Kategorie: Altcoin News

Polygon and Loopring are gaining upside momentum ahead of the Ethereum merge.

Key points:

• Polygon is trading sideways as the rest of the market drops, indicating buyers are still in the market.

• Loopring is making a V-shaped recovery, indicating that bulls are entering the market ahead of the Ethereum merge.

• Both Polygon and Loopring have strong odds for growth over and above hype around the Ethereum merge. 

Ethereum ETH/USD is in the process of an upgrade to Ethereum 2.0. According to tweets by Ethereum core developers, the move to Ethereum 2.0 is expected to be completed by August 2022. The implications will be positive not just for Ethereum but also for Ethereum layer-2 solutions. Among the cryptocurrencies that are expected to benefit immensely from Ethereum’s shift to a Proof-of-Stake chain are Polygon and Loopring.

Polygon prospects in 2022

After a rally between April 22nd and 24th, Polygon MATIC/USD bulls lost momentum. However, unlike most heavily bearish cryptocurrencies, Polygon is now directionless. 

Source: TradingView

This indicates that bulls still have a significant presence in the market, and can be linked to the upcoming Ethereum merge in August. If the merge comes and Ethereum gains upside momentum, Polygon, too, could see an increase in adoption. In such a case, the critical level to watch would be $0.618, a fundamental resistance level in the very short term. If this resistance is broken, and Polygon holds above it until the Ethereum merge, it could easily retest prices above its most recent highs in the short to medium term.

Besides the hype around the merge, there are strong underlying factors that could see Polygon keep gaining in value in the future. The most important one is that Polygon already has a strong ecosystem of Dapps running on top of it. This means that the Ethereum merge will only augment the number of projects running on the Polygon chain. This will add to the intrinsic value of MATIC tokens since MATIC is the native token to the Polygon ecosystem. 

The fact that Polygon is a deflationary token further adds to its potential to rally going into the future. 

Loopring prospects in 2022

Loopring LRC/USD is another Ethereum layer-2 solution that has the potential to rally once the Ethereum merge happens. Already its price action is showing potential anticipation by investors of a rally. 

For instance, after a dip between 25th and 27th, Loopring is making a rebound. When writing this article, Loopring was making a V-shaped recovery, and if the merge happens, Loopring could see a sustained rally that could extend throughout the year.

Source: TradingView

Besides such a potential short-term rally, there is much to look forward to in terms of LoopRing’s long-term price action. For context, Loopring already has a strong and fast-growing ecosystem of Ethereum tokens trading on top of it. Fast execution speeds and low costs make it one of the best in the market.

The post Ethereum L2’s to keep an eye on in July appeared first on CoinJournal.

These three have the potential for 3 – 5X Gains in the next bull run.

Key Points:

• Chainlink is growing in adoption, but the price is more than 80% off all-time highs.

• Sandbox Metaverse is on a growth trajectory, but the price remains depressed.

• Axie Infinity is trading at massive lows despite a fast-growing P2E gaming ecosystem.

The entire cryptocurrency market is significantly lower than at its peak in late 2021. Almost all cryptocurrencies are down by 70% or more. Under these circumstances, it is easy to assume that all cryptocurrencies are undervalued. 

However, if the 2018 correction and the recent high-profile collapse of the top 100 cryptocurrencies are anything to go by, then not everything is undervalued. Some cryptocurrencies were simply blown out of proportion by the hype in 2021 and may never recover. 

That said, crypto gems exist and look highly attractive to investors at current prices. Below are some of the top most undervalued cryptocurrencies to keep an eye on in the year. 

Chainlink – The king of decentralized oracles

Chainlink LINK/USD is one of the cryptocurrencies that have achieved dominance in a vital market aspect. Chainlink dominates more than half of the decentralized data oracles space. If its growing adoption is anything to go by, then the chances are that none of its competitors will dethrone it, at least in the foreseeable future.

