Kategorie: Altcoin News

It’s an indecision moment as Solana trades at an oversold level of $13. The cryptocurrency has formed multiple pin bars at the level, indicating indecision in the market. A potential breakout to the downside could see SOL claim a single-digit price.

CoinMarketCap data shows that SOL has lost more than 25% in a week. The loss is among the highest among the cryptocurrencies in the top 100 bracket. Concerns that the Solana ecosystem has a huge exposure to the collapsed FTX and Alameda have been fueling the bear market. Alameda is believed to hold 50.5 million SOL worth $708 million. Amid the exposure, Solana founder Anatoly Yakovenko has maintained that the investment is unaffected.

SOL remains under the mercy of bears, who are increasingly active at the $13 price level. Here is the price outlook:

SOL is under pressure at $13 even as the price hits oversold levels

Technically, SOL is creating a support zone at $13. However, a likely bullish reversal looks unlikely as the token trades with weakening momentum. The formation of multiple inside bars at the crucial level suggests that buyers and sellers match the effort. 

SOL/USD Chart by TradingView

Turning to the RSI shows that SOL is oversold. An attempted recovery has been muted, with a further slip of the RSI reading to 29. The MACD indicator underlines a weak and worsening momentum.

Which way is SOL?

An inside-bar pattern can break on either side. An upside breakout will confirm a bullish reversal for SOL. However, a quick sell-off for SOL could occur if the breakout occurs to the downside. In such a case, the SOL price could touch $10 or below. 

With the weak sentiment, a bearish breakout carries a higher chance. Investors should be cautious about buying SOL at this level.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post Is Solana facing a catastrophic breakout from an inside-bar pattern? appeared first on CoinJournal.

As cryptocurrencies continue to whipsaw, Shiba Inu (SHIB/USD) has been in the trenches. With a drop of more than 6% in a week, the cryptocurrency now trades at $0.0000092. A dip-buyer could be interested in the price level. That considers that SHIB has been holding it since touching a low of $0.000008 for a week.

The main concern for SHIB and other cryptocurrencies has been a confidence crisis brought about by the collapse of FTX. The sentiment is so far bearish as most tokens are currently trading lower. Other than that, SHIB has been building on the meme token strengths and looked to have overcome resistance at $0.000012. 

Aside from the negative sentiment, Shiba Inu continues to suffer from the lack of significant developments. Notable among these is the SHIB metaverse, which has stalled for a while. On November 16, however, the Shiba Inu team issued some positive updates. The team gave a first concept art reveal of what to expect once the metaverse becomes a reality. Although the update reawakens expectations of the key project, SHIB investors are yet to show optimism. The price of the meme token has remained muted.

SHIB price outlook amid a bear market

SHIB/USD Chart by TradingView

Technically, SHIB is under pressure despite buyers having defended $0.000008. The level does not coincide with a support zone, and the cryptocurrency will likely fall further.

The RSI reveals that SHIB is not yet oversold, although there are more sellers. The indicator shows a downside on SHIB. The meme token also trades below the moving averages.

SHIB prediction

Shiba Inu’s price could fall to the yearly lows of around $0.000007 if the current weak sentiment continues. The level coincides with support, meaning we will likely see a lower price. The cryptocurrency doesn’t present an attractive buy.

Where to buy SHIB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post Is it now the time to buy Shiba Inu? appeared first on CoinJournal.

Trust Wallet Token (TWT/USD) has been the darling of investors this week. The token’s value has gained by triple digits in the past week, even as others soured over the weak crypto sentiment. If you have been wondering, the same reason that caused the decline of cryptocurrencies boosted TWT.

The collapse of the FTX crypto exchange sent panic waves across crypto markets. With accelerated selloffs, over $1 billion was wiped out from the market. That’s because the collapse of a “sound” crypto exchange of the stature of FTX was least expected. At least not after the exchange positioned itself to help other struggling crypto firms to remain above the ground. But it happened, anyway, but TWT buyers had something to smile about.

TWT hit an intraday high of $274 on November 14. The level was hit in a parabolic price move, as TWT overcame a low price of $1.0 as of November 10. The gains happened as whale accumulation intensified following the collapse of FTX. Investors were withdrawing funds from centralised exchanges in favour of self-custody wallets. The Trust Wallet gained in the process, with Changpeng Zhao also endorsing its post-FTX collapse.

