Kategorie: Altcoin News

Axie Infinity (AXS), like most other metaverse and blockchain gaming tokens, has been falling sharply in the last few weeks or so. Nonetheless, we are starting to see some price consolidation. It seems the downtrend is stalling at least for now. But does this suggest a trend reversal is coming? We will analyze this below but first, some highlights:

• Axie Infinity (AXS) is largely trading sideways at the moment, holding on to its strong support zone of $48.

• At the time of writing, AXS was trading at $45, down around 5% in 24-hour intraday trading.

• AXS has been in the bear market for most parts of January and price consolidation could be a sign a trend reversal is near.

Data Source: Tradingview.com 

Axie Infinity (AXS) – Price prediction and analysis

From our analysis, Axie Infinity (AXS) started its downward trend at the start of November 2021. There were a few rallies in between but the general trend has always been downwards. 

The 2022 crypto crash did nothing to make the situation better. As most crypto assets fell, metaverse tokens like AXS were hit hard. But in recent days, the price action appears to have stalled. 

AXS is finding strong support at $48, and if it can keep trading above this threshold in the coming days, then there could be a real trend reversal here. But if bulls are not able to hold the price at $48, then we are likely to see more weakness on AXS in the near term.

Why buying Axie Infinity (AXS) is still a good idea

Despite the bullish trend over the last few weeks, AXS still remains a very decent asset. Metaverse and blockchain tokens are expected to be big. While we expect more coins to come out, by virtue of being a pioneer, AXS stands a huge chance of delivering a lot of value for investors in the future.

The post Axie Infinity (AXS)’s downtrend is stalling – Is a trend reversal coming? appeared first on Coin Journal.

Like most meme coins, SafeMoon (SAFEMOON) was fully counting on increased hype and social media buzz to “moon”. But ever since the hype started to die out, the meme coin has been tumbling and with sentiment in crypto looking very sluggish, more losses could come in the near term. Here are some notable highlights:

• At press time, SAFEMOON was trading at $ $0.001682, down nearly 5% in less than 24 hours.

• After initial hype in 2021, the risk-off sentiment by investors in crypto has seen much of that die out.

• There have been efforts to consolidate circulating supply in a bid to help push the price up but so far it’s tumbling.

Data Source: Coinmarketcap.com

SafeMoon (SAFEMOON) – Price analysis and prediction

SafeMoon has tried to rid itself of the meme coin tag by adding a few underlying features into its ecosystem. There was the SafeMoon wallet for example that launched on iOS and Android. But this has done nothing to increase investor appetite towards this token. 

Although there was some rally at the start of the year, the general trend this month has pointed largely downwards. If this downward trend will reverse, SAFEMOON needs to find some decent upward trajectory to test overhead resistance at $0.002. 

But this looks highly unlikely, especially now that many investors are taking minimal risk. As a result, we expect SAFEMOON to keep falling in the coming weeks.

Should you buy SafeMoon (SAFEMOON)

We are at a stage in the crypto market where fear is the most dominating factor among investors. As such, this is perhaps not the best time to take risky bets. 

By being a meme coin, SAFEMOOM is a risky speculative asset. It’s not something you want to hold during times of immense market volatility. So, it would be best to wait until sentiment in the market improves before moving in on the coin.

The post SafeMoon (SAFEMOON) – Meme coin is tumbling as the hype continues to die out appeared first on Coin Journal.

After a massive blood bath for most parts of January. Sandbox (SAND) is starting to crawl back some of those losses. In the last three trading sessions, the token has closed in the green, suggesting that perhaps a trend reversal is playing out. But despite this, you should be cautiously optimistic and we will tell you why. First, some highlights:

• At the moment, Sandbox (SAND) has rallied 40% higher compared to its lowest price during the January downtrend.

• Despite this, the metaverse token is still nearly 65% down for its ATH recorded in 2021.

• Even with the recent rally, technical indicators show that Sandbox (SAND) still remains in bearish momentum.

Data Source: Tradingview.com 

Sandbox (SAND) – Price analysis and action

The last three days have brought renewed optimism among Sandbox (SAND) investors that perhaps the token is about to reverse its downward trend. While this is somewhat true, there are still some important indicators that suggest the token is still not out of the woods yet. 

