Kategorie: Altcoin News

• Request Network powers payments through the blockchain

• Request Network token gained 58% in one day 

• REQ could crash as bearish signals emerge at resistance

Request Network’s token REQ/USD was the talk of traders on Thursday. The crypto-token posted impressive gains of 58.21% in 24 hours, according to Coinmarketcap. The total trading volume rose by 2,654% in the same period. The gains happen amid escalating crypto weakness, with Bitcoin sliding below $19,000. The total gains in the last 7 days were 64.25%. There was no immediate trigger for the robust gains. However, today’s gains make it worth exploring more about the protocol.

Request Network is a payment protocol for payment requests. It is built on the Ethereum blockchain and enables individuals to request payments. It is regarded as a bridge between the digital and physical world of payments. REQ is the native token that powers the network.

As the decentralization of finance continues to grow, the Request Network will grow. Since its launch in January 2021, the network has processed more than $203 million in crypto invoices. Metaverse giant, The Sandbox is one of the high-profile clients of Request Network. Other crypto projects such as MakerDAO, AAVE, and Chainstack also use the protocol.

REQ technical analysis

Source – TradingView

Technically, the REQ price suggests a parabolic move since June 29. The established resistance is at $0.128. Although the price broke past the resistance, it is crossing below it. This is the first signal that the price move could be unsustainable. The RSI also shows the price is retreating from an overbought level. The MACD line may be above the moving average to suggest a bullish momentum. However, overbought conditions and bearish pin bars at the resistance suggest downsides. Investors should seek to close positions and book profits now.

Summary

We recommend a sell of REQ as bearish signals emerge at key resistance. The lack of clear fundamentals driving the surge is also a red flag. Sell now to avoid a bull trap.

The post What is the bull case for Request Network’s REQ as price pumps 58% in 24 hours? appeared first on CoinJournal.

From a technical analysis perspective, FLOW is a better bet short term

Key points:

• The overall cryptocurrency market is bearish, but in the short term, some coins have good prospects.

• FLOW is one of the cryptocurrencies that currently have strong buying volumes and are promising in the short term.

• Cardano is bearish short-term but has the fundamentals to gain long-term value.

The cryptocurrency market is bearish at the moment, so everything is in the red. While buying any top crypto today has significant odds of long growth term, it’s not the case in the short term.

 More short term, some cryptos can do better than others depending on money flow and short-term news. Technical analysis is one way to tell which crypto can do better than the rest short term.

In this context, between Cardano and Flow, Flow is a much better trade in the short term.

Flow (FLOW) Chart analysis

In the past 72 hours, Flow FLOW/USD buying volumes have risen. On 26th June 2022, FLOW dropped slightly before making a double bottom and rallying again. This indicates that bullish momentum is on the rise, and it could keep rallying going into the future. If FLOW can push through resistance at $1.75, it could easily test $2 or more in the short to medium term.

Source – TradingView

Cardano (ADA) price analysis

Cardano ADA/USD has been bearish for more than 72 hours. In the last 24 hours alone, Cardano has been making lower lows, an indicator that sellers have crashed every attempt by bulls to retake the market. 

When writing this article, Cardano bulls attempted to retake control, but volumes were low. If bulls can push Cardano through the day’s high of $0.489, it could break out of the current bearish trend in the short term.

Source – TradingView

However, with buying volumes low and the broader market overall bearish, the odds seem low for Cardano to pull off such a move in the very short term. Besides, no major news is coming up anytime in the next couple of weeks.

Conclusion

FLOW holds much more promise in the short term than Cardano. The charts show strong buying momentum, while Cardano is stuck in a bear trend with low buying volumes.

That said, the two cryptocurrencies have a lot of promise in the long run – the fundamentals are in their favor. Cardano is one of the most promising platform blockchains in the market today, thanks to its mix of security, decentralization, and scalability. The recent launch of Cardano smart contracts has added to its intrinsic value, and as adoption grows, Cardano’s price is likely to go up as well. 

On its part, FLOW is one of the fastest-growing smart contracts cryptocurrencies in the market today. Today, FLOW has a wide ecosystem of Web 3.0 projects building on top of it, and the numbers will only rise over time. The same will reflect in the price of FLOW over the years.

