fueled by Ethereum miners who are buying the coin in anticipation of Ethereum 2.0. In fact, tracking the progress between ETH and ETC, it is clear that demand has largely favored Ethereum Classic.

For example, ETH has been on a massive bull trend since mid-march and has gained about 30%. Over the same period, ETC has gained nearly 80%. In essence, ETC has outperformed ETH by two times. But this uptrend is reversing and doing so quickly.

For instance, despite its rally, ETC has failed to breach the 200-day SMA. Also, the distance between the 50-day SMA (which ETC is above now) and the 200-day SMA is very high. This typically indicates slowed bullish momentum. We expect ETC to retreat sharply, and once it breaks $38 support, the fall will be much bigger.

Is ETC worth buying?

For now, it seems the coin has lost its upside potential. You don’t want to buy an asset that is facing a trend reversal. 

A good rule would be to give it a week or so. If the $38 is breached, then a period of selling will come, after which the price will consolidate. That would be the best time to buy.

The post Ethereum Classic (ETC) falls after hitting 2022 highs – is this a pullback or trend reversal? appeared first on Coin Journal.

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Dogecoin (DOGE) price consolidation points at a major rally – What you need to know

Dogecoin (DOGE) has done very well to pair up some of the losses it suffered this year. But even though we have seen this strong uptrend slow a bit over the last few days, DOGE appears to be consolidating around a crucial demand zone. Here are the details:

  • DOGE’s price action has been bouncing off between the $0.127 and $0.137 demand zone.

  • This consolidation could provide a potential upswing of nearly 35% in the near term.

  • But the meme coin will need to hold above $0.127 for this to happen.

Data Source: TradingVIEW 

Dogecoin (DOGE) – What to expect next

After consolidating between $0.127 and $0.137, it seems like DOGE is ready for an upward rally. The coin is already on a strong uptrend, and it is likely that it will try to test $0.2 in the near term. This will deliver gains of nearly 40%.

Also, the meme coin appears to be enjoying a very prolonged bull run. Although there has been a bit of volatility here and there, since the start of March, DOGE has gained around 50%. We expect this trend to maintain.

Nonetheless, the challenge for bulls right now will be to maintain the $0.127 support. So far, it seems this will be done quite easily unless something big happens in the market. We also believe that any upswing is capped at $0.2. When DOGE hits that price, it will pull back as bulls take profit.

Should you consider DOGE now?

Dogecoin (DOGE) is currently trading within an important demand zone. If you wanted to buy it, this would be the time. But a short-term strategy is less risky.

In fact, anyone buying will need to look at $0.2 as the last exit point. For investors who want to hold DOGE for longer, no need to worry. You can still buy now and forget for a while.

The post Dogecoin (DOGE) price consolidation points at a major rally – What you need to know appeared first on Coin Journal.

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Whale holdings in Cardano (ADA) drop to all-time lows – Should you be worried?

Despite showing strong bullish momentum in the last few weeks, it seems large wallets are not buying Cardano (ADA) as they used to. In fact, we have seen the exact opposite. But what does this mean? Is ADA risking a sell-off? Not exactly. Nonetheless, here are some important facts:

  • Whale holdings for ADA are now at an all-time low

  • But an influx of institutional money in 2022 could help balance the scales

  • ADA remains bullish and is up nearly 35% from its lowest price in 2022.

Data Source: Tradingview 

Cardano (ADA) – Does loss of whale accumulation matter?

Well, at the end of the day, large wallets will have a massive impact on the price action of any coin. In an ideal situation, you would want to have whales holding an asset for longer. That is always a good sign. 

But despite this, it doesn’t seem like ADA has largely been affected by a drop in whale holdings in fact, in the midst of all this, the coin has surged to its best possible price in 2022 and remains well above its yearly lows as well. 

Besides, although whale holdings for ADA are at an all-time low, large wallets still hold a lot of Cardano. At least 83% of all ADA coins in circulation are held by large wallets. So, there is still a long way to go before a drop in whale accumulation starts to have a real impact.

