Kategorie: Altcoin News

• Sandbox’s SAND was resisted at the $1.3 level.

• The price is currently bearish but could be contained by the $0.9 support.

• Investors should watch for a potential breakout.

$1.3 remains a key level to watch for Sandbox’s native token SAND/USD. The metaverse token showed renewed hopes last month after jumping from a bottom of $0.75. At the current trading of $1.1, SAND is recovering, although an immediate resistance holds it back.

Metaverse tokens such as SAND boomed last year at the back of the growth of virtual reality blockchains. This year, activity has slowed, although firms are still showing interest.

Citi strategists believe the metaverse economy is $8 trillion to $13 trillion in addressable value. With such huge potential, metaverse tokens such as SAND remain viable for keen investors. However, the recent bearish crypto sentiment has been a hit for SAND. The weakness should not concern a keen investor looking for long-term gains. In the short-term, SAND eyes a breakout that investors should monitor.

SAND trapped below $1.3 resistance and $0.9 support

Source – TradingView

Technically, SAND has been consolidating since May. The token’s established resistance is at $1.3, while the support is at $0.9. The price of the metaverse token has oscillated between these two regions for around 2 months. The level is a critical make-or-break zone for SAND as the cryptocurrency resists going lower. 

The MACD indicator is showing a bearish signal. The line is about to cross below the moving average to confirm the bear move. The level reflects the current correction after the cryptocurrency was resisted at $1.3. The short-term 14-day and 21-day moving averages are also above price. The current sentiment on SAND is bearish. Nonetheless, the correction could end once $0.9 support is reached.

Summary

Sandbox’s SAND is technically strong above $0.9 support. The $1.3 resistance holds the price back. A potential break above the $1.3 resistance would usher a fresh bullish momentum.

The post Sandbox token rejected at $1.3. What next as the price dips again? appeared first on CoinJournal.

• Dogecoin’s DOGE is down 4% in 24 hours

• Most cryptocurrencies are falling ahead of inflation data on Wednesday

• DOGE could touch the $0.05 bottom if the current weakness persists

Dogecoin’s DOGE/USD trades at $0.0645. The price is a drop of more than 4% in 24 hours as most cryptocurrencies fell on Monday. DOGE now risks crashing back to the $0.05 bottom if the current weak sentiment prevails.

The price of Dogecoin has historically been fueled by social media mentions and listings. The cryptocurrency is labeled a meme coin owing to its reactions to influencer mentions. Elon Musk, the Tesla CEO, has been influential for the token. Recently, speculations were that Twitter would allow DOGE payments once acquired by Musk. With the acquisition now in doubt, DOGE users could be coiling back after a not-so-good crypto sentiment.

Dogecoin’s weakness is also stemming from the overall decline in cryptocurrencies. As of the time of writing, Bitcoin and Ethereum had fallen by more than 3%. The weakness could be reflecting concerns about tighter policy by the Federal Reserve. An inflation data expected on Wednesday is expected to be a turning point for cryptocurrencies. A high inflation jump could fuel a faster action by the central bank and lead to a further drop in cryptocurrencies.

DOGE falls below a short-term moving average

Source – TradingView

Technically, DOGE is bearish. The price fell below the 14-day and 21-day moving averages, affirming the bearish pressure. The price is yet to enter the oversold level as the meme coin attracted buyers recently. The price could continue falling to find the previous support at $0.05.

Concluding thoughts

Investors should not buy DOGE now as the price is under bear control. The price could rise if sentiment improves, but before then, it could touch the $0.05 bottom. The inflation data on Wednesday is a key event to watch.

The post Dogecoin prediction as most altcoins sink amid bearish pressure appeared first on CoinJournal.

• Shiba Inu plans to launch new stablecoin

• SHIB tokens posted a 6% jump in the past week

• New token underway as part of Shiba Inu’s expansion plan

While market sentiments initially drove meme tokens, some are gaining multiple use cases and project expansion. Shiba Inu inu is one such. The network recently integrated metaverse gaming and is now entering the stablecoin space. Its rival Dogecoin has also seen adoption as a form of payment. 

Shiba Inu token is based on the Ethereum blockchain as an ERC-20 asset. The token was founded in 2020 under the pseudonym ‘Ryoshi.’ While the original aim of Shiba Inu was to have a decentralized digital currency for value sharing, the network is seeing numerous uses.

SHIB is the native token powering Shiba Inu as a utility token. The protocol has created two other tokens, Leash and Bone, available in its in-built ShibaSwap DEX. Token holders can stake SHI tokens for xSHIB at the xSHIB pool.  

Shiba Inu to unveil new stablecoin

Shiba Inu’s lead developer, Shytoshi Kusama, has announced plans to launch an experimental stablecoin. The developers said that SHI stablecoin would launch in about a year. SHI comes amid a volatile stablecoin market that saw algorithmic TerraUSD collapse.