Despite this dominance, Chainlink is trading at record lows. From highs of $50 last year, Chainlink is currently trading between $5 and $7. Adoption is on the rise though, an indicator that LINK’s intrinsic value is on the rise.

Due to this mismatch of value and price, there is a good chance that if bulls retake the market, Chainlink could reward investors with an impressive ROI.

Sandbox – Metaverse crypto with actual adoption

The Metaverse was all the hype towards the end of 2021. However, with the 2022 bear market, the excitement seems to have died down. That doesn’t mean that major developments are not happening in this space. Play-2-earn gaming and other aspects of the Metaverse are on a growth trajectory.

Sandbox SAND/USD has seen exponential growth in the number of games in its ecosystem since 2021. At the same time, Sandbox has recorded growth in other aspects of the Metaverse, such as virtual concerts. 

Despite these developments, SAND tokens are struggling to hold above a dollar, down from highs of $8 in 2021. It shows how massively undervalued SAND is, especially when you factor in analyst predictions of a trillion-dollar Metaverse market by 2030.

Axie Infinity – A fast-growing play-2-earn game

Like Sandbox, Axie Infinity AXS/USD has recorded a significant growth rate since it launched. So much so that it now has one of the most valued NFT collections in the cryptocurrency market. 

Despite the growth in Axie Infinity’s gaming ecosystem, AXS’s price has taken a significant hit in 2022 and is currently trading at under $20. This mismatch between price, and the ever-growing Axie Infinity intrinsic value, indicates potential growth once the market turns bullish again. 

In last week’s crypto rally, Axie Infinity rallied by 50%, indicating that if the market turns bullish again, AXS could be a big winner.

The post Top 3 undervalued cryptocurrencies to watch appeared first on CoinJournal.

The cryptocurrency market seems to have found the bottom and is on a rebound. The total cryptocurrency market has jumped by 4% to $964 billion in under 24 hours.

If the current momentum continues, the market could push through the trillion-dollar mark before the end of June. Most altcoins are already making double-digit gains signaling a potential price rally in the short to medium term.

Under these conditions, two low-cost cryptocurrencies look poised for a V-shaped recovery and could potentially be rewarding to investors. The two are ApeCoin (APE) and Shiba Inu (SHIB).

ApeCoin

ApeCoin has dropped considerably since making an all-time high of $26.3 back in April to trade at $4.6. However, buyers seem to be aggressively taking APE up. In just 7-days, ApeCoin has rallied by 38%, and buying volumes are rising.

If the market continues with the current recovery, ApeCoin has what it takes to outperform the market by a considerable margin. It is a new cryptocurrency, but its adoption is growing. Recently, news emerged that Saltwater Brewery was considering accepting ApeCoin for payments. At the same time, the use case for ApeCoin in the Metaverse is growing. For instance, a game called Benji Bananas now accepts ApeCoin for transactions within the game.

With the Otherside Metaverse launch, the odds are that ApeCoin could gain even more use cases going into the future. The Metaverse, coupled with Ape NFT merchandise sales, could see ApeCoin emerge as one of the best cryptocurrencies to buy in 2022. One that could be among the first to retest all-time highs once the bear market is over.

Shiba Inu 

The Shiba Inu hype of 2021 may be gone, but this doesn’t mean that SHIB’s potential as an investment is gone. While Shiba Inu has been bearish since late 2021, SHIB has shown to be responsive to a potential bullish reversal in the broader market. When writing this article, Shiba Inu was up 10% and had recorded gains of 47% in a week. 

One of the critical factors likely to sustain Shiba Inu’s upside is the growing number of products coming up within the Shiba Inu ecosystem. For instance, Shiba Inu has recently launched a DEX.

At the same time, the Shiba Inu now has a Metaverse, which could open a whole load of use cases for the SHIB token. Shiba Inu also has deflationary tokenomics, and close to 50% of the total supply is already gone.

Based on all these factors, if upside momentum goes up across the market, SHIB could emerge as one of the big winners.

