Monat: Juni 2022

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Best cryptocurrency to buy – Will subnets take AVAX to the moon?

Subnets have made Avalanche infinitely scalable, and adoption is gaining traction.

Key points:

  • Avalanche is deep in the bear market and is down by over 80% from its most recent all-time highs.

  • Avalanche has launched subnets, making it a highly scalable blockchain, perfect for any kind of Dapps.

  • Adoption of Avalanche subnets is already on the rise in DeFi and Gaming.

Avalanche (AVAX) like the rest of the market, is still deep in the bear market. However, when you look beyond the price, a lot is going on within the Avalanche ecosystem that could see it outperforming many cryptocurrencies once the bull market returns. One of the key factors likely to drive Avalanche adoption is its positioning for the fast-growing Web 3.0 market. Web 3 apps are coming up fast and growing at an unprecedented rate. However, scale is a challenge as most major platform blockchains can’t handle the increased load.

Avalanche is looking to solve this problem with subnets. Subnets are application-specific blockchains that run within the Avalanche ecosystem. Through subnets, developers choose validators, the virtual machine to use, and even the token that will pay fees. All this, while still relying on the Avalanche security and speed at the base level.

This opens up the door for infinite scalability, and adoption is already rising. For instance, there has been an upsurge of subnets adoption in everything from DeFi to gaming. Institutions are also adopting Avalanche subnets to develop highly customized applications that are secure and scalable.

Is Avalanche a good cryptocurrency to buy today?

With the launch of subnets, Avalanche is likely to see an upsurge in adoption going into the future. Thanks to its scalability, Avalanche is already known as one of the best blockchains for launching Dapps. In essence, now that it is taking both scalability and security a notch higher, adoption will only rise. By extension, this means good prospects for AVAX, the token that governs the Avalanche ecosystem.

Even with all these developments, AVAX is trading at a massive discount. From highs of $146.22, AVAX is currently trading at $24.66, a drop of 83%. Once the market rebounds and AVAX gains momentum, even retesting its all-time highs would give investors a massive return on investment.

Conclusion

Despite the price drop across the crypto market, Avalanche fundamentals are getting better. The launch of subnets has made Avalanche more scalable than ever before and highly attractive for launching all kinds of Dapps. Adoption is already on the rise, especially in gaming, further giving AVAX high prospects for value appreciation long-term.

The post Best cryptocurrency to buy – Will subnets take AVAX to the moon? appeared first on CoinJournal.

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Why Shiba Inu is still a top cryptocurrency to watch in 2022

Shiba Inu’s core metrics are getting better despite the market crash

Key points:

  • Shiba Inu is currently trading at over 80% off its most recent highs.

  • Shiba Inu adoption is on the rise, an indicator that trust in it as a network is rising.

  • Once the bull market returns, Shiba Inu is one of the cryptocurrencies with a good rebound chance. 

Shiba Inu (SHIB) was one of the hottest cryptocurrencies to buy in 2020/21. Today, anyone who bought more than $100 worth of SHIB in 2020 and sold by November 2021 is a multi-millionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down by over 80% from its all-time highs. While it may feel like SHIB and meme coin season is over in general, there is a lot to look forward to regarding SHIB.

For instance, Shiba Inu has proven to be a pretty progressive project. It started as just a random meme coin looking to compete with Dogecoin. However, it has since evolved to have a broad ecosystem of developments. One of the more notable ones is the Shiba Inu layer-2 solution designed to scale Shiba Inu payments. This is a big deal as it incentivizes businesses to accept Shiba Inu for payments. It is not surprising that since SHIB launched, the number of businesses accepting it for payments has shot up.

Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. It could play a role in SHIB’s value growth going into the future.

There is also the fact that Shiba Inu is a deflationary cryptocurrency. Close to 50% of the SHIB total supply is already burned. This means the price of SHIB is in a unique place to go up in value in the long run.

Is Shiba Inu good crypto to buy now?

Shiba Inu is trading at a massive discount at the moment. When you factor in its fundamentals, such as growing adoption and a deflationary supply, the odds are high that SHIB could do well going into the future. Besides, Bitcoin seems to have found strong support around the $28k price level. If it bounces off this level, it could lift the entire market with it, including Shiba Inu.

The post Why Shiba Inu is still a top cryptocurrency to watch in 2022 appeared first on CoinJournal.

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Ethereum Merge reminding me of COVID lockdowns

Ugh. Not a good couple of weeks for Ethereum investors, as the DeFi King has dipped down below $1700, now trading 55% below its open of $3722 back on New Year’s Day.

BTC Dominates

Of further concern for fans of Vitalik’s creation will be the underperformance against Bitcoin over the last month or so. While the market as a whole has plummeted amid the macro sentiment and fallout from the Terra circus, there have at least been small relief rallies over the last few days for Bitcoin. Ethereum, on the other hand, has been pretty much constantly dropping.

The chart below shows it performance against Bitcoin. ETH strongly outperformed BTC through 2020 and 2021, as the bull market raged and ETH leveraged its higher volatility and smaller market cap. However, as the market has turned this year, we have seen BTC re-assert its dominance over all things crypto, as has historically been the case in pullback periods.

Additional Problems

Digging into the fundamentals here throws up factors for ETH’s decline beyond simply the bloodbath taking place across the board. That is the fabled Merge, which has been promised, postponed and re-promised for as long as crypto enthusiasts can remember. At this point, the Merge triggers traumatic memories in my mind of lockdown back home in Ireland.

