Monat: Juni 2022

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Arweave could reclaim $15 support – Should you buy?

Arweave (AR) cryptocurrency logo against a global background

Arweave has seen gains in three straight trading sessions. The coin is looking up and could reclaim the important $15 support. But will this trigger a major bull run, and how far can AR actually go? The detailed analysis is below but first, key highlights:

  • AR has seen a modest bull run in the last 7 days.

  • The coin is up by around 20% as sentiment in crypto improves.

  • Arweave could test $18 in the coming days if this trend holds.

Data Source: TradingView

Arweave price analysis: The Short term setup

The crypto market has been very volatile for the better part of 2022. Every time we think we are about to see a decisive turn, prices just crash once more. June has started quite well for most coins. In fact, the overall market cap for the entire industry has gone up by around 20%. 

Arweave appears to be following this broader trend in the market. It is likely the coin will continue rising in fact, once the $15 resistance is breached, AR could target $18 next in a short-term burst of bullish activity. This will represent a 25% gain from the current price. 

The big challenge however for AR bulls will be to keep the momentum going. As we have seen before, most bullish runs in crypto this year have often been pushed by dip buyers. At some point, these short-term traders will cash out. We believe for AR; the cash-out price is $18. So, once the coin starts to get close to that threshold, expect it to pull back to around $13.

Should you buy Arweave?

AR offers a very decent short-term play. Once it crosses $15, there could be a buying opportunity with an exit price of $18. 

Also, from a longer-term point of view, AR is heavily discounted right now. The coin has the required fundamentals to offer double-digit returns in the coming 6 months.

The post Arweave could reclaim $15 support – Should you buy? appeared first on CoinJournal.

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These Indicators show LUNA could grow 4x in the near term

When Terra rebranded into Terra Classic, there was a bit of fun fare. But investors did not really buy into the idea. As a result, Terra 2.0 plummeted shortly after launching. The coin has lost 85% from its airdrop price. But there is an opportunity for LUNA to actually deliver astonishing short-term gains. Here are the highlights.

  • After massive volatility, LUNA appears to have established strong support at $3.5.

  • The coin has also established a trading range between $3.5 and $10.25.

  • We expect this range to come into play over the coming weeks.

Data Source: TradingView

How LUNA could deliver 4x growth

Our thesis on LUNA’s short-term bullish setup is based on the range mentioned above. You see, despite facing massive volatility, the coin has established a consistent range between $3.5 and $10. Also, $3.5 is now the strongest support zone, and despite massive selling pressure, LUNA has managed to keep the price above this. 

A consolidation phase is now happening, and in the coming days, LUNA could easily retrace its $3.5 to $10.25 range. This will deliver gains of nearly 3x from the current price. However, we don’t think $10.25 will be the end of everything. 

If LUNA is able to get to double digits within a short time, it could trigger immense demand that could deliver more returns. Besides, there is a very limited downside risk to this setup. Even if LUNA loses the $3.5 support, we expect it to jump right back up in no time.

LUNA’s long-term prospects?

The volatility around LUNA is not going to abate soon. However, we expect the price to be a bit more predictable within the $3.5 and $10.25 range. 

LUNA will likely remain within this range for a few months before it finds any serious upward momentum. The good news however is that downside risk appears to have eased a bit.

The post These Indicators show LUNA could grow 4x in the near term appeared first on CoinJournal.

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Bearish outlook on Solana eases as the coin begins consolidation

Solana has had a 2022 to forget. After crossing over the year well above the $100 mark, the coin has seen several major sell-offs. Right now, it is slightly trading above $35, but the bearish outlook appears to have eased a bit. Here is what you need to know:

  • Selling pressure on SOL has eased as the coin finds strong support at $35.

  • The altcoin has however not shown any bullish signs, with its uptrend limited to $41.25.

  • But consolidation above $35 and improved sentiment in crypto could change all this.

Data Source: TradingView 

The bullish case for Solana

A few weeks ago, it was hard to make any bullish case for Solana. The coin had fallen below $50 and would go one to breach two other crucial support zones. It was in fact expected SOL would likely bottom at $20 before any bull run. 

But this bearish outlook appears to have eased up a bit. Although SOL is not nearly as strong as it was at the start of the year, the altcoin has shown immense resilience. As of now, it has managed to hold the $35 support. This also comes as overall sentiment in the crypto market gets an early June boost.

With these factors, SOL could finally be ready for a decisive bull run. If indeed the coin is able to break the $41.25 ceiling, it could push further up to test $55 before any pullback. But a failure to consolidate above $35 will invalidate this analysis.

Does SOL have any downside risk?

The downside risk for SOL doesn’t seem to be that worrisome right now. In fact, we don’t think the coin will lose the $35 support. Even if it was to somehow fall below that price, expect a quick and fast recovery. 

However, this may affect its bullish run. But with everything else considered, including overall sentiment in the market, SOL should see some gains in the coming weeks.

The post Bearish outlook on Solana eases as the coin begins consolidation appeared first on CoinJournal.