Kategorie: Altcoin News

• Sandbox failed a break out at $1.3 and has retraced to a support

• Price weakness emanates from the general crypto mood and lack of Sandbox developments

• SAND remains vulnerable unless potential price catalysts come up

Sandbox token SAND/USD looked likely to take new heights as the price hovered around $1.3. Price consolidated at the resistance level for weeks, but neither bulls nor bears seemed to win the battle. Since most other cryptocurrencies were surging, that gave hope that bulls would eventually triumph. Bears seem to have taken control as the price has dipped to $1.03. That is a potential demand zone but will buyers push the token higher?

Sandbox does not look promising at the current level. First, Sandbox has depended on the momentum of the crypto sector lately. The momentum is currently weak. Before the sentiment improves, SAND could weaken further. Secondly, projects building on the metaverse has slowed lately. Although a great opportunity exists for the metaverse sector, investors are interested in current developments. The lack of clear fundamentals from the metaverse sector could be a blow to the short-term recoveries of SAND.

Sandbox token slides to $1.03 support in a bear market

Source – TradingView

Technically, Sandbox is bearish. The momentum indicator shows that the price is extremely bearish at the key support of $1.03. No price action to show that the price is about to recover at the support. Consequently, SAND is vulnerable if momentum fails to improve quickly. Investors should not buy the token at the support but should watch price action and general sector mood. If SAND loses the $1.03 support, the token could slide to $0.85.

Summary

Sandbox token remains vulnerable at the $1.03 support. The lack of clear fundamentals and momentum is a catalyst for further bear weakness.

The post Should you buy Sandbox SAND at the $1.03 support? appeared first on CoinJournal.

• Shiba Inu token rallied to $0.000017 as risk-on sentiment entered markets

• The token trades at support after losing grip of previous gains 

• Crypto sentiment remains weak, but Shiba Inu could take a u-turn to the upside 

Whether Shiba Inu SHIB/USD has returned to the bear market is a question hard to answer. However, one sure thing is that Shiba Inu maintains key technical levels. Buyers could be about to take it higher after the latest slowdown. 

Shiba Inu is one of the cryptocurrencies that returned massively recently at the height of meme-rally. However, the token is back to the drawing board, with losses in the last seven days climbing to 17%. Most other cryptocurrencies are already in the red indicating widespread corrections. 

Shiba Inu falls back to support zone as meme rally ends

Source – TradingView

The current SHIB price coincides with support at $0.00001242. That is the level at the price broke and became bullish at the back of the renewed meme-token rally. We can see that the price shows some indecision after the latest losses. Bulls are rejecting the downward pressure, a major indicator that demand is strong for the meme token. 

The momentum indicator is showing a bearish price move. We remain optimistic that if SHIB maintains the support zone, the MACD indicator could turn bullish.

Concluding thoughts

While crypto sentiment remains weak, SHIB has maintained key support. The bear pressure is weakening as the price shows indecision at $0.00001242. A potential recovery is possible if the price maintains its level. Investors should watch price action and consider trades if sentiment improves.

If SHIB loses grip of the support, bears will take control. That could see the price trade back to $0.000010. The next days’ price action will dictate the potential direction for SHIB.

The post Shiba Inu retraces back to breakout support – Will price rebound? appeared first on CoinJournal.

It’s a slow start to the week for the cryptocurrency market. Bitcoin trading volumes are low, and there is no major news that can trigger any significant market moves today. More broadly, the financial markets remain relatively bearish, as major economies look all but headed for a recession. Despite all this, some cryptocurrencies have significant potential to pull a surprise rally during the week. Below are some cryptos that could give investors a good return on investment this week.

Ethereum (ETH)

There is a good chance that the Merge has already been baked into Ethereum (ETH) price. This is evident in Ethereum’s recent price action when it went from under $1000 to a high of $2000. 

That said, the upcoming Merge will continue to make headlines for the remainder of the month. As such, chances are that money will keep flowing into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies in the week.

Already, Ethereum is one of the few large cryptocurrencies that are in the green at the moment. It is an indicator that momentum still has momentum, making it a good cryptocurrency investment to keep an eye on this week.

Binance Coin (BNB)

Binance Coin (BNB) remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volumes are rising.

One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the perception that it is safe. Unlike most cryptocurrencies that don’t have much use value, BNB is the cryptocurrency that drives the Binance ecosystem. It is used for paying fees on the exchange and other Binance-related products. 

Now that Binance Coin’s price is showing some positive price action, the odds are that crypto investors will turn to this crypto in the short to medium term.

