Monat: Mai 2022

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Axie Infinity (AXS) set for a 50% upswing in this bullish thesis

Axie Infinity (AXS) is now starting to report some bullish consolidation. The coin had declined steadily since May 12, and there were worries it could retreat below $10. However, we are seeing signs of improvement, in fact, AXS could break out over the coming days. Here are some key facts:

  • AXS is consolidating above the crucial $20 and has done so in the last 24 hours.

  • This will likely trigger a bull run that takes the coin toward $27.

  • AXS must however maintain the $17.98 support for this thesis to hold

Data Source: TradingView 

Axie Infinity – How it can swing 50% up

The bullish consolidation we are seeing with AXS comes after a period of decline. As a result, it could suggest that the coin is about to break out of its long-term downward trajectory. The key to watch though will be the $17.98 support. If the price action stays above this and manages to gloss over $20 at the end of trading today, then AXS will break.

In the end, the coin will likely settle at around $27 before its retreats. This will deliver gains of nearly 50% for AXS bulls. There is also another setup worth noting. A run towards $28 may not happen all at once. In fact, it is possible that AXS will try to test the $23.19 resistance first. 

The coin may be rejected at this price, after which it may fall back below $20. This is just a temporary setback. We expect AXS to surge past $23.19 even if it fails on the first attempt.

How will AXS perform in the future?

AXS has suffered a lot this year. The coin is ten times cheaper from its $200 highs just a few months ago. 

We expect this weakness to start abating during the second half of the year. Eventually, AXS could still hit $100 before 2022 is out.

The post Axie Infinity (AXS) set for a 50% upswing in this bullish thesis appeared first on Coin Journal.

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Top analyst: BTC at this level has historically offered ‘outsized ROI’ for investors

  • Bitcoin price could still drop to the 200-MA at $22,000, with possible downside wicks to $19,000 and then $15,500. 
  • Bounces off these levels have offered huge investment returns for long-term investors, says crypto analyst Rekt Capital.

Bitcoin (BTC) is tracking fresh losses below $30,000, with the broader crypto market seesawing in the red amid new downsides for stocks. BTC, which has tanked nearly 58% from its all-time high, could still see further selling to reach new multi-year lows.

But for investors looking to enter the market, this could come with a massive opportunity if prices ended up at a key historical support level.

Top crypto analyst Rekt Capital says this has been the case whenever BTC price hits or wicks below the 200-week moving average (the 200-MA).

“Since 2015, the 200-MA has been touched on 4 occasions to form generational bear market bottoms. And 3 out of 4 of those Bear Market bottoms ended with downside wicking,” Rekt noted in a Twitter thread on Tuesday.

The downside wicks have been between -14% and -28%, with the latter happening after the March 2020 market collapse. According to the analyst, Bitcoin’s current price means bears need to pull the flagship cryptocurrency’s value down by 28% to reach the 200-MA that currently sits at around $22,000.

Below this historical support level, a -14% to -28% return would bring BTC/USD to $19,000 and $15,500.

This means investors who likely missed the last bull market could have a chance for a low entry point at these levels.

However, while the analyst says downside wicks off the 200-MA have largely presented periods of “peak financial opportunity for long-term BTC investors,” the market at these times is usually at extreme fear and maximum pessimism.

The post Top analyst: BTC at this level has historically offered ‘outsized ROI’ for investors appeared first on Coin Journal.

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Mirror Protocol price prediction: Should you buy the MIR dip?

The Mirror Protocol has done relatively well in the past few days as investors rush to buy the dip. MIR, its natve token, is trading at $0.40, which is about 115% above the lowest level this month. As a result, its total market cap has risen to just $35 million.

Why is MIR rebounding?

The Mirror Protocol is an important decentralized platform built on the Terra ecosystem. The platform’s goal is to enable people to buy and sell synthetic assets like stocks, commodities, and forex. 

Like all platforms built on Terra’s network, the coin’s price declined sharply this month. At its lowest point this month, MIR was down by almost 100%. 

Now, the cryptocurrency is bouncing back as other Terra coins recover. For example, TerraUSD, the stablecoin that caused all this damage, has risen by more than 10% in the past 24 hours. Similarly, tokens like Anchor Protocol and LUNA have all done well as investors buy the dip.

Analysts believe that some platforms like Mirror and Anchor Protocol will rebuild, possibly in other chains like Ethereum and Solana. They will also likely change their business model to bring in more transparency an focus on other asset-backed stablecoins like USD Coin and Tether.

However, for now, it is relatively difficult to recommend Mirror Protocol as an investment because of the relatively high risks. Like other Terra platforms, it is hard to know whether the recovery plans proposed by the leaders will become successful.

Worse, Mirror Protocol developers have not communicated about how they plan to salvage the project. Their last tweet was on May 4th before the implosion happened.

Mirror Protocol price prediction

On the daily chart, we see that the MIR price has been in a spectacular decline in the past few months. The coin’s sell-off accelerated when it moved below the important support level at $1.090, which was the lowest level on February 25th. 

Mirror Protocol price also crashed below the 25-day and 50-day moving averages. Therefore, despite this rebound, there is a likelihood that the coin’s price will continue falling as bears target the next key support level at $0.19.

The post Mirror Protocol price prediction: Should you buy the MIR dip? appeared first on CoinJournal.