Kategorie: Crypto Analysis

Bitcoin (BTC) has managed to jump back above $30,000 after falling sharply in the last few weeks. There is hope the mega-cap coin is finally back on an upward trajectory. However, technical analysis does not support this and in fact, the surge could be a dead cat bounce. Here are some highlights:

• Bitcoin is struggling to keep the momentum going above the $30,000

• The coin will need to advance above $30,800 before any decisive run

• It is likely BTC will fail to reclaim the $30,800 and fall sharply thereafter 

Data Source: TradingView 

Why Bitcoin will fall below $30,000

The $30,000 price is psychologically important for Bitcoin. In fact, when the coin fell below it, there were fears that it could unravel to $20,000. But Bitcoin has recovered and has finally regained $30,000. 

Although this could be the start of a prolonged recovery, there is still a long way for BTC to go. Based on technical analysis, the coin will need to regain the $30,800 support. So far, it’s struggling to hit the mark. We don’t think BTC has enough bullish momentum to reach that price. 

Also, the rally this week could be driven by short-term dip buyers. It is likely that they may start cashing in once they realize the upside above $30,000 is limited. Eventually, BTC will likely drop in the short term and could retrace losses towards $26,000 before another leg up.

Are Whales accumulating Bitcoin?

Interestingly, most big wallets are invested in Bitcoin for the long term. In fact, large wallets have added more Bitcoin during the may dip. 

For this reason, BTC is likely to remain relatively stable in the short term. The coin could still find its ATH this year but we will have to wait and see if sentiment improves.

The post Bitcoin’s Jumps above $30,000 could be a short term appeared first on Coin Journal.

Polkadot (DOT) has finally managed to get closer to $10 after falling sharply over the last week or so. The coin has also seen decent gains this week as it recovers most of the losses reported in the middle of May. But this bull run is losing steam and a correction appears imminent. Here are some important points:

• DOT is losing steam after testing the $10 price.

• The coin will likely face a major correction as short-term investors lock in profit.

• DOT could fall sharply to $7.35 in the near term.

Data Source: Tradingview 

Polkadot (DOT) – Price prediction

It’s not the first time DOT has done a “fake out” this month. In fact, at the beginning of May, the altcoin tested $10 once more only to be rejected sharply at $10.5. We don’t think conditions in the market have changed that much. In that case, DOT will still fail to surge past $10. 

Besides, the coin has already gained a lot from its May lows. Although the bullish momentum has been good for DOT bulls, at some point it was expected to retreat. DOT will likely retrace the $7.35 support before it tries to rise again. This will represent a loss of around 27% from the current price. 

The price will also be around 70% lower than DOT’s highest price in 2022. However, if bulls can somehow manage to find enough demand to push above $10.5, then DOT will likely push further towards $16.

Why DOT is still a decent buy

The recent price drop in most altcoins has been painful. But this does not change the long-term outlook. Coins like DOT offer incredible utility and are backed by very serious projects. 

It is likely that DOT will return above $20 somewhere this year. That would still be a 2x multiple from the current price today. There is therefore so much upside.

The post Polkadot (DOT) could plunge after correction from its recent rally appeared first on Coin Journal.

Tron (TRX) has rallied impressively this week. The coin is now trying to surge past a strong resistance zone. With good recovery momentum, TRX could see more gains in the near term before any correction. Here are important takeaway points:

• TRX is trying to surge past the $0.075 resistance zone

• If Tron is successful, it could trigger a decisive bull run with impressive gains

• Recovery momentum could play a key role in pushing the price above this mark.

Data Source: Tradingview 

Tron (TRX) – why $0.075 matters

Over the last few weeks, the $0.075 mark has been a huge selling point for TRX. In fact, every time the coin has tried to test this resistance, it has largely been rejected and fallen sharply thereafter. But things are now different. 

First, TRX is very close to this price. It only needs to gain less than 5% to smash past the resistance. Secondly, the coin already has strong recovery momentum. TRX has been trying to pair up some of the losses reported in mid-May. As a result, it has significantly rallied in the last 7 days. We expect this momentum to push the coin well above $0.075. 

But what does this mean for TRX bulls? Well, for starters, converting $0.075 from resistance to support would give the coin a very decent point of consolidation. This could then provide the basis for a decisive bull run that could push TRX well above $1.

Can TRX hit all-time highs in 2022

In general, the crypto market appears to have underperformed in 2022. There is of course a lot of time left for sentiment to turn around. 

