Kategorie: Altcoin News

• Near Protocol traded at $6 in mid-August, the highest since May

• The token trades around the $4.2 support amid the latest declines

• NEAR could turn bullish if it recovers $4.2 successfully

Near Protocol NEAR/USD traded at a monthly high of above $6 in mid-August. The last time the token hit such a high level was in May. However, recent weaknesses forced the token back to $4.0, slightly below or at the support zone of $4.2. As of the time of writing, NEAR was trading at $4.26. Although the price was sluggish, bulls were wrestling the bears. That offers a chance for the token to move higher should the price overcome the slump.

Near Protocol has been deriving momentum from recoveries in Ethereum. In particular, the anticipated Ethereum Merge has been boosting liquidity in Layer-1 protocols. Near Protocol has so far cooled as the Ethereum rally also slowed. However, we know that volatility may creep back as the September 15 date of the expected merge approaches. While we can’t ascertain how much the Merge will boost NEAR, investors would be good watching. A price recovery that keeps $4.2 intact will be a bullish catalyst.

NEAR trades at the support with no directional movement

Source – TradingView

A technical outlook shows NEAR struggling to maintain the $4.2 level. The token is near the oversold level but still has more room to fall. There is currently no directional movement, and we cannot rule out a further slump. 

Nonetheless, if the bulls keep $4.2 intact, the price could jump higher. The token should be keenly watched for the potential outcomes.

Summary

Near Protocol token is wrestling the $4.2 support. Bulls will take over if the price recovers from the support. If the price crashes below $4.2, bears will be in control. The token is one to keep a tab on.

The post Is Near Protocol about to recover the $4.2 level and become bullish again? appeared first on CoinJournal.

• Fantom has dipped 4.71% in the past day and 23.51% in the past week

• The token is currently retracing within a consolidation 

• A dip below the support could open more sell trades

Fantom FTM/USD has been adversely affected by the bearish correction in cryptos. The token is down 4.71% in the past day, with weekly losses at 23.51%. Currently, FTM is trading at $0.2905. Despite the negative trend, Fantom is one of Ethereum’s rivals with strong fundamentals.

Fantom is a highly scalable independent decentralized project. The blockchain is suitable for decentralized applications and cryptocurrencies. With its lower transaction fees and Fantom Opera’s high throughput, it is one of the fast-paced blockchains.

DeFi users, enterprise apps, and Ethereum virtual Machine developers are currently flocking the network. FTM, which powers staking and governance functions, is yet to reap the gains of the network’s growth. The token has remained at the center of crypto volatility. 

FTM has lost a whopping 91% from its highest point year to date. The short-term technical outlook shows consolidation amid a weak momentum.

FTM consolidates sideways in a bearish market

Source: TradingView

According to the daily chart, FTM has been locked in a consolidation pattern. The token has been trading between $0.2 and $0.42 price levels. The pattern has been maintained for about four months.

Currently, FTM is on a retracement amid a bearish momentum. The 20-day and 50-day moving averages offer resistance to the upside. The two averages are possible points of consolidation or resistance in the case of a trend reversal.

The RSI is currently at 36, the lowest level since June. Despite the indicator approaching the oversold zone, FTM should overcome the $0.42 resistance level to become bullish. If the reverse happens, the token could retest lower levels.

Concluding thoughts

FTM faces a strong bearish momentum, with more than 23% weekly losses. The token has remained in consolidation for longer. The token could trade lower if the $0.2 support level fails to hold.

The post Watch $0.2 support as Fantom retraces amid consolidation appeared first on CoinJournal.

• Sandbox failed a break out at $1.3 and has retraced to a support

• Price weakness emanates from the general crypto mood and lack of Sandbox developments

• SAND remains vulnerable unless potential price catalysts come up

Sandbox token SAND/USD looked likely to take new heights as the price hovered around $1.3. Price consolidated at the resistance level for weeks, but neither bulls nor bears seemed to win the battle. Since most other cryptocurrencies were surging, that gave hope that bulls would eventually triumph. Bears seem to have taken control as the price has dipped to $1.03. That is a potential demand zone but will buyers push the token higher?

Sandbox does not look promising at the current level. First, Sandbox has depended on the momentum of the crypto sector lately. The momentum is currently weak. Before the sentiment improves, SAND could weaken further. Secondly, projects building on the metaverse has slowed lately. Although a great opportunity exists for the metaverse sector, investors are interested in current developments. The lack of clear fundamentals from the metaverse sector could be a blow to the short-term recoveries of SAND.

