Kategorie: Altcoin News

It doesn’t seem like long ago when there was talk of Solana (SOL) smashing past $500. But the altcoin, like many assets in the market, has seen massive corrections. The recent one came barely a few days ago, and bears now have the upper hand. Here are some highlights:

• Solana (SOL) will continue to see more weakness and could hit $75 in the days ahead.

• At press time, the coin was selling for $83, down about 5% for the last 24 hours.

• There are fears that severe headwinds in the market could trigger a complete price capitulation.

Data Source: Tradingview 

Solana (SOL) – Where does it end for bears?

There is no arguing that right now, bears have the upper hand as far as Solana (SOL) goes. The coin has faced one of the largest sell-offs of any major coins in the last week or so, and based on the chart pattern; bears are targeting $75 in the coming days. 

Also, bulls have struggled to gain any traction. In fact, our analysis shows that for this bearish outlook to be invalidated, the coin would have to push a weekly close of $93 on Friday.

While this is not entirely impossible, based on the current sentiment in the market and prevailing geopolitical factors, it is highly unlikely. We are going to watch and see if the weakness continues below $75.

Is Solana (SOL) still hot?

When Solana (SOL) came out, it was by far one of the hottest projects in crypto, and it remained so for quite some time. It’s still arguably one of the most promising coins to buy. 

But with the current volatility in the market, it’s probably not the best time to invest. It would be advisable to watch the sentiment and buy when there are some signs of improvement.

The post Solana (SOL) bears eye $75 as sell-off in crypto continues to intensify appeared first on Coin Journal.

The February crypto boom was kinder to most metaverse tokens, and Decentraland (MANA) was not any different. After the initial slump in January, the coin had rebounded and started to show signs of promise. But things have taken a turn in recent days:

• MANA at one point tested the highs of $4 during the February run.

• The coin has since fallen sharply ever since, trading at $2.66 at the moment.

• MANA has also fallen past a crucial support zone of $2.7.

Data Source: Tradingview 

Decentraland (MANA) – where does it move next

There was a lot of bullish commentary on Decentraland (MANA) in recent days. In fact, despite showing some weakness, there was real hope that the metaverse token would in fact bounce back. Some analysts even saw the coin retesting $4, although it had fallen below $3. 

But there was one caveat in all this. The bullish thesis would only hold if MANA was able to keep the price action above the crucial support zone of $2.7. This did not happen. At the time of writing this post, MANA was trading at around $2.66. 

So, what happens next? Well, it is important to note that the coin has not slid far away from $2.7 and could still bounce back. The key will be to watch the week’s close. If it doesn’t pull up, then we may see the coin retreat towards its next support level of $2.5.

Why could Decentraland (MANA) be a good asset now?

With all the talk about the metaverse, we haven’t really seen a lot of huge projects come out in recent months. There are of course many upcoming metaverse projects. 

But even with that, the fact still remains that Decentraland (MANA) is by far one of the largest coins in this category right now. There is real potential for significant future growth in the near and long term.

The post Decentraland (MANA) bears push price action below crucial support appeared first on Coin Journal.

Gala Games (GALA) just a few weeks ago was surging to unimaginable rates. At one point, the blockchain gaming token reported gains of 60% in seven days. But much of that momentum has gone, and we expect some bearish price movements in the coming days. Here are some highlights:

• Gala Games (GALA) could fall to $0.2 if we are going to see some bullish reversal.

• The token is currently trading at around $0.25, literally unchanged in the last 24 hours.

• Upside potential remains minimal at best, and GALA could struggle to hit $0.4.

Data Source: Tradingview 

Gala Games (GALA)

The metaverse and blockchain gaming craze that we saw last year was quite instrumental in the growth of GALA. In fact, the coin managed to surge towards all-time highs in November last year, hitting a price of around $0.84. 

But this bullish momentum hasn’t been replicated in fact, GALA is now trading 82% lower from those highs a few months ago. Despite this, we did see some bullish breakout at the start of February. In fact, at one point GALA reported 60% growth in less than a week. That bullish breakout has now slowed, and it seems the gaming token is sliding. 

