Kategorie: Altcoin News

• Solana token has been consolidating for a month

• The FTX crash has been a blow to SOL’s price and recovery

• SOL trades with lower volumes, and a potential drop could occur

Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

SOL trades with weakening volume at $13

SOL/USD Chart by TradingView

Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

What next for SOL?

A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

Where to buy SOL 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today Disclaimer

The post Solana’s price movement should worry buyers, but still, there is a chance appeared first on CoinJournal.

• Axie Infinity token lost 6.60% on Thursday despite previous gains

• Axie Infinity has been recording increasing activity on the platform

• The token faces resistance at the 50-day moving average

After strong gains, Axie Infinity’s (AXS/USD) price is weakening. The token traded down by 6.60% in 24 hours, despite retaining a 16% weekly surge. As CoinJournal reported, Axie Infinity’s bullishness reflected increasing activity on the blockchain.

The increased activity on the play-to-earn gaming platform happens even as decentralisation takes shape. According to a December 05 announcement, “invested” community members have come together to achieve the goal. The announcement stated that more than 600 dedicated members had come together to share Axie Infinity’s future. Besides, Axie Infinity is building an inaugural pilot “season” for its “Governance” section. As a result, it has selected 700 contributors for the trials.

The reaction of the Axie Infinity token to the recent developments may foretell that some positives are to be expected. However, AXS remains subdued by a bear market. 

AXS trades at the 50-day MA but is facing bear pressure

AXS/USD Chart by TradingView

From the technical outlook, AXS faces pressure, although the momentum is slightly bullish. The MACD indicator is bullish and recently crossed above the neutral zone. The cryptocurrency trades at the 50-day MA after initially pushing above it.

Can AXS sustain the upside?

Largely, AXS’s price is bearish. The cryptocurrency has been on a downtrend. If bulls are to capitalise on the relief rally, they must avoid a drop below the 50-day MA. Recovery at the moving average will set AXS for the next potential resistance at $11.

Conversely, a drop below will pit AXS to the 20-day MA or $6 bottom. Investors should watch the price action for further confirmation.

Where to buy AXS 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy AXS with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AXS with OKX today Disclaimer

The post Axie Infinity continues to face rejection. Are buyers giving up? appeared first on CoinJournal.

• TKO rose by 100% on reports of the acquisition of Tokocrypto by Binance 

• The cryptocurrency has slid by 28% since forming a local top at $0.57

• TKO could correct to $0.34

Toko (TKO/USD) token is attracting buyers. With a surge of 100%, it may be too late to buy TKO now. But when an opportune moment comes, you could snap the token, thanks to positive cryptocurrency news.

The gains in TKO come amid reports that Binance is acquiring the Indonesian crypto exchange Tokocrypto. We know that Binance is the world’s biggest crypto exchange. Thus, any approach to acquisition is likely to build optimism. TKO, the native token, reacted to the news, rising sharply from $0.283 to $0.57.

Binance is particularly interested in Tokocrypto since it is locally regulated. It is the first entity to be registered under Indonesia’s Commodities Futures Trading Regulatory Agency. Binance already holds an investment in the Indonesian exchange since 2020.

But the sharp gains in TKO may prove difficult to hold, at least for now. As of press time, TKO traded at $0.42, a decline of 28% from its local high. The trading volume had also fallen sharply and was only up 2.99%. However, to an investor monitoring the positive developments of Tokocrypto with Binance, TKO should remain on the waitlist.

TKO corrects but is yet to find support

TKO/USDT Chart by TradingView

Technically, TKO is bullish but faces a correction. From the RSI indicator, a reading of 77 implies that TKO is overbought and a correction is on the horizon. 

The support lies at $0.34, giving bears a chance to push the cryptocurrency lower. The level was a breakout zone that was triggered as the price was pumped.

Concluding thoughts

TKO faces further gains if the reports of the acquisition of Tokocrypto get confirmed by Binance. However, currently, investors face a correction.

If you are looking to buy the token, the level to keep an eye on is $0.34. Also, monitor the developments around the token, as positive news can trigger sharp rises before reaching support.

Where to buy TKO 

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy TKO with Binance today

Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

Buy TKO with Wazirx today

The post Toko token gains 100% on Binance news. Here is the next potential price action appeared first on CoinJournal.