TWT price outlook and analysis

Turning to the technical side, TWT has already been making slight but positive gains even before the FTX collapse. The latest cryptocurrency news just gave the token the catalyst to break above the $1.31 resistance level. 

TWT/USD Chart by TradingView

The moving averages are bullish for TWT. Turning to the RSI, TWT is deep in the overbought region. An imminent correction is likely, and a bubble burst could occur. The token is already initiating a correction and trades at $2.0.

Time to exit TWT?

Overbought conditions and a bubble burst could force a correction for TWT as investors adjust to the FTX scenario. 

However, the price movement is positive for TWT as it has been making a slow bullish push before. The token should be on the investor’s watch list if bulls defend the key levels. The area around $1.36 and $1.31 should be watched.

Where to buy TWT

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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The post Trust Wallet Token – a cryptocurrency with 100% gains, but are higher prices possible? appeared first on CoinJournal.

Solana (SOL/USD) is again flexing its muscles after losing half of its value in two days. On Friday, the cryptocurrency had recovered more than 20%. That ignites hopes that SOL would overcome a potential single-digit price. But how likely is the rally to be sustained? 

You know that SOL has been falling heavily due to the potential unlocking of coins at the end of Epoch 370. The unlock has since been postponed, which has saved the token from a further decline. The postponing allows a restaking of the tokens, saving about 28.5 million SOL tokens from entering supply.

Another factor that has helped SOL is a slightly improved crypto sentiment. US inflation data for October showed that prices rose by a below-estimate level. The data fueled a relief rally in cryptocurrencies, and SOL benefited in the process. The news at least bolsters an overall crypto sentiment that had been battered by concerns following the collapse of the FTX exchange.

Still, SOL is not out of the woods. Data by DeFiLlama shows that activity on the blockchain has been on a downward spiral in the past one week. The total value locked on the blockchain is currently $471.69 million, from $1 billion on November 6. Clearly, the declining TVL could challenge a sustained SOL recovery. 

SOL price outlook amid a relief rally in a bear market

Source – TradingView

SOL’s price outlook shows the token recovering from the oversold level of $11.7. The RSI has moved from the oversold level but remains below the midpoint. A further upside is possible for SOL as the relief rally looks strong.

Should you buy SOL?

Solana token will face a litmus test at $28. This is the established long-term resistance that was lost as the price crashed below.

From a fundamental perspective, it is not wise to buy SOL now. The declining TVL could derail a sustained recovery in the token. For now, investors can enjoy the relief rally up to $28, which must be overcome to make a bullish call.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post Solana recovers 20%. Here is what is happening and the potential price action next appeared first on CoinJournal.

A seven-day loss of more than 50% sees Solana (SOL/USD) trading at half the value the previous week. The loss is the biggest among the cryptocurrencies in the top 100 categories, except for the embattled FTX exchange. SOL now trades at the lowest level since March 2021. Despite the magnitude, the cryptocurrency could fall further from various insights.

It is correct to assert that the decline in SOL reflects the liquidity concerns of the collapsed FTX exchange. The fears have caused widespread losses in the market, although SOL buyers have been hit hard. Data by Solana Compass shows that bear pressure on SOL could increase owing to the tokens that could enter circulation.

Solana Compass says an unprecedented number of SOL tokens are likely to be unstaked. Accordingly, 60,399,401 tokens of estimated $755 million value were shown as “deactivating.” As these tokens get unstaked, the total supply of SOL tokens in the market will rise by 8.8%, forcing further bear pressure. 

Concerns about SOL’s increased supply come when Solana’s Epoch 370 ends. “Epoch” refers to the period when staking rewards are earned and then issued. During the period, validators lock their tokens and unlock them when it ends. The unlocking has been responsible for the huge price crash. Technical pointers also indicate a further bearish momentum after bulls lost a key level.

SOL crashes after losing the $28 support

Source – TradingView

On the weekly chart, SOL is oversold (RSI reading of 31) and is on a free fall. The key level at $28 was breached, welcoming a further bear market for the token.

Should you buy the SOL dip?

SOL is currently without breaks after crashing below $28. The only price direction at the moment is down. The token is not a recommended buy.

The likely support of SOL lies at $12, a potential decline of $25%. The established long-term support is at $3. With the bear market remaining in place, we cannot rule out SOL trading at a single-digit price.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today Disclaimer

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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The post More pain for Solana SOL after a 50% drop. Here is what is happening appeared first on CoinJournal.