Kategorie: Altcoin News

Metaverse tokens have had a torrid period in recent weeks. Sandbox (SAND) is one of the leading coins in this category, bottoming at around $2.55 not so long ago. But there has been quite some recovery ever since. Here are the key highlights of the last week or so:

• Sandbox continues to build significant upward momentum in the recent rally.

• The coin could target $4.4 in the coming days if current trends hold

• A run towards $4.4 will deliver gains of up to 30% from the current price

Data Source: Tradingview 

Sandbox (SAND) – Is $4.4 likely?

There has been a lot of good news coming from Sandbox (SAND) in the last few days. One notable development has been a new partnership with HSBC, one of the biggest banks in the world. There has also been a massive flow of institutional money towards SAND. 

These positive developments have also been reflected in the price. After bottoming at $2.55 at the end of January, SAND has rebounded. It has rallied by nearly 40% from its lowest level this year, and it looks like this upward trajectory will last even longer. 

First, the RSI on the chart is showing a bullish trend. SAND is also well above its 55-day SMA and has managed to breach a crucial resistance of $3.44. As a result, we expect the coin to surge towards $4.4 in the near term. If bulls are able to smash past $4.4, then we could see SAND test $6.2 and even $7.4 in the medium term.

Why are investors holding Sandbox (SAND)

There are several reasons. First, SAND has incredible bullish momentum right now and as such, opportunities for a decent return in the near term are high. 

From a longer-term perspective, metaverse coins are expected to grow further this year. SAND is one of the main coins in that category and as such, it makes sense to hold it for longer.

The post Sandbox (SAND) is gaining upward stream – Is $4.4 coming next? appeared first on Coin Journal.

CRO sponsorship of the world cup likely to drive its price in 2022

Key Points:

• With speculation rife that Ripple could win against the SEC, XRP prospects look good. 

• CRO continues to increase in value as the Crypto.com network grows in adoption. 

• While both XRP and CRO are good investments, CRO has better odds due to its sponsorship of the upcoming Football World Cup. 

Ripple XRP/USD has long held its position as a top 10 cryptocurrency. Despite having a lot of challenges regarding the lawsuit by the SEC against Ripple and its founders. With speculation high that the lawsuit could end soon, and in Ripple’s favor, optimism around XRP remains high. Now that the broader market is turning bullish again, a change in fortunes in the case against Ripple could see XRP emerge as a top-performing cryptocurrency in the short to medium term.

Besides the speculative aspect of it, XRP has a pretty strong use case in payments. It is already adopted by multiple banks in Asia and continues to grow as a fast, efficient, and low-cost method for sending money value globally. This use case pretty much cements XRP’s potential to gain in value.

On its part, Cronos CRO/USD is part of the Crypto.com network a blockchain payment system that makes it easy for people to trade crypto and use cryptocurrencies for payments without compromising privacy or security. Like XRP, Cronos (CRO), the native token of the Crypto.com network, has been growing in adoption, signaling to the underlying value of the network. As the market turns bullish again, CRO has what it takes to perform well.

Why CRO could outperform XRP

While CRO and XRP have growth potential, CRO is in a unique position in terms of short-term gains. This has all to do with the upcoming world cup in Qatar. Cronos will be among the official sponsors of the World Cup that will take place in November 2022. Given that the World Cup is watched by millions of people globally, this sponsorship’s publicity could trigger adoption at scale and, by extension, FOMO around the CRO token.

Summary

XRP and CRO are gaining in adoption in the fast-growing payments market. While both have high growth potential, CRO has better odds short term due to the upcoming World Cup in Qatar, where it is one of the official sponsors.

The post Why CRO could outperform XRP in the short-term appeared first on Coin Journal.

After the recent hack on Axie’s sidechain, money could flow more into SAND

• Sandbox is one of the fastest-growing play-to-earn gaming platforms, with growing adoption.

• Axie Infinity is a play-to-earn gaming platform with crypto’s most expensive NFT collection.

• While both are good investments, AXS could underperform SAND after the Ronin network attack.

Sandbox SAND/USD is one of the best-known play-to-earn gaming platforms today. The popularity of Sandbox games has been instrumental in the rise of SAND’s value since 2021. However, besides play-to-earn gaming, Sandbox has been venturing into other things that could trigger significant value growth for SAND. For instance, Sandbox has agreed with Warner Music that would see virtual concerts take place inside the Sandbox Metaverse. This, coupled with the growing interest in the Metaverse, makes SAND a potentially good cryptocurrency to buy in 2022.

