Kategorie: Altcoin News

• ApeCoin has plunged 15% in the past day

• Fundamentals around NFT and metaverse remain the growth drivers

• The Stochastic Oscillator shows APE at an oversold zone

ApeCoin APE/USD has plunged 15% in the past day to trade at $5.27. Although the cause of the drop remains unclear, it can be attributed to the ongoing market correction. A price decline in Bitcoin has sent altcoins into the jitters territory.

Currently, the market capitalization of ApeCoin is down to $1.6 billion at #35 in the crypto ranking. The token is trading much lower than its all-time high of $26 in April. Despite the significant price drop, APE remains the token to watch in the NFT and Metaverse categories.

Launched in March 2022, APE is the native cryptocurrency powering the Bored Ape Yacht Club metaverse. BAYC is a collection of 10,000 images of apes. In contrast, APE is a fungible ERC-20 standardized token with a supply of 10 billion. The token derives strong fundamentals around the fast growth of the NFT sector.

The growth is largely driven by institutional adoption. There is an emergence of themed NFTs from large corporations. Designers, musicians, and video game companies are also finding the space useful. For this reason, APE could gain bullish momentum in the long run. However, in the short-term charts, ApeCoin is facing bearish momentum.

APE retest $5.2 support 

Source: TradingView

Technically, ApeCoin is facing bearish pressure as per the daily chart above. The token has retested $5.2 support. Past the current level, the nearest support is set at $4.4. On the flip side, 5.8 is the immediate resistance, and 6.8 is the long-term resistance. However, the signals remain unclear.

First, APE is trading below the 20-day and 50-day moving averages. We could see some consolidations at the averages in the case of a trend reversal.

The Stochastic oscillator is below 20, meaning the market is oversold and could be due for a reversal. The price has remained oversold for the last four days. Nonetheless, a trend reversal can only be confirmed with a bullish price signal.

Concluding thoughts

ApeCoin has plunged significantly in the past 24 hours. The decline is linked to the overall crypto bearish momentum. The stochastic indicator shows the token is at the oversold zone and could be due for a reversal. APE buyers should wait for the bearish pressure to end.

The post ApeCoin prediction as token retest key support amid bearish pressure appeared first on CoinJournal.

• Decentraland boomed in 2021, but this year has been relatively quiet

• The native token MANA is sliding after remaining robust

• The bear weakness is widespread after a hawkish Fed report

Decentraland’s MANA/USD is slipping again. Bear signals suggest that the price may crash further. However, it is crucial to monitor key levels to evaluate whether investing is worthwhile.

A broader look into the sector shows that most cryptocurrencies are in bear territory. That was after the US Federal Reserve, on Wednesday, sounded hawkish about taming high inflation. The US Central Bank hinted at more rate hikes, a move that spooked markets. Thus the drop in MANA reflects the market sentiment.

Nonetheless, despite the metaverse booming in 2021, this year has been relatively quiet. It seems that the crypto winter swept across all crypto market segments. Nonetheless, numerous projects continue to enter the metaverse space. The developments are yet to spur a rally in Decentraland’s MANA. The metaverse platform has announced limited developments lately. Opportunities in the nascent sector remain in place. The lukewarm state has made tokens like MANA rely on sector-inspired fundamentals. 

Bearish MACD crossover pushing MANA back to $0.77 support?

Source – TradingView

Technically, MANA has lost grip of the 21-day moving averages. The momentum indicator has also crossed below the moving average. The indicators suggest that MANA is set to correct further. The token still has the 50-day MA supporting it.

For the bear weakness to subside, MANA must overcome sliding below the 50-day MA. Otherwise, the token could be back to the $0.77 support. If the weakness continues and the token slips below $0.77, that will welcome a bearish market. At the current price, MANA is just undergoing a correction.

Summary

MANA is falling alongside major cryptos after a hawkish Fed stance. The token is yet to fall below the 50-day MA and support. MANA is not yet in a bearish market.

The post Back to basics for Decentraland’s MANA as momentum indicator turns bearish appeared first on CoinJournal.

• Shiba broke past a key resistance over the weekend

• Several developments are helping Shiba Inu 

• SHIB is gearing to go higher, but before then, a correction could occur

Shiba Inu SHIB/USD was a top trending cryptocurrency on Monday. Momentum has been building for the cryptocurrency signaling increased buyer interest. The Monday jump takes SHIB above a key resistance as more investors circle. 

Several developments could explain the breakout in SHIB. One is the expected Shibarium TestNet. Previously, developers said that the anticipated Shibarum Public Beta testNet was set for launch in Q3 2022. The quarter ends in September. However, the community remained optimistic that the Testnet upgrade was set to launch between August 15 and 21. 

Another development that sparked interest in SHIB is the upcoming online game. Also known as Shiba Eternity, the game promises to help Shiba Inu shed its meme tag. To some other extent, Shiba Inu is also believed to be fueled by gains in Ethereum. Shiba Inu is Ethereum-based, and the anticipated shift to Proof-of-Stake may boost the token. The move is expected sometime in September. SHIB investors could be reading between the lines ahead of the upgrade.

