Kategorie: Altcoin News

• Fantom token trades at $0.25, slightly below the $0.28 support.

• Fantom network has been hit by crypto sector weakness and developers exit.

• FTM could find the next support at $0.5 if $0.28 fails to hold.

Fantom network FTM/USD experienced exponential growth in 2021. The growth continued in January this year, as the native token almost recovered to its all-time high. However, Fantom was subsequently hit by a weakness that swept across the sector. 

Fantom experienced a downturn in March this year. Two of its leading developers announced the exit of a once booming crypto project. Andre Cronje, one of the lead developers, was instrumental in the growth of Fantom. The market didn’t receive the news well, as Fantom’s native token crashed afterward. The network’s total value locked dropped by more than 21% in 24 hours after the news. Currently, Fantom boasts $842.25 million TVL. The TVL is significantly below an all-time high of $12.79 billion as of January 25.

Fantom has been bearish as network woes continued. There were speculations of the return of the developers, but nothing remains confirmed to date. Alongside the crash in the crypto segment, Fantom remains under pressure.

Fantom trades slightly below $0.28 support

Source – TradingView

From the technical outlook, FTM is trading around the support, established at $0.28. The current price is $0.24, although not sufficient to be called a breakout. The price is under pressure as nothing confirms a bullish reversal at the support. The 21-day and 14-day moving averages offer resistance above. The MACD indicators are in the bear zone. We project a further decline of the Fantom token. The next support is established at $0.05 if the $0.28 zone fails to hold. However, crypto volatilities mean the price could recover quickly.

Concluding thoughts

Fantom is under pressure at the $0.28 support. Although yet to successfully break below, technical indicators support a lower price. The crypto-token may fall further if the support fails to hold, with the next level at $0.05. The price may reverse above the next support if crypto fundamentals improve.

The post Fantom’s failure to take off at $0.28 could see the price drop to below $0.1 appeared first on CoinJournal.

• Decentraland is a blockchain protocol for powering individuals to the Metaverse.

• MANA/USD has been bearish but is keeping $0.78 support intact.

• Watch for a potential breakout or MA support for price movement confirmation.

Decentraland’s MANA/USD has held key support of around $0.78 since mid-May. The support coincided with oversold conditions, with the RSI at 19 on May 13. However, potential surges have been muted as the overall crypto sentiment remains weak.

Decentraland aims to power organizations, entities, and individuals to the virtual world or the Metaverse. An array of activities last year saw its native token MANA stage strong gains. On Decentraland, people can acquire virtual assets, including avatars and land. They can also play games. In mid-June, Yahoo said it intends to host virtual events in Decentraland for Hong Kong residents. Samsung and JPMorgan are other entities seeking to enter the Metaverse through Decentraland.

With the growth of virtual assets and Metaverse, Decentraland will benefit. Its native token MANA/USD will surely make a comeback. However, despite MANA/USD holding to a support zone, the situation is still bearish. We believe $0.78 is a key area for investors seeking to buy MANA/USD.

MANA’s price keeps $0.78 support intact despite a bear market

Source – TradingView

MANA/USD holds onto the $0.78 support. The price is consolidating, suggesting a potential breakout could occur soon. The 14-day and 21-day moving averages offer slight support, but we can’t confirm a bullish move now. 

Two scenarios are evident for MANA. A bullish reversal will be confirmed by a cross-over of the 14-day MA above 21-day. The price must remain above both moving averages. A break below the $0.78 support will confirm a bearish momentum. Currently, MANA/USD will keep consolidating as the weak sentiment prevails.

Summary

Decentraland’s MANA is consolidating with no directional movement. The $0.78 support holds the price in place. Watch for key signals before getting in.

The post Decentraland’s MANA may have bottomed at $0.78, but buyers be cautious appeared first on CoinJournal.

• NMR is the native token of Numeraire and has gained by triple digits in two days

• Numeraire enables equity trading via the Ethereum blockchain

• Developers hinted at progress on 1 million stock tokens

Numeraire crypto token NMR/USD has staged a massive rally this week. The cryptocurrency had returned 171.74% in just two days as of press time. The token touched a high of $39.5 on June 30. The token traded at a low of $8 on June 29. The changes in the price highlight the intense volatility the token has faced. 

Numeraire is a software that enables users to trade equities on the Ethereum blockchain. Users can execute trades relying on artificial intelligence and expert predictions via blockchain. Two applications on Numeraire’s platform support different types of traders. The first is “Signals,” an avenue for traders to upload their stock market strategies. The second is the “Tournament,” a weekly competition. Traders submit their trading algorithms on stock markets, allowing others to bet on the potential outcome.

NMR is the native token of Numeraire. The token supports staking on the platform and conducts payments. It also rewards tournament participants. NMRs are also burned whenever participants stake tokens to an incorrect prediction. 

