Monat: Juni 2022

Veröffentlicht am

STEPN and the M2E revolution: Should you buy

STEPN has captured the attention of the crypto market over the past few months. The app is a new move to earn platform that rewards users for running and walking. So far, the project has hit a market cap of around $600 million. Here is why STEPN is growing:

  • The platform has quite literally defined the M2E space.

  • STEPN is integrating NFTs and social gaming into its metaverse.

  • The in-game economy is user-centered which allows more incentive for folks to join.

Data Source: TradingView 

How does STEPN Work?

STEPN pays you to move. However, it’s not as straightforward as it seems. First, to join the app, you must purchase an NFT-powered sneaker. There are different types of sneakers, each with its own level of rarity, quality, and other features.

On average, a sneaker can cost you around $1000 depending on the prevailing price of SOL. Also, users get limited energy each day. So, you cannot just sign up and run for a living. There will be a time cap as to how much running or walking you can do. Ether way, STEPN offers a good way to earn while doing something healthy.

Tokenomics and Sustainability

The biggest challenge for most web3 earning projects is sustainability. As we have seen from platforms like Axie Infinity, it’s very hard for P2E web3 platforms to generate enough value to keep the revenues flowing. 

The STEPN model falls into the same trap. You see, the money earned from walking or running comes from the purchase of newly minted sneakers. So, if at some point the number of new users joining declines, the whole system comes tumbling down. 

While STEPN is a good investment right now, it’s not something you want to be holding for a long time. Unless there is a huge change in utility and value, it’s a short-term play. You can buy into STEPN through its native governance token GMT.

The post STEPN and the M2E revolution: Should you buy appeared first on CoinJournal.

Veröffentlicht am

Apecoin falls below crucial support – Are more losses likely?

Apecoin has, for the last 3 weeks, seen a persistent correction. The token has however managed to find some demand albeit it has largely moved sideways. But despite this, APE is still suppressed below a crucial resistance level. Could this trigger more weaknesses? More details are below but first, highlights:

  • Apecoin has lost the $7.37 support zone in recent days

  • This drop could trigger another 15% decline in the near term

  • But a daily close above $7.37 today will invalidate this analysis

Data Source: TradingView 

Where Will APE go from here?

Apecoin bulls need to be patient for now. The coin is weak, and we don’t think the downtrend seen over the last 3 weeks is over. In fact, we expect APE to bottom at around $4.92 before another leg up. In fact, this will not be the first time the coin finds demand at this price. 

At the start of May, a period of panic selling put a lot of pressure on APE. The coin established a range of between $4.93 and $7.37 at the time as volatility dominated. We think this pattern will likely play out. But there could be more upside if indeed APE retraces the $4.92 mark. 

The last time this happened, the coin bounced back sharply and rallied by nearly 104% in just a few weeks. While a 104% surge may not happen this time, APE will still offer so much upside if it consolidates at $4.93.

How to trade this setup

There are two options here. First, you can wait to see if APE is able to recapture $7.37 in the coming days. If this happens, a short sell in the near term could come into play. 

But the best upside remains with the $4.93 bottom. The coin will likely hit this support and consolidate there. That would be a good entry for bulls.

The post Apecoin falls below crucial support – Are more losses likely? appeared first on CoinJournal.

Veröffentlicht am

When Will Bitcoin’s price finish its consolidation?

Since dropping below $30,000 a few weeks ago, Bitcoin has had a prolonged period of price consolidation. At one point, we thought the coin was finally ready for a breakout. It pulled up to test $32,000 only to fall back once more. So, when will this consolidation phase end? Here are some highlights:

  • Bitcoin shows some weakness despite holding above $30,000

  • The coin could bottom to $28,650 in the days ahead

  • Consolidation around the $28,650 will be crucial for BTC in the near term.

Data Source: TradingView 

When will the consolidation end?

It’s hard to say how long this consolidation will take. But two things can happen. First, BTC may lose its resilience and plummet below $28,650. This will trigger a massive sell-off that could see a decline of at least 20%. 

The second scenario is more favorable for bulls, but only to a certain extent. You see, despite consolidating between $28,650 and $30,700, Bitcoin has failed to break out decisively. In fact, at the start of the week, we saw the mega-cap surge towards $32,000 for the first time in weeks. However, a pullback came almost instantly. This suggests that upward momentum is very limited for BTC. 

In fact, the coin will likely need about two weeks of low volatility trading to develop enough momentum for a decent uptrend. As long as the price action stays above $28,650, a consolidation phase of two weeks should be enough.

Will BTC see more gains this year?

So far, BTC has seen a net loss since the start of 2022. Some analysts are now warning that the coin could struggle to clear $38,000 over the coming six months. 

There is also some worry that the correction we are seeing right now in crypto hasn’t really bottomed yet. Downside risks for BTC could put enough pressure on the price and push it well below $25,000. However, recovery after that will be almost certain.

The post When Will Bitcoin’s price finish its consolidation? appeared first on CoinJournal.

Veröffentlicht am

Why polygon is on the cusp of major price movements

Polygon appears to be on the verge of a very decisive bullish run. The coin has been suppressed in recent weeks. Even as the broader crypto market has seen some decent gains in June, MATIC has largely been modest in its uptrend. But this is about to change. Here are some highlights:

  • MATIC has consolidated within lower highs and higher lows for 3 straight days.

  • This consolidation shows resilience, and it could trigger massive demand for MATIC.

  • The coin could target $0.9 in this bullish cycle.

Data Source: TradingView 

Polygon’s near-term prospects

Looking at MATIC’s price action over the past two weeks, we see a very strong consolidation. In fact, while the crypto market has actually reported modest gains, MATIC has largely been within this consolidation phase with very limited volatility. As a result, the coin has traded within lower highs and higher lows in 3 straight trading sessions. 

This show of resilience could suggest that MATIC is ready to break the sideways pattern. Besides, momentum indicators on the chart suggest that the coin is due for a decisive bull run.

If indeed MATIC is able to break out in the coming days, the coin will target $0.9 as the bare minimum. This will deliver a 50% upswing from the current price. It is also likely that there will be enough demand to send MATIC above $1. The coin will probably consolidate above $1.1 before it tries to find more direction again.

How likely is this MATIC run?

The conditions are perfect for MATIC to break its sideways pattern. But this also depends on the overall sentiment in the market.

If we continue to see weakness in crypto, then MATIC will remain in a consolidation phase for a bit longer. However, if broader sentiment improves, then you can expect MATIC to outperform most major coins.

The post Why polygon is on the cusp of major price movements appeared first on CoinJournal.