Solana (SOL)

In recent weeks, things have been pretty rough for Solana (SOL), but SOL token prices are holding up pretty well. This week, Solana could benefit from a new feature that is coming to the Solana Phantom wallet named “Burn NFT.” The new tool aims to cut down on scams within the Solana ecosystem. 

Through the new feature, investors will be able to get rid of scam NFTs while also earning SOL tokens for doing it. As investors get wind of this opportunity to earn from Solana, there could be a surge in buying volumes, a factor that could help push up the price in the short to medium term. 

Klaytn (KLAY)

Of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few in the green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. The moves it has been making are bearing fruit. For instance, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing the price of KLAY higher in the short term.

The post Cryptos to watch despite a bearish start to the week appeared first on CoinJournal.

• ApeCoin has plunged 15% in the past day

• Fundamentals around NFT and metaverse remain the growth drivers

• The Stochastic Oscillator shows APE at an oversold zone

ApeCoin APE/USD has plunged 15% in the past day to trade at $5.27. Although the cause of the drop remains unclear, it can be attributed to the ongoing market correction. A price decline in Bitcoin has sent altcoins into the jitters territory.

Currently, the market capitalization of ApeCoin is down to $1.6 billion at #35 in the crypto ranking. The token is trading much lower than its all-time high of $26 in April. Despite the significant price drop, APE remains the token to watch in the NFT and Metaverse categories.

Launched in March 2022, APE is the native cryptocurrency powering the Bored Ape Yacht Club metaverse. BAYC is a collection of 10,000 images of apes. In contrast, APE is a fungible ERC-20 standardized token with a supply of 10 billion. The token derives strong fundamentals around the fast growth of the NFT sector.

The growth is largely driven by institutional adoption. There is an emergence of themed NFTs from large corporations. Designers, musicians, and video game companies are also finding the space useful. For this reason, APE could gain bullish momentum in the long run. However, in the short-term charts, ApeCoin is facing bearish momentum.

APE retest $5.2 support 

Source: TradingView

Technically, ApeCoin is facing bearish pressure as per the daily chart above. The token has retested $5.2 support. Past the current level, the nearest support is set at $4.4. On the flip side, 5.8 is the immediate resistance, and 6.8 is the long-term resistance. However, the signals remain unclear.

First, APE is trading below the 20-day and 50-day moving averages. We could see some consolidations at the averages in the case of a trend reversal.

The Stochastic oscillator is below 20, meaning the market is oversold and could be due for a reversal. The price has remained oversold for the last four days. Nonetheless, a trend reversal can only be confirmed with a bullish price signal.

Concluding thoughts

ApeCoin has plunged significantly in the past 24 hours. The decline is linked to the overall crypto bearish momentum. The stochastic indicator shows the token is at the oversold zone and could be due for a reversal. APE buyers should wait for the bearish pressure to end.

The post ApeCoin prediction as token retest key support amid bearish pressure appeared first on CoinJournal.

• Decentraland boomed in 2021, but this year has been relatively quiet

• The native token MANA is sliding after remaining robust

• The bear weakness is widespread after a hawkish Fed report

Decentraland’s MANA/USD is slipping again. Bear signals suggest that the price may crash further. However, it is crucial to monitor key levels to evaluate whether investing is worthwhile.

A broader look into the sector shows that most cryptocurrencies are in bear territory. That was after the US Federal Reserve, on Wednesday, sounded hawkish about taming high inflation. The US Central Bank hinted at more rate hikes, a move that spooked markets. Thus the drop in MANA reflects the market sentiment.

Nonetheless, despite the metaverse booming in 2021, this year has been relatively quiet. It seems that the crypto winter swept across all crypto market segments. Nonetheless, numerous projects continue to enter the metaverse space. The developments are yet to spur a rally in Decentraland’s MANA. The metaverse platform has announced limited developments lately. Opportunities in the nascent sector remain in place. The lukewarm state has made tokens like MANA rely on sector-inspired fundamentals. 

Bearish MACD crossover pushing MANA back to $0.77 support?

Source – TradingView

Technically, MANA has lost grip of the 21-day moving averages. The momentum indicator has also crossed below the moving average. The indicators suggest that MANA is set to correct further. The token still has the 50-day MA supporting it.

For the bear weakness to subside, MANA must overcome sliding below the 50-day MA. Otherwise, the token could be back to the $0.77 support. If the weakness continues and the token slips below $0.77, that will welcome a bearish market. At the current price, MANA is just undergoing a correction.

Summary

MANA is falling alongside major cryptos after a hawkish Fed stance. The token is yet to fall below the 50-day MA and support. MANA is not yet in a bearish market.

The post Back to basics for Decentraland’s MANA as momentum indicator turns bearish appeared first on CoinJournal.