The rise of NMR happened after its developers confirmed progress on 1 million stock NMR tokens. As of press time, the trading volume had surged by double digits in the last 24 hours. It illustrates the growth in investor interest in the crypto token.

 NMR technical analysis

Source – TradingView

Technically, NMR trades around the $23 support zone, a major decline from the previous day’s high. The 21-day and 14-day moving averages continue to support the price. Despite the high trading volume, the token could crash further below if $23 fails to hold. For now, investors should be aware of a potential token dump. 

Summary

NMR rise is connected to the latest announcement. However, we perceive the sentiment as weak, and investors could be caught in a bull trap.

The post This little-known crypto token has returned 171% in 2 days with surging volume appeared first on CoinJournal.

These three make for value buys now that they are trading at record lows

Key points:

• While the market is heavily bearish, BNB, ATOM, and BAT have strong odds for long-term growth. 
• These three are not only trading at record lows, but they also have fast-growing adoption.
• This could influence their value appreciation long term. 

The cryptocurrency bear market continues to bite hard, and Bitcoin is now back to $20,000. As long as the bear market persists, altcoins will likely drop further. There is also the risk that some altcoins may never recover. In previous cryptocurrency bear markets, many altcoins went down but never made a comeback.

However, based on core fundamentals and adoption levels, certain altcoins have not only a strong chance of surviving but also a strong rebound. Here’s why…

Binance Coin (BNB)

Binance Coin BNB/USD is one of the most adopted cryptocurrencies in the market. It started as a utility token for paying fees on the Binance exchange, but its use case has since expanded with the growing Binance network, Today, investors can stake Binance Coin, trade it, and use it to pay fees in the Binance Smart Chain, and a host of other Binance products. 

This use case increases the odds of Binance Coin surviving the current bear run and also making new highs once bulls regain control. Such a move could be reinforced by the fact that Binance Coin is a deflationary cryptocurrency and records a drop in total supply every quarter.   

Basic Attention Token (BAT)

Like Binance Coin, there is a real utility for Basic Attention Token BAT/USD. The BAT token powers adverts and is used for rewarding users of the Brave Browser. In the last few years, the Brave Browser has become one of the essential browsers in the market. 

Due to this browser’s heavy focus on privacy, it has a high degree of growth potential. This makes BAT one of the safer cryptocurrencies that you can bet on Today. 

Cosmos (ATOM)

Cosmos ATOM/USD is another cryptocurrency you can bet will be around for many years. That’s because of the idea behind it and the fact that adoption is gaining momentum. 

Cosmos is a blockchain that aims to interconnect other blockchains in what would be considered an internet of Dapps. This is a big deal as the whole point of decentralized applications is to build an entirely new internet, one that gives more power to the user. 

Besides its growing adoption, COSMOS is built on rock-solid technology. The tech behind COSMOS is so powerful that it has been co-opted into many other cryptocurrencies. In essence, the odds of growth are pretty high as more networks continue to launch and interconnect through the COSMOS blockchain.

The post The safest cryptocurrencies to buy in the bear market appeared first on CoinJournal.

• Solana’s SOL has recovered from the bottom of $32.

• Solana is touted as an Ethereum killer, but frequent network issues are a concern.

• Price is yet to find lasting bullish momentum as resistance at $42 keeps it lower.

As most cryptocurrencies trade at multi-year lows, price bottoms are perfect buying opportunities. Solana SOL/USD, one of the booming cryptos in 2021, trades at $32. The price is significantly below its all-time highs of above $250. The cryptocurrency traded at $42 some days ago, a significant jump from the lows of $26. Now, SOL seems to have been trapped below a resistance at $42. 

To see a lasting recovery in price, SOL needs to break above $42. Although the price seems to have broken above the downtrend, SOL remains bearish. The bear weakness in SOL emanates from the general market and the network’s shortcomings.

Solana is often touted as Ethereum’s killer. The labeling comes from its similarities to Ethereum while offering a more scalable ecosystem. The ecosystem also offers faster and less expensive transactions compared to Ethereum. The prior year’s gains underlined the trust that Solana had built in the blockchain industry. However, several hacks and network outages have accelerated SOL’s market weakness. Besides the sector weakness, Solana needs to address network issues to compete with Ethereum.

SOL technical analysis shows waning bullish momentum

Source – TradingView

On the shorter 4-hour time frame, SOL is under pressure after failing to break past $42. The weakness underlines the lack of directional move for the token. An RSI of 25 suggests the token is currently oversold. However, there is still room to move lower as the next support stands at $26. As long as the bear crypto market continues, SOL will remain trapped below $42. We cannot rule out a break below the $26 support.

Summary

Solana’s SOL is bearish. The token failed to break past $42 and is going lower. The next level to watch is $26, but the price can break lower.

The post Does Solana’s token SOL have a bullish case after recent gains? appeared first on CoinJournal.