For example, even with the rally the past three days, Sandbox (SAND) is still below the 100- and 50-day moving average, suggesting a bearish outlook in the near term. The RSI readings also suggest that there is still a lot of room for selling pressure. 

In a nutshell, the three-day rally seems more like a dead cat bounce. While it’s still a good thing, we expect Sandbox (SAND) to snap back to its downtrend at least in the near term.

Should you buy Sandbox (SAND)

Well, it depends if you want some exposure to metaverse tokens. Based on current crypto trends, there is no doubt these tokens will be big in the future. But if I were you, I would wait for the correction on Sandbox (SAND) to end. That way, you don’t hold downside risk, and you also get in on a discounted price.

The post The Sandbox (SAND) is rebounding – Here is why you should be cautiously optimistic appeared first on Coin Journal.

For the past few days, Ankr (ANKR) has been rebounding in spectacular fashion. The token is buoyed by improving sentiment in the crypto market and increased network news that has got investors buzzing. But can this bullish momentum actually hold for long? Here are some highlights:

• At the time of writing, Ankr (ANKR) was trading at around $0.07585, up nearly 16% in 24-hour intraday trading.

• ANKR is also up 20% from the lowest levels recorded during the January crypto crash.

• The ANKR network processes over 1 billion transactions per month, making it one of the most notable blockchain projects today.

Data Source: Tradingview.com 

Ankr (ANKR) – Can bullish momentum hold?

The recent bounce in price came as a big surprise. Although most cryptos are rebounding after falling sharply for most of 2022, surging by nearly 15% in a day is a big deal for ANKR. Besides, looking at the technical indicators, it seems like ANKR is also starting to break out. 

The price is right now hovering between the 25- and 50-day EMAs. We expect it to surge past this threshold in a bullish run that could send the token way up. Also, the Relative Strength Index or RSI offers an oversold reading. 

This simply suggests that even if there was some selling pressure on ANKR, it will not be as big as we have seen in 2022. We are also seeing general sentiment in the market improve even further. All these factors suggest that we may see more gains in the near term.

Should you buy Ankr (ANKR)

Yes, this is a good buy and for several reasons. First, the Ankr network is by far one of the most promising blockchain projects in the world. It has managed to hit 1 billion transactions every month, with more expected in the near term. Based on that growth potential, it is a token you should have in your portfolio.

The post Ankr (ANKR) continues bullish surge – Will this spectacular recovery last? appeared first on Coin Journal.

There were some hopes that Gala (GALA) had started to show signs of recovery. However, this seems like it was more of a false start. At the moment, Gala (GALA) has stagnated and is starting to decline even as sentiment in the broader crypto market improves. More weakness is also expected for the token. Here are some highlights.

• Gala (GALA), just like most metaverse tokens, has fallen sharply, losing nearly 30% in value in the last one week alone.

• There was a slight bullish run after the FOMC meeting yesterday but those gains have quickly reversed.

• At the time of writing, Gala (GALA) was trading at $0.2072, down nearly 5% in 24-hour intraday trading.

Data Source: Tradingview.com 

Gala (GALA) – Price prediction

When GALA started to surge yesterday, most analysts were looking to see if the coin will rise above its overhead resistance of $0.22. But it was a firm rejection. Even though GALA did manage to test the threshold a few times, it has since fallen. 

The pullback suggests that there is more weakness on the metaverse token and a further decline is possible. With January lows of around $0.1, it won’t be a surprise if the coin drops even further. In fact, most analysts see the $0.1 mark as the next probable support level should there be a serious sell-off in the coming days.

Should you buy Gala (GALA)

Metaverse tokens have become quite bearish in the last few weeks. We are seeing sharp declines even though most of these tokens were showing a lot of promise last year. 

At the moment, we believe that the price pressure is more of a correction that will last a few weeks. I would wait if I were you for more pullbacks before getting into GALA. At least that way, you get to buy on the cheap.

The post More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds appeared first on Coin Journal.