But based on what we have seen over the last 6 months, it is unlikely that Tron will hit ATHs in 2022. Despite this, the coin still has the potential to offer 2x or 3x in returns from the current price.

The post Tron’s (TRX) bullish forecast could push the coin above $0.075 in the coming days appeared first on Coin Journal.

The KuCoin Token price declined sharply during the American session on Friday. The token slipped to a session low of $19.34, which was its lowest level since March 28th this year. KCS has declined by more than 12% from its YTD high, bringing its total market cap to over $1.4 billion.

Is KCS a good buy?

KuCoin is one of the biggest companies in the cryptocurrency industry. The firm runs a popular exchange that handles billions of dollars every day.

Like other companies in the industry, KuCoin has launched its personal token known as KCS, which is used to incentivize usage of the platform. Holders of the coin usually receive a discount whenever they use it to trade.

The KuCoin price has held better than other cryptocurrencies in the past few weeks. This performance is mostly because of the funds that the company raised last week. The firm raised $150 million from a group of investors such as Jump Trading, Circle Ventures, and Matrix Partners. It valued the firm at $10 billion.

The new funding round was surprising for two main reasons. First, many venture capital firms are struggling as the value of their holdings have fallen. For example, Tiger Global and Softbank have lost almost $50 billion combined this year. 

Read our comprehensive review of KuCoin here.

Second, the round was surprising since the crypto industry is struggling as it was evidenced in the most recent results by Coinbase. The firm lost over $400 million in the first quarter. Worse, its market cap has dropped to about $14 billion as a publicly-traded company. At its peak, it was valued at over $75 billion.

KuCoin intends to use the funds to expand its business to other sectors like Web3. This will include building decentralized exchanges, games, and other products.

KuCoin token price prediction

Turning to the four-hour chart, we see that the KCS price diverged from other cryptocurrency prices. On the four-hour chart, the coin formed a cup and handle pattern that is shown in black. It has now pulled back and moved sharply below the upper part of the pattern. 

It has also moved slightly below the 25-day and 50-day moving averages while the Relative Strength Index has moved below the oversold level. Therefore, the sell-off will likely continue as sellers target the key support at $18. 

The post KuCoin price has nosedived. Should you buy the KCS dip? appeared first on Coin Journal.

The Jasmy Coin price has lost its momentum in the past few weeks as concerns in the cryptocurrency industry continue. The token is trading at $0.01120, which is about 96% below its all-time high. Its performance has mirrored that of other large and small cryptocurrencies like Bitcoin and Dogecoin.

Jasmy loses momentum

Jasmy Coin is a relatively small blockchain project that was started by former senior executives at Sony, one of the biggest firms globally. It is popularly known as Japan’s Bitcoin.

Jasmy describes itself as a platform in the Internet of Things (IoT) space. Precisely, it helps companies and individuals manage their data well. The developers also hope to become leading players in the metaverse industry. They recently launched their metaverse fund that will fund developers in the space. 

Jasmy is still in its early days and has managed to make partnerships with some of the biggest companies in Japan. 

There are several reasons why the JASMY price has dropped sharply in the past few months. First, as you have seen in the crypto market, this decline has been across the board. This means that all coins, including giants like Bitcoin and Ethereum have all declined sharply. Historically, cryptocurrencies tend to be highly correlated.

Second, being a small coin that is not offered broadly, Jasmy has suffered because of liquidity challenges. In other words, people are afraid of buying the coin because they are unsure about its future. 

Further, there have been rising worries about monetary policy globally. The Ged has become one of the most hawkish central banks globally. Its officials have already committed to accelerating interest rate hikes in the coming months. Quantitative tightening is also on the table. Historically, risky assets like Jasmy coin tend to underperform in a period when the Fed is hiking interest rates.

Jasmy Coin price prediction

The four-hour chart shows that the Jasmy Coin price has been crawling back after falling to a record low last week. At the time, the coin fell to $0.0080. It then bounced back and reached a high of $0.015. The coin has remained below the declining trendline that is shown in red. It is also oscillating along the 25-period and 15-period moving averages. 

Therefore, the outlook for the Jasmy Coin is bearish as long as it is below the descending trendline. A move above this weeks high of $0.015 will signal that bulls have prevailed and will push it to $0.020.

The post Jasmy Coin price prediction: Will ‘Japan’s Bitcoin’ Recover? appeared first on Coin Journal.