Kategorie: Altcoin News

Metaverse and blockchain gaming tokens have been hit hard in the recent crypto slump. Decentraland (MANA) is not any different. The token has seen a sharp decline, and even though it has been rallying in recent days, MANA is still not yet out of the woods. Here are some highlights:

• At the time of writing, the coin was up by nearly 10% in 24 hours, trading at around $2.06

• But indicators still remain bearish and in fact, the recent gains will slip away as MANA is expected to dip towards $1.46.

• However, we are watching to see how long the price can sustain above the next support level of $1.92.

Data Source: Tradingview.com 

Decentraland (MANA) – Bear pressure still remains

The key in the recent price action is the 200-day simple moving average of $1.92. Yes, MANA is right now trading above this. However, due to recent volatility in the broader crypto, it is highly unlikely that the metaverse token will sustain gains well above that threshold. 

If anything, analysts expect it to slide past $1.92 and find the next support of $1.46. This will represent a 28% wipeout compared to prices today. 

If the coin fails to consolidate at $1.46, bears will target $1.01 in what will be a sharp fall for the token. But all this depends on how well sentiment picks up in crypto in the coming days.

Why you should still buy Decentraland (MANA)

Metaverse tokens will heat up in 2022 and beyond. We expect more and more such tokens to come out but no doubt, Decentraland, and a few others remain key pioneers in this space. 

It’s therefore a decent coin to own. But we have always felt that these tokens are overpriced. The recent crypto correction offers the perfect chance for fair pricing and for investors to indeed buy in.

The post Is Decentraland (MANA) out of the woods yet? Indicators appear to suggest NO appeared first on Coin Journal.

Despite the general carnage in crypto over the last week or so, Terra (LUNA) has remained one of the most resilient coins. The token is now finding strong support at the $65 mark and appears to be on a consolidation phase. But can bulls push the price action towards $75? Well, here are some highlights first:

• Despite falling slightly by around 2%, Terra (LUNA) still is still trading around the $65 mark.

• The momentum oscillators show that the token is oversold, suggesting little room for any serious sell-off.

• LUNA has shown great resilience, surging from lows of $37 recently to hitting $65 in price.

Data Source: Tradingview.com 

Terra (LUNA) – Will it head to $75

Multiple signals appear to suggest that we may have seen a trend reversal in LUNA’s price action. After falling from recent highs of around $90, the token is now getting strong support and consolidation at $65. 

This makes LUNA a prime target for bullish action that could send the price to $75 at the very least. We are also closely looking at momentum oscillators that appear to show an oversold asset. This may indicate that a major sell-off is at the moment not on the cards. 

For these reasons, we expect a corrective bounce in the price that will at least push the price action further above. However, with the crypto market still showing signs of volatility, further downward pressure is still possible.

Is LUNA a decent investment?

Terra is one of the fastest-growing blockchains in the world. It has seen superb gains over the last few years and promises to dominate the crypto market in the future. For any serious crypto investor, this is a must-have token. The fact that it is trading nearly 50% from all-time highs means that you can get in at a decent bargain.

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Fantom (FTM) appears to be flexing its muscle as the next big thing. The blockchain is billed as the most direct competitor for Ethereum and based on recent events, it seems it’s living to that billing. Although the project is down today due to broader headwinds in crypto, it is looking like a good bet for the future. Here are some highlights:

• Fantom (FTM) has surpassed $12 billion in Total Value Look, making it one of the most valuable DeFi out there.

• The recent surge means that FTM’s TVL is now higher than that of Solana and Avalanche.

• With this trend, Fantom (FTM) looks poised to compete directly with Ethereum in the near term.

Data Source: Tradingview.com 

Fantom (FTM) – Where does it go next

The price action in the broader crypto market has remained quite bearish. Most coins have tumbled, and FTM is not any different. At the time of writing, it was trading at $1.97, down nearly 11% in 24-hour intraday trading. 

But more importantly, FTM has now surged past $12 billion in total value locked. This makes it bigger than Solana and Avalanche in terms of TVL. Shortly after the news was announced, FTM surged by 17% albeit sentiment in broader crypto has weighed on the price, sending it tumbling in the last 24 hours. But despite this, this is a good sign that Fantom is growing and growing fast.

Should you buy Fantom FTM?

Yes, with the kind of growth we have seen in FTM over the last few months, you should have it in your portfolio. The fact that the token is down right now means that you have a rare chance to get in on a discount. This is a long-term play for folks who are looking for Ethereum alternatives.

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Olympus (OHM) is closely edging towards the point of no return as downward pressure on the price continues to persist. The DAO token is falling sharply, and as sentiment in the market continues to favour a risk-off mentality, it may take a lot of time before OMH recovers. Here are some notable highlights:

At the time of writing, OMH was trading at $64.81, down about 4% in 24-hour intraday trading.

Also, Olympus (OHM) is now trading at over 90% lower from its all-time highs.

The crypto market crash is likely to make the price action even worse, with negative pressure expected in the coming days.

Data Source: Coinmarketcap.com 

Olympus (OHM) – Can it recover?

Many coins have tumbled in the market over the past few weeks. Some are even way lower than all-time highs. So, this is not something unique to Olympus (OHM). But it is worrying to see such a speedy drop in fact, at press time the coin was trading nearly 95% from all-time highs. 

However, even amidst these headwinds, the project has been trying to build up, launching a new 12-month plan designed to usher in a “stronger ecosystem”. Whether this will do anything to lift the downward pressure remains to be seen. But so far, it looks like OMH may be getting into the point of no return.

Should you buy Olympus (OHM)?

Olympus (OHM), for those of you who don’t know about it, is a platform designed to incentivise users to stake the native OHM token. The hope is that OHM will grow to become a crypto reserve, the same way the US dollar is. This sounds a bit far-fetched but when the project launched, it had a huge following. At the moment, it may not be the right time to buy Olympus (OHM) given the headwinds in the market.

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• FTM/USD is down 7.83% in the past 24 hours and 33% in the last seven days
• The crypto token sits at the support of $2.0 in a bearish market
• $1.50 is the next support level if FTM/USD breaks below the consolidation zone

Fantom’s token FTM/USD has been on a strong rally since December 21, when all other cryptocurrencies were experiencing major weaknesses. It rose from a low of around $1.35 on December 21 to a high of $3.37 on January 17.

However, the token faced bearish pressure and has been dropping since then. At the current trading of around $2.0, FTM/USD has dropped by more than 7% in the past 24 hours, extending losses in the week to at least 33%.

FTM/USD technical analysis – $2.0 is the established support

Although FTM/USD is rebounding from the support, it still faces bearish pressure, with the 9-day, 14-day, and 20-day providing resistance. A short-term resistance also exists at the $2.39 level and could constrain prices. We need to watch the close of the candlestick on the daily chart to confirm a trend reversal or continuation.

Summary

Based on the technical pointers, FTM/USD presents a buying opportunity if the $2.0 level holds. A price action signal such as the formation of a bullish pin bar at the support could signal a trend reversal and take FTM/USD higher.

Nonetheless, FTM/USD could break below the support if crypto weakness continues. A break below the current level would see the token claim the $1.5 zone, which is the next support.

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