Kategorie: Crypto Analysis

The Sandbox has partnered with football star Kun Aguero to attract fans into the metaverse but could that lead to surge in the price of SAND?

SAND, the native of The Sandbox metaverse, is down by more than 2% in the last 24 hours. 

The poor performance coincides with that of the broader cryptocurrency market. The total crypto market remains above $950 billion despite losing less than 1% of its value in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency, has dropped below the $20k level once again after losing 0.7% so far today, Ether is also down by less than 1% so far today but continues to trade above $1,300.

SAND’s poor performance comes despite The Sandbox announcing its partnership with Premier League legend Sergio Kun Aguero. 

⚽ AGÜEROOOOOOO ⚽

Delighted to welcome none other than @aguerosergiokun to The Sandbox! 🤝 The 𝘒𝘶𝘯𝘪𝘷𝘦𝘳𝘴𝘦 will hold football-themed games, dancing and many more surprises!

Stay tuned for more… pic.twitter.com/ewj71bAPEf

— The Sandbox (@TheSandboxGame) October 6, 2022

The Sandbox added that the first version of Kuniverse will be released on November 6th and will take the form of a huge stadium with football-themed games, dancing, and even a food truck with Argentinian food, among other experiences. 

Key levels to watch

The SAND/USD 4-hour chart remains bullish despite The Sandbox underperforming over the last few hours. 

SAND/USD Chart By TradingView

The MACD line remains above the neutral zone, indicating that The Sandbox market is positive. The 14-day relative strength index of 49 shows that SAND is not yet in the oversold region despite underperforming today. 

At press time, SAND is trading at $0.8452 per coin. If the bearish trend continues, SAND could drop below the $0.8118 resistance level before the end of the week.

Unless the bulls regain control of the market, SAND could drop towards the $0.7452 support level for the first time since July. 

The bulls might regain control and push SAND towards the $0.9257 resistance level in the near term. However, the second-major resistance level at $1.0599 should be hard for the bulls to overcome over the next few hours or days. 

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The post Is SAND a buy after football star Kun Aguero joins The Sandbox metaverse? appeared first on CoinJournal.

• Bitcoin Cash has held close to $110 for three months now

• The cryptocurrency’s price movement has reflected that of Bitcoin

• BCH has formed multiple bottoms, suggesting a possible price reversal at $110

Bitcoin Cash BCH/USD bulls have been sending a clear message. That they want to keep the $110 level intact. Even when the markets are under pressure, BCH has always held to the level since June. 

Well, the price dynamics of Bitcoin Cash resemble those of the parent blockchain, Bitcoin. The latter has been the king of crypto. Thus, it is expected that Bitcoin will steal all the headlines in very bullish markets. However, investors look at Bitcoin Cash as a cheaper alternative to Bitcoin. It’s not the cheapest cryptocurrency, nonetheless, as it trades at a relatively premium $122 price. Still, the price is a penny compared to the beaten-down price of $20,200 for Bitcoin.

Turning to the price action, Bitcoin buyers have always defended $19,000. Clear multiple bottoms at the level suggest it could be the most plausible psychological bottom for the cryptocurrency. BCH has moved similarly, which we think would welcome a bullish recovery.

BCH forms multiple bottoms at $110. What does it mean?

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Skilling

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Source – TradingView

From the technical outlook, BCH has formed multiple bottoms at the $110 level. Multiple bottoms are not trend or price direction indicators by themselves. Instead, they show a fight for control between sellers and buyers. 

Multiple bottoms that occur after a prolonged downturn could be a significant suggestion of a trend change. In other words, it signifies that buyers are beginning to get in, which erodes the selling pressure. 

What next for BCH

The above chart shows buyers trying to control BCH at the $110 level. To a patient investor, that would be a perfect entry point before momentum kicks in.

The post Bitcoin Cash maintains choppy movement. Are buyers relentless? appeared first on CoinJournal.

• Ethereum Name Service is an open-source naming system on the Ethereum blockchain.

• Its native token has gained 8% in the past day and 13% in the past week

• Although ENS is on a solid uptrend, it lacks the strength to sustain the momentum

Ethereum Name Service ENS/USD is a decentralised naming platform for wallets and websites. It is a permissionless network that maps human-readable names to machine-perceivable identities.

Such identifiers include crypto addresses, metadata, and content hashes. Simply put, ENS domains are customised digital wallets with identifiable names. To own one of them, a user must pay a certain amount of fee.

ENS is a token used in facilitating the Ethereum Name Service DAO. The ERC-20 utility crypto is up 8% in the past day, with a cumulative weekly gain of 13%. The bullishness perfectly aligns with the recent strong fundamentals of the network.

Data from ENS domains shows that new registrations shot 57% to 437,000 last month. A large part of the domains came from OpenSea. The NFT platform accounted for up to 97% of the registrations, earning $5.5 million in revenue. Still, Paradigm.eth remains the most expensive domain ever sold at $2 million.

