Kategorie: Altcoin News

• Origin Protocol aims to enhance NFT and DeFi adoption

• Origin Protocol’s OGN token hit an all-time high of $3.45 in March 2021

• The token is currently consolidating and has met resistance

As non-fungible tokens gained momentum in 2021, Origin protocol (OGN/USD) was expected to grow. Its native token was trading at a mere $0.13 at the start of 2021, rising to a high of $3.45 the same year. At the current trading of $0.25, OGN is a shadow of itself from last year’s highs. Continued bearish weakness in crypto is contributing to the downside.

Origin Protocol is a blockchain platform that seeks to enhance mainstream adoption of NFTs and DeFi. The protocol was founded in 2017 with the objective of enabling commerce on blockchains. OGN is the governance and utility token powering the Origin Protocol. The digital asset allows holders to vote on proposals governing the underlying protocol. The number of circulating OGN tokens is 388,570,732.54 from a total supply of 1,000,000,000 and an equivalent hard cap. We believe investors should monitor OGN based on key technical aspects.

OGN consolidates close to an oversold bottom

Source: Tradingview

Technically, OGN is trading at a $0.26 resistance level. The token entered the oversold zone when it hit the $0.19 support level, with an RSI reading of 24. The RSI is currently at 51, showing that the token is escaping the oversold bottom. However, it has hit the resistance zone.

From the above technical perspective, OGN remains an ideal investment in the short term. We are yet to find a lasting bullish momentum as the token remains in consolidation mode. The broader cryptocurrency market remains largely bearish, and the OGN could remain subdued. An ideal buy entry on OGN is on a retracement to the $0.19 support level or a break above the $0.26 resistance. In the meantime, investors can capitalize on the short-term opportunities within the consolidation zone.

Summary 

Origin Protocol holds a place in the NFT and DeFi space. Its native token is yet to recover after a crypto crash. Investors can take advantage of short-term opportunities as the token consolidates below the $0.19 resistance.

The post Should you buy Origin Protocol as it maintains above the oversold bottom? appeared first on CoinJournal.

Altcoins are having one of the most difficult years in 2022. The major altcoins have all dropped massively since the turn of the calendar, and with sentiment in the market slowing, the worse is yet to come. But despite this, some investors see the correction as the perfect chance to buy coins at fair value. Solana could be a good bargain, and here is why:

• SOL is backed by a robust blockchain project that will offer utility for years

• Some of the biggest institutional investors in the world are buying SOL

• The coin has dipped massively and has never been this cheap

Data Source: TradingView 

Solana price analysis and future

There is always this fear that during a major downturn in the market, a majority of altcoins will quite frankly cease to exist. In fact, some projects have already gone under, and we are not even done with the bear market. But Solana is just a different ball game. With a market cap of $12 billion, SOL is just too big to go down for now.

But the price action is also quite interesting. After tanking to around $25, the coin was threatening to fall below $20 for the first time in months. But as the crypto market saw some recovery, SOL led other major altcoins in fully outperforming the entire market.

For now, the coin sits pretty above $35. But we don’t think this is the final price. In fact, the June crypto fallout will likely continue for a few weeks. If SOL drops below $25, buy it.

Why it makes sense to load up on Solana

Every market has ups and downs. Crypto is not any different. Right now, investors are feeling the pain.

But the underlying factors that have made crypto attractive over the years have not changed. Even as the outlook turns dull, crypto will recover, and coins like SOL will lead the way.

The post Altcoin correction: Why could Solana be a good buy? appeared first on CoinJournal.

As the crypto market roars back modestly, Shiba Inu has been posting massive gains. Over the past three days alone, the coin is up nearly 55%. However, it looks like this upward momentum is about to face its biggest test yet. SHIB is now facing a major resistance zone. Will it manage to keep going? Here are some takeaways:

• SHIB faces major resistance at the $0.0000104 mark

• A rejection at this price could trigger a decisive pullback

• SHIB however appears to have enough momentum to overcome

Data Source: TradingView 

How long will SHIB rally?