Sandbox token slides to $1.03 support in a bear market

Source – TradingView

Technically, Sandbox is bearish. The momentum indicator shows that the price is extremely bearish at the key support of $1.03. No price action to show that the price is about to recover at the support. Consequently, SAND is vulnerable if momentum fails to improve quickly. Investors should not buy the token at the support but should watch price action and general sector mood. If SAND loses the $1.03 support, the token could slide to $0.85.

Summary

Sandbox token remains vulnerable at the $1.03 support. The lack of clear fundamentals and momentum is a catalyst for further bear weakness.

The post Should you buy Sandbox SAND at the $1.03 support? appeared first on CoinJournal.

• Shiba Inu token rallied to $0.000017 as risk-on sentiment entered markets

• The token trades at support after losing grip of previous gains 

• Crypto sentiment remains weak, but Shiba Inu could take a u-turn to the upside 

Whether Shiba Inu SHIB/USD has returned to the bear market is a question hard to answer. However, one sure thing is that Shiba Inu maintains key technical levels. Buyers could be about to take it higher after the latest slowdown. 

Shiba Inu is one of the cryptocurrencies that returned massively recently at the height of meme-rally. However, the token is back to the drawing board, with losses in the last seven days climbing to 17%. Most other cryptocurrencies are already in the red indicating widespread corrections. 

Shiba Inu falls back to support zone as meme rally ends

Source – TradingView

The current SHIB price coincides with support at $0.00001242. That is the level at the price broke and became bullish at the back of the renewed meme-token rally. We can see that the price shows some indecision after the latest losses. Bulls are rejecting the downward pressure, a major indicator that demand is strong for the meme token. 

The momentum indicator is showing a bearish price move. We remain optimistic that if SHIB maintains the support zone, the MACD indicator could turn bullish.

Concluding thoughts

While crypto sentiment remains weak, SHIB has maintained key support. The bear pressure is weakening as the price shows indecision at $0.00001242. A potential recovery is possible if the price maintains its level. Investors should watch price action and consider trades if sentiment improves.

If SHIB loses grip of the support, bears will take control. That could see the price trade back to $0.000010. The next days’ price action will dictate the potential direction for SHIB.

The post Shiba Inu retraces back to breakout support – Will price rebound? appeared first on CoinJournal.

It’s a slow start to the week for the cryptocurrency market. Bitcoin trading volumes are low, and there is no major news that can trigger any significant market moves today. More broadly, the financial markets remain relatively bearish, as major economies look all but headed for a recession. Despite all this, some cryptocurrencies have significant potential to pull a surprise rally during the week. Below are some cryptos that could give investors a good return on investment this week.

Ethereum (ETH)

There is a good chance that the Merge has already been baked into Ethereum (ETH) price. This is evident in Ethereum’s recent price action when it went from under $1000 to a high of $2000. 

That said, the upcoming Merge will continue to make headlines for the remainder of the month. As such, chances are that money will keep flowing into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies in the week.

Already, Ethereum is one of the few large cryptocurrencies that are in the green at the moment. It is an indicator that momentum still has momentum, making it a good cryptocurrency investment to keep an eye on this week.

Binance Coin (BNB)

Binance Coin (BNB) remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volumes are rising.

One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the perception that it is safe. Unlike most cryptocurrencies that don’t have much use value, BNB is the cryptocurrency that drives the Binance ecosystem. It is used for paying fees on the exchange and other Binance-related products. 

Now that Binance Coin’s price is showing some positive price action, the odds are that crypto investors will turn to this crypto in the short to medium term.

Solana (SOL)

In recent weeks, things have been pretty rough for Solana (SOL), but SOL token prices are holding up pretty well. This week, Solana could benefit from a new feature that is coming to the Solana Phantom wallet named “Burn NFT.” The new tool aims to cut down on scams within the Solana ecosystem. 

Through the new feature, investors will be able to get rid of scam NFTs while also earning SOL tokens for doing it. As investors get wind of this opportunity to earn from Solana, there could be a surge in buying volumes, a factor that could help push up the price in the short to medium term. 

Klaytn (KLAY)

Of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few in the green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. The moves it has been making are bearing fruit. For instance, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing the price of KLAY higher in the short term.

The post Cryptos to watch despite a bearish start to the week appeared first on CoinJournal.