On its part, Axie Infinity AXS/USD is an equally strong play-to-earn gaming platform. It is the largest play-to-game platform globally and has an NFT collection whose value is second to none. Due to its edge as a market leader, Axie Infinity is likely to get even more popular as play-to-earn becomes more important in the gaming industry.

Why SAND holds an edge over AXS

While both SAND and AXS have strong prospects in the long run, SAND could outperform in the short term. This has a lot to do with the negativity around Axie Infinity’s recent hack. A few days ago, it was revealed that Axie Infinity’s Ronin Network was attacked, and $600 million worth of Ethereum was stolen. Since such events usually create market panic, AXS is likely to rag behind SAND even as bullish momentum returns to the market.

Summary 

Sandbox is a play-to-earn gaming platform that is one of the fastest-growing in the Metaverse ecosystem. On its part, Axie Infinity is one of the largest play-to-earn gaming platforms in the market and has one of the most expensive NFT collections in crypto. While both will perform well long-term, the recent attack on Axie Infinity’s Ronin network could see it underperform SAND in the short term.

The post Sandbox could outperform Axie Infinity after Ronin attack appeared first on Coin Journal.

After seeing a major sell-off at the beginning of the year, The Near Protocol (NEAR) appears to have fully recovered. In fact, the coin started to pair up losses well before the entire market rebounded and has since maintained this uptrend. Here are some details:

• Since the end of February, NEAR has risen steadily in price.

• The coin has breached various crucial resistance zones in the process.

• But increased liquidation of long positions could spell doom for the altcoin.

Data Source: Tradingview 

Near Protocol (NEAR) – Understanding the risks

The steady jump that NEAR has reported since the end of February has been quite impressive. The coin is now trading well above its 200- and 50-day simple moving averages, something that indicates bullish momentum. 

In fact, NEAR is one of the few coins in the top 20 that has managed to breach the 200-day SMA. The RSI is also indicating that further upside is coming. The coin could surge past $20 in the days ahead. But despite this impressive uptrend, there is one thing that should get investors quite worried. 

According to data provided by Coinglass, there has been a significant increase in liquidation for long positions. This essentially means that investors who had bought NEAR to hold it for a long period of time are already out of money. What is now left is a huge portion of short positions which are very prone to profit-taking. If this happens, which is quite frankly very likely, the uptrend NEAR has reported will slow significantly.

Why should you buy NEAR anyway?

Despite this downside risk, NEAR is still bullish, and it has a very good chance of posting more gains in the near term before any pullback. However, it would be best to lock in profits once the coin touches $20. This will still represent a net gain of around 25% from the current price.

The post This caveat should get investors worried as NEAR recovers sharply from 2022 low appeared first on Coin Journal.

The last week of March has probably been one of the best for crypto this year. Coins have been on the rise and it seems the momentum is not about to slow down. But as with every strong uptrend, corrections are indeed inevitable. Here is why we think a pullback is coming:

• Bitcoin and other major caps have stagnated after the recent uptrend

• Short-term buyers have largely driven this surge and will take profit at some point.

• It seems like the continued rise was seen in the last two weeks has lost strength.

There will however be coins that will face major corrections than others. We have created a list here to check out:

PancakeSwap (CAKE)

PancakeSwap (CAKE) has actually surprised many analysts with its recent uptrend. The coin did not seem like it hard any buyer demand but has somehow managed to pull up in the market. CAKE has now added at least 30% to its value over the last week. 

Data Source: Tradingview 

But looking at the price action today, CAKE has slowed in fact, even though the coin has reported modest gains, it has failed to overcome overhead resistance. We expect a small correction to follow in the days ahead.

Skale Network (SKALE)

Skale Network (SKALE) was also another major surprise. The coin was just teetering, and all of a sudden, it shot up from nowhere. SKL has now gained 112% in the last week, with 35% of that coming in the last 24 hours. The token will likely add more gains before it finally corrects in the near term.

IOST (IOST)

IOST (IOST) has also pushed its uptrend to a whole new level, adding around 80% in gains over the last seven days. But even though the coin doesn’t seem like it’s about to slow down, at some point bullish momentum will die. This may in fact happen sooner than you think.

The post Top cryptocurrencies that are facing major corrections right now appeared first on Coin Journal.