Conclusion

Buyers are back in the market, and there is a strong possibility of a V-shaped recovery in the market. If it happens, ApeCoin and Shiba Inu show signs of a potential rally that could beat most major cryptos in gains. The two also have the fundamentals to sustain a rally in the short to medium term.

The post Two top cryptocurrencies that could make a V-shaped recovery appeared first on CoinJournal.

• Origin Protocol aims to enhance NFT and DeFi adoption

• Origin Protocol’s OGN token hit an all-time high of $3.45 in March 2021

• The token is currently consolidating and has met resistance

As non-fungible tokens gained momentum in 2021, Origin protocol (OGN/USD) was expected to grow. Its native token was trading at a mere $0.13 at the start of 2021, rising to a high of $3.45 the same year. At the current trading of $0.25, OGN is a shadow of itself from last year’s highs. Continued bearish weakness in crypto is contributing to the downside.

Origin Protocol is a blockchain platform that seeks to enhance mainstream adoption of NFTs and DeFi. The protocol was founded in 2017 with the objective of enabling commerce on blockchains. OGN is the governance and utility token powering the Origin Protocol. The digital asset allows holders to vote on proposals governing the underlying protocol. The number of circulating OGN tokens is 388,570,732.54 from a total supply of 1,000,000,000 and an equivalent hard cap. We believe investors should monitor OGN based on key technical aspects.

OGN consolidates close to an oversold bottom

Source: Tradingview

Technically, OGN is trading at a $0.26 resistance level. The token entered the oversold zone when it hit the $0.19 support level, with an RSI reading of 24. The RSI is currently at 51, showing that the token is escaping the oversold bottom. However, it has hit the resistance zone.

From the above technical perspective, OGN remains an ideal investment in the short term. We are yet to find a lasting bullish momentum as the token remains in consolidation mode. The broader cryptocurrency market remains largely bearish, and the OGN could remain subdued. An ideal buy entry on OGN is on a retracement to the $0.19 support level or a break above the $0.26 resistance. In the meantime, investors can capitalize on the short-term opportunities within the consolidation zone.

Summary 

Origin Protocol holds a place in the NFT and DeFi space. Its native token is yet to recover after a crypto crash. Investors can take advantage of short-term opportunities as the token consolidates below the $0.19 resistance.

The post Should you buy Origin Protocol as it maintains above the oversold bottom? appeared first on CoinJournal.

Altcoins are having one of the most difficult years in 2022. The major altcoins have all dropped massively since the turn of the calendar, and with sentiment in the market slowing, the worse is yet to come. But despite this, some investors see the correction as the perfect chance to buy coins at fair value. Solana could be a good bargain, and here is why:

• SOL is backed by a robust blockchain project that will offer utility for years

• Some of the biggest institutional investors in the world are buying SOL

• The coin has dipped massively and has never been this cheap

Data Source: TradingView 

Solana price analysis and future

There is always this fear that during a major downturn in the market, a majority of altcoins will quite frankly cease to exist. In fact, some projects have already gone under, and we are not even done with the bear market. But Solana is just a different ball game. With a market cap of $12 billion, SOL is just too big to go down for now.

But the price action is also quite interesting. After tanking to around $25, the coin was threatening to fall below $20 for the first time in months. But as the crypto market saw some recovery, SOL led other major altcoins in fully outperforming the entire market.

For now, the coin sits pretty above $35. But we don’t think this is the final price. In fact, the June crypto fallout will likely continue for a few weeks. If SOL drops below $25, buy it.

Why it makes sense to load up on Solana

Every market has ups and downs. Crypto is not any different. Right now, investors are feeling the pain.

But the underlying factors that have made crypto attractive over the years have not changed. Even as the outlook turns dull, crypto will recover, and coins like SOL will lead the way.

The post Altcoin correction: Why could Solana be a good buy? appeared first on CoinJournal.