Monat: Mai 2022

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Polkadot (DOT) could plunge after correction from its recent rally

Polkadot (DOT) has finally managed to get closer to $10 after falling sharply over the last week or so. The coin has also seen decent gains this week as it recovers most of the losses reported in the middle of May. But this bull run is losing steam and a correction appears imminent. Here are some important points:

  • DOT is losing steam after testing the $10 price.

  • The coin will likely face a major correction as short-term investors lock in profit.

  • DOT could fall sharply to $7.35 in the near term.

Data Source: Tradingview 

Polkadot (DOT) – Price prediction

It’s not the first time DOT has done a “fake out” this month. In fact, at the beginning of May, the altcoin tested $10 once more only to be rejected sharply at $10.5. We don’t think conditions in the market have changed that much. In that case, DOT will still fail to surge past $10. 

Besides, the coin has already gained a lot from its May lows. Although the bullish momentum has been good for DOT bulls, at some point it was expected to retreat. DOT will likely retrace the $7.35 support before it tries to rise again. This will represent a loss of around 27% from the current price. 

The price will also be around 70% lower than DOT’s highest price in 2022. However, if bulls can somehow manage to find enough demand to push above $10.5, then DOT will likely push further towards $16.

Why DOT is still a decent buy

The recent price drop in most altcoins has been painful. But this does not change the long-term outlook. Coins like DOT offer incredible utility and are backed by very serious projects. 

It is likely that DOT will return above $20 somewhere this year. That would still be a 2x multiple from the current price today. There is therefore so much upside.

The post Polkadot (DOT) could plunge after correction from its recent rally appeared first on Coin Journal.

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Tron’s (TRX) bullish forecast could push the coin above $0.075 in the coming days

Tron (TRX) has rallied impressively this week. The coin is now trying to surge past a strong resistance zone. With good recovery momentum, TRX could see more gains in the near term before any correction. Here are important takeaway points:

  • TRX is trying to surge past the $0.075 resistance zone

  • If Tron is successful, it could trigger a decisive bull run with impressive gains

  • Recovery momentum could play a key role in pushing the price above this mark.

Data Source: Tradingview 

Tron (TRX) – why $0.075 matters

Over the last few weeks, the $0.075 mark has been a huge selling point for TRX. In fact, every time the coin has tried to test this resistance, it has largely been rejected and fallen sharply thereafter. But things are now different. 

First, TRX is very close to this price. It only needs to gain less than 5% to smash past the resistance. Secondly, the coin already has strong recovery momentum. TRX has been trying to pair up some of the losses reported in mid-May. As a result, it has significantly rallied in the last 7 days. We expect this momentum to push the coin well above $0.075. 

But what does this mean for TRX bulls? Well, for starters, converting $0.075 from resistance to support would give the coin a very decent point of consolidation. This could then provide the basis for a decisive bull run that could push TRX well above $1.

Can TRX hit all-time highs in 2022

In general, the crypto market appears to have underperformed in 2022. There is of course a lot of time left for sentiment to turn around. 

But based on what we have seen over the last 6 months, it is unlikely that Tron will hit ATHs in 2022. Despite this, the coin still has the potential to offer 2x or 3x in returns from the current price.

The post Tron’s (TRX) bullish forecast could push the coin above $0.075 in the coming days appeared first on Coin Journal.

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These 3 undervalued tokens could become hot in the months ahead

The goal for any investor is to buy assets at a lower price and sell them when the price has shot up. In crypto, prices for assets can often shoot up very fast. If you are able to find undervalued gems, you could become very rich. But how do you find these undervalued coins? Here are some tips:

  • Focus mostly on new projects that are yet to achieve massive media coverage

  • Follow major venture capital firms and where they are putting their money

  • Analyze project roadmaps and visions to see future potential today.

Nonetheless, we have a few undervalued coins here below that could provide some decent growth in the months ahead.

Merit Circle (MC)

Merit Circle (MC) is a decentralized autonomous organization or DAO that focuses mainly on the metaverse and play-to-earn gaming. The DAO is trying to build the future of the metaverse by investing to accelerate innovative projects in this area. 

Data Source: TradingView

Merit Circle has announced major partnerships over the last few weeks, including one with the Axes Metaverse and others. As the metaverse becomes more mainstream, MC is likely to gain a lot.

Mines of Dalarnia (DAR)

The play-to-earn space is right now the most important growth sector in crypto. It’s also a relatively newer area that is seeing more innovations every day. One project that has captured the imagination of most players is the Mines of Dalarnia (DAR). 

This immersive game set in a virtual tech universe has released important updates already. We expect it to blow up very soon, especially now that interest in P2E gaming is growing.

Oasis Network (ROSE)

The Oasis Network (ROSE) has often been ranked as one of the most impressive projects in DeFi right now. Although it’s not new, based on its roadmap and recent partnerships, it is clear that Oasis still has so much potential to unlock.

The post These 3 undervalued tokens could become hot in the months ahead appeared first on Coin Journal.