The meme-token community is also planning to have a new reward token called TREAT. The token will reportedly be useful in the Shibarium metaverse and the upcoming collectable card game. Kusama added that Shibarium was on track with new developers working on the project.

The developments around Shiba Inu seem to be giving it some bullish momentum. The latest data from CoinMarketCap shows that the meme token is trading at $0.00001081 after a 2.67% increase in the past day and a 6.85% weekly gain.

SHIB shows bullishness amid consolidation

Source: TradingView

The daily price outlook above shows that SHIB has remained range-bound since May 12. The tokens have been trading between a low of $0.00000726 and a high of $000001243. However, the MACD is showing a bullish momentum. The RSI is slightly above a neutral reading but above the oversold zone.

Summary

SHIB is showing bullish momentum as cryptocurrencies embark on a recovery path. While meme tokens like Shiba Inu were initially seen as lacking real use cases, the trend seems to be changing. Entry into the stablecoin space and the metaverse could give SHIB long-term value and benefits to the holders.

The post Shiba Inu to launch a new stablecoin. Is it a buy? appeared first on CoinJournal.

• Sandbox’s native token, SAND, jumps 30% in a week.

• Sandbox is a virtual world for gaming experiences powered by NFTs.

• Holders of SAND tokens could reap long-term gains.

Metaverse-related tokens are currently leading the crypto market recovery. Sandbox’s (SAND/USD) has surged 30% in the past week, while Decentraland’s MANA (MANA/USD) has gained 13.44% in the same period, according to data from CoinMarketCap.

The Sandbox is a blockchain-based virtual world that enables players to monetize gaming experiences using non-fungible tokens. With the Sandbox, gamers can develop digital assets as NFTs, have them in a marketplace, and integrate them into online games.

SAND shows recovery amid bearish momentum

The daily price chart below shows that SAND is trading at $1.27. The token is currently showing bullish momentum, with the 20 and 50-day moving averages joining the support. The RSI remains below the overbought zone. 

The monthly price outlook indicates that SAND has remained resilient. The token has only lost 0.78% in the period despite an extended period of a bearish market. However, the metaverse-based token has sunk by 78% year-to-date. SAND peaked at $8.4 in November last year.

Source: TradingView

The Sandbox has gained popularity with its public LAND sales as big corporations move to have a piece of the technology. The platform has secured multiple partnerships with brands including Adidas, Atari, as well as celebrities like Snoop Dogg.

The future of the metaverse will reportedly be decentralized immersive spaces geared toward the advancement of Web3. The COO and co-founder at Sandbox, Sebastian Borget, recently commented that the metaverse would become a virtual realm controlled by the users and a lucrative opportunity.

Borget believes that the metaverse will grow to have job opportunities that are not currently available in the physical world. Sandbox features virtual parcels of land, which are limited. Some of the use cases in the immersive spaces include entertainment, fashion, and retail.

Summary

The value of SAND remains tied to the long-term adoption of metaverse technology. The token derives its value from being a utility token in immersive technology. Another factor to consider is the growth in NFTs, digital collectables used as in-game items. With this in mind, holding SAND could be beneficial in the long run considering its current bear market.

The post SAND forecast after posting 30% weekly gains appeared first on CoinJournal.

• JasmyCoin gained more than 9% on Monday,

• The protocol announced it is launching Metaverse 2.0 this month.

• JASMY met resistance at $0.01.

JasmyCoin JASMY/USD is a utility token of the Ethereum blockchain. The coin is native to the Jasmy platform. The blockchain network allows individuals to control their personal data in a “data locker.” They can then share it with entities willing to pay for it.

JasmyCoin was the talk of retail traders on Monday. The token had surged by nearly 10% in 24 hours. The trading volume had jumped by more than 220% in the same period. At the time of writing, JASMY was trading at $0.01. The price is, nevertheless, significantly below $1.25 when it started trading on February 10, 2021.

JASMY’s gains are connected to an announcement that was made on June 29. The protocol said that it was launching Metaverse 2.0 on July 15. The network said the launch includes two important updates. The first is Block Identities for People, and the second is a Browse Jasmy Metaverse. Jasmy said that the metaverse would support DeFi and NFTs. It also includes GameFi, SocialFi, IoT, innovative eco-systems, and new collaborative models.

JASMY trapped by $0.01 resistance amid 24-hour gains 

Source – TradingView

Technically, JASMY has met resistance at $0.01 after the gains in the last 24 hours. The price is in the overbought region as the trading volume surged. However, moving averages joined the support, in line with the bullish move. JASMY could go lower after meeting resistance. We encourage investors to buy in the short term once the price retraces to the moving average. JasmyCoin must clear $0.01 to rise to the next resistance at $0.012.

Summary

Jasmy announced it is launching Metaverse 2.0 on July 15. The token surged 9% on Monday. The price has met resistance and could slide back.

The post What are all about JasmyCoin as trading volume surges and price pumps? appeared first on CoinJournal.