Kategorie: Crypto Analysis

The crypto market is stabilizing after steep losses last week. Most coins are trying to generate demand for bullish runs, and Tezos (XTZ) is not any different. The coin in fact looks poised for a decent uptrend in the coming days. Check out the main takeaways below:

• XTZ is consolidating above its crucial $1.6 support zone

• If the price action remains above this zone at the close of trading today, XTZ could test $2.

• Despite this, the coin remains in a long-term bearish trend.

Data Source: TradingView 

How soon will XTZ cross $2?

It’s actually not easy to answer this. As you know, sentiment in crypto over the last few months has been quite hard to predict. At the moment, it seems investors remain fearful as headwinds in the market continue to wipe away profits. 

However, we expect XTZ to brush across $2 in the days ahead. The key for the altcoin would be to maintain the $1.6 support. As long as bulls keep the price action above this zone at the end of trading today, then we will see more upside towards $2. 

But there is of course a risk that $1.6 could be lost. If this happens, XTZ will likely bottom at $1.3 or thereabout before it makes a comeback. However, despite this short-term upside, the overall trend for XTZ remains bearish. The coin will likely accelerate losses in Q2 2022.

Is Tezos a good coin?

If you are looking at the value proposition that Tezos offers, then you will agree it is a decent project. The recent slump in the price is however worrying. XTZ is in fact down 80% this year. 

Nonetheless, we expect some recovery before 2022 is out, especially if overall sentiment in the market starts to improve. Based on these metrics, XTZ should be a decent buy for long-term investors.

The post Tezos (XTZ) aims for $2 after consolidating above a key support zone appeared first on Coin Journal.

The Avalanche price continues to move in a sideways direction as the cryptocurrencies industry remains on edge. AVAX is trading at $33.40, which is sharply above last week’s low of $22.38. The coin has crashed by more than 77% from its all-time high, bringing its total market cap to about $8.8 billion.

AVAX recovery stalls

Avalanche is a leading blockchain project that aims to become a better alternative to Ethereum. The network has better features that include faster speeds, lower costs, and more interoperability. Some of the most notable projects created in Avalanche are 1Inch, Aave, AllianceBlock, and Atlantis Loans among others.

While the Avalanche ecosystem is growing, there are a few elephants in the room. First, there are growing concerns about the DeFi industry after the tragic collapse of Terra USD, LUNA, and the affiliated DeFi ecosystems like Anchor Protocol and Astroport.

DeFi investors are now aware about how risky the industry is despite the high returns. As you recall, just last week, Anchor Protocol was one of the biggest apps in the DeFi industry with over $18 billion in assets. Now, what has been left behind is a shell of its former self.

Read more about how to buy Avalanche.

The other big elephant in the room is the Federal Reserve. The bank is expected to continue tightening its monetary policy in the coming months even after signs showed that inflation may have peaked. Also, the bank will continue hiking interest rates as the US economy is going through stagflation.

The performance of the AVAX price also mirrors that of other assets. For example, Bitcoin is still hovering at about $30,000, where it has been in the past few days. Similarly, American stocks are still struggling to find direction after they made a spectacular comeback last week.

Avalanche price prediction

Turning to the daily chart, we see that the AVAX price formed a hammer pattern last week when it crashed to a low of $22.5. In price action analysis, this pattern is usually a bullish sign. 

However, a closer look shows that the coin’s price has formed what looks like a bearish flag pattern, which is usually a bearish sign. The Relative Strength Index (RSI) and the moving averages show that the price is still bearish. Therefore, a drop to last week’s low cannot be ruled out.

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The Sandbox price remained in a tight range as investors reacted to the new roadmap plan for LAND holders. SAND is trading at $1.3225, which is significantly above last week’s low of $0.9272. As a result of this rebound, the coin’s market cap has risen to over $1.65 billion.

Sandbox roadmap

The Sandbox is a leading blockchain project that is in the metaverse and gaming industry. The network helps people and companies participate in the metaverse in a number of ways.

For example, the developers regularly host the Alpha season event where gamers participate in games and make money for winning. This money is usually in the form of SAND, the network’s native token.

The platform also has a diverse NFT marketplace, where people can buy products like avatars and other virtual products. It is one of the most popular NFT marketplaces in the industry.