The post Is Flow a better buy than Cardano today? appeared first on CoinJournal.

Polygon and Loopring are gaining upside momentum ahead of the Ethereum merge.

Key points:

• Polygon is trading sideways as the rest of the market drops, indicating buyers are still in the market.

• Loopring is making a V-shaped recovery, indicating that bulls are entering the market ahead of the Ethereum merge.

• Both Polygon and Loopring have strong odds for growth over and above hype around the Ethereum merge. 

Ethereum ETH/USD is in the process of an upgrade to Ethereum 2.0. According to tweets by Ethereum core developers, the move to Ethereum 2.0 is expected to be completed by August 2022. The implications will be positive not just for Ethereum but also for Ethereum layer-2 solutions. Among the cryptocurrencies that are expected to benefit immensely from Ethereum’s shift to a Proof-of-Stake chain are Polygon and Loopring.

Polygon prospects in 2022

After a rally between April 22nd and 24th, Polygon MATIC/USD bulls lost momentum. However, unlike most heavily bearish cryptocurrencies, Polygon is now directionless. 

Source: TradingView

This indicates that bulls still have a significant presence in the market, and can be linked to the upcoming Ethereum merge in August. If the merge comes and Ethereum gains upside momentum, Polygon, too, could see an increase in adoption. In such a case, the critical level to watch would be $0.618, a fundamental resistance level in the very short term. If this resistance is broken, and Polygon holds above it until the Ethereum merge, it could easily retest prices above its most recent highs in the short to medium term.

Besides the hype around the merge, there are strong underlying factors that could see Polygon keep gaining in value in the future. The most important one is that Polygon already has a strong ecosystem of Dapps running on top of it. This means that the Ethereum merge will only augment the number of projects running on the Polygon chain. This will add to the intrinsic value of MATIC tokens since MATIC is the native token to the Polygon ecosystem. 

The fact that Polygon is a deflationary token further adds to its potential to rally going into the future. 

Loopring prospects in 2022

Loopring LRC/USD is another Ethereum layer-2 solution that has the potential to rally once the Ethereum merge happens. Already its price action is showing potential anticipation by investors of a rally. 

For instance, after a dip between 25th and 27th, Loopring is making a rebound. When writing this article, Loopring was making a V-shaped recovery, and if the merge happens, Loopring could see a sustained rally that could extend throughout the year.

Source: TradingView

Besides such a potential short-term rally, there is much to look forward to in terms of LoopRing’s long-term price action. For context, Loopring already has a strong and fast-growing ecosystem of Ethereum tokens trading on top of it. Fast execution speeds and low costs make it one of the best in the market.

The post Ethereum L2’s to keep an eye on in July appeared first on CoinJournal.

These three have the potential for 3 – 5X Gains in the next bull run.

Key Points:

• Chainlink is growing in adoption, but the price is more than 80% off all-time highs.

• Sandbox Metaverse is on a growth trajectory, but the price remains depressed.

• Axie Infinity is trading at massive lows despite a fast-growing P2E gaming ecosystem.

The entire cryptocurrency market is significantly lower than at its peak in late 2021. Almost all cryptocurrencies are down by 70% or more. Under these circumstances, it is easy to assume that all cryptocurrencies are undervalued. 

However, if the 2018 correction and the recent high-profile collapse of the top 100 cryptocurrencies are anything to go by, then not everything is undervalued. Some cryptocurrencies were simply blown out of proportion by the hype in 2021 and may never recover. 

That said, crypto gems exist and look highly attractive to investors at current prices. Below are some of the top most undervalued cryptocurrencies to keep an eye on in the year. 

Chainlink – The king of decentralized oracles

Chainlink LINK/USD is one of the cryptocurrencies that have achieved dominance in a vital market aspect. Chainlink dominates more than half of the decentralized data oracles space. If its growing adoption is anything to go by, then the chances are that none of its competitors will dethrone it, at least in the foreseeable future.

Despite this dominance, Chainlink is trading at record lows. From highs of $50 last year, Chainlink is currently trading between $5 and $7. Adoption is on the rise though, an indicator that LINK’s intrinsic value is on the rise.