SHIB breaks out and rises above an ascending triangle 

Source – TradingView

From the daily chart, Shiba Inu token broke above the resistance at $0.000012. The resistance and the trendline formed an ascending triangle. The token is currently retreating from an overbought region.

The breakout sets SHIB up to the next resistance at $0.00002. However, SHIB could slide to retest the support at $0.000012. Investors should take advantage of the retracement.

Summary

Shiba Inu broke from an ascending triangle as investors bought the token. A range of positive developments boosted the meme token. SHIB is retracing, but the upside remains in place. The next resistance is $0.00002.

The post Shiba Inu breaks out from an ascending triangle as price pumps appeared first on CoinJournal.

• Shiba Inu momentum remains weak amid crypto recoveries

• The lack of fundamentals is the reason for the weak momentum

• SHIB has maintained an ascending triangle

Most cryptocurrencies surged as the US inflation data showed cooling prices. However, Shiba Inu SHIB/USD defied the sentiment and maintained the same level. The token has been trading within narrow margins at $0.00001224. The level coincides with the upper bound of the consolidation zone.

Shiba Inu’s latest indecision underlines its status as a meme token. The token has rarely gone with the momentum of the market. Instead, it has relied on influencer mentions and crypto’s own fundamentals. With few developments occurring for the cryptocurrency, that could explain the negligible movement.

Nonetheless, it is important to note that Shiba Inu’s price has increased by more than 22% in a month. The price increase coincided with increased whale activity in anticipation of recovery. Shiba Inu lovers could be looking for the next trigger to take the token higher. But in the meantime, we may have to put up with a sluggish price recovery.

Shiba Inu trades in an ascending triangle amid a weak momentum.

Source – TradingView

From the technical outlook, SHIB is in a bullish trend. The uptrend and resistance form an ascending triangle. However, the momentum is dying, as confirmed by the MACD indicators and the price action at the resistance.

Two outcomes are likely for SHIB. The first is a breakout of the ascending triangle, confirming a bullish bias. For the price to move higher, there must be some fundamentals to drive SHIB. If a breakout fails, SHIB could slide back to the consolidation zone.

Summary

SHIB has maintained the uptrend, but the momentum remains weak. Watch for a potential breakout and an acceleration of bullish momentum.

The post Shiba Inu’s upside remains muted – What could happen next? appeared first on CoinJournal.

The market is currently trading sideways after more than 6-months in the red. Bearish sentiment remains strong, too, as macro-economic factors paint a picture of a global economy that could be headed for a recession. However, some factors paint a bullish picture for cryptocurrencies and point to a market headed for a major recovery.

One of them is data showing that 40% of U.S investors are buying crypto now. The data shows that the investors are driven by a need to preserve wealth amidst the ongoing uncertainties in the market. 

Not only is this a huge validation for cryptocurrencies, but it could also trigger a rally that could see cryptocurrencies return to their most recent all-time highs. That’s because American investors have the money, a factor that could see them push the market up in August. This possibility is reinforced by the fact that Bitcoin is holding strong above the $20k support despite the market turbulence.

Going by this market potential, here are some top cryptocurrencies to keep an eye on in August. 

Binance coin (BNB)

Binance Coin (BNB) has started August with a lot of momentum. When writing this article, BNB was up by 6.8%, outperforming most top cryptocurrencies. This follows a series of good news in the last 24 hours. 

One of the most important ones is that Binance has entered the Argentine cryptocurrency prepaid market. With more people in South America using crypto payment cards, the uptake is likely to be huge. Since BNB is the native cryptocurrency for payments in the Binance ecosystem, this move translates to a potential increase in demand. 

This potential is reflected in its price, and BNB could remain strong throughout the month. This momentum is enhanced by Binance Coin’s push through the $300 resistance. This could see more buyers gain confidence in BNB in the short term. 

Polygon (MATIC)

Polygon (MATIC) is still basking in the glory of last month when it emerged as one of the best-performing cryptocurrencies. This month, upside momentum is likely to remain strong for Polygon. That’s because the Ethereum merge is scheduled for next month, and Polygon, one of the bigger Ethereum layer-2, is likely to benefit from FOMO ahead of the merge. For this reason, Polygon remains undervalued in August, even after its most recent rally. 

Flow (FLOW)

Flow (FLOW) is one of the best-performing cryptocurrencies in August so far. Flow’s rally has much to do with the news that Meta, Facebook’s parent company, is supporting it. Meta will support NFTs and other digital collectables on the Flow blockchain.

Given that, FLOW is still trading at massive lows compared to its all-time highs. FOMO around this news could see this cryptocurrency emerge as one of the best-performing cryptos in August. It would also not be surprising if FLOW ends the year as the first crypto to retest its all-time highs.

The post Top 3 cryptocurrencies for a high ROI in August 2022 appeared first on CoinJournal.