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The crypto crash: Top 3 coins that were dumped by investors this week
The crypto market saw one of its worse crashes in 2022 this week. The market has recovered slightly from these lows, with Bitcoin regaining $30,000 over the last few days. But why was this crash so devastating? Here are some reasons:
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The crash happened after months of negative sentiment in crypto.
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Economic and geopolitical conditions in the world are not investor friendly right now.
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Crypto was in general due for a correction after a superb performance in 2021.
Despite this, there were a few coins in the market that crashed more than others. While Terra (LUNA) led the way in terms of decline, the following 3 coins were also hit hard.
Avalanche (AVAX)
Avalanche (AVAX) had earlier seen some good upward gains and even threatened to stake its claim among 10 of the most valuable crypto assets. But the crash this week took a huge toll on the altcoin.
Data Source: Tradingview
Compared to 7 days ago, AVAX has lost over 45% of its value. Besides, even though the market has generally recovered, AVAX remains slower than most major coins. It seems investors are not buying it with the same veracity they used to.
PancakeSwap (CAKE)
PancakeSwap (CAKE) was also another coin that fell sharply during this week’s crash. However, it is important to note that before the crash, CAKE had in fact rallied significantly. The 45% drop we saw was largely part of a correction that most investors were already expecting. Either way, it was still a huge fall.
ThorChain (RUNE)
ThorChain (RUNE) is yet to fully recover from this week’s crash. The coin has in fact continued to report losses despite the overall recovery in the market. RUNE had lost nearly 50% of its value over the last seven days. Whether it will bounce back anytime soon remains to be seen. But at the moment, it seems buyer demand for RUNE is very low.
The post The crypto crash: Top 3 coins that were dumped by investors this week appeared first on Coin Journal.
Top 3 coins to buy in this highly volatile market
If there is one thing that we can agree on about the crypto market right now is that volatility is here to stay. Yes, crypto has traditionally been known as a highly volatile market. But in 2022, things have been quite unpredictable, to say the least. Here are some of the factors pushing this volatility:
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There are unprecedented economic and political risks in the world.
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Investors are wary of growing monetary tightening by the Fed
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Short term positions are dominating crypto investing at the moment
Well, if you want to trade in volatile market conditions, there are a few coins you can consider. Here are the top 3:
Dogecoin (DOGE)
Contrary to what most people believe, volatility in the market is not necessarily a bad thing for investors. Memecoins in particular tend to offer extraordinary volatility.
Data Source: Tradingview
While these price swings can be quite upsetting, they offer great opportunities to buy low and sell high. Dogecoin (DOGE) is one coin that should deliver immense volatility for swing traders. That way, it will be much easier to buy and sell the coin with short-term positions.
FTX Token (FTT)
For investors who are probably looking for a relatively stable coin to trade, FTX Token (FTT) is a good start. The coin will not swing wildly as DOGE or other meme coins. In fact, during the recent crypto crash, FTT managed to limit losses significantly. It is perfectly suited for people who simply need a coin that is easily predictable in the market.
Cosmos (ATOM)
There are some coins that will consistently deliver value in the long run. Yes, they are volatile every day but after a year or so, they will offer you decent returns on capital. Cosmos (ATOM) is one of these coins. It is backed by superb fundamentals and has since grown massively over the past few months. It’s a great long-term bet in crypto.
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Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive
Ethereum (ETH) has been recovering over the last few days after tanking to its lowest level in months. The coin is however poised for a bigger bounce based on momentum indicators. But it still faces major upward resistance and downside risk. Here are some important facts:
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ETH reclaimed $2000 after facing a major sell-off this week
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RSI divergence and the moving average convergence divergence show signs of bullish momentum
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But ETH still remains pressured below crucial resistance zones
Data Source: Tradingview
Ethereum (ETH) – How it will hit $2500
At the moment, it doesn’t seem like investors are willing to buy any coins. This is a seller’s market, and there are fears that the crash we saw this week is only the beginning. Despite this, we still think that many coins will bounce back in the short term, and ETH is one of them.
Momentum indicators in particular appear to suggest that Ethereum is going to rise. The RSI divergence and the moving average convergence divergence show positive bullish signs. If indeed ETH is able to keep the price above $2000, then a surge towards $2500 will be possible. However, it won’t be that easy.
For starters, ETH still has to overcome several crucial resistance zones, including its 50-day EMA of around $2,349. Also, the rally we saw in the broader market yesterday could be short-lived. These risks could make it harder to ETH bulls to take over in the short term.
Will Ethereum return to $5,000 this year?
Ethereum was predicted to do pretty well in 2022. Some analysts were even targeting $10,000 before the year is out.
But based on what has happened in the market over the last few months, it now seems unlikely the coin will achieve such heights. However, a return of $5000 is very possible. But ETH will suffer from very high volatility before it gets there.
The post Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive appeared first on Coin Journal.
Decentraland (MANA) surges by nearly 60% – Will bulls breach $1.5 next?
Decentraland (MANA) has reported some of the most breathtaking gains in crypto over the last day. The coin is now consolidating, and there is a chance it could see more upward movements in the coming week. Here is what you need to know:
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MANA has rallied by nearly 60% after crashing at the start of the week
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The coin has now surged past the crucial $1 mark
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Bulls will aim to test $1.5 in the coming days after consolidation this weekend.
Data Source: Tradingview
Can MANA defy the odds and hit $1.5?
Although we expected the market to bounce back slightly after this week’s crash, MANA appears to have just exploded. After adding nearly 60% in value over the last 24 hours, the coin is now trying to consolidate above the crucial $1 mark.
So far, things are looking good. While some investors fear that the rally could correct steeply, if the price stays above $1, then there will be enough buyer confidence to push MANA towards $1.5. Besides, momentum indicators like the RSI appear to suggest that MANA’s recent run is far from over.
But there are some important downside risk factors to keep in mind. First, MANA has outperformed the broader market in its recovery. If there is any slight decline in crypto over the coming days, MANA losses could be much bigger compared to other major coins. Also, the metaverse token still remains pressured below its 50- and 200-day EMAs. These two points present stiff upward resistance that will make the idea of $1.5 improbable in the short term.
What to do with MANA right now?
The best thing to do would be to just watch. Yes, even though we think the coin could test $1.5, the downside risks are still huge.
If indeed the metaverse coin is able to maintain the price above $1 at the start of trading on Monday, then you can buy and cash out at $1.5.
The post Decentraland (MANA) surges by nearly 60% – Will bulls breach $1.5 next? appeared first on Coin Journal.