Kategorie: Altcoin News

The weakness in the crypto market over the past week is taking a heavy toll on altcoins. Solana has not been spared. The coin is now in a bear market trend, and sellers could well push it towards $20 in the coming weeks. This will represent a fall of over 50% in less than 7 days. Here are some other notable facts to note:

• SOL is trading between weekly support of $24.52 and weekly resistance of $47.43

• The coin is currently slightly above support after a 16% plunge in 24 hours

• If this support is lost, SOL will revisit $19 before any upward momentum

Data Source: TradingView 

Solana price analysis and prediction

As noted above, over the past two weeks, SOL has seen massive volatility. Although there were times when the coin showed some decent bullish signs, its uptrend has often been limited to the $47.43 support. As a result, the altcoin has established a weekly range between support and resistance. 

However, after plunging by nearly 16% over the last 24 hours and by a whopping 40% in seven days, SOL is now dangerously close to the $24.52 support than the $47.43 resistance. The downtrend is also quite strong since it is aligned with broader sentiment in the market.

For this reason, we expect weakness to continue, and eventually, SOL will likely lose $24.52. If this happens, a decisive fall toward $19 will be more or less inevitable. This analysis will however become null and void if SOL can push above the $47.43 resistance. We don’t think this will happen.

What next for SOL

Investors are taking a wait-and-see attitude when it comes to crypto. So, for the time being, We are not going to see so much buying activity for SOL and other altcoins. 

It would be best to give it a month and see how the price action plays out. But if we remain suppressed below $20 for long, things could get harder for SOL bulls in the near term.

The post Solana sees more weakness as bears push for $20 appeared first on CoinJournal.

The metaverse and web3 are seen as the next frontiers of crypto innovation. In fact, in the last six months or so, some incredible metaverse projects have been coming out. So, if you are thinking of diversifying your portfolio of the metaverse and web3 projects, Illuvium could be a great choice. Here is why.

• Illuvium is still a small project with so much potential

• The project has attracted some of the leading crypto venture capital firms in the world.

• Illuvium has announced major milestones in its proposed roadmap in recent weeks.

Data Source: TradingView

What makes Illuvium Unique

Illuvium is an immersive metaverse that allows users to earn by exploring an open virtual world. The metaverse also has a gaming aspect with tournaments and quests as well. So far, the project is still under development. But genesis NFTs have already been minted and besides, Illuvium recently opened sales for metaverse land.

Once the game is fully operational, users will be able to build virtual industrial plants to produce the energy needed to hunt and catch Illuvials. These are the most important collectibles in the game. Illuvium offers an exciting gameplay with immersive graphics. It has the potential to become a huge web3 project.

Should you buy Illuvium

There are many metaverse projects out there. But Illuvium is actually a very decent catch. First of all, it’s new. As noted above, the full game is not even ready yet. The plan is to launch it later this year. There is, therefore, so much value to unlock here.

The in-game mechanics and play-to-earn model for Illuvium also look sustainable. After all, Illuvium has added an array of dimensions into the metaverse that could be commercialized in the future.

Finally, we strongly believe that the project is undervalued. This is probably because the overall crypto market has slowed in recent weeks. But if you want to buy ILV, this would be a great time.

The post Why buy Illuvium to diversify your metaverse portfolio appeared first on CoinJournal.

Apecoin has, for the last 3 weeks, seen a persistent correction. The token has however managed to find some demand albeit it has largely moved sideways. But despite this, APE is still suppressed below a crucial resistance level. Could this trigger more weaknesses? More details are below but first, highlights:

• Apecoin has lost the $7.37 support zone in recent days

• This drop could trigger another 15% decline in the near term

• But a daily close above $7.37 today will invalidate this analysis

Data Source: TradingView 

Where Will APE go from here?

Apecoin bulls need to be patient for now. The coin is weak, and we don’t think the downtrend seen over the last 3 weeks is over. In fact, we expect APE to bottom at around $4.92 before another leg up. In fact, this will not be the first time the coin finds demand at this price. 

At the start of May, a period of panic selling put a lot of pressure on APE. The coin established a range of between $4.93 and $7.37 at the time as volatility dominated. We think this pattern will likely play out. But there could be more upside if indeed APE retraces the $4.92 mark. 

