Kategorie: Altcoin News

• Axie Infinity token has surged by 6% in 24 hours.

• The blockchain allows players to earn AXS tokens for participating in a competition.

• AXS remains in a bearish market despite the reopening of Ronin Bridge.

Axie Infinity AXS/USD is a beaten-down cryptocurrency. The token of the play-to-earn game platform trades at $14.25. The level is significantly lower from an all-time high of $170 last year. Besides the crypto weakness this year, AXS was weighed by Ethereum’s Ronin Bridge hack. The attack, which dates March this year, led to the loss of over $600 million worth of USDC and ETH. The attack exposed the vulnerabilities of side chains, which some networks like Axie Infinity relied on.

At the bottom $14 price, the Axie Infinity token has defied positive developments. In late June this year, Ronin bridge reopened with improved security features. AXS has proceeded lower despite the news. This thesis postulates that the AXS bearishness emanates from the weakness in the crypto sector. It means that investors remain skeptical. Some platforms, such as Axie Infinity, continue to attract low interest. 

AXS trades below the moving average

Source – TradingView

From a technical outlook, AXS is still bearish. The token rallied 6% in the day but remained below the 14-day and 21-day moving averages. That confirms that it is yet to become fully bullish. The MACD indicator is at the same level as the moving average, which also fails to confirm a bullish push. We need further confirmation before buying AXS. A break above the moving average and a bullish MACD indicator will show when buyers are settling in. However, we need the crypto sentiment to improve to see long-term AXS recoveries.

Summary

AXS remains on a bearish trend. The price is yet to recover after the opening of the Ronin Bridge. There are no confirmed bullish signals for the Axie Infinity token.

The post Should you buy Axie Infinity as the price shoots 6% amid crypto recoveries appeared first on CoinJournal.

• Fantom foundation promises speed, security, and scalability ecosystem for dApps.

• The token has been bullish over the last two weeks, and volumes spiked by 65% in 24 hours.

• We think Fantom is a buy.

Fantom FTM/USD token is trading at $0.23687. In the last week, the token gained by more than 14.77% after gaining by 8.59% in the previous week. The thing that attracts the attention of enthusiasts is a 65.62% increase in traded volumes over the last 24 hours. This analysis asks why.

There is a real use case for Fantom as the token takes on BTC. The smart contracts platform promises speed, security, and scalability. The ecosystem targets the hard-to-convince central banks with CBDCs. Data-intensive organizations are also targeted. Though an uphill task, there is real hope that Fantom may eventually crack the market.

The recent increase in traded volumes is believed to emanate from meme investors buying the dip. The token is considered to have hit the bottom. From there, the expectation is rallying to the moon. One fact that is clear about this token is the high likelihood of being driven by memes. Those against South Korean-backed tokens will be battling it out against the rest. The price and volumes will be volatile.

Fantom has a strong bullish outlook

Source – TradingView

FTM has continued to reduce the divergence of the MACD from the signal. Though the MACD is still below the oscillator, it has been bullish. The RSI at 33 shows the token near the oversold zone. Added to the fact that the token seems to trade at the bottom, a bullish outlook is reinforced.

Summary

Fantom is set for a bullish trend as comments about the token drive the valuation. The volumes spiked by 65% over the last 24 hours. The valuation can be expected to follow suit for this smart contract ecosystem.

The post Buy Fantom as memes pump volumes and prices into the market appeared first on CoinJournal.

• Shiba Inu investors have increased by more than 21,000 in a month.

• SHIB is currently consolidating with a potential breakout.

• Investors can buy now to lock value, although further declines are possible.

As of July 11, the number of investors holding Shiba Inu SHIB/USD was 1,199,539. The number is a jump from 1,178,157 as of June 12, according to data by CoinMarketCap. The monthly jump in SHIB investors happens despite the current crypto bear sentiment. 

The growth in investors also comes along with a rising utility of Shiba Inu. Shiba Inu is slowly relinquishing its meme tag by innovating in the payments and metaverse areas. The network plans for a Shiba Inu metaverse, where users can play games and own virtual lands. No specific date is given for the launch of the metaverse, although it is expected this year. Investors are positioning themselves for a potential increase in the utility of Shiba Inu. 

The increase in investors holding SHIB may not accurately predict a price jump. However, it suggests that investors are expecting the price to pump following the recent declines. We believe that SHIB presents a short-term opportunity. The crypto-token could pump once a key breakout occurs.

