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Shiba Inu (SHIB) could drop by around 15% before any bull run

Shiba Inu has seen a two-week period of price consolidation. There have been times when the coin has rallied but overall, the price action over the past 14 days has largely been in a consolidation phase. However, the coin may experience another 15% drop before it rallies. Here are some highlights:

  • SHIB has formed a descending triangle pattern in recent weeks that could trigger a breakout.

  • The coin will however need to gather enough trading volume to achieve this

  • SHIB may dip by at least 15% before enough demand is generated for a bull run.

Data Source: TradingView 

How far can SHIB go?

At the moment, it seems like SHIB needs a few more days to consolidate further. Yes, it will drop of course, but we don’t see so much downside here. If anything, the 15% drop will bring SHIB within an important demand zone. This could finally provide the momentum needed for the meme coin to go on a strong uptrend.

Besides, right now SHIB is not far away from its bottom price after the May sell-off. In fact, if the meme coin was to drop by another 15%, it would be more or less within that price range. This means that more downside at this time remains very low.

It is likely that the coin is actually nearing the end of the May bear cycle and as such, it is ready for a decisive bull run.

Is SHIB risky right now?

The risk is minimal as we speak. In the short term, we do not expect any major sell-offs for the meme coin. However, with investor sentiment still struggling to pick up, the volatile nature of SHIB will likely continue. 

Nonetheless, SHIB could offer at least 25% in gains in June before it pulls back. As for long-term investors, improved sentiment in the market could push 3x growth by the end of 2022.

The post Shiba Inu (SHIB) could drop by around 15% before any bull run appeared first on CoinJournal.

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Cronos (CRO) struggles to break out despite major ecosystem developments

Cronos (CRO) has been one of the most underperforming coins in the market over the last few months. The coin has literally blown hot and cold but despite this, it has failed to establish any decisive breaks. However, Cronos still continues to report major ecosystem development news. Here are the highlights:

  • Cranos recently announced a partnership with racing giant Aston Martin

  • The coin has however failed to reflect these huge developments in the pricing

  • Cronos remains well below the $0.2 mark and could stay there for a while

Data Source: TradingView 

Where does CRO go from here?

There is no doubt Cronos is a huge project in crypto. The fact that the coin is now selling for less than $0.2 suggests that it’s undervalued. As more ecosystem developments continue to be reported, we expect the underlying fundamentals for Cronos to improve. This will however not reflect in the price until overall sentiment in the market improves. 

As long as crypto investors are not willing to take risks, then fundamental ecosystem news doesn’t matter. But despite this, CRO still has enough potential to surge to $0.5 this year. This will roughly be more or less where it was a few weeks ago.

Nonetheless, it will still be a growth of around 5x. Now, this will of course not happen in a few days. But before the end of 2022, CRO could easily be 5x your money, especially if more and more investors discover just how undervalued it is.

How to trade CRO

The best play for CRO has to be long-term. There is just so much volatility in the market now, so predicting assets in the short term is very hard. 

But if you don’t mind holding CRO for a few months, then you will definitely get some amazing returns. Even if the coin doesn’t hit $0.5, you could still end up with decent double-digit returns.

The post Cronos (CRO) struggles to break out despite major ecosystem developments appeared first on CoinJournal.

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Ethereum (ETH) rebounds to hit $1900 – Can it keep going?

Ethereum (ETH) has managed to see some strong recovery this week. The coin has finally risen above $1900, and there could still be more upside to further test $2000. But how far can the bulls keep the momentum going? Turns out not that long. Here are key highlights:

  • Ethereum has gained around 7% over the last 24 hours.

  • The coin is consolidating the price above $1900.

  • A decisive run towards $2000 is possible in the days ahead.

Data Source: TradingView 

Ethereum’s recovery and its limits

The fact that ETH has managed to hit $1900 is a very good sign. It means that the downtrend we saw last week has reversed or at least stopped for now. If the coin can manage to close the day above this price, then you should expect a decent upward rally. 

It is likely though, that ETH will face major resistance at $2000. However, we expect bulls to just have enough in their tank to overcome. Once the coin rises above $2000, it will trigger a decent demand that will push it towards around $2300. This will be a rise of 21% from the current price. 

But if ETH fails to hold $1900, we may see more weakness follow. However, at the moment downside risks are not that big. At worse, ETH will likely bottom at $1700, where it has found very strong support in recent days. We are also seeing large accounts buy more ETH. This is a sign that the long-term prospects for the coin are quite positive.

Why Ethereum could grow this year

It is unlikely that Ethereum will hit the $10,000 price that we all expected at the start of the year. But the coin still has so much left to give.

At the moment, conservative estimates could push ETH to $6000 by the end of the year. That will be around 3x growth in 2022.

The post Ethereum (ETH) rebounds to hit $1900 – Can it keep going? appeared first on CoinJournal.

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Bitcoin (BTC) returns above $30,000 – Will we see a bull run this week

Bitcoin is kicking off the new week in good shape. After a lackluster month in May, the coin appears to be finding some decent uptrend. But how long can this upward trajectory last? Well, we will look at this in detail below but first, check these points:

  • Bitcoin has managed to climb above $30,000 once again after a whole week of weakness

  • Despite this, the coin is yet to surpass an important overhead resistance of $30,750

  • BTC could surge towards $32,500 if the resistance above is broken

Data Source: TradingView 

Will BTC go bullish this week?

It is highly unlikely we will see a notable bullish run for BTC this week. Yes, shooting above $30,00 is of course a good sign. But despite this, BTC still remains suppressed below a crucial resistance zone of around $30,750. 

The last time BTC tried to smash this price, the coin was firmly rejected. In the end, it fell sharply and bottomed at around $28,500. However, if bulls can find enough momentum over the coming days to push the coin above $30,750, then we might see Bitcoin surge and settle at around $32,500. This will be an upswing of around 10% from the current price. 

However, we do not see any further upside above $32,500 for now. The overall sentiment in the market hasn’t changed that much to suggest that BTC is poised for a bull run this week. Instead, the coin will go through the usual volatility but could still remain above $30,000 by the week’s end.

What is BTC’s realistic price in 2022?

A lot has been said about BTC hitting $100,000 this year. But this remains highly unlikely. Some experts in fact note that BTC could end the year at around $38,000. 

There is also a real possibility the coin could hit $50,000 as well. It all depends on how fast the risk-off sentiment in the market abates.

The post Bitcoin (BTC) returns above $30,000 – Will we see a bull run this week appeared first on CoinJournal.