Kategorie: Altcoin News

• The AVAX price receives dynamic support from the 20-day EMA line.
• In the daily chart, the RSI slope indicates a significant rebound.
• The AVAX Network coin’s intraday trading volume is $1.81 million, representing a 20% loss.

The price of AVAX had a substantial drop in January. The coin’s value plunged by half in less than a month to $53.6. This collapse has been extended by the recent relief rally in the AVAX/USD combination, which has created an inverted flag pattern.

The AVAX price demonstrated a relief bounce to the $97 barrier.  However, the crypto market’s abrupt sell-off breached the 200-day EMA and 50 percent Fibonacci retracement, bringing the coin’s price down to $53.

The bearish onslaught has been halted by a common support zone of $53 and 0.618 FIB level, which has sparked a retest of the 200-EMA. If sellers can keep the AVAX price below $76 for an extended period, the coin’s price will continue to fall.

The RSI slope has quickly recovered from the oversold zone due to recent price surges. The slope has passed above a resistance trendline and the 14-SMA line, suggesting that coin buyers are becoming more powerful.

On the 4-hour set timeframe graph, the AVAX/USD pair is forming an inverted flag pattern. Once the coin price falls off of the rising support trendline, this bearish continuation pattern might present a good selling opportunity.

Crypto traders may anticipate a decent rebound potential if the ALT price breaks over the joint resistance of $77.8 and the 20-day EMA line. The falling ADX slope indicates a loss of selling momentum. A break out of the price pattern, on the other hand, would set off an upward trend.

The post Avax forms an Inverted Flag Pattern indicating continued Correction appeared first on Coin Journal.

• Terra Luna was born out of the need for market stability in the crypto market.
• Luna’s value has seen an 18% decrease during the last 24 hours, a 50% drop from the all time high of $103.3400 on December 27.
• Price expected to bottom out at around $25, close the day at $33.

Terra platform was created in 2018 by Daniel Shin and Do Kwon. The pair’s motivation was a novel digital currency which would fit the current economy’s elasticity. Terra was conceived to be both stable-priced and driven by growth to attain price stability through a variable money supply, powered by unchanging mining enticements.

Terra is an algorithmic-based, decentralized, and investor profit sharing style stablecoin-generating system and platform comprising several stablecoins ($UST) and the native token Luna. Currently, Terra is among the top 10 cryptocurrencies with impressive numbers.

It has a market cap of $19,286,510,087 24, hourly trading volume of $3,007,537,766, fully diluted valuation of $48,152,817,826, circulating supply of 400,527,133, total supply of 818,249,192 and maximum supply of 1,000,000,000.

After having gone through an impulsive move up until mid-December 2021, a massive sell off saw a price drop before overshooting to the all-time high of $103.3400 on December 27. Since then the coin has started a correction trend with a 50%+ drop in price, 30% down in the last week, and an 18% drop within the last 24 hours expected to end the day at around $33.

Renowned traders are expecting the low price to max out at around $25 before an upward trend resumes. Increased borrowing, an injection of capital into yield reserves, and a rise in Bitcoin price are expected to see the price of Luna among other coins rise fueled by investor confidence.

The post Terra Luna suffers an 18% loss in 24hours appeared first on Coin Journal.

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.