What is Cardano’s long-term outlook?

Cardano still maintains a very positive long-term outlook. Conservative estimates expect ADA to close out 2022 at $4, which will be about 4 times its current price.

In that case, even if whales are dumping some of their ADA holdings, this does not change the fact that the coin could still deliver immense value for investors in 2022.

The post Whale holdings in Cardano (ADA) drop to all-time lows – Should you be worried? appeared first on Coin Journal.

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Aave (AAVE) to continue recent uptrend despite rejection at crucial resistance zone

Aave (AAVE) has ranked among the top 5 best performing major crypto assets in the last two weeks. The coin has been on a major uptrend and in fact, it managed to break above $200 for the first time this year. So, where does the price action go from here? Here are some pointers to keep in mind:

  • After surging towards $230, AAVE appears to have lost its upward momentum.

  • The coin has largely remained in sideways trading for the last two days

  • AAVE was also rejected at the crucial $241.8 resistance level

Data Source: Tradingview 

Can Aave find momentum?

The rejection at $241.8 was a big letdown for bulls who had managed to push AAVE quite high in the last 14 days. In fact, the coin has since retreated and is trading at around $231. We expect bulls to try and breach the $241.8 price in the coming days. 

Although this will be difficult given the current stagnation in the price action, it is not impossible. A break above $241.8 will push AAVE further above $261 before any resistance. This will represent a 15% upswing above the current price.

Despite this, there is still a very big risk of retracement. Remember AAVE has largely trended upwards for the most part of March. A correction is, therefore, due and as such, we could see a strong retracement that takes the coin back to $210. However, if the price action stays above $230, more upside will come.

Why should you consider AAVE now?

We still think that there is a little bit of upward momentum left for AAVE. In fact, a sharp rise toward $260 is still possible. Buying now will therefore give you a chance to make back at least 20% in returns. 

But the risk of retracement on the downside should not be ignored. If bulls cannot keep the price above $230, then you should probably wait for it to fall back to $210 or thereabout before buying.

The post Aave (AAVE) to continue recent uptrend despite rejection at crucial resistance zone appeared first on Coin Journal.

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Dogelon Mars (ELON) remains highly vulnerable despite the recent rally

Over the last two weeks, Dogelon Mars (ELON) has reported a sharp recovery from March lows. The coin, like many others in the market, is riding an upward wave of improved investor sentiment. But it seems like ELON is very vulnerable to a major sell-off. Here are the facts:

  • After that strong rally over the last two weeks, ELON has now firmly stagnated

  • The meme coin has since lost nearly 30% of its value from its highest price in March.

  • It is likely the downtrend will continue in the weeks ahead.

Data Source: Tradingview 

Dogelon Mars (ELON) – What to expect

We knew that it was a matter of time before the ELON rally lost a bit of steam. But it seems the meme coin is reversing faster than expected. After surging to $0.0000014, ELON was trading at its highest level this year, and it had managed to smash past several key resistance zones.

But the recent pullback is worrying. For instance, the meme coin has fallen about 30% from its March highs. More worryingly, it has dropped below $0.0000012, an important support zone that bulls couldn’t hold.

At the moment, it looks like the price is consolidating with very modest losses in the last 24 hours. If bulls are able to find enough demand, $0.0000012 will be the next target. Failure to cross over that price will mean another pullback will be likely.

How to play Dogelon Mars (ELON)?

Meme coins are very tricky because they can swing up and down very fast. But for ELON, there is a short-term play here. So far, the coin has fallen below $0.0000012. 

If somehow bulls can take the price above that, then you should consider buying. ELON will add at least 35% of its value above that resistance before any pullbacks. But for now, there is just too much risk to buy right away.

The post Dogelon Mars (ELON) remains highly vulnerable despite the recent rally appeared first on Coin Journal.