Kategorie: Crypto Analysis

DogeCoin has started to find some momentum after days of trading sideways. Although the coin is slightly underperforming the rest of the crypto market, it may be poised for a decisive run in the near term. This bullish thesis is based on both technical analysis and on-chain data. Here are the highlights:

• DOGE has shown a minor retracement towards $0.082 over the past few days

• This is a crucial demand zone that could trigger a bullish break towards $0.125.

• On-chain transaction data also shows that DOGE has the potential to hit $0.133.

Data Source: TradingView

DogeCoin – Is the bull run finally here?

For the most part of 2022, DOGE has seen a major decline. The downtrend has largely been triggered by growing risk-off sentiment in the market. Investors appear to have avoided major investments into meme coins. The May crypto crash also saw DOGE and other meme coins hit hard. 

However, the coin consolidated and is now finding steady demand as the overall market rallies. DOGE has, as a result, triggered a slight retracement towards $0.082. This is a very important demand zone, and if bulls can keep the price action there, it could trigger a buying frenzy that finally pushes DOGE towards $0.125.

But this is not the ultimate goal. On-chain metrics also appear to suggest that the upward ceiling will only slow once DOGE hits $0.133. If this happens, the coin will deliver over 50% in gains over the coming weeks.

How far can the meme coin go?

If the setup above plays out as expected, then you should expect a long period of gains for DOGE. In fact, even if the coin retreats from the highs of $0.133, we do not think it will sell off that much. The second half of the year could offer a big opportunity for DOGE bulls.

The post Onchain metrics show that DogeCoin has a possible 50% upswing appeared first on CoinJournal.

The cryptocurrency market has continued its excellent start to the week, with most coins trading in the green zone.

The cryptocurrency market is set to record gains for the second consecutive day this week. The ongoing positive performance has seen the market add more than 2.5% to its value over the last 24 hours.

At press time, the total cryptocurrency market has crossed the $1.3 trillion mark once again. Bitcoin has topped the $31k resistance level and could surge higher over the coming hours if the market momentum is maintained.

Ether, the second-largest cryptocurrency by market cap, is closing in on the $2k mark after adding more than 3% to its value in the last 24 hours.

However, WAVES, the native token of the Waves blockchain, is the best performer amongst the top 100 cryptocurrencies today. WAVES is up by more than 44% over the last 24 hours, outperforming the other major cryptocurrencies. 

WAVES has been performing well since the development team launched its revival plan a few days ago. The revival plan includes the decision to completely restore the dollar-peg of USDN stablecoin over the next eight weeks. 

Key levels to watch

The WAVES/USDT 4-hour chart is very bullish at the moment, thanks to the cryptocurrency’s positive performance. At the moment, the technical indicators show that WAVES could rally higher if the market momentum is maintained.

The MACD line crossed into the positive territory a few days ago, indicating bullish momentum. The 14-day relative strength index of 73 shows that WAVES could soon enter the overbought region.

At press time, WAVES is trading at $8.39 per coin. If the rally continues, WAVES could surge past the first resistance level at $11.22 before the end of the day. 

In the event of extended bullish performance, WAVES could move past the $15 mark for the second time this month.

The post Why is WAVES up by more than 40% in the last 24 hours? appeared first on CoinJournal.

Shiba Inu has seen a two-week period of price consolidation. There have been times when the coin has rallied but overall, the price action over the past 14 days has largely been in a consolidation phase. However, the coin may experience another 15% drop before it rallies. Here are some highlights:

• SHIB has formed a descending triangle pattern in recent weeks that could trigger a breakout.

• The coin will however need to gather enough trading volume to achieve this

• SHIB may dip by at least 15% before enough demand is generated for a bull run.

Data Source: TradingView 

How far can SHIB go?

At the moment, it seems like SHIB needs a few more days to consolidate further. Yes, it will drop of course, but we don’t see so much downside here. If anything, the 15% drop will bring SHIB within an important demand zone. This could finally provide the momentum needed for the meme coin to go on a strong uptrend.