Most importantly, people are able to buy virtual land and sell it later at a fee. Some people have spent millions of dollars on this virtual land.

Learn more about how to trade crypto.

At the same time, many companies like HSBC and Standard Chartered have made deals with Sandbox. These firms have bought virtual property in the platform for marketing purposes.

In a statement on Monday, the developers announced the roadmap for LAND holders. The developers will distribute 5 million SAND to all holders. Going by the current price, this distribution will be worth more than $6 million. 

At the same time, LAND and ASSET will be moved to Polygon, a leading layer-2 network in a bid to lower transaction costs. People who migrate to Polygon will be eligible for over 1 million SAND rewards. 

Still, the biggest concern among investors is whether the recent recovery is real or whether it is a bearish recovery.

The Sandbox price prediction

On the 4H chart, we see that the SAND price has been in a strong bearish trend in the past few months. The sell-off accelerated last week as Terra USD crumbled. Now, the coin has formed what looks like a bearish pennant pattern that is shown in blue. 

It has also moved slightly below the 25-day moving averages while the Relative Strength Index (RSI) comeback has stagnated at 50. Therefore, the pair will likely stage a major pullback since the pennant pattern is nearing its confluence level. If this happens, the next key support will be at $1.10.

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The cryptocurrency market has struggled over the weekend as the bearish sentiment continues.

The cryptocurrency market has lost less than 1% of its total value over the past 24 hours. The total crypto market now stands above $1.2 trillion after losing nearly $300 billion the previous week.

Bitcoin remains the world’s largest cryptocurrency by market cap and has been struggling in recent months. At press time, Bitcoin is trading at $29,683, down by 11% over the last seven days.

The leading cryptocurrency has been struggling to regain its value above $30k since dropping below this crucial threshold for the first time this year a few days ago. The Terra crisis has affected the broader cryptocurrency market, and numerous cryptocurrencies are yet to embark on solid recoveries.

If the bearish sentiment continues, Bitcoin could continue to struggle below the $30k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin has underperformed in recent days. The technical indicators show that the bearish sentiment could grow thicker in the coming hours.

The MACD line has been below the neutral zone since the 5th of May. The MACD reading currently stands at -75, indicating a bearish trend for Bitcoin. 

The 14-day relative strength index of 49 shows that Bitcoin could drop into the oversold region if the recent market momentum is maintained.

Bitcoin could drop below the first major support level at $28,447 before the end of the day. However, the leading cryptocurrency should maintain its value above the $27,500 support level in the short term.

If the bulls regain control of the market, BTC could rally past the first major resistance level at $31,352 over the coming hours or days. Unless there is an extended bullish performance, the second major resistance level at $35,152 should cap further upward movement over the next few days.

The post Bitcoin is still struggling to break past the $30k resistance appeared first on Coin Journal.

If there is one thing that we can agree on about the crypto market right now is that volatility is here to stay. Yes, crypto has traditionally been known as a highly volatile market. But in 2022, things have been quite unpredictable, to say the least. Here are some of the factors pushing this volatility:

• There are unprecedented economic and political risks in the world.

• Investors are wary of growing monetary tightening by the Fed

• Short term positions are dominating crypto investing at the moment

Well, if you want to trade in volatile market conditions, there are a few coins you can consider. Here are the top 3:

Dogecoin (DOGE)

Contrary to what most people believe, volatility in the market is not necessarily a bad thing for investors. Memecoins in particular tend to offer extraordinary volatility.

Data Source: Tradingview

While these price swings can be quite upsetting, they offer great opportunities to buy low and sell high. Dogecoin (DOGE) is one coin that should deliver immense volatility for swing traders. That way, it will be much easier to buy and sell the coin with short-term positions.

FTX Token (FTT)

For investors who are probably looking for a relatively stable coin to trade, FTX Token (FTT) is a good start. The coin will not swing wildly as DOGE or other meme coins. In fact, during the recent crypto crash, FTT managed to limit losses significantly. It is perfectly suited for people who simply need a coin that is easily predictable in the market.

Cosmos (ATOM)

There are some coins that will consistently deliver value in the long run. Yes, they are volatile every day but after a year or so, they will offer you decent returns on capital. Cosmos (ATOM) is one of these coins. It is backed by superb fundamentals and has since grown massively over the past few months. It’s a great long-term bet in crypto.

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