Due to this mismatch of value and price, there is a good chance that if bulls retake the market, Chainlink could reward investors with an impressive ROI.

Sandbox – Metaverse crypto with actual adoption

The Metaverse was all the hype towards the end of 2021. However, with the 2022 bear market, the excitement seems to have died down. That doesn’t mean that major developments are not happening in this space. Play-2-earn gaming and other aspects of the Metaverse are on a growth trajectory.

Sandbox SAND/USD has seen exponential growth in the number of games in its ecosystem since 2021. At the same time, Sandbox has recorded growth in other aspects of the Metaverse, such as virtual concerts. 

Despite these developments, SAND tokens are struggling to hold above a dollar, down from highs of $8 in 2021. It shows how massively undervalued SAND is, especially when you factor in analyst predictions of a trillion-dollar Metaverse market by 2030.

Axie Infinity – A fast-growing play-2-earn game

Like Sandbox, Axie Infinity AXS/USD has recorded a significant growth rate since it launched. So much so that it now has one of the most valued NFT collections in the cryptocurrency market. 

Despite the growth in Axie Infinity’s gaming ecosystem, AXS’s price has taken a significant hit in 2022 and is currently trading at under $20. This mismatch between price, and the ever-growing Axie Infinity intrinsic value, indicates potential growth once the market turns bullish again. 

In last week’s crypto rally, Axie Infinity rallied by 50%, indicating that if the market turns bullish again, AXS could be a big winner.

The post Top 3 undervalued cryptocurrencies to watch appeared first on CoinJournal.

The cryptocurrency market seems to have found the bottom and is on a rebound. The total cryptocurrency market has jumped by 4% to $964 billion in under 24 hours.

If the current momentum continues, the market could push through the trillion-dollar mark before the end of June. Most altcoins are already making double-digit gains signaling a potential price rally in the short to medium term.

Under these conditions, two low-cost cryptocurrencies look poised for a V-shaped recovery and could potentially be rewarding to investors. The two are ApeCoin (APE) and Shiba Inu (SHIB).

ApeCoin

ApeCoin has dropped considerably since making an all-time high of $26.3 back in April to trade at $4.6. However, buyers seem to be aggressively taking APE up. In just 7-days, ApeCoin has rallied by 38%, and buying volumes are rising.

If the market continues with the current recovery, ApeCoin has what it takes to outperform the market by a considerable margin. It is a new cryptocurrency, but its adoption is growing. Recently, news emerged that Saltwater Brewery was considering accepting ApeCoin for payments. At the same time, the use case for ApeCoin in the Metaverse is growing. For instance, a game called Benji Bananas now accepts ApeCoin for transactions within the game.

With the Otherside Metaverse launch, the odds are that ApeCoin could gain even more use cases going into the future. The Metaverse, coupled with Ape NFT merchandise sales, could see ApeCoin emerge as one of the best cryptocurrencies to buy in 2022. One that could be among the first to retest all-time highs once the bear market is over.

Shiba Inu 

The Shiba Inu hype of 2021 may be gone, but this doesn’t mean that SHIB’s potential as an investment is gone. While Shiba Inu has been bearish since late 2021, SHIB has shown to be responsive to a potential bullish reversal in the broader market. When writing this article, Shiba Inu was up 10% and had recorded gains of 47% in a week. 

One of the critical factors likely to sustain Shiba Inu’s upside is the growing number of products coming up within the Shiba Inu ecosystem. For instance, Shiba Inu has recently launched a DEX.

At the same time, the Shiba Inu now has a Metaverse, which could open a whole load of use cases for the SHIB token. Shiba Inu also has deflationary tokenomics, and close to 50% of the total supply is already gone.

Based on all these factors, if upside momentum goes up across the market, SHIB could emerge as one of the big winners.

Conclusion

Buyers are back in the market, and there is a strong possibility of a V-shaped recovery in the market. If it happens, ApeCoin and Shiba Inu show signs of a potential rally that could beat most major cryptos in gains. The two also have the fundamentals to sustain a rally in the short to medium term.

The post Two top cryptocurrencies that could make a V-shaped recovery appeared first on CoinJournal.