Kategorie: Altcoin News

As the crypto market roars back modestly, Shiba Inu has been posting massive gains. Over the past three days alone, the coin is up nearly 55%. However, it looks like this upward momentum is about to face its biggest test yet. SHIB is now facing a major resistance zone. Will it manage to keep going? Here are some takeaways:

• SHIB faces major resistance at the $0.0000104 mark

• A rejection at this price could trigger a decisive pullback

• SHIB however appears to have enough momentum to overcome

Data Source: TradingView 

How long will SHIB rally?

After gaining 14% over the last 24 hours, SHIB is now outperforming the market. The coin has also reported gains on its fourth straight day. This renewed momentum comes against the backdrop of growing uncertainty in investor sentiment around meme coins. But despite this, SHIB now faces its biggest hurdle as it tries to overcome the $0.0000104 resistance. 

If the coin fails to clear this price, we are likely to see at least a 17% pullback. SHIB will then consolidate and try again. However, we believe that there is enough momentum for SHIB to in fact rise above this mark. 

The coin has rallied in the past 24 hours and is getting closer and closer to $0.0000104. Once the barrier is breached, SHIB could run further by another 25% before any breakdown. This will represent one of the sharpest rebounds in the market in June.

Why is SHIB surging?

As noted above, SHIB is outperforming the entire market during this small recovery phase. It seems though that much of these gains have come as SHIB’s demand among whales grows further. 

We are also seeing some slight improvements in sentiment across the market. As such, trade volume for the meme coin has shot up slightly. If these conditions hold in the near term, SHIB will likely keep rising.

The post Shiba Inu’s 55% rally could lose steam as it faces a major resistance zone appeared first on CoinJournal.

Like so many other cryptocurrencies in the market, Elrond has reported steady gains at the start of the week. The coin in fact appears to be getting ready for a massive bull run after it managed to break out of a two-month resistance trendline. But how far can the coin go, and will the uptrend actually last? Here are some pointers:

• EGLD has managed to convert $56.3 from resistance to support

• The coin has struggled to cross above this price for the best part of 3 months

• The breakout presents a real prospect of a decent uptrend for EGLD

Data Source: TradingView 

How far can EGLD go?

At the moment, EGLD appears to be setting the stage for a run towards $75 or thereabout. This will represent a gain of 25% from the current price. Crossing above $56.83 is a major feat for the coin. The price is sandwiched between long-term resistance and EGLD’s 20-day EMA. 

At press time, the coin was selling for slightly above $60. This means that EGLD has surged past a long-term resistance trendline while still beating off its 20-day EMA. These are very legit bullish signs that should give any investor some hope. 

However, there are still some limits as to the overall upside. For now, a modest 25% surge appears likely, but it’s really hard to say how far the coin can sustain these gains. After all, the crypto market is just slightly recovering after last week’s sell-off.

How to trade this setup

EGLD of course offers a decent bullish setup. But only a short-term play makes sense. So, give it a day or two and see if the price consolidates above $56.4. 

After that, buy and exit at $75 or thereabout. As for long-term buyers, this is still a good time to buy owing to the huge dips we have seen over the past 6 months.

The post Elrond gears up for a bull run in the coming weeks appeared first on CoinJournal.

Apecoin is currently seeing a relief rally after crashing considerably last week. This came after the coin set a new low of $3.13. APE has also seen a sharp fall from its May and April highs which were, at some point, well above $20. However, there are some signs that a short-term upswing could be on the cards. Here are some points:

• APE has surged in the past 24 hours with a 15% gain

• The coin has established a descending trendline with dynamic resistance

• Consolidations above $3.2 could provide a decisively bullish trend reversal

Data Source: TradingView 

Apecoin price analysis

After dropping nearly 70% over the past month or so, APE finally sees some demand. The coin is coming from a bottom price of $3.13, which is its new 2022 low. However, a descending trendline in the price action has established dynamic resistance at around $3.2. 

