Monat: August 2022

• Internet Computer Protocol token is sliding after the latest gains
• The token has been gaining on growing prospects of web3
• ICP is a buy, but investors should wait for the current retracement to settle

Internet Computer Protocol ICP/USD is retracing. 24-hour losses stand at 8.15% as investors take profits. However, that is just a correction as the token remains with a superb 24.35% gain in the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.

While we can’t ascertain how long the improved crypto sentiment will last, ICP remains on course to $10. That is confirmed by the latest price trends, which show that ICP has broken above a key level. The price has been driven by momentum as most cryptocurrencies surged. In particular, the projected Ethereum merge has been boosting tokens exposed to web3. 

ICP retreats after an impressive week with the potential to reverse at $7.0

Source – TradingView

Technically, ICP has been moving on a system of higher highs and higher lows. The token has set a weekly high of around $9.7. The weakly high coincided with overbought conditions as the RSI touched 72. That suggests that ICP buyers took profit at the level. 

At the current price of $7.7, ICP is correcting and on its way to finding support at $7.0. Alternatively, the token could find support where the price intersects with the moving averages. Investors should be keen on those levels for a potential bullish reversal. Buy trades should target $10.6 as the next resistance for ICP.

Concluding thoughts

ICP is very bullish despite the current correction. The token could slide further but will get supported at $7.0. ICP buyers should consider buying lower as investor interest remains strong. The token will find resistance slightly above $10.

The post Buy Internet Computer token on a retracement as the price remains very bullish appeared first on CoinJournal.

• Theta network has been touted as a next-generation video streaming platform 
• The network faces competition from other networks
• Theta token has pumped 20% but remains in consolidation mode

Theta Network token THETA/USD has returned more than 20% in the past one week. The gains in the last 24 hours were 2.46% as of press time. The gains consider that THETA has been relatively subdued despite other cryptocurrencies surging. 

Theta Network promises to revolutionize video streaming through the blockchain network. By becoming the next-generation video blockchain network, Theta will rival YouTube. That was evident mid-last year when the network saw exponential growth.

This year, however, Theta has been beset with challenges. It is yet to live to the hype of being a YouTube rival. The booming metaverse applications with almost everything in virtual space have also been a threat. Protocols such as Axie Infinity have been preferred by gamers. However, once Theta proves its course, it is bound to rise. Recent gains attest to expectations of a price pump. But is the token bullish now?

Theta trapped in a consolidation zone despite latest gains

Source – TradingView

On the daily chart technical outlook, Theta token has been very stable above $1.06 support. The token has held to this key level since May. It suggests sellers’ exhaustion and the potential entry of buyers. Nonetheless, the $1.45 resistance has always taken the price back for every surge. That makes the consolidation zone a level to watch.

Moving averages and MACD indicators show a bullish momentum for THETA. Our assessment suggests that a break above $1.45 will confirm bullish momentum. Already, THETA has shown the likelihood of a breakout. Investors should watch the token over the next few days.

Summary

Although Theta token is in the consolidation zone, a potential breakout is on the cards. The token has been stable since May, and a breakout would attract more buyer interest.

The post Is Theta Network token now bullish after double-digit gains? appeared first on CoinJournal.

• The Shiba Inu team teased the much-anticipated game known as “Shiba Eternity.”
• The price of SHIB is still in the red despite the positive development
• Shiba Inu faces a correction or breakout in the next few days

Shiba Inu’s SHIB/USD projected game is around the corner, although no one knows the release date. In an announcement on Tuesday, the developers revealed the name of the game as “Shiba Eternity.” The developers said they were working with Playside Studios to make the game a reality. The game will be available on Apple App Store and Google Play Store. 

Shiba Inu token is yet to respond to the positive developments. As of press time, the token was down 2.68% in the last 24 hours. It still remains in the green for the last one week after the latest gains. A snapshot of the entire crypto industry shows corrections, and Shiba was no exception. 

While the game development is positive for Shiba Inu, investors remain cautious. Shiba Inu metaverse remains a pipe dream. The community may have to wait longer for the land sale as previous milestones have been delayed. As a result, SHIB’s latest recovery has not been due to fundamentals but rather momentum. We find the price currently trapped with two potential outcomes in the next few days.

Shiba Inu holds tightly close to the resistance level

Source – TradingView

Technically, SHIB is in consolidation mode. The token has held close to the $0.000012 resistance and has resisted the decline for almost a week. At the current trading of $0.000011, SHIB remains above the 14-day and 21-day moving averages. That indicates buyers are looking at a possible breakout of $0.000012 resistance.

On the flip side, the MACD indicator shows dying bullish strength. If buyers fail to take the price higher, SHIB could slide back to the support at $0.000010.

Summary

Shiba Inu eyes a breakout of the resistance or a slide back to the consolidation zone. Investors should watch for the two likely outcomes in the next few days.

The post Shiba Inu price update as developers tease the much-anticipated game appeared first on CoinJournal.