Kategorie: Crypto Analysis

• ApeCoin DAO unlocked 25 million APE tokens for the launch contributors

• The ApeCoin was launched in March amid community hype

• APE has added 25% in the past one week 

When ApeCoin APE/USD was launched with a lot of hype in March 2022, investors expected a lot. The token was launched to power the NFT ecosystem of the Bored Ape Yacht Club. APE attracted a real following, an aspect that gave a lot of popularity to BAYC. Since then, the hype around ApeCoin and BAYC has subsided. However, the ApeCoin DAO had a deal with its community, which could boost its token.

APE has gained by more than 15% in the past week. That happened after, on September 17, the treasury unlocked 25 million APE tokens. The tokens were reserved for the “launch contributors” of the project. 

There is still a twist. The release of new tokens was expected to add bearish pressure to APE. That’s because it increases the supply of the tokens, which are fixed at one billion. The recent pump after the release implies that investors had priced the token release. The release may, therefore, have rekindled the hype around APE, boosting the price.

ApeCoin meets resistance amid weekly gains

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Source – TradingView

Looking at the technical side, APE has met resistance at $6.0. The MACD indicator remains in the bullish zone. The token has also reclaimed the 20-day and 50-day MA. In all aspects, APE is bullish amid improved sentiment after the token release.

Concluding thoughts

We think it is not the right time to buy ApeCoin despite the latest gains. A resistance zone at $6.0 is likely to send the token lower. Investors should watch the level around $5.1 for a potential reversal.

The post ApeCoin has returned 15% in a week but should you buy it? appeared first on CoinJournal.

• Sandbox has lost over 80% since peaking above $8

• The token is currently trading at less than $1 and could go lower

• The blockchain gaming platform had its first metaverse wedding this week

Sandbox SAND/USD is trading at $0.8745 after a dismal 1.08% gain in the past day. The metaverse token is down by a whopping 89% from the November ATH. Despite the huge sell-off, Sandbox is weathering the storm by introducing new use cases.

The blockchain-based gaming platform held its first metaverse wedding five days ago. Sandbox COO Sebastian Borget officiated the event. The function was live on the blockchain with digital avatars replicating reality.

Aside, Sandbox is gaining ground among financial institutions. This month, the largest Southeast Asian bank, DBS, partnered with the network to launch lending services. Other financial giants like JP Morgan and HSBC have taken their services to the virtual space. Let’s get into the details.

The Sandbox is a gaming platform with three integrated products. First, the Voxel editor, a 3D voxel modeling that allows for NFT creation for PC and Mac. The second product is the Sandbox NFT marketplace. The platform enables users to upload, publish, and sell NFT creations. Lastly, Sandbox game maker is meant for building 3D games at no charge.

Broadly, Sandbox is designed for building, owning, and monetizing gaming experiences. Away from the fundamentals, Sandbox is looking bearish at key support.  

SAND retreats to the bottom of a horizontal channel

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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Source: TradingView

Technically, SAND has been locked in a consolidation pattern since May. It has been oscillating between $0.8 support and $1.4 resistance. Currently, below the 20 and 50 moving averages, SAND could easily lose the current support. The Stochastic Oscillator can affirm the sentiment. The metric is above the oversold zone. If SAND loses the current level, it could find new support.

Concluding thoughts

A bullish reversal in Sandbox is not on the horizon. The token remains locked in a consolidation. Momentum indicators are showing bearish signals, and SAND could retest lower levels.

The post Are we likely to see a bullish reversal on Sandbox soon? appeared first on CoinJournal.

Cardano price moved sideways on Friday as investors focused on major developments in its ecosystem. Ada was trading at $0.4572 on Friday, which was about 7.35% above the lowest level this week. Focus now shifts to the upcoming Vasil upgrade.

Vasil upgrade starts

Cardano is an Ethereum-killer that aims to be a key platform where users can build scalable decentralized applications. Its coin, Ada, is one of the biggest cryptocurrencies in the world with a market cap of more than $15 billion.

Cardano implemented the smart contract technology in 2021. As a result, it made it possible for developers to build and launch apps on its ecosystem. According to Input Output, Cardano has attracted thousands of applications in its ecosystem.

However, the reality is that Cardano has not lived to its hype or its potential. For example, data compiled by DeFi Llama shows that its DeFi platform has a total value locked (TVL) of just $79 million. 

Similarly, a closer look at other platforms like CryptoSlam and DappRadar shows that its ecosystem is much smaller.

Cardano’s developers hope that the Vasil upgrade will lead to more improvements in its ecosystem by improving speeds and boosting efficiency. It will improve Marlowe constant validator and enable Daedalus to support Ledger JS Library v.5.1.0. This upgrade started on Frida and full functionality will become available on September 27 of this year. 

Still, analysts believe that the Vasil upgrade will not have a meaningful impact on ADA price. Fundamentally, it will not attract more developers. And as we saw with Ethereum Merge, the impact of the upgrade have already been priced in.

Cardano price prediction

The four-hour chart shows that Cardano price has been under intense pressure inthe past few weeks. In this period, the coin managed to move below the lower side of the ascending wedge pattern shown in blue. It also formed a head and shoulders pattern and the 25-day and 50-day moving averages