• The magic token has doubled in price in the past week

• The cryptocurrency has been boosted by potential listing by Coinbase

• MAGIC is under correction as the cryptocurrency approaches the $0.7 resistance

Ever heard of the Magic (MAGIC/USD) token? With a market cap of $103.31 million, the cryptocurrency is among the lowly ranked at #230. However, buyers are camping for this minor token on positive cryptocurrency news. As of press time, the cryptocurrency was up 10%, but it has more than doubled in price since the start of the month.

The gains in MAGIC happened after US crypto exchange Coinbase said that the cryptocurrency was on its listing roadmap. Other tokens on the Coinbase listing target are Rocket Pool (RPL) and Aragon (ANT). But what is MAGIC?

MAGIC is the native token of Treasure DAO, a project seeking to become a decentralised video game console. The DAO targets games and non-fungible tokens. Among the DAO’s infrastructure is an NFT marketplace Trover and gaming platform Bridgeworld.

MAGIC corrects slightly below the resistance of $0.7

MAGIC/USD Chart by TradingView

A technical outlook shows MAGIC facing resistance as the cryptocurrency approached a key resistance at $0.7. The momentum is still bullish, although MAGIC is overbought, with an RSI reading of $75.

The 20-day moving average is shifting above the 50-day MA, in line with the bullish momentum. Both moving averages offer MAGIC support.

These key levels will be important to bulls

$0.51 – This is the immediate support level for the cryptocurrency. The level has been tested and holds ground even as MAGIC corrects. If bulls defend this level, it will allow them to push higher and initiate a breakout at $0.70. The level is needed to hold for MAGIC to have a chance for further gains.

$0.30 – This is the established support for the cryptocurrency. Although lying deep below, it could be hit if $0.51 fails to hold. That could push MAGIC back into consolidation and potentially wipe out the gains already made.

Where to buy MAGIC

As MAGIC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MAGIC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MAGIC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for MAGIC

Now that you’re connected, you’ll be able to swap for 100s of coins including MAGIC.

The post MAGIC token soars on positive news. Buyers must break key levels to enjoy more gains appeared first on CoinJournal.

Are you a crypto gamer or play video games? The advent of blockchain has enabled gaming to go to the next level. Crypto gaming allows you to play and earn cryptocurrencies or non-fungible tokens (NFTS) after winning. There are notable platforms where you can game and earn tokens. With crypto gaming relatively new, you can buy and benefit from the price appreciation of the native tokens to associated blockchains. Here are our top picks based on market capitalisation:

ApeCoin (APE)

ApeCoin is the biggest gaming blockchain, with a market cap of $1.429 billion. The gaming blockchain is famous for the Bored Ape and Mutant Ape NFT collections. 

The native token APE is classified as an ERC20 token, meaning it resides on the Ethereum blockchain. The token was officially released on March 16, 2022. APE has particularly been robust lately on the launch of staking feature and NFT marketplace. Stakers on the platform will start earning rewards on December 12, 2022.

Where to buy APE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Nexo

Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.

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The Sandbox (SAND)

Besides ranking as a popular metaverse platform, The Sandbox (SAND/USD) is a crypto gamers’ darling. Players can create 3D worlds and participate in play-to-earn games on The Sandbox.

SAND, the native token, facilitates gameplay transactions. Users can use SAND to buy plots of land in the metaverse. SAND comes second among gaming tokens on market cap, with a valuation of $865 million.

Where to buy SAND

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SAND with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SAND with OKX today Disclaimer

Axie Infinity (AXS)

It is a top blockchain gaming platform popularly known for Pokémon-Esque creatures dubbed Axies. In fact, despite ranking lower on the market cap than its predecessors, Axie Infinity is recognised as a leader in play-to-earn gaming. Gamers engage in a monster-battling game for an alluring promise of rewards. 

Axie Infinity native token AXS is the governance token. The token has a market cap of $848 million.

Where to buy AXS

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy AXS with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy AXS with OKX today Disclaimer

Decentraland (MANA)

Another metaverse platform that ranks fourth in gaming tokens’ with a market cap of $729.4 million. Gamers can play games on Decentraland, buy and sell digital real estate, and interact with other users.

Where to buy MANA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MANA with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy MANA with OKX today Disclaimer

Concluding thoughts

Gaming tokens carry a promising future amid the prolonged crypto winter. With the sharp decline in prices, the top gaming tokens could return big when cryptocurrencies recover.

The post Top 4 gaming tokens to buy when the market returns appeared first on CoinJournal.