After gaining 14% over the last 24 hours, SHIB is now outperforming the market. The coin has also reported gains on its fourth straight day. This renewed momentum comes against the backdrop of growing uncertainty in investor sentiment around meme coins. But despite this, SHIB now faces its biggest hurdle as it tries to overcome the $0.0000104 resistance. 

If the coin fails to clear this price, we are likely to see at least a 17% pullback. SHIB will then consolidate and try again. However, we believe that there is enough momentum for SHIB to in fact rise above this mark. 

The coin has rallied in the past 24 hours and is getting closer and closer to $0.0000104. Once the barrier is breached, SHIB could run further by another 25% before any breakdown. This will represent one of the sharpest rebounds in the market in June.

Why is SHIB surging?

As noted above, SHIB is outperforming the entire market during this small recovery phase. It seems though that much of these gains have come as SHIB’s demand among whales grows further. 

We are also seeing some slight improvements in sentiment across the market. As such, trade volume for the meme coin has shot up slightly. If these conditions hold in the near term, SHIB will likely keep rising.

The post Shiba Inu’s 55% rally could lose steam as it faces a major resistance zone appeared first on CoinJournal.

Like so many other cryptocurrencies in the market, Elrond has reported steady gains at the start of the week. The coin in fact appears to be getting ready for a massive bull run after it managed to break out of a two-month resistance trendline. But how far can the coin go, and will the uptrend actually last? Here are some pointers:

• EGLD has managed to convert $56.3 from resistance to support

• The coin has struggled to cross above this price for the best part of 3 months

• The breakout presents a real prospect of a decent uptrend for EGLD

Data Source: TradingView 

How far can EGLD go?

At the moment, EGLD appears to be setting the stage for a run towards $75 or thereabout. This will represent a gain of 25% from the current price. Crossing above $56.83 is a major feat for the coin. The price is sandwiched between long-term resistance and EGLD’s 20-day EMA. 

At press time, the coin was selling for slightly above $60. This means that EGLD has surged past a long-term resistance trendline while still beating off its 20-day EMA. These are very legit bullish signs that should give any investor some hope. 

However, there are still some limits as to the overall upside. For now, a modest 25% surge appears likely, but it’s really hard to say how far the coin can sustain these gains. After all, the crypto market is just slightly recovering after last week’s sell-off.

How to trade this setup

EGLD of course offers a decent bullish setup. But only a short-term play makes sense. So, give it a day or two and see if the price consolidates above $56.4. 

After that, buy and exit at $75 or thereabout. As for long-term buyers, this is still a good time to buy owing to the huge dips we have seen over the past 6 months.

The post Elrond gears up for a bull run in the coming weeks appeared first on CoinJournal.

Apecoin is currently seeing a relief rally after crashing considerably last week. This came after the coin set a new low of $3.13. APE has also seen a sharp fall from its May and April highs which were, at some point, well above $20. However, there are some signs that a short-term upswing could be on the cards. Here are some points:

• APE has surged in the past 24 hours with a 15% gain

• The coin has established a descending trendline with dynamic resistance

• Consolidations above $3.2 could provide a decisively bullish trend reversal

Data Source: TradingView 

Apecoin price analysis

After dropping nearly 70% over the past month or so, APE finally sees some demand. The coin is coming from a bottom price of $3.13, which is its new 2022 low. However, a descending trendline in the price action has established dynamic resistance at around $3.2. 

So far, APE has managed to hold this and is in fact rallying today. The coin could see an upswing of at least 20% before any pullback. However, there is also reason to believe that the current momentum could in fact push further. The key for APE bulls would be to reclaim the $5.1 support.

Although this won’t be easy, looking at the kind of resilience APE has shown, it is probable. A surge above $5.1 will trigger massive buying pressure and could see APE settle at around $7. This would be almost double the current price. Nonetheless, if the coin falls below $3.2 in the coming days, this analysis becomes invalidated.

How to play this APE setup

The key is the $3.2 support. As long as the price stays above this, then the downside risk remains limited.

Also, there is a case to be made for a surge above $5.1. In case you don’t want to take risks, you can buy once APE hits $5 and exit at around $7.2 in the short term.

The post Apecoin’s RSI divergence could trigger a 20% rally appeared first on CoinJournal.