„Diese Reorg deutet nicht auf eine fehlerhafte Fork-Auswahl hin, sondern eine nicht-triviale Segmentierung von aktueller versus veralteter Client-Software“, so der Ethereum-Kernentwickler Preston Van Loon.
UST skyrockets as Terra’s 2.0 airdrop nears
UST has skyrocketed over the past 24 hours. The coin is getting closer and closer to regaining its dollar peg. The surge comes as Terra prepares for a reboot. The project is planning a major airdrop over the coming days. Here are some pointers:
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UST had crashed nearly 90% against the dollar after it de-pegged
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The coin has recovered and is around $0.8 on the dollar
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However, UST continues to experience massive volatility for a stablecoin.
Data Source: TradingView
Will UST regain its peg?
Well, it is possible in fact, based on the recovery we have seen over the last two weeks, it won’t be a surprise if the stablecoin finally does it. But that’s not really the most critical point. Stablecoins are supposed to be “stable”. However, the kind of volatility we have seen in UST is just massive.
Even if the coin was to hit the $1 mark, it is likely to keep falling up and down for the foreseeable future. This will likely keep investors away. Also, this intermittent surge is probably driven by short-term buyers. These are typically investors who are trying to cash in on the latest Terra reboot. They will obviously take their profits, and UST will crash again.
So, while there is a real path for UST to hit $1, staying there will be an uphill task. Even if Terra manages to reboot successfully, restoring investor confidence in UST will be very hard in the near term.
How to trade UST?
The best way to trade UST is to focus on short-term volatility. There will be opportunities to buy dips and cash out. As of now, the coin is rallying and could get very close to the $1 mark.
When it does, short it. But good luck finding exchanges that are willing to process that trade. Do not hold UST for the long term unless it consolidates at $1 for a few weeks.
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Origin Protocol (OGN) still vulnerable despite recent consolidation
The Origin Protocol (OGN) has consolidated quite impressively over the past 7 days. The coin had seen a major sell-off in previous weeks. However, although the consolidation is a good thing for OGN bulls, the coin still remains very vulnerable to steep losses. Here are key points to note:
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OGN has gained nearly 50% from its lowest price in May.
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The recovery rally has started to slow, with OGN losing 11% in the last 24 hours.
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The coin will likely retreat further as short-term traders exit positions.
Data Source: TradingView
Origin Protocol – How serious is the downside?
May was no doubt the worst month for crypto in 2022. As a result, OGN hit its lowest price in 2022 this month. While there has been a decisive recovery over the last 14 days, the token is now losing momentum. In fact, after falling 11% in the last 24 hours, OGN is about to lose the crucial $0.2 support.
If this happens, the coin will be exposed to at least a 30% downside. This fall will likely settle on its 25-day EMA of around $0.15. However, IGN bulls still have a chance to avoid this. The most important thing will be to consolidate above $0.2. If OGN is able to close the day above this price, then we may see it test its next overhead resistance at $0.23.
Despite this, smashing past $0.23 will be very hard in the near term. As such, it’s safe to assume that the upside potential for OGN remains capped at the moment.
Should you buy OGN or Wait?
Well, you can actually do both depending on the price action. For now, give it 24 hours. If the price is still above $0.2, then it’s a good time to buy. However, if OGN breaks below $0.2, then you can wait until it bottoms at $0.15 before getting in.
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Alchemy Pay’s recent 80% surge is now wiped out – What next
At the start of May 24th, most coins in the market were trying to consolidate after a major crash a week prior. But Alchemy Pay (ACH) was in the process of breaking out in a massive bullish uptrend. The coin however has failed to keep up this momentum and appears to have lost most of its gains. Check out the facts below:
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ACH has lost nearly 80% of its value since the May 24th rally
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The coin continues to show weakness with a 24-hour decline of 15%
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However, the downtrend may slow down in the coming days
Data Source: TradingView
Alchemy Pay (ACH) – Price prediction and analysis
Alchemy Pay (ACH) has been on a long-term bearish trend. In fact, the coin has fallen sharply from its 2021 highs. However, when it rallied by nearly 80% in just a few days, there were some signs that we could see a trend reversal. These signs have now disappeared.
Instead, ACH has returned to its bearish outlook and has wiped out nearly all the gains posted over the last two days. However, we believe the worst is now over. Although the coin appears to be heading for a brutal close today, it is likely the downtrend will slow at the beginning of trading tomorrow.
But upside potential is still very sketchy. In the best-case scenario, ACH will likely hit $0.021, around 25% higher than its current price.
Why Alchemy Pay is going to be huge
Alchemy Pay is designed to offer hybrid payments across both crypto and fiat. Over the years, the platform has allowed over 2 million merchants around the world to accept crypto payments. This is a huge deal.
As expected, the adoption of crypto as a real payment option in the real economy is inevitable. As such, platforms like ACH will likely benefit a lot from this surge.
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Binance Coin (BNB) could target $450 despite stagnation
Binance Coin (BNB) has faced some stagnation in the price action over the past week. The coin has largely traded sideways, but there is still some potential for growth if it could break past two crucial resistance zones. Here is what you need to know:
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Binance coin offers significant upside potential with this setup.
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The coin must smash past $336 and then $358 before any run towards $450
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At the moment, it doesn’t seem like there is enough momentum for this
Image Caption
Source – TradingView
BNB and the road towards $450
Hitting $450 in the near term will be a huge thing for BNB bulls. The coin has after all been suppressed for weeks now. There was even a small window where it fell below the $300 mark. However, it seems there is a path toward $450, but two major hurdles must be overcome.
The first one is the $336 resistance zone. At the moment, BNB is around 10% away from this. If we see more robust positive action in the market tomorrow, then the coin will likely close the week above $336. Despite this, the next resistance will be the most important one. BNB will need to find enough momentum to reclaim $358 and consolidate there.
We do not think the coin has enough upward momentum to reach $358. Instead, it will likely test $336 before falling once more towards $310. There is also some downside potential to note. If indeed the price continues to move sideways and fails to make any decisive run towards $336, BNB could eventually tank to $286.
The trading strategy for this setup
Well, the first thing to do would be to assess price momentum in the next two days. If BNB remains to stagnate between $308 and 318, then don’t buy.
However, if there is a clear break above $320, it is likely the coin will hit $336. After $336, downside risks increase exponentially, so you better exit early.
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