Besides, right now SHIB is not far away from its bottom price after the May sell-off. In fact, if the meme coin was to drop by another 15%, it would be more or less within that price range. This means that more downside at this time remains very low.

It is likely that the coin is actually nearing the end of the May bear cycle and as such, it is ready for a decisive bull run.

Is SHIB risky right now?

The risk is minimal as we speak. In the short term, we do not expect any major sell-offs for the meme coin. However, with investor sentiment still struggling to pick up, the volatile nature of SHIB will likely continue. 

Nonetheless, SHIB could offer at least 25% in gains in June before it pulls back. As for long-term investors, improved sentiment in the market could push 3x growth by the end of 2022.

The post Shiba Inu (SHIB) could drop by around 15% before any bull run appeared first on CoinJournal.

Bitcoin is kicking off the new week in good shape. After a lackluster month in May, the coin appears to be finding some decent uptrend. But how long can this upward trajectory last? Well, we will look at this in detail below but first, check these points:

• Bitcoin has managed to climb above $30,000 once again after a whole week of weakness

• Despite this, the coin is yet to surpass an important overhead resistance of $30,750

• BTC could surge towards $32,500 if the resistance above is broken

Data Source: TradingView 

Will BTC go bullish this week?

It is highly unlikely we will see a notable bullish run for BTC this week. Yes, shooting above $30,00 is of course a good sign. But despite this, BTC still remains suppressed below a crucial resistance zone of around $30,750. 

The last time BTC tried to smash this price, the coin was firmly rejected. In the end, it fell sharply and bottomed at around $28,500. However, if bulls can find enough momentum over the coming days to push the coin above $30,750, then we might see Bitcoin surge and settle at around $32,500. This will be an upswing of around 10% from the current price. 

However, we do not see any further upside above $32,500 for now. The overall sentiment in the market hasn’t changed that much to suggest that BTC is poised for a bull run this week. Instead, the coin will go through the usual volatility but could still remain above $30,000 by the week’s end.

What is BTC’s realistic price in 2022?

A lot has been said about BTC hitting $100,000 this year. But this remains highly unlikely. Some experts in fact note that BTC could end the year at around $38,000. 

There is also a real possibility the coin could hit $50,000 as well. It all depends on how fast the risk-off sentiment in the market abates.

The post Bitcoin (BTC) returns above $30,000 – Will we see a bull run this week appeared first on CoinJournal.

The Polygon MATIC price has been in a consolidation mode even after the important milestones in the network. The token is trading at $0.6375, which is about 32% above the lowest level this month. The coin has a market cap of over $4.3 billion.

Polygon milestones

Polygon has had important milestones in March. The most notable one was the launch of Polygon Nightfall Mainnet, which is a blockchain solution that leverages cutting edge optimistic zero-knowledge technology to give businesses an accessible blockchain network. 

Nightfall solves a major challenge that many enterprises face. The challenge that many companies like JP Morgan that want to leverage blockchains have had to create permissioned or private technologies that are not decentralized. 

At the same time, if they leverage popular platforms like Ethereum, the gas fees becomes incredibly high. Therefore, nightfall is able to solve some of these challenges since it uses the zero-knowledge technology. 

The MATIC price has also moved sideways even after Tether decided to launch on Polygon. The addition means that over 8,000 teams building on Polygon will be able to leverage the flexibility of Tether’s stablecoin. This means that it will eliminate the challenge caused by using volatile cryptocurrencies. In a note, the CTO at Tether said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

The Polygon MATIC price has been in a consolidation mode because of the weak performance of its DeFi ecosystem. Data shows that its total value locked (TVL) has dropped to $2.6 billion.

MATIC price prediction

The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. As a result, the coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. It has also formed a symmetrical triangle pattern.

Therefore, the Polygon price will likely remain in this range this week. With the triangle pattern nearing its peak, however, there is a likelihood that a bullish breakout will happen soon. If this happens, the next key resistance level to watch will be at $0700.

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