Monat: Mai 2022

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Safemoon price is having a meltdown. Buy the dip?

The Safemoon price is in a sharp freefall as investors doubt whether the coin will survive the current sell-off. The SFM token has declined in the past seven straight weeks and the situation is getting worse. It is now trading at 0.00030, which is the lowest it has been since January this year. 

Why is SFM is a freefall?

Safemoon was once a high-flying cryptocurrency that was being endorsed by a multitude of celebrities in 2021. The promise was that holders would get rewarded for just holding the coin. These fees were to be generated from the network’s activities.

Safemoon has not lived to the hype as a number of high-profile developers left the organization. With the Terra network imploding, investors now worry that Safemoon could be next. For one, two groups have already launched serious allegations about the network and its creators. They have been accused of running a classic pump and dump scheme. 

Behind the scenes, the developers are attempting to make the project worthwhile. They launched the second version last year which attracted some fame. At the same time, they launched Operation Pheonix which is expected to invest in wind projects in places like Africa. Its wind turbines are being built by a company known as Semtiv.

Still, there is a likelihood that this project will not be successful. For one, wind turbines are extremely expensive equipment and their rollout is not easy. This explains why only a small part of the world economy is currently powered using wind. Moreover, Safemoon does not have all these resources. For one, the total market cap of the coin is currently $185 million.

Safemoon price prediction

The daily chart shows that the SFM price has been in a spectacular sell-off lately. It fell to a low of 0.00029, which was the lowest level since January. It has managed to move below the important support level at 0.00038, which was the lowest level on May 6th. The coin is still below the short and long-term moving averages.

Therefore, the Safemoon price will likely keep falling as bears target the next key support at 0.00026.

The post Safemoon price is having a meltdown. Buy the dip? appeared first on Coin Journal.

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This unknown play to earn games could have significant potential

Play to earn is by far one of the most exciting new frontiers in crypto. After the massive success of Axie Infinity, newer more exciting projects in play to earn are steadily coming out. But why would you even consider this niche? Here are some reasons:

  • Play-to-earn games are now combining NFTs as part of the process.

  • The rise of augmented and virtual reality could make a play to earn games bigger.

  • A lot of institutional investors are also checking out P2E games as future investments.

Well, for those of you looking for small and relatively unknown P2E games in crypto, the list below should be ideal:

Thetan Arena (THG)

Thetan Arena (THG) calls itself an eSport-based game that combines multiplayer functionality and virtual reality. It allows users to form teams and battle other teams for in-game rewards.

Thetan Arena has so far managed to attract over 23 million users. It also remains significantly undervalued, with a market cap of less than $30 million.

Pegaxy (PGX)

Pegaxy (PGX) is a small and relatively under-the-radar play-to-earn game that allows players to earn and create real value from the game. The blockchain game is free to play and largely involves mech horse racing within a metaverse. 

Pegaxy uses a dual token system. On the one hand, there is the PGX which is the main governance token for the platform. There is however another in-game utility token called VIS. As of now, Pegaxy has a market cap of less than $3 million.

Alien Worlds (TLM)

Alien Worlds (TLM) is more of an NFT-powered metaverse that includes a P2E gaming element. The platform allows users to earn NFT rewards as they compete in a simulated virtual economy through various planetary worlds. So far, the project has seen its market cap rise above $50 million, and more growth could still come in the future.

The post This unknown play to earn games could have significant potential appeared first on Coin Journal.

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Top 3 cryptocurrencies to buy and hold during a market sell-off

The crypto market has been on the ropes over the past week. Most coins have sharply fallen, and the worst is yet to come. This correction might continue for a few extra months, and it can be tempting to sell off your assets. However, here is why it makes sense to actually buy:

  • Most coins will largely be trading at huge discounts

  • The sell-off will be painful, but it will not last long

  • Crypto could be a superb long-term investment if you buy the right coins

So, if you are looking for some decent coins to buy and hold even as the market continues to sell off, we may have 3 options below that should be perfect.

Ethereum (ETH)

At the start of 2022, predictions for Ethereum (ETH) were significantly very robust. In fact, the most conservative estimates showed that the coin could easily top $10,000 before the year is out. However, it’s 5 months into 2022, and ETH has struggled even to cross $4000.

