Autor: dot-traders

Veröffentlicht am

Avalanche could drop below $10 – Here is why

Avalanche, like many major coins, has had some reprieve from the crash we saw at the start of the week. Although the coin is down 3% over the last 24 hours, it has managed to stabilize. However, the altcoin is not out of the woods yet; in fact, another major sell-off could be on the way. Here is what you need to know:

  • Low trade volumes in crypto could precipitate a liquidity challenge for AVAX

  • The prospects of a global recession and tight monetary policy are major risk factors.

  • AVAX could drop nearly 50% and bottom below $10 in the coming weeks.

Data Source: TradingView 

Avalanche price analysis and prediction

At the moment, Avalanche appears to be in a consolidation phase. However, this does not mean there is likely bullish momentum. In fact, this consolidation is basically a small reprieve from the massive sell-off reported earlier in the week. We expect Avalanche to resume the downtrend owing to weakened demand in crypto and wary investors. 

Also, as trade volume in the market slows, altcoins will likely face liquidity challenges. This may contribute to a major downfall in the near term. At the moment, AVAX is trading at around $16. The coin still has strong support at the $12 mark. 

However, we don’t think bulls have what it takes to hold it. Instead, AVAX will slide down past $12 and settle at around $9. This will represent a 50% drop from the current price. Nonetheless, this thesis will become invalidated if AVAX reclaims $20.

Why is AVAX falling?

Well, it is a combination of many things. For instance, the overall sentiment in crypto has slowed. As such, coins like AVAX are facing major headwinds. 

Also, we have not seen any major rally for AVAX this year. It turns out that 2022 is a year of corrections. As such, the coin could drop below $10 for the first time in 12 months.

The post Avalanche could drop below $10 – Here is why appeared first on CoinJournal.

Veröffentlicht am

Cardano establishes a strong trading range despite pressure

Before the crypto crash this week, Cardano had shown outstanding upward momentum. The coin at one time even rallied by nearly 50% in less than a week. But as weakness sips through the market, all these incredible gains have now reversed. Despite this, ADA has managed to establish a strong trading range. Here are some highlights:

  • ADA has traded between $0.47 and $0.55 over the last few days

  • This range will likely hold as the broader crypto market slightly recovers

  • Cardano however faces very limited upside to overcome the $0.55 barrier.

Data Source: TradingView 

Where will ADA go from here?

The trading range established by ADA over the past few days represents short-term support and resistance. It is likely that the coin will trade within this range for days before it finds direction. 

However, we do not see a lot of downsides. In fact, if ADA was to lose the $0.47 support, it could still find a lot of resilience at $0.435. This is actually a longer-term support zone for the coin. Also, if there is a period of price consolidation above $0.55, we may see a short-term rally for ADA. 

But it doesn’t seem like the coin has so much room to run. In fact, the best-case scenario for bulls would be to try and reclaim the highs of $0.77. Here, ADA will face major sell-off pressure and will likely retreat even before it attempts to test $1.

When will ADA return above $1?

It seems like yesterday when we were all looking at ADA above $1. The coin was projected to hit at least $5 by the end of the year. However, this is now highly unlikely since ADA would need to grow more than 10x to hit that estimate.

But a return above $1 is not out of the cards. Sentiment will however need to improve drastically over the month ahead for this to happen.

The post Cardano establishes a strong trading range despite pressure appeared first on CoinJournal.

Veröffentlicht am

Immutable unveils $500M fund to support Web3 gaming adoption

Immutable, the firm behind Ethereum’s leading NFT scaling solution Immutable X, has announced a $500 million fund aimed at boosting Web3 gaming development, according to details shared on Friday.

Immutable will count on experience gained from the development of Gods Unchained and Guild of Guardians to help new developers. New talent is also being added to the team from leading game studios like Riot Games in a bid to provide the best in terms of game design, tokenomics, and marketing.

Venture and Grants program

According to the platform, the fund will be split into two – ventures and grants – with both layered on the objective of accelerating the global adoption of Web3 games.

The venture side of the fund will see Immutable partner with leading venture funds to provide developers access to the support they need to build on the platform. Firms already in the mix include BITKRAFT, Airtree, Animoca Brands, GameStop and King River Capital among others.

Grants will also involve Immutable X (IMX), the native token on the L2 platform. All token-related investments will be unlocked after 24 months.

Immutable says their goal is to help onboard the next big project on Immutable X, joining the likes of TikTok, GameStop, Illuvium, Opensea, Ember Sword and VeeFriends among other top gaming platforms and IP holders.

The post Immutable unveils $500M fund to support Web3 gaming adoption appeared first on CoinJournal.