Shiba Inu holds onto support as the number of investors rise

Source – TradingView

From the daily chart, Shiba Inu is consolidating. The MACD indicator is slightly bullish. The token keeps $0.00001 support intact. SHIB investors should watch for a breakout from the $0.00001 to the $0.000012 consolidation zone. Short-term focused investors can buy the bottom at $0,00001 and ride up to $0.000012. However, the price jump is speculative, and the price could drop below the support. A long-term buy is recommended at the current level. Alternatively, investors should consider buying after a break above the $0.000012 resistance. 

Summary

Shiba Inu is consolidating as more investors add positions. The price could rise from the $0.00001 level. The token faces resistance at $0.000012.

The post Shiba Inu price prediction as the number of investors grows by 21,000 appeared first on CoinJournal.

• Sandbox’s SAND was resisted at the $1.3 level.

• The price is currently bearish but could be contained by the $0.9 support.

• Investors should watch for a potential breakout.

$1.3 remains a key level to watch for Sandbox’s native token SAND/USD. The metaverse token showed renewed hopes last month after jumping from a bottom of $0.75. At the current trading of $1.1, SAND is recovering, although an immediate resistance holds it back.

Metaverse tokens such as SAND boomed last year at the back of the growth of virtual reality blockchains. This year, activity has slowed, although firms are still showing interest.

Citi strategists believe the metaverse economy is $8 trillion to $13 trillion in addressable value. With such huge potential, metaverse tokens such as SAND remain viable for keen investors. However, the recent bearish crypto sentiment has been a hit for SAND. The weakness should not concern a keen investor looking for long-term gains. In the short-term, SAND eyes a breakout that investors should monitor.

SAND trapped below $1.3 resistance and $0.9 support

Source – TradingView

Technically, SAND has been consolidating since May. The token’s established resistance is at $1.3, while the support is at $0.9. The price of the metaverse token has oscillated between these two regions for around 2 months. The level is a critical make-or-break zone for SAND as the cryptocurrency resists going lower. 

The MACD indicator is showing a bearish signal. The line is about to cross below the moving average to confirm the bear move. The level reflects the current correction after the cryptocurrency was resisted at $1.3. The short-term 14-day and 21-day moving averages are also above price. The current sentiment on SAND is bearish. Nonetheless, the correction could end once $0.9 support is reached.

Summary

Sandbox’s SAND is technically strong above $0.9 support. The $1.3 resistance holds the price back. A potential break above the $1.3 resistance would usher a fresh bullish momentum.

The post Sandbox token rejected at $1.3. What next as the price dips again? appeared first on CoinJournal.

• Dogecoin’s DOGE is down 4% in 24 hours

• Most cryptocurrencies are falling ahead of inflation data on Wednesday

• DOGE could touch the $0.05 bottom if the current weakness persists

Dogecoin’s DOGE/USD trades at $0.0645. The price is a drop of more than 4% in 24 hours as most cryptocurrencies fell on Monday. DOGE now risks crashing back to the $0.05 bottom if the current weak sentiment prevails.

The price of Dogecoin has historically been fueled by social media mentions and listings. The cryptocurrency is labeled a meme coin owing to its reactions to influencer mentions. Elon Musk, the Tesla CEO, has been influential for the token. Recently, speculations were that Twitter would allow DOGE payments once acquired by Musk. With the acquisition now in doubt, DOGE users could be coiling back after a not-so-good crypto sentiment.

Dogecoin’s weakness is also stemming from the overall decline in cryptocurrencies. As of the time of writing, Bitcoin and Ethereum had fallen by more than 3%. The weakness could be reflecting concerns about tighter policy by the Federal Reserve. An inflation data expected on Wednesday is expected to be a turning point for cryptocurrencies. A high inflation jump could fuel a faster action by the central bank and lead to a further drop in cryptocurrencies.

DOGE falls below a short-term moving average

Source – TradingView

Technically, DOGE is bearish. The price fell below the 14-day and 21-day moving averages, affirming the bearish pressure. The price is yet to enter the oversold level as the meme coin attracted buyers recently. The price could continue falling to find the previous support at $0.05.

Concluding thoughts

Investors should not buy DOGE now as the price is under bear control. The price could rise if sentiment improves, but before then, it could touch the $0.05 bottom. The inflation data on Wednesday is a key event to watch.

The post Dogecoin prediction as most altcoins sink amid bearish pressure appeared first on CoinJournal.