Während Tether durch die Krise in den letzten Wochen klar an Marktanteil verliert, kann der große Konkurrent USD Coin langsam aufholen.
Kursanalyse, 17. Juni: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB)
Der Bitcoin-Kurs kämpft um die 20.000 US-Dollar-Marke und auch die Altcoins kämpfen um kritische Unterstützungen. Kann der Markt endlich die Bodenbildung abschließen?
Dogecoin faces a 60% downswing as meme coins trend lower
Dogecoin has accelerated its slide significantly over the past week. The coin is slowly trying to find some momentum, but gains over the last 24 hours have been modest at best. However, DOGE faces a major downside from a longer point of view. The coin could potentially slide by 60% over the coming weeks. Here are some of the things you need to know:
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DOGE appears to be accelerating downwards to the $0.048 support.
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A breakdown at this price will trigger a downside towards $0.041.
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This will represent over 60% in losses from the current price.
Data Source: TradingView
How DOGE can avoid this sell-off
There are two ways DOGE can avert a sharp decline in the near term. First of all, the coin will need to find buying momentum and push the price well above $0.1. If this happens, we could see a more sustained uptrend that limits the downside by a huge margin. But based on trends in the market right now, we do not think the coin will rise above $0.1.
Secondly, Dogecoin must hold the $0.048 support. This is relatively doable since the coin is already above this threshold by well over 20%. As long as broader weakness in the market eases, we are likely to see a stronger consolidation above this price.
But there is still a risk that these two scenarios will not play out. After all, the market has already turned bearish. As such, it is likely that DOGE will fail to keep the $0.048 support and consequently slide 60% from its price.
When will DOGE recover?
A full recovery for Dogecoin will need months. The coin is already way lower from its ATH, and it doesn’t seem like there is enough demand for meme coins to push it up.
But a slight recovery to $0.1 is not far off. For now, the short-term outlook for dogecoin is bearish.
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Waves plots major comeback after facing selling pressure
Waves has been a delightful surprise in crypto over the past six months. The coin has seen rally after rally albeit it has pulled back several times. However, over the last two weeks, the coin has seen a major sell-off, pushing closer to its May lows in the process. But could Waves plot a decisive comeback? Here are some important points:
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Waves peaked at around $11.5 at the start of June after a major bull run
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The coin has however retreated sharply and is now trading at around $5
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However, Waves is now within a decent demand zone
Data Source: TradingView
How retesting major support helps Waves
As noted above, the sharp fall we have seen for Waves has pushed it towards major support of around $4.21. In fact, despite the massive sell-off we saw in crypto over the past week, the coin managed to hold this support level. With this in mind, we may now start to see some potential accumulation around this price.
This will then trigger a trend reversal and push Waves further up in the near term. Also, looking at the momentum indicators, the coin has now gone towards the oversold threshold. This could suggest that the risk of a major decline is relatively lower.
It is likely that Waves will follow the trend in the broader crypto market for the week. After that, the coin may start to find its own directional momentum and could easily outperform major coins as it has over the past 6 months.
Should you buy Waves
One thing we have learned about waves over the last few months is that its highly volatile. So, it may be a good bet for short-term trades. For now, just watch the accumulation around the $4.23 support.
If this continues for several days, it could mean that Waves is about to break out. Buy in and exit at around $7 to avoid major risk.
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Star Atlas wants to revolutionize P2E gaming – Should you buy
Play to earn or P2E is seen as one of the most promising sectors in crypto. After all, some projects have seen massive success in this area, including the popular Axie Infinity. But one game that is trying to take over the P2E space is Star Atlas. The metaverse game has seen major milestones over the past few months. Here are some of them:
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Massive community growth with over 350,000 followers on Twitter
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The game is built on Solana, offering better speeds and scalability
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It has hundreds of thousands of active players each day
Data Source: TradingView
Star Atlas – Should you buy it?
Before we get to the economics of Start Atlas, it is important to note that the metaverse offers a dual token economy. The governance token is called the POLIS. Now, as an investor, you would normally purchase the governance token since it gives you a lot of leverage over the game.
So, the more the game grows, the more valuable the POLIS token becomes. This token has a fully diluted market cap of around $138 million. This is still modest and offers quite some potential for more expansion.
The second coin is the in-game utility token called ATLAS. This one would be ideal for people who want to actually play the game. The market cap for ATLAS is around $219 million.
Why buy Star Atlas?
The potential growth that Star Atlas offers is quite incredible. In fact, just recently, JP Morgan has come out with a report that predicts the metaverse would be worth $13 trillion by 2030. Start Atlas is one of the projects leading this revolution, and it could help you unlock a huge chunk of that industry.
The game dynamics and in-game economy of the Star Atlas metaverse are very sustainable. This ensures the game can run on its own without further injections of capital.
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