Monat: Juni 2022

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Waves plots major comeback after facing selling pressure

Waves has been a delightful surprise in crypto over the past six months. The coin has seen rally after rally albeit it has pulled back several times. However, over the last two weeks, the coin has seen a major sell-off, pushing closer to its May lows in the process. But could Waves plot a decisive comeback? Here are some important points:

  • Waves peaked at around $11.5 at the start of June after a major bull run

  • The coin has however retreated sharply and is now trading at around $5

  • However, Waves is now within a decent demand zone

Data Source: TradingView 

How retesting major support helps Waves

As noted above, the sharp fall we have seen for Waves has pushed it towards major support of around $4.21. In fact, despite the massive sell-off we saw in crypto over the past week, the coin managed to hold this support level. With this in mind, we may now start to see some potential accumulation around this price. 

This will then trigger a trend reversal and push Waves further up in the near term. Also, looking at the momentum indicators, the coin has now gone towards the oversold threshold. This could suggest that the risk of a major decline is relatively lower.

It is likely that Waves will follow the trend in the broader crypto market for the week. After that, the coin may start to find its own directional momentum and could easily outperform major coins as it has over the past 6 months.

Should you buy Waves

One thing we have learned about waves over the last few months is that its highly volatile. So, it may be a good bet for short-term trades. For now, just watch the accumulation around the $4.23 support. 

If this continues for several days, it could mean that Waves is about to break out. Buy in and exit at around $7 to avoid major risk.

The post Waves plots major comeback after facing selling pressure appeared first on CoinJournal.

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Star Atlas wants to revolutionize P2E gaming – Should you buy

Play to earn or P2E is seen as one of the most promising sectors in crypto. After all, some projects have seen massive success in this area, including the popular Axie Infinity. But one game that is trying to take over the P2E space is Star Atlas. The metaverse game has seen major milestones over the past few months. Here are some of them:

  • Massive community growth with over 350,000 followers on Twitter

  • The game is built on Solana, offering better speeds and scalability

  • It has hundreds of thousands of active players each day

Data Source: TradingView 

Star Atlas – Should you buy it?

Before we get to the economics of Start Atlas, it is important to note that the metaverse offers a dual token economy. The governance token is called the POLIS. Now, as an investor, you would normally purchase the governance token since it gives you a lot of leverage over the game. 

So, the more the game grows, the more valuable the POLIS token becomes. This token has a fully diluted market cap of around $138 million. This is still modest and offers quite some potential for more expansion. 

The second coin is the in-game utility token called ATLAS. This one would be ideal for people who want to actually play the game. The market cap for ATLAS is around $219 million.

Why buy Star Atlas?

The potential growth that Star Atlas offers is quite incredible. In fact, just recently, JP Morgan has come out with a report that predicts the metaverse would be worth $13 trillion by 2030. Start Atlas is one of the projects leading this revolution, and it could help you unlock a huge chunk of that industry.

The game dynamics and in-game economy of the Star Atlas metaverse are very sustainable. This ensures the game can run on its own without further injections of capital.

The post Star Atlas wants to revolutionize P2E gaming – Should you buy appeared first on CoinJournal.

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Avalanche could drop below $10 – Here is why

Avalanche, like many major coins, has had some reprieve from the crash we saw at the start of the week. Although the coin is down 3% over the last 24 hours, it has managed to stabilize. However, the altcoin is not out of the woods yet; in fact, another major sell-off could be on the way. Here is what you need to know:

  • Low trade volumes in crypto could precipitate a liquidity challenge for AVAX

  • The prospects of a global recession and tight monetary policy are major risk factors.

  • AVAX could drop nearly 50% and bottom below $10 in the coming weeks.

Data Source: TradingView 

Avalanche price analysis and prediction

At the moment, Avalanche appears to be in a consolidation phase. However, this does not mean there is likely bullish momentum. In fact, this consolidation is basically a small reprieve from the massive sell-off reported earlier in the week. We expect Avalanche to resume the downtrend owing to weakened demand in crypto and wary investors. 

Also, as trade volume in the market slows, altcoins will likely face liquidity challenges. This may contribute to a major downfall in the near term. At the moment, AVAX is trading at around $16. The coin still has strong support at the $12 mark. 

However, we don’t think bulls have what it takes to hold it. Instead, AVAX will slide down past $12 and settle at around $9. This will represent a 50% drop from the current price. Nonetheless, this thesis will become invalidated if AVAX reclaims $20.

Why is AVAX falling?

Well, it is a combination of many things. For instance, the overall sentiment in crypto has slowed. As such, coins like AVAX are facing major headwinds. 

Also, we have not seen any major rally for AVAX this year. It turns out that 2022 is a year of corrections. As such, the coin could drop below $10 for the first time in 12 months.

The post Avalanche could drop below $10 – Here is why appeared first on CoinJournal.

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Cardano establishes a strong trading range despite pressure

Before the crypto crash this week, Cardano had shown outstanding upward momentum. The coin at one time even rallied by nearly 50% in less than a week. But as weakness sips through the market, all these incredible gains have now reversed. Despite this, ADA has managed to establish a strong trading range. Here are some highlights:

  • ADA has traded between $0.47 and $0.55 over the last few days

  • This range will likely hold as the broader crypto market slightly recovers

  • Cardano however faces very limited upside to overcome the $0.55 barrier.

Data Source: TradingView 

Where will ADA go from here?

The trading range established by ADA over the past few days represents short-term support and resistance. It is likely that the coin will trade within this range for days before it finds direction. 

However, we do not see a lot of downsides. In fact, if ADA was to lose the $0.47 support, it could still find a lot of resilience at $0.435. This is actually a longer-term support zone for the coin. Also, if there is a period of price consolidation above $0.55, we may see a short-term rally for ADA. 

But it doesn’t seem like the coin has so much room to run. In fact, the best-case scenario for bulls would be to try and reclaim the highs of $0.77. Here, ADA will face major sell-off pressure and will likely retreat even before it attempts to test $1.

When will ADA return above $1?

It seems like yesterday when we were all looking at ADA above $1. The coin was projected to hit at least $5 by the end of the year. However, this is now highly unlikely since ADA would need to grow more than 10x to hit that estimate.

But a return above $1 is not out of the cards. Sentiment will however need to improve drastically over the month ahead for this to happen.

The post Cardano establishes a strong trading range despite pressure appeared first on CoinJournal.