I think we had five lockdowns total, ranging from three weeks to 6 months long. Each one brought promises that it was the last, but they simply kept on coming, thick and fast. 8 PM curfews, 2KM perimeters around one’s house, exercise quotas and more, it was a constant kick-the-can-down-the-road exercise as our government repeatedly fell short of its own targets and failed to plan accordingly.

While the ETH Merge is still seemingly slated for August, last week was a reminder that it is far from set in stone, as it hit a stumbling block when the Beacon Chain went through a seven-block reorganisation (or reorg) last week.  To be exact, seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon Chain between 08:55:23 and 08:56:35 AM UTC.

To translate this into non-computer whizz speak, a reorg is the name given to an event when a block that was part of the main chain (the canonical chain) gets knocked off due to a competing block beating it out. Typically, this can occur via either a malicious attack or a bug.

Ethereum developer Preston Van Loon suggested that in this instance it happened due to a “non-trivial segmentation” of new and old client node software, ruling out any malice. Ethereum co-founder Vitalik Buterin declared his theory a “good hypothesis.”

My Thoughts

This is a hiccup but nothing to be concerned about in the long-term. However, it certainly hammered home how tenuous the slated August timeline. While many have long since given up on predicting the timing of this elusive overhaul, the enormity and scale of the project has certainly been underestimated by the cryptocurrency community.

The latest dip in Ethereum – it wobbled significantly last week while Bitcoin trudged along just fine – can likely be attributed to this extra doubt over the roadmap. With the upgrade largely priced in for August, and the market uber-sensitive right now as investors simply try to survive, news like this will always trigger selling.

With sentiment worse in the wider market than at any point post the GFC, and cryptocurrency facing all sorts of difficult questions in the aftermath of the Terra implosion, the space simply needs Ethereum to hold up its end of the bargain and pull through with a successful Merge.

I believe we are still on course for that in August – with the Ropsten testnet merge providing some good news earlier today, one of the deciding events before application to the mainnet. But then again, I believed lockdown would last three weeks, and I ended up spending so much time in my bedroom over the last two years that I forgot what the sky looked like.

Let’s hope I’m not repeating my past mistakes here.

The post Ethereum Merge reminding me of COVID lockdowns appeared first on CoinJournal.

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Binance Coin inches closer to yearly support despite sideways momentum

June has started quite positively for most coins including BNB. The coin however appears to have slowed down. After a strong relief rally, BNB was firmly rejected at the $330 resistance. Ever since the coin has fallen quite substantially. Here are some of the highlights:

  • BNB has fallen below $300 despite a decisive bull run over the past week

  • The coin could fall back to its $260 yearly support before any leg up

  • But a close above $300 will invalidate this bearish thesis

Data Source: TradingView

BNB price prediction and analysis

The relief rally that we have seen in crypto over the last 7 days has been quite refreshing. However, BNB appears to have lost a lot of momentum after failing to surge past the $330 resistance. There could however be more downside. After trading sideways for the best part of the day, BNB does not appear to have any bullish momentum left. 

Instead, the coin will likely slip further and bottom around its $260 support. This will represent a drop of around 15%. Now, even though a 15% decline is big, it’s not a serious sell-off. If anything, we expect BNB to hold $260 strongly in the coming weeks. 

However, there is still a possibility for more gains if the token can push above $300. After all, the coin is just $10 away from this price. But despite this, due to a lack of enough bullish momentum, we don’t see BNB jumping above $300 in the coming days.

How to trade BNB for now

The downside risk for BNB is capped at $260. Yes, the coin will drop, but bears don’t have enough initiative to breach the strong $260 support. Also, broader sentiment in crypto is getting better.

So, a good play would be to wait for the coin to hit $260 before buying. Also, if BNB surges above $300, you can still buy and exit at $330.

The post Binance Coin inches closer to yearly support despite sideways momentum appeared first on CoinJournal.

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This bullish GALA setup could trigger a 54% upswing

GALA appears to have been on a three-week price consolidation phase. The coin has shown great resilience during this period, and it may be poised for a very decisive bull run. However, this is a long entry position that requires a bit of patience. Here are the highlights to keep in mind:

  • GALA’s consolidation has kept bear pressure off despite market headwinds

  • The coin could break and swing by 54% in the green

  • However, this will likely take a few weeks to materialize

Data Source: TradingView 

GALA: The long play for 50% returns

One thing we have learned about GALA over the past month is just how resilient it can be. Gaming and metaverse coins have not had a good year. But after falling sharply, GALA has managed to recover and has maintained a three-week price consolidation phase. The coin is now facing a decisive breakout, and here is why. 

First, all technical indicators appear to suggest a bull run is on the cards. The RSI reading is in the bullish territory while the price action remains above the 20- and 50-day EMAs. Also, sentiment in the market is now turning positive.

If these conditions hold over the coming weeks, GALA has the potential to swing up by a whopping 54%. This surge will also push the coin above the crucial psychological zone of $0.12. Besides, GALA remains above several support zones, so downside risks are very minimal right now.

How to enter this GALA setup?

As noted above, the bullish GALA setup is long-term. In fact, we expect some volatility in between as the coin tries to surge to $0.12.

So, if you want to enter this setup, you must take a long position. Some of these gains could be realized in a month or so. It requires patience and trading discipline.

The post This bullish GALA setup could trigger a 54% upswing appeared first on CoinJournal.