Technically, ENS is looking solid with a clear uptrend. But how far can it go?

ENS rebounds from an ascending trendline

Source: TradingView

According to the daily chart above, ENS has bounced off the ascending trendline severally. The token is currently attempting to overcome $17 resistance. At press time, it was trading for $17.47, almost half a cent above the level.

Of importance to note, the MACD momentum indicator is looking bullish with green histograms. However, the RSI is approaching the overbought zone, currently at 65. It means a consolidation or a full correction could occur before a clearance above the resistance zone.

Bottom line

ENS fundamentally occupies an important spot in the crypto space. A surge in domain name registrations could increase its value in the long term. However, despite the bullish view, ENS lacks the strength to claim higher levels, at least in the near term.

An opportunity to enter can only be called above the resistance zone. Otherwise, there are chances the token could retest the ascending trendline.

The post What is Ethereum Name Service, and does it present an opportunity? appeared first on CoinJournal.

• SushiSwap rose by 13% on Thursday 

• GoldenTree revealed a $5.3 million holding 

• SUSHI has hit the descending trendline, and the focus will be on the price action

Sushiswap SUSHI/USD rose more than 13% on Thursday, capping a substantial 18% gain in the past week. The gains on Wednesday reflected surging trading volumes up more than 130% as of press time. Positive news was behind the surge.

On October 5, global asset manager Golden Tree revealed a stake of $5.3 million in SushiSwap. The asset management firm controls about $50 million in assets. That indicated a potential big money flow in SUSHI and a validation of the DEX. In its press release, Golden Tree indicated it had been “following SushiSwap for a while.”

Potentially, the news of investment by GoldenTree hints at what is likely to come. The asset manager recently unveiled a digital asset-focused division. The company hinted at more involvement “in all things Sushi.” GoldenTree also plans to help the DEX improve its tokenomics. 

The GoldenTree news reawakens SUSHI from its slumber. The token trades at merely $1.2, having topped $23 in 2021 at the height of the crypto boom. 

SUSHI meets the descending trendline after the price pump

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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Source – TradingView

Technically, SUSHI’s bullish momentum is confirmed by a MACD crossover. The token had already been gathering momentum above $1. With the level being tested severally this year, it suggests $1 is the potential bottom for SUSHI. 

The latest jump has pushed SUSHI to the descending trendline. A break above could attract more buyers, although it remains to be seen how bulls overcome the macro woes. Alternatively, SUSHI could correct at the descending trendline.

Concluding thoughts

SUSHI remains susceptible to correction after hitting a descending trendline. A breakout is also possible, although a weak crypto sentiment could curtail further upside. For now, let price action play out but remember, SUSHI could have found a bottom at $1.

The post Is SushiSwap a good buy after a 13% jump on GoldenTree investment? appeared first on CoinJournal.

Solana price is having a difficult year as concerns about the network remain. SOL has crashed by more than 70% this year, making it one of the worst-performing big-cap cryptocurrencies in the world. Its market cap has dropped to $12 billion.

Solana challenges remain

Solana is one of the biggest blockchain projects in the world. It is a smart contract project that makes it possible for developers to build quality decentralized applications (dApps). In fact, it has been used to build some of the biggest projects in the industry. 

Some of the most popular dApps created in Solana are Solend, StepN, Audius, Brave, and Magic Eden among others.

Recently, however, there are challenges in its ecosystem. For example, the total value locked (TVL) in Solana’s ecosystem has dropped from more than $15 billion to the current $1.3 billion. This decline has happened across chains, including Ethereum and Avalanche. 

However, a quick look at its DeFi apps shows that only 7 apps have a TVL of $100 million and above. Solend has a market dominance of almost 20%.

Meanwhile, like other chains like Ethereum, Flow, and Immutable X, the volume of Solana NFTs has been in a downward trend in the past few months. After peaking at more than $311 million in April, the volume dropped to more than $129 million in September. Broadly, there are concerns about the future of the NFT industry.

Still, the biggest challenge for Solana is its growth amid the regular outages. Last week, the network went offline in its sith outage this year. The outage came a year after a nearly 18-hour outage that happened in September last year.

Therefore, there are concerns about whether new developers will continue moving to the network. Besides, platforms like Avalanche and BNB rarely have such outages.

Solana price prediction

The four-hour chart shows that the SOL price has been in a tight range in the past few days. In this period, the coin has remained between the ascending channel shown in green. It is also consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly above the neutral point at 50.

So, is it safe to buy Solana? the outlook of Solana at this stage is neutral with a bearish bias. If this happens, the next key support level to watch will be at $32, which is the lower side of the ascending channel. 

How to buy Solana

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The post Solana price has crashed by 75% in 2022: what next? appeared first on CoinJournal.