The last time this happened, the coin bounced back sharply and rallied by nearly 104% in just a few weeks. While a 104% surge may not happen this time, APE will still offer so much upside if it consolidates at $4.93.

How to trade this setup

There are two options here. First, you can wait to see if APE is able to recapture $7.37 in the coming days. If this happens, a short sell in the near term could come into play. 

But the best upside remains with the $4.93 bottom. The coin will likely hit this support and consolidate there. That would be a good entry for bulls.

The post Apecoin falls below crucial support – Are more losses likely? appeared first on CoinJournal.

Subnets have made Avalanche infinitely scalable, and adoption is gaining traction.

Key points:

• Avalanche is deep in the bear market and is down by over 80% from its most recent all-time highs.

• Avalanche has launched subnets, making it a highly scalable blockchain, perfect for any kind of Dapps.

• Adoption of Avalanche subnets is already on the rise in DeFi and Gaming.

Avalanche (AVAX) like the rest of the market, is still deep in the bear market. However, when you look beyond the price, a lot is going on within the Avalanche ecosystem that could see it outperforming many cryptocurrencies once the bull market returns. One of the key factors likely to drive Avalanche adoption is its positioning for the fast-growing Web 3.0 market. Web 3 apps are coming up fast and growing at an unprecedented rate. However, scale is a challenge as most major platform blockchains can’t handle the increased load.

Avalanche is looking to solve this problem with subnets. Subnets are application-specific blockchains that run within the Avalanche ecosystem. Through subnets, developers choose validators, the virtual machine to use, and even the token that will pay fees. All this, while still relying on the Avalanche security and speed at the base level.

This opens up the door for infinite scalability, and adoption is already rising. For instance, there has been an upsurge of subnets adoption in everything from DeFi to gaming. Institutions are also adopting Avalanche subnets to develop highly customized applications that are secure and scalable.

Is Avalanche a good cryptocurrency to buy today?

With the launch of subnets, Avalanche is likely to see an upsurge in adoption going into the future. Thanks to its scalability, Avalanche is already known as one of the best blockchains for launching Dapps. In essence, now that it is taking both scalability and security a notch higher, adoption will only rise. By extension, this means good prospects for AVAX, the token that governs the Avalanche ecosystem.

Even with all these developments, AVAX is trading at a massive discount. From highs of $146.22, AVAX is currently trading at $24.66, a drop of 83%. Once the market rebounds and AVAX gains momentum, even retesting its all-time highs would give investors a massive return on investment.

Conclusion

Despite the price drop across the crypto market, Avalanche fundamentals are getting better. The launch of subnets has made Avalanche more scalable than ever before and highly attractive for launching all kinds of Dapps. Adoption is already on the rise, especially in gaming, further giving AVAX high prospects for value appreciation long-term.

The post Best cryptocurrency to buy – Will subnets take AVAX to the moon? appeared first on CoinJournal.

GALA appears to have been on a three-week price consolidation phase. The coin has shown great resilience during this period, and it may be poised for a very decisive bull run. However, this is a long entry position that requires a bit of patience. Here are the highlights to keep in mind:

• GALA’s consolidation has kept bear pressure off despite market headwinds

• The coin could break and swing by 54% in the green

• However, this will likely take a few weeks to materialize

Data Source: TradingView 

GALA: The long play for 50% returns

One thing we have learned about GALA over the past month is just how resilient it can be. Gaming and metaverse coins have not had a good year. But after falling sharply, GALA has managed to recover and has maintained a three-week price consolidation phase. The coin is now facing a decisive breakout, and here is why. 

First, all technical indicators appear to suggest a bull run is on the cards. The RSI reading is in the bullish territory while the price action remains above the 20- and 50-day EMAs. Also, sentiment in the market is now turning positive.

If these conditions hold over the coming weeks, GALA has the potential to swing up by a whopping 54%. This surge will also push the coin above the crucial psychological zone of $0.12. Besides, GALA remains above several support zones, so downside risks are very minimal right now.

How to enter this GALA setup?

As noted above, the bullish GALA setup is long-term. In fact, we expect some volatility in between as the coin tries to surge to $0.12.

So, if you want to enter this setup, you must take a long position. Some of these gains could be realized in a month or so. It requires patience and trading discipline.

The post This bullish GALA setup could trigger a 54% upswing appeared first on CoinJournal.