So far, APE has managed to hold this and is in fact rallying today. The coin could see an upswing of at least 20% before any pullback. However, there is also reason to believe that the current momentum could in fact push further. The key for APE bulls would be to reclaim the $5.1 support.

Although this won’t be easy, looking at the kind of resilience APE has shown, it is probable. A surge above $5.1 will trigger massive buying pressure and could see APE settle at around $7. This would be almost double the current price. Nonetheless, if the coin falls below $3.2 in the coming days, this analysis becomes invalidated.

How to play this APE setup

The key is the $3.2 support. As long as the price stays above this, then the downside risk remains limited.

Also, there is a case to be made for a surge above $5.1. In case you don’t want to take risks, you can buy once APE hits $5 and exit at around $7.2 in the short term.

The post Apecoin’s RSI divergence could trigger a 20% rally appeared first on CoinJournal.

The overall crypto market is now reporting a major decline. Many analysts see a combination of factors at play including rising Fears of recession, tightening monetary policy, and run-away inflation. The downtrend will also continue for a few more weeks before we see some trend reversal. Here are some of the main bear market facts in crypto.

• Bitcoin and Ethereum, two of the biggest coins, have all reported over 35% declines in 7 days.

• Overall market cap in crypto has fallen below $1 trillion.

• BTC also dropped below $20,000 for the first time since 2020.

So, with all this doom and gloom, it can be hard to find coins that are actually performing. No worries because the ones below are doing quite well:

UNUS SED LEO (LEO)

The LEO token has somewhat defied the odds. The coin has seen major gains over the past weeks in fact, it’s only 40% down from its all-time highs. 

Data Source: TradingView 

Compare this to other coins that are so far 80 – 90% lower from their ATHs. Also, LEO saw a gain of 16% over the past 24 hours. The coin has by far outperformed all major coins and could maintain this trajectory over the next week or so.

Flex (FLEX)

With a market cap of around $360 million, Flex is not one of the largest crypto assets out there. But the coin has done quite well over the last week. The coin is typically used to pay for fees on the Coinflex exchange. As of now, FLEX is around 35% from its ATH. It has also seen a modest 2% gain over the past 24 hours as most coins see red.

KuCoin (KCS)

KCS is another exchange token that has also seen some decent uptrend. Although KCS is around 60% from its all-time high, it has still outperformed the market modestly. Nonetheless, KCS saw a drop of 10% over the last 24 hours or so.

The post These coins are performing relatively well despite the bear market appeared first on CoinJournal.

Waves has been a delightful surprise in crypto over the past six months. The coin has seen rally after rally albeit it has pulled back several times. However, over the last two weeks, the coin has seen a major sell-off, pushing closer to its May lows in the process. But could Waves plot a decisive comeback? Here are some important points:

• Waves peaked at around $11.5 at the start of June after a major bull run

• The coin has however retreated sharply and is now trading at around $5

• However, Waves is now within a decent demand zone

Data Source: TradingView 

How retesting major support helps Waves

As noted above, the sharp fall we have seen for Waves has pushed it towards major support of around $4.21. In fact, despite the massive sell-off we saw in crypto over the past week, the coin managed to hold this support level. With this in mind, we may now start to see some potential accumulation around this price. 

This will then trigger a trend reversal and push Waves further up in the near term. Also, looking at the momentum indicators, the coin has now gone towards the oversold threshold. This could suggest that the risk of a major decline is relatively lower.

It is likely that Waves will follow the trend in the broader crypto market for the week. After that, the coin may start to find its own directional momentum and could easily outperform major coins as it has over the past 6 months.

Should you buy Waves

One thing we have learned about waves over the last few months is that its highly volatile. So, it may be a good bet for short-term trades. For now, just watch the accumulation around the $4.23 support. 

If this continues for several days, it could mean that Waves is about to break out. Buy in and exit at around $7 to avoid major risk.

The post Waves plots major comeback after facing selling pressure appeared first on CoinJournal.