Autor: dot-traders

Veröffentlicht am

Tracking the dips: Top 3 metaverse coins that have crashed today

Dip buying is one of the best ways to profit in crypto. After all, the golden rule in investment is to always buy low and sell high. The market has seen a massive crash and while many coins offer good dip-buying opportunities, metaverse coins should be on your radar. Here is why:

  • Overall sentiment in metaverse coins is likely to improve significantly before the end of 2022.

  • Metaverse coins have already crashed several times in 2022 so they are heavily discounted.

  • Increased investment in VR and AR gaming could unlock the value of metaverse cryptos this year.

So, for dip hunters looking for a slice of metaverse coins, the three coins below should offer a very good discount:

Enjin Coin (ENJ)

Enjin Coin’s (ENJ) main goal is to create a robust ecosystem that will facilitate and support innovation around blockchain gaming and virtual reality. The project is seen as a big part of the play-to-earn space and is expected to be huge in the future. 

Data Source: TradingView 

But ENJ is currently suffering one of its worst losses in months. The coin has lost nearly 35% of its value in the last 24 hours alone. With more losses expected, the dip-buying opportunity presented will be hard to ignore.

Wemix (WEMIX)

Wemix (WEMIX) is also a blockchain project built for metaverse and virtual reality games. In fact, it is modeled around Enjin Coin, but it is not nearly as big. So far, WEMIX has managed to keep losses during the crypto crash relatively lower. But it has still dipped significantly from its all-time highs. It would be a nice asset to add to your portfolio in the short term.

Bloktopia (BLOK)

Bloktopia (BLOK) is a polygon-based metaverse that is fully decentralized. It’s relatively new but has attracted a big fan base. The coin has seen losses of up to 40%, and its market cap has fallen below $50 million. If there was a perfect time to buy it cheaply, this is it.

The post Tracking the dips: Top 3 metaverse coins that have crashed today appeared first on Coin Journal.

Veröffentlicht am

Cardano (ADA) hits new lows – Why the worse is still to come

As the crypto market experiences one of its worst crashes in recent years, Cardano (ADA) has hit a new low. The coin has fallen below $0.5 for the first time in months. Although this is already bad news, the worse is yet to come for ADA. Here is what you need to keep in mind:

  • In the last 24 hours alone, ADA has crashed by over 30%

  • It’s the first time in months that Cardano has breached the $0.5 mark

  • More losses are expected to come as the broader market faces a steep correction

Data Source: Tradingview 

Cardano price analysis – Difficult times ahead

After falling nearly 65% from its highs in May, you would think that the worse is over for ADA. But the current bearish trend around the coin is only getting started. In fact, after falling below $0.5 for the first time in months, we expect the coin to continue the steep decline. 

It is possible that ADA will bottom towards its next $0.35 support before it tries to find any demand. This will represent a fall of around 25% from the current price. ADA would also lose over 100% in value from its highest price this month. 

The only positive sign in this setup is the RSI reading. This momentum indicator for ADA has moved towards the oversold territory. The risk of a big sell-off is therefore relatively limited. But as investor sentiment in crypto wanes, it will be harder to find ADA buyers in the coming days.

Should you hold or Sell ADA?

As Cardano accelerates losses, it can be easy just to sell off and limit your exposure. But we still think that ADA is one of the few coins in the market worth holding. Even though the coin will not return to $1 soon, we expect it to retest $0.75 after it bottoms at $0.35.

The post Cardano (ADA) hits new lows – Why the worse is still to come appeared first on Coin Journal.

Veröffentlicht am

Binance Coin (BNB) exposed to further risks as the coin falls sharply in broader crypto sell-off

Binance Coin (BNB) has seen some steep losses over the last few days. However, although the coin is following the trend in the broader market, these losses have exposed BNB to significant downside risk that could lead to further serious declines. Here are some facts:

  • For most of 2022, BNB has found massive demand between $253 and $308

  • A 20% crash in the last 24 hours means that bulls have now lost that demand zone

  • If recovery doesn’t come soon, BNB will fall sharply again in the coming days

Data Source: Tradingview 

Where will BNB go next?

It was only recently that BNB was hovering well above $300. For most bulls, it was a time of consolidation, and there were hopes that the coin could stroll towards $400 in no time. But the crypto crash over the last few days has put so much pressure on BNB. The coin has lost 20% over the last 24 hours alone. 

But more importantly, BNB has also lost a crucial demand zone. You see, even with high volatility in the market, the coin was getting significant buyers between $308 and $253. The recent crash has pushed the price action outside this buy zone. 

Unless there is a recovery in the next 24 hours, BNB will come under selling pressure as bears take complete control. The coin will likely bottom at $222 or thereabout before any other bull run.

Are we seeing a serious BNB correction?

Losing nearly 40% in less than three days would be seen as a serious correction for any coin. But for BNB, the sharp fall has simply exposed it to further downside risk. For this reason, we don’t think the steep decline is over. 

In fact, based on sentiment in the market, it would be plausible to expect further BNB losses before the end of the week. We are therefore seeing a very serious correction with the coin.

The post Binance Coin (BNB) exposed to further risks as the coin falls sharply in broader crypto sell-off appeared first on Coin Journal.

Veröffentlicht am

Gala Games (GALA) crashes by nearly 40% after losing crucial support – Is recovery possible?

Gala Games Logo

Gala Games (GALA), one of the leading metaverse and blockchain gaming tokens, is currently in free fall. The coin follows the broader crypto market in decline, but its losses have been much worse than expected. Is there any chance of recovery? Here are the main facts:

  • GALA has crashed by nearly 40% after losing its $0.07 support

  • The metaverse coin is essentially in free fall and could enter a bear market in the coming days

  • GALA is down nearly 65% from its monthly highs at the start of May

Data Source: Tradingview 

Can GALA recover after this bloodbath?

Recovery for GALA will of course come. But we do not see it happening anytime soon. Sentiment in the market is now very unpredictable. It appears many investors are cashing out on their crypto assets, with sustained losses hitting most coins. This is not a buyers’ market and as such, we expect GALA to drop further before any reversal. 

It will be very interesting though to see how the price action will play out once it dips below $0.05. After all, this has been a very psychologically important threshold for GALA bulls. At the moment, the metaverse coin is slightly above this price.

Based on trends in the market, it won’t be a surprise if it falls further. It is likely that the free-fall will continue before GALA bottoms at around $0.02.

How to profit from GALA right now?

This is not the best time to buy GALA. If you want to do it, it would be much better to wait for a week or thereabout. We expect the price to bottom way below $0.05. 

Once this happens, the coin will be trading at nearly a 100% discount from its May highs. That will be the most ideal dip to buy, especially if sentiment in the broader market improves.

The post Gala Games (GALA) crashes by nearly 40% after losing crucial support – Is recovery possible? appeared first on Coin Journal.