Kategorie: Altcoin News

The hype around the metaverse appears to have died down a bit. But there is no doubt metaverse projects are still very hot right now. Many experts see this as the next frontier of unlocking more utility for cryptocurrency. Decentraland is one key project in this area. But things haven’t really been going great for its native coin MANA. Here are some pointers:

• After massive success in 2021, MANA has fallen sharply from its highs.

• The coin is in fact 5x less valuable than it was just a year ago.

• MANA however offers some serious potential for future returns

Data Source: TradingView 

MANA price analysis in the short term

Volatility in the crypto market right now is making it very hard for analysts to foresee where some coins will go. MANA however has remained in a very consistent downtrend since we crossed into 2022. 

The coin has the potential to surge again but we don’t think this will happen in the near term. At the moment, the coin is heavily suppressed below the $1 mark. It has also failed to break the $1 resistance over the past six weeks. 

This could suggest that there is an inherent weakness in MANA and as such, expect a bigger slump as the token retraces the $0.5 mark. Also, things could get even worse if the current crash we see in crypto lasts for long.

Should you buy MANA?

Decentraland is no doubt the biggest metaverse project right now. Even with its headwinds, the coin is still above many other projects in this space. But it will not stay there for long. 

As big tech companies invest in metaverse projects, more exciting and better platforms will rise. So, even though MANA is a good buy now, it’s not something to hold for the long term. As competition heats up in the market, MANA will likely suffer major losses.

The post Decentraland continues to decline in 2022 – Should you buy appeared first on CoinJournal.

Broader weakness in crypto is currently pulling down many altcoins like Helium. However, the coin appears to be showing some resilience in the wake of today’s crash. While most major coins are already down by double digits over the last 24 hours, HNT has kept losses well below 10%. But a more promising bullish setup could trigger a massive 85% rally. Here are some pointers

• Helium has formed a cup and handle pattern that suggests a bull run is imminent.

• The coin will however need to flip $8.44 from resistance to support

• If this happens, a decisive break toward $12.5 could come in the weeks ahead

Data Source: TradingView

The Helium bullish setup

There are three crucial factors here that will determine if HNT will break or not. First, so far, the market appears to be crashing. We have also seen trade volumes plummet as investors step aside from crypto temporarily. As a result, sentiment may slow and this will affect HNT’s ability to consolidate the price above important support. 

Remember a bull run only comes if the coin regains the $8.44 support and keeps the bears off. If the current weakness in the market persists, this may not happen. In fact, HNT could still plunge to its April lows of $6.59. 

But despite this, the coin has shown some impressive resilience. If dip buyers jump into the market after today’s crash, then we could realistically see a scenario where HNT targets $12.5 and later $16.6 depending on upward momentum.

How soon will HNT turn around?

The good news about HNT is that it’s actually not that far away from the $8.44 support. The coin only needs an uptrend of 5%, and that’s it. 

The only challenge will be to keep the price action above $8.44. With everything considered, the coin could hit $12.5 in about three months or thereabout.

The post Helium’s bullish alignment could trigger an 85% rally appeared first on CoinJournal.

The weakness in the crypto market over the past week is taking a heavy toll on altcoins. Solana has not been spared. The coin is now in a bear market trend, and sellers could well push it towards $20 in the coming weeks. This will represent a fall of over 50% in less than 7 days. Here are some other notable facts to note:

• SOL is trading between weekly support of $24.52 and weekly resistance of $47.43

• The coin is currently slightly above support after a 16% plunge in 24 hours

• If this support is lost, SOL will revisit $19 before any upward momentum

Data Source: TradingView 

Solana price analysis and prediction

As noted above, over the past two weeks, SOL has seen massive volatility. Although there were times when the coin showed some decent bullish signs, its uptrend has often been limited to the $47.43 support. As a result, the altcoin has established a weekly range between support and resistance. 

