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Highlights April 25: Cryptos in the red, Moonbeam slides 16%

The crypto market as a whole is very bearish with almost each top 100 coin in the red at the time of writing. 

Top cryptos

Bitcoin is down around 3% in the last 24 hours, trading at $38,500. Ethereum and Binance Coin are each down by around 5%. The biggest loser in the top 20 is NEAR Protocol, which slid 10%. 

XRP leads the pack with the biggest losses over the past 7 days: over 11%. Terra’s LUNA shed 3% of its value today, but it remains the only top 20 crypto in the green in terms of gains in the last 7 days (+16%).  

Top movers

Most top 100 coins lost 4-6% of their value today. Notable standouts are Cosmos, Neo, Theta Network, and Holo, each down 9%; UniSwap, Chiliz, Loopring, and Secret, each of which suffered a loss of 10%, and Aave with 11%. 

The Waves coin, created by Ukrainian-born Alexander Ivanov, shed 12% of its value despite support for the David in the uneven battle. Zilliqa and Audius, both of which rallied recently, have lost 13% each. 

The biggest top 100 loser is Moonbeam, which slid 16%. About ten days ago, Moonbeam gained 15% after taking part in a series of leading international crypto events and reaching an important milestone in terms of total value locked on the platform.

At the other end, there are just two modest gainers. Amp and ApeCoin each added around 1%.  

Trending

There are two new hot tokens today. The token of Bend DAO (BEND) is up 866% in the last 24 hours. Bend is a decentralized non-custodial NFT-backed borrowing and lending protocol where users can participate as depositors or borrowers. 

Whenever there’s a big event related to the crypto industry, there emerges a coin for it. This brings us to the second hot token, ELON BUYS TWITTER. After Elon Musk announced he had found the money to buy the social media giant, this token was created. It gained 564% in the last 24 hours. 

ELON BUYS TWITTER will give meme creators a chance to earn and allow them to gain stipulated revenue for their work. It will help aspiring meme creators showcase their talent to the world. 

 

The post Highlights April 25: Cryptos in the red, Moonbeam slides 16% appeared first on Coin Journal.

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Polkadot’s (DOT) failed rally exposes the coin to serious downside risks

Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish, and what happens next could either send the price sharply lower or push it higher in a more decisive way. Here are some notable facts:

  • DOT has been trading between a range of $16 and $23 for most of the year

  • At the moment, it is on the lower side of that range at around $17.3 in price

  • A drop below $16 could prove catastrophic for DOT bulls

Data Source: Tradingview 

Is Polkadot heading for a sell-off?

As noted above, Polkadot has reached a make-or-break moment. The coin has ranged between $16 and $23 for most parts of 2022. In fact, this range is shaping out to be a long-term trend and as such, it is important to watch it. 

For DOT bulls, the key is to make sure the price stays within this range. If bears push the coin below $16, then everything may start to unravel. DOT will face a stiff sell-off and may end up bottoming at $8 in the near term. 

But there is a flip side to all this. It depends on if DOT will maintain its $16 – $23 range. If the coin can manage to stay above $16 for a few days, then a run towards $23 will be well on and truly in sight.

Polkadot’s long term upside

The longer-term upside for DOT is still positive. The coin could still deliver 3x in value from its current price by the end of 2022. But in the short term, it’s hard to see the token going past $23. 

The trend line that we have discussed above appears strong. As such, DOT will likely bounce off between $16 and $23 in the near term. But this theory will become invalid if the price falls below $16 in the days ahead.

The post Polkadot’s (DOT) failed rally exposes the coin to serious downside risks appeared first on Coin Journal.

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Stellar (XLM) price analysis: Why bulls must hold $0.18 support

Stellar (XLM) has seen a period of recovery after going off the cliff at the start of April. However, after hitting a high of around $0.24, XLM has gone through a serious correction. As a result, the coin is facing a lot of downward pressure. Here are some takeaways:

  • Despite the recent sell-off, XLM is still holding the crucial $0.18 support.

  • Any fall below $0.18 could precipitate a decisive downtrend in the near term.

  • The coin is however looking strong and could push further upwards.

Data Source: Tradingview 

Stellar (XLM) – The downside risks

The current downtrend that we have seen with XLM is slowing. Even though the coin has lost around 5% over the last 24 hours, there is enough to suggest that any further decline is not on the horizon. But the key for XLM bulls would be to make sure that the price action stays well above $0.18. 

In the past few weeks, this price has proved to be a strong support zone. If bulls are however not able to hold it, we could see XLM spiral into a much-prolonged downtrend. In the end, the coin may hit its March lows of $0.16 before it tries to find any upward momentum. 

But even with these downside risks, it is important to note that the upward potential for XLM still remains very uncertain. As of now, $0.24 remains the upward cap. Even if the coin rallies in the days ahead, it is unlikely to cross $0.24 anytime soon.

Is Stellar a decent buy today?

From a short-term point of view, it would be best to monitor XLM till Monday and see if it manages to maintain $0.18. If this happens, then you can enter and exit right before $0.24. But if the coin falls below $0.18, you must give it a week or so for the price to bottom before you buy.

The post Stellar (XLM) price analysis: Why bulls must hold $0.18 support appeared first on Coin Journal.