Autor: dot-traders

The Avalanche price continues to move in a sideways direction as the cryptocurrencies industry remains on edge. AVAX is trading at $33.40, which is sharply above last week’s low of $22.38. The coin has crashed by more than 77% from its all-time high, bringing its total market cap to about $8.8 billion.

AVAX recovery stalls

Avalanche is a leading blockchain project that aims to become a better alternative to Ethereum. The network has better features that include faster speeds, lower costs, and more interoperability. Some of the most notable projects created in Avalanche are 1Inch, Aave, AllianceBlock, and Atlantis Loans among others.

While the Avalanche ecosystem is growing, there are a few elephants in the room. First, there are growing concerns about the DeFi industry after the tragic collapse of Terra USD, LUNA, and the affiliated DeFi ecosystems like Anchor Protocol and Astroport.

DeFi investors are now aware about how risky the industry is despite the high returns. As you recall, just last week, Anchor Protocol was one of the biggest apps in the DeFi industry with over $18 billion in assets. Now, what has been left behind is a shell of its former self.

Read more about how to buy Avalanche.

The other big elephant in the room is the Federal Reserve. The bank is expected to continue tightening its monetary policy in the coming months even after signs showed that inflation may have peaked. Also, the bank will continue hiking interest rates as the US economy is going through stagflation.

The performance of the AVAX price also mirrors that of other assets. For example, Bitcoin is still hovering at about $30,000, where it has been in the past few days. Similarly, American stocks are still struggling to find direction after they made a spectacular comeback last week.

Avalanche price prediction

Turning to the daily chart, we see that the AVAX price formed a hammer pattern last week when it crashed to a low of $22.5. In price action analysis, this pattern is usually a bullish sign. 

However, a closer look shows that the coin’s price has formed what looks like a bearish flag pattern, which is usually a bearish sign. The Relative Strength Index (RSI) and the moving averages show that the price is still bearish. Therefore, a drop to last week’s low cannot be ruled out.

The post Avalanche price prediction as bullish comeback fades appeared first on Coin Journal.

The Sandbox price remained in a tight range as investors reacted to the new roadmap plan for LAND holders. SAND is trading at $1.3225, which is significantly above last week’s low of $0.9272. As a result of this rebound, the coin’s market cap has risen to over $1.65 billion.

Sandbox roadmap

The Sandbox is a leading blockchain project that is in the metaverse and gaming industry. The network helps people and companies participate in the metaverse in a number of ways.

For example, the developers regularly host the Alpha season event where gamers participate in games and make money for winning. This money is usually in the form of SAND, the network’s native token.

The platform also has a diverse NFT marketplace, where people can buy products like avatars and other virtual products. It is one of the most popular NFT marketplaces in the industry.

Most importantly, people are able to buy virtual land and sell it later at a fee. Some people have spent millions of dollars on this virtual land.

Learn more about how to trade crypto.

At the same time, many companies like HSBC and Standard Chartered have made deals with Sandbox. These firms have bought virtual property in the platform for marketing purposes.

In a statement on Monday, the developers announced the roadmap for LAND holders. The developers will distribute 5 million SAND to all holders. Going by the current price, this distribution will be worth more than $6 million. 

At the same time, LAND and ASSET will be moved to Polygon, a leading layer-2 network in a bid to lower transaction costs. People who migrate to Polygon will be eligible for over 1 million SAND rewards. 

Still, the biggest concern among investors is whether the recent recovery is real or whether it is a bearish recovery.

The Sandbox price prediction

On the 4H chart, we see that the SAND price has been in a strong bearish trend in the past few months. The sell-off accelerated last week as Terra USD crumbled. Now, the coin has formed what looks like a bearish pennant pattern that is shown in blue. 

It has also moved slightly below the 25-day moving averages while the Relative Strength Index (RSI) comeback has stagnated at 50. Therefore, the pair will likely stage a major pullback since the pennant pattern is nearing its confluence level. If this happens, the next key support will be at $1.10.

The post Sandbox price prediction as a bearish pennant pattern forms appeared first on Coin Journal.