The coin has fallen even further and could soon breach $2000. While this does not look good, it also means that investors have the chance to buy ETH at a hugely discounted price. It’s still possible that ETH could hit $10,000 by the end of 2022.

The Sandbox (SAND)

Market headwinds can sometimes make it harder for investors to identify important trends that could define the future. In the crypto industry, one trend that we are all looking for is the metaverse. While there are many projects around this, The Sandbox (SAND) is quite frankly very promising. It should be worth a look.

Fantom (FTM)

Fantom (FTM) has had some torrid time this year. The coin has however seen a bit of recovery, and besides, the fundamentals that underpin this project still remain very positive. FTM could realistically deliver 5x growth this year. You just need to be patient.

The post Top 3 cryptocurrencies to buy and hold during a market sell-off appeared first on Coin Journal.

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Terra (LUNA) tumbles by 90% in 24 hours as UST’s recovery loses steam

Terra (LUNA) has continued its sharp decline from the start of the week. The ecosystem which is known for its stablecoins is experiencing its worst crash in months, and there are fears that the worse is not even over. Here are the key latest developments:

  • LUNA has fallen by nearly 90% over the last 24 hours, following two days of steep losses.

  • The crash comes as its stablecoin UST lost significant value against the dollar.

  • UST has fallen sharply again after showing signs of recovery 

Data Source: Tradingview 

Why is the LUNA crash far from over?

In the last few days alone, Terra (LUNA) has seen a sharp decline of over 170%. The crash is one of the worst in the history of the stablecoin platform. The steep losses were triggered after its main UST stablecoin lost its value against the dollar. 

UST is pegged against the US dollar at a ratio of 1:1. At one point, the stablecoin was trading at around 70% less than the value of the dollar. This has sent a lot of LUNA investors panicking and as such, the sell-off has begun. We had seen UST recover slightly but these gains have reversed sharply.

LUNA will face significant selling pressure. The confidence that investors had in UST is now severely dented, and it will take time for the coin to recover from this. As of now, expect sharper declines in the token price over the coming weeks.

What’s the long-term outlook for Terra?

Despite the UST debacle, Terra still remains one of the biggest stablecoin platforms in the world. However, there is no doubt that this incident will have far-reaching effects on LUNA’s price in the short term. 

But we expect the platform to recover in the longer term, and once UST is able to regain its 1:1 ratio against the dollar, investor confidence will certainly improve.

The post Terra (LUNA) tumbles by 90% in 24 hours as UST’s recovery loses steam appeared first on Coin Journal.

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Polygon (MATIC) aims to reclaim $1 after a steep correction

Polygon (MATIC) has started to show signs of recovery after a steep correction over the last week or so. The decline in price is part of a broader slump in the wider market, but MATIC appears to be consolidating for its next leg up. Here are the main facts:

  • MATIC has managed to hold the $0.8 support despite massive selling pressure.

  • The coin can reclaim the important psychological price of $1 in the days ahead.

  • This could trigger a bullish uptrend that could deliver at least 25% in gains.

Data Source: Tradingview 

Polygon (MATIC) – price prediction

After hitting a new 2022 high of $1.73, MATIC has lost a lot of its upward momentum. The coin has tumbled over the last two weeks, losing several key supports in the process. The biggest worry for bulls though came after the token fell below the crucial psychological price of $1. 

But despite this selling pressure, MATIC appears to have found strong support at $0.8. The coin has held this level even as the broader market sells off. This is a good sign, in fact, we are seeing some consolidation around $0.8 right now. If this continues, MATIC is likely going to reclaim the $1 price. 

After that, bulls may take over and push the price action higher by at least 25% from the $1 price. Besides, momentum indicators, including the RSI show a bullish divergence that could push the price further upwards.

How to take advantage of this setup?

MATIC has already dipped massively from its 2022 highs. If you ever wanted to own this altcoin, this is the cheapest it has been for a while. It’s therefore a good time to buy, especially for long-term investors. 

As for the short-term play, a good approach would be to wait for the altcoin to reclaim $1. Once this happens, you can buy in and exit at around $1.3.

The post Polygon (MATIC) aims to reclaim $1 after a steep correction appeared first on Coin Journal.