Monat: August 2022

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Should you buy Sandbox SAND at the $1.03 support?

  • Sandbox failed a break out at $1.3 and has retraced to a support

  • Price weakness emanates from the general crypto mood and lack of Sandbox developments

  • SAND remains vulnerable unless potential price catalysts come up

Sandbox token SAND/USD looked likely to take new heights as the price hovered around $1.3. Price consolidated at the resistance level for weeks, but neither bulls nor bears seemed to win the battle. Since most other cryptocurrencies were surging, that gave hope that bulls would eventually triumph. Bears seem to have taken control as the price has dipped to $1.03. That is a potential demand zone but will buyers push the token higher?

Sandbox does not look promising at the current level. First, Sandbox has depended on the momentum of the crypto sector lately. The momentum is currently weak. Before the sentiment improves, SAND could weaken further. Secondly, projects building on the metaverse has slowed lately. Although a great opportunity exists for the metaverse sector, investors are interested in current developments. The lack of clear fundamentals from the metaverse sector could be a blow to the short-term recoveries of SAND.

Sandbox token slides to $1.03 support in a bear market

Source – TradingView

Technically, Sandbox is bearish. The momentum indicator shows that the price is extremely bearish at the key support of $1.03. No price action to show that the price is about to recover at the support. Consequently, SAND is vulnerable if momentum fails to improve quickly. Investors should not buy the token at the support but should watch price action and general sector mood. If SAND loses the $1.03 support, the token could slide to $0.85.

Summary

Sandbox token remains vulnerable at the $1.03 support. The lack of clear fundamentals and momentum is a catalyst for further bear weakness.

The post Should you buy Sandbox SAND at the $1.03 support? appeared first on CoinJournal.

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Shiba Inu retraces back to breakout support – Will price rebound?

  • Shiba Inu token rallied to $0.000017 as risk-on sentiment entered markets

  • The token trades at support after losing grip of previous gains 

  • Crypto sentiment remains weak, but Shiba Inu could take a u-turn to the upside 

Whether Shiba Inu SHIB/USD has returned to the bear market is a question hard to answer. However, one sure thing is that Shiba Inu maintains key technical levels. Buyers could be about to take it higher after the latest slowdown. 

Shiba Inu is one of the cryptocurrencies that returned massively recently at the height of meme-rally. However, the token is back to the drawing board, with losses in the last seven days climbing to 17%. Most other cryptocurrencies are already in the red indicating widespread corrections. 

Shiba Inu falls back to support zone as meme rally ends

Source – TradingView

The current SHIB price coincides with support at $0.00001242. That is the level at the price broke and became bullish at the back of the renewed meme-token rally. We can see that the price shows some indecision after the latest losses. Bulls are rejecting the downward pressure, a major indicator that demand is strong for the meme token. 

The momentum indicator is showing a bearish price move. We remain optimistic that if SHIB maintains the support zone, the MACD indicator could turn bullish.

Concluding thoughts

While crypto sentiment remains weak, SHIB has maintained key support. The bear pressure is weakening as the price shows indecision at $0.00001242. A potential recovery is possible if the price maintains its level. Investors should watch price action and consider trades if sentiment improves.

If SHIB loses grip of the support, bears will take control. That could see the price trade back to $0.000010. The next days’ price action will dictate the potential direction for SHIB.

The post Shiba Inu retraces back to breakout support – Will price rebound? appeared first on CoinJournal.

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Scaramucci: Bitcoin is not mature enough to be an inflation hedge

  • Anthony Scaramucci says Bitcoin needs to reach a billion wallets to start being regarded as an inflation hedge.
  • He is however bullish on the crypto markets, predicting a recovery going into end of the year.
  • Scaramucci also says the meme stock situation remains due to people holding a ton of cash from last year.

Skybridge Capital CEO Anthony Scaramucci says despite Bitcoin’s continued attractiveness as an asset class, it’s not at that level where it can be “regarded as an inflation hedge.”

Scaramucci aired the sentiments during an interview with CNBC’s ‘Squawk Box’ on Monday.

Bitcoin as an inflation hedge… not yet

On Bitcoin, Scaramucci thinks there’s still room for the pioneer crypto to grow into mainstream adoption before hitting that button of claiming inflation hedge status.

“Bitcoin is still not a mature enough asset to be regarded as a potential inflation hedge,” he told CNBC.

While his sentiments are likely to elicit sharp reaction from across the Bitcoin community, notably from the perspective of the pioneer crypto not being “mature enough”, Scaramucci’s explanation rings a bell or two in terms of global adoption.

He believes getting to that point where it is now regarded as a hedge, the BTC network needs to have grown to at least one billion wallets.

As for now, the benchmarket cryptocurrency “[doesn’t] have the wallet bandwidth,” he noted, adding that currently it is at that stage of “an early adopting technical asset.”

Crypto market and the meme stock craze

The Skybridge Capital founder also spoke about the overall crypto market, with the latest sell-off across major assets coinciding with the sharp moves in the meme stock sector. 

Notably, he mentioned the recent volatile price movement of Bed, Bath & Beyond – the retail store whose stock joined the meme bandwagon to mirror previous performances of GameStop and AMC Entertainment.

According to him, the kinds of trades seen with these stocks are likely to continue given the possibility of there still being a lot of excess liquidity across pockets of investors. He believes these people “made a ton of cash” during the bull market, and helped with the easy cash that characterised the economy then.

Elsewhere, he is bullish on the market’s recovery prospects towards the end of 2022 and early next year. Signals of these have been the bounces amid some good news, which could be the case over the next few months.

And he thinks its likely people with massive short positions could easily be caught up in a sharp rally and “get ripped off.”

The post Scaramucci: Bitcoin is not mature enough to be an inflation hedge appeared first on CoinJournal.