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Ripple (XRP) tests $0.5 in the recent rally – Can it bounce back from the crypto crash?

Ripple (XRP) appears to have stopped the bleeding after two days of steep decline. The coin has in fact found some bullish uptrend in what looks like a trend reversal. But can it actually bounce back right away after crashing at the start of the week? Details are below but first, key points.

  • XRP tried to test $0.5 after two days of steep losses

  • The coin was however rejected at that price and has since fallen 10%

  • XRP will likely retest $0.5 again this week as bulls try to find more demand

Data Source: Tradingview 

Is Ripple bouncing back?

It is important to be aware of the dead cat bounce in crypto right now. You see, after every crash, we often see some trend reversal where coins rally only to fall again. For XRP, the attempted surge towards $0.5 appears to be a dead cat bounce. 

The fact that the coin was rejected firmly in this attempt shows that there is very little demand at the moment. Besides, overall sentiment in the crypto market has not changed that much. While we expect XRP to try and reach $0.5 in the coming days, it is likely the coin will fail again. 

Also, XRP still faces crucial hurdles even if it was able to go above $0.5. The price action will struggle to maintain any prolonged upward momentum right now. For these reasons, the outlook for XRP still remains bearish in the short term.

When will XRP recover?

There were hopes that the second quarter of 2022 would provide much-needed impetus for crypto. But it is clear that sentiment in the broader market has not yet shifted significantly in a positive way. 

As such, XRP will likely face a period of high volatility until the end of June. But from a long-term point of view, there could still be superb gains by year’s end.

The post Ripple (XRP) tests $0.5 in the recent rally – Can it bounce back from the crypto crash? appeared first on Coin Journal.

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Solana (SOL) reclaims $50 as it rallies from 2022 lows – Can it keep going?

After touching its lowest price in 2022, Solana (SOL) has rallied over the last few hours. The coin had struggled to cross above $50 after two consecutive days of severe losses. But it seems there is some bullish momentum right now that could push it further. Here are the details:

  • SOL has reclaimed the $50 price after surging nearly 20% over the last 24 hours.

  • Significant downside risks still remain despite today’s rally

  • SOL also remains below its 50 and 200-Day EMA suggesting it’s not out of the woods yet.

Data Source: Tradingview 

Can Solana maintain this rally?

The broader crypto market has recovered after crashing over the last few days. Solana has in fact gained nearly 20% after seeing steep losses. However, the rally is not decisive. Analysts warn that what we are seeing is a slight pullback after the crash over the last two days. The overall downward trend in SOL has not yet reversed and as such, it is likely the coin will fall further in the days ahead. 

Reclaiming the $50 mark was a big deal and an important psychological win for SOL bulls. But since the coin remains severely pressured below its 50- and 200-day EMA, we expect more weakness to follow. 

SOL will likely drop below $50 once again and this time, it may fall even further before any rise. But if SOL can somehow continue the uptrend and close the day above $60, this thesis will be invalidated. 

Is SOL offering the perfect dip?

One thing we can agree on is that Solana is a big project and is likely going to challenge Bitcoin and Ethereum in the future. 

It was just the other day SOL was selling at around $200. The fact that you can get it now for less than $50 is a big deal. It’s by far the best dip-buying opportunity in the market.

The post Solana (SOL) reclaims $50 as it rallies from 2022 lows – Can it keep going? appeared first on Coin Journal.

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Apecoin sees renewed bullish momentum – Can the coin breach $10?

Apecoin (APE) is trending upwards today in line with the broader recovery in crypto. The coin appears to have paired some of the losses we saw in the last few days. But can this renewed bullish momentum push the coin above $10? More details to follow below but first, some highlights:

  • Apecoin has surged by over 40% over the last 24 hours

  • The breakout comes after nearly two weeks of negative sentiment around the coin

  • Reclaiming $10 could pave the way for a decisive run in the near term.

Data Source: TradingView 

Apecoin (APE) price analysis

The road towards $10 for APE now seems very plausible. After two weeks of weakness, APE has decisively trended upwards. Although the broader crypto market has recovered from losses over this week, APE is outperforming the market by almost 3 times. 

If indeed the current momentum breaks the $10 mark, it will open a new window of opportunity that could allow this NFT-based coin to surge even further. In fact, it is plausible that APE could rally towards its April highs and cross above $20. This will represent gains of up to 200%. 

Despite this, it is important to note that this renewed uptrend could just be a normal pullback. After all, the crypto market had crashed over the last few days. It was expected that the downtrend would stop slightly as it always does. If APE is not able to hit $10 in the coming days, we may see more losses again.

Can you profit from APE right now?

APE has performed quite well in 2022. But after hitting highs of around $24, the coin has faced a very steep and costly correction. Right now, APE is still trading at a huge discount compared to its previous highs. 

While we are not saying the coin will surge towards $24 in a few days, if you want to hold it for some months, this would be the most ideal time to buy.

The post Apecoin sees renewed bullish momentum – Can the coin breach $10? appeared first on Coin Journal.