However, after plunging by nearly 16% over the last 24 hours and by a whopping 40% in seven days, SOL is now dangerously close to the $24.52 support than the $47.43 resistance. The downtrend is also quite strong since it is aligned with broader sentiment in the market.

For this reason, we expect weakness to continue, and eventually, SOL will likely lose $24.52. If this happens, a decisive fall toward $19 will be more or less inevitable. This analysis will however become null and void if SOL can push above the $47.43 resistance. We don’t think this will happen.

What next for SOL

Investors are taking a wait-and-see attitude when it comes to crypto. So, for the time being, We are not going to see so much buying activity for SOL and other altcoins. 

It would be best to give it a month and see how the price action plays out. But if we remain suppressed below $20 for long, things could get harder for SOL bulls in the near term.

The post Solana sees more weakness as bears push for $20 appeared first on CoinJournal.

The metaverse and web3 are seen as the next frontiers of crypto innovation. In fact, in the last six months or so, some incredible metaverse projects have been coming out. So, if you are thinking of diversifying your portfolio of the metaverse and web3 projects, Illuvium could be a great choice. Here is why.

• Illuvium is still a small project with so much potential

• The project has attracted some of the leading crypto venture capital firms in the world.

• Illuvium has announced major milestones in its proposed roadmap in recent weeks.

Data Source: TradingView

What makes Illuvium Unique

Illuvium is an immersive metaverse that allows users to earn by exploring an open virtual world. The metaverse also has a gaming aspect with tournaments and quests as well. So far, the project is still under development. But genesis NFTs have already been minted and besides, Illuvium recently opened sales for metaverse land.

Once the game is fully operational, users will be able to build virtual industrial plants to produce the energy needed to hunt and catch Illuvials. These are the most important collectibles in the game. Illuvium offers an exciting gameplay with immersive graphics. It has the potential to become a huge web3 project.

Should you buy Illuvium

There are many metaverse projects out there. But Illuvium is actually a very decent catch. First of all, it’s new. As noted above, the full game is not even ready yet. The plan is to launch it later this year. There is, therefore, so much value to unlock here.

The in-game mechanics and play-to-earn model for Illuvium also look sustainable. After all, Illuvium has added an array of dimensions into the metaverse that could be commercialized in the future.

Finally, we strongly believe that the project is undervalued. This is probably because the overall crypto market has slowed in recent weeks. But if you want to buy ILV, this would be a great time.

The post Why buy Illuvium to diversify your metaverse portfolio appeared first on CoinJournal.

Apecoin has, for the last 3 weeks, seen a persistent correction. The token has however managed to find some demand albeit it has largely moved sideways. But despite this, APE is still suppressed below a crucial resistance level. Could this trigger more weaknesses? More details are below but first, highlights:

• Apecoin has lost the $7.37 support zone in recent days

• This drop could trigger another 15% decline in the near term

• But a daily close above $7.37 today will invalidate this analysis

Data Source: TradingView 

Where Will APE go from here?

Apecoin bulls need to be patient for now. The coin is weak, and we don’t think the downtrend seen over the last 3 weeks is over. In fact, we expect APE to bottom at around $4.92 before another leg up. In fact, this will not be the first time the coin finds demand at this price. 

At the start of May, a period of panic selling put a lot of pressure on APE. The coin established a range of between $4.93 and $7.37 at the time as volatility dominated. We think this pattern will likely play out. But there could be more upside if indeed APE retraces the $4.92 mark. 

The last time this happened, the coin bounced back sharply and rallied by nearly 104% in just a few weeks. While a 104% surge may not happen this time, APE will still offer so much upside if it consolidates at $4.93.

How to trade this setup

There are two options here. First, you can wait to see if APE is able to recapture $7.37 in the coming days. If this happens, a short sell in the near term could come into play. 

But the best upside remains with the $4.93 bottom. The coin will likely hit this support and consolidate there. That would be a good entry for bulls.

The post Apecoin falls below crucial support – Are more losses likely? appeared first on CoinJournal.