Monat: Juni 2022

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Is Binance Coin (BNB) worth buying today?

Growing adoption and deflationary tokenomics make BNB crypto worth buying

Key points:

  • BNB is used for paying fees at Binance, the largest exchange in the world. 

  • BNB is also deflationary, which means long-term demand will outpace supply.

  • BNB is currently trading at over 50% off its all-time highs, making it a perfect buy for long-term investors.

As the bear market rages on, it is only natural for investors to look for cryptocurrencies that offer safety and potential growth. While Bitcoin is the number one on this front, Binance Coin (BNB) is another cryptocurrency with good odds. Going by its price action all through 2022, BNB is among the cryptocurrencies that have held value better than most.

This has a lot to do with its strong use case. Unlike most cryptocurrencies only for speculative purposes, BNB has an actual use case for paying fees across the Binance ecosystem. The best part is that the Binance ecosystem is pretty huge and is continually growing in size, further adding to BNB’s strength. 

Binance launched in 2017 but has since grown to be the largest cryptocurrency exchange by volume. It is also continually adding its product offering, further adding to the use cases for BNB. For instance, the Binance ecosystem now includes the Binance Smart Chain, one of the most significant launch platforms for Dapps today. Essentially, BNB is one of those cryptocurrencies with a very low chance of crashing without warning, as happened to LUNA in May 2022.

Besides the use cases giving BNB some downside protection, there is every reason to believe that BNB could do well going into the future. That’s because its supply is always going down over time. This is all thanks to the Binance Coin burns that happen every quarter. With shrinking supply and growing demand, the odds are that BNB will keep going up over time.

Is Binance Coin a good buy today?

Binance coin is, without a doubt, an excellent cryptocurrency to buy now. For starters, it has solid fundamentals, as discussed above. Then there is the fact that the market is strongly bearish, and BNB prices are more than 50% off their all-time highs. This price correction presents an opportunity to buy BNB at discounted prices in anticipation of the next bull run and the quarterly BNB token burns. 

Conclusion

Binance Coin’s growing usage and shrinking supply play in its favor long term. Now that crypto prices are heavily depressed, BNB presents a buying opportunity for long-term investors.

The post Is Binance Coin (BNB) worth buying today? appeared first on CoinJournal.

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Decentraland continues to decline in 2022 – Should you buy

The hype around the metaverse appears to have died down a bit. But there is no doubt metaverse projects are still very hot right now. Many experts see this as the next frontier of unlocking more utility for cryptocurrency. Decentraland is one key project in this area. But things haven’t really been going great for its native coin MANA. Here are some pointers:

  • After massive success in 2021, MANA has fallen sharply from its highs.

  • The coin is in fact 5x less valuable than it was just a year ago.

  • MANA however offers some serious potential for future returns

Data Source: TradingView 

MANA price analysis in the short term

Volatility in the crypto market right now is making it very hard for analysts to foresee where some coins will go. MANA however has remained in a very consistent downtrend since we crossed into 2022. 

The coin has the potential to surge again but we don’t think this will happen in the near term. At the moment, the coin is heavily suppressed below the $1 mark. It has also failed to break the $1 resistance over the past six weeks. 

This could suggest that there is an inherent weakness in MANA and as such, expect a bigger slump as the token retraces the $0.5 mark. Also, things could get even worse if the current crash we see in crypto lasts for long.

Should you buy MANA?

Decentraland is no doubt the biggest metaverse project right now. Even with its headwinds, the coin is still above many other projects in this space. But it will not stay there for long. 

As big tech companies invest in metaverse projects, more exciting and better platforms will rise. So, even though MANA is a good buy now, it’s not something to hold for the long term. As competition heats up in the market, MANA will likely suffer major losses.

The post Decentraland continues to decline in 2022 – Should you buy appeared first on CoinJournal.

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Ethereum falls by over 30% in less than a week – What next?

Like most major coins in the market, Ethereum has seen a massive sell-off over the last week or so. The coin is down about 30%, and as sentiment in the market takes a risk-averse approach, this decline is far from over. So, where does ETH go from here? More analysis later in the post but first, check out these highlights:

  • ETH has fallen below $1300 for the first in 18 months

  • A fall below $1,000 is likely and could trigger a huge sell-off

  • Momentum in the market appears very limited, and ETH will remain suppressed.

Data Source: TradingView

Where does Ethereum go now?

At the moment, there isn’t a lot of good news coming from crypto. As most coins sell-off, we do not see any signs that the downtrend will ease. If anything, this could be the beginning of a very difficult period for crypto in the near term. So, we expect ETH to continue sliding. 

There will be some fake-outs in between where the coin rallies a bit. But overall, the trend will push downwards. It will be very interesting though to see the kind of resilience ETH shows at $1000. Losing $1000 will be a huge setback for the coin, and bulls must defend this price at all costs.

Nonetheless, if ETH can reclaim the $1300 support in the coming days, perhaps a massive met down will be avoided. So far, the coin is down 15% over the last 24 hours.

Is the crypto bull run over?

When major coins like ETH start to fall sharply, they often weigh down the whole market. 2021 was one of the best years for crypto. But it is now clear that 2022 will be the year of corrections. 

ETH is likely going to face more pressure but could still close the year above $5000. It all depends on how investor sentiment develops in the coming weeks.

The post Ethereum falls by over 30% in less than a week – What next? appeared first on CoinJournal.

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Helium’s bullish alignment could trigger an 85% rally

Broader weakness in crypto is currently pulling down many altcoins like Helium. However, the coin appears to be showing some resilience in the wake of today’s crash. While most major coins are already down by double digits over the last 24 hours, HNT has kept losses well below 10%. But a more promising bullish setup could trigger a massive 85% rally. Here are some pointers

  • Helium has formed a cup and handle pattern that suggests a bull run is imminent.

  • The coin will however need to flip $8.44 from resistance to support

  • If this happens, a decisive break toward $12.5 could come in the weeks ahead

Data Source: TradingView

The Helium bullish setup

There are three crucial factors here that will determine if HNT will break or not. First, so far, the market appears to be crashing. We have also seen trade volumes plummet as investors step aside from crypto temporarily. As a result, sentiment may slow and this will affect HNT’s ability to consolidate the price above important support. 

Remember a bull run only comes if the coin regains the $8.44 support and keeps the bears off. If the current weakness in the market persists, this may not happen. In fact, HNT could still plunge to its April lows of $6.59. 

But despite this, the coin has shown some impressive resilience. If dip buyers jump into the market after today’s crash, then we could realistically see a scenario where HNT targets $12.5 and later $16.6 depending on upward momentum.

How soon will HNT turn around?

The good news about HNT is that it’s actually not that far away from the $8.44 support. The coin only needs an uptrend of 5%, and that’s it. 

The only challenge will be to keep the price action above $8.44. With everything considered, the coin could hit $12.5 in about three months or thereabout.

The post Helium’s bullish alignment could trigger an 85% rally appeared first on CoinJournal.