Kategorie: Altcoin News

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:

• The crash happened after months of negative sentiment in crypto.

• Economic and geopolitical conditions in the world are not investor friendly right now.

• 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.

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:

• MANA has rallied by nearly 60% after crashing at the start of the week

• The coin has now surged past the crucial $1 mark

• 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.

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.

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.

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.