We expect it to flatten at the $0.2-mark before bulls try to find any demand. Also, based on the charts and the recent price action, it seems any bullish uptrend for GALA is capped at $0.4.

Is Gala Games (GALA) a good buy?

Well, metaverse and blockchain gaming tokens are expected to remain some of the most in-demand assets in the market. While it is likely that we will see other stronger, more powerful metaverse projects in the future, there is no question that Gala Games is a big pioneer. For investors who want some exposure to this new virtual world, then it should be a decent option to buy.

The post Gala Games (GALA) could dip to $0.2 before any bullish uptrend appeared first on Coin Journal.

The crypto market has slowed a bit over the last few days. Meme coins, as you would expect have taken a hit. In fact, Shiba Inu (SHIB), one of the main meme coins in the market, has seen a mini sell-off of sorts. But it’s not all gloomy for SHIB holders. A look at the chart shows a possible immediate bounce back. Here are some highlights:

• Shiba Inu has exploded in February, at one point gaining nearly 75% in 3 days.

• The much-expected correction however appears to have come with SHIB selling in recent days.

• Technical indicators however show a quick bounce with an upside of at least 16% is possible.

Data Source: Tradingview

Shiba Inu (SHIB) – Price prediction and analysis

Shiba Inu (SHIB) is right now trading at the confluence of two important indicators. These are the 50 day and the 200-day simple moving averages. In recent weeks, the confluence has proved to be a very strong demand zone for bulls. 

We have seen very significant buying activity between $0.000027 and $0.0000288. At press time, the coin was trading at $0.00002716. Although SHIB is indeed down by around 7% over the last 24 hours, it means the price has entered this crucial demand zone. 

We expect bulls to step up and buy in the coming days, something that will ultimately push SHIB further. As a result, an upside of around 16% is very possible.

Why are people buying Shiba Inu (SHIB)

Shiba Inu (SHIB), often referred to as the DogeCoin killer, is by far one of the most successful meme coins in history. 

Although the token has declined significantly from its all-time highs in 2021, there is still a lot of potential for further growth. Besides, we have seen SHIB whales accumulating more and more SHIB. From a short-term point of view, the meme coin is indeed worth buying right now.

The post Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days appeared first on Coin Journal.

While the January crypto crash was hard on many coins, XYO (XYO) was hit hard. In fact, during the crash, the coin tanked below the launch price. But we have seen a bit of recovery over the last two weeks. Can XYO (XYO) emerge stronger in 2022? Here are some highlights so far:

• At the time of publishing, XYO was trading at $0.02176, up around 2.5% in 24-hour intraday trading.

• The coin is trading below its initial launch price of $0.0225, indicating a massive drop here.

• XYO is also trading very low compared to its ATH of $0.0834 that was reported in November 2021.

Data Source: Tradingview

XYO (XYO) – can it recover fully in 2022?

There is no doubt that XYO (XYO) has the potential to fully recover this year. We expect sentiment to get better as the year goes, with more gains coming. Besides, we have also seen some signs of life for XYO. 

After it fell to lows of $0.0193 in January, it has rebounded sharply. At the time of writing, the coin was trading at $0.02176. It is however important to note the bearish outlook still remains for the coin. 

It is still way lower compared to its 25- and 50-day exponential moving averages. If indeed the coin can see gains above its 50-day EMA of $0.0264, then a decisive breakout could in fact follow thereafter.

Is XYO (XYO) a good buy?

The fact that XYO has dipped massively is a sign that it could be primed for buying. Also, the coin has fallen below its launch price. This means that it is selling at a discount. If you wanted to get in, this would be a perfect time. 

Besides, XYO recently announced an ecosystem fund of around $20 million that hopes to incentivise developers and bring in new apps. This will help enhance its value in the long run.

The post XYO (XYO) can bounce back from January lows and come out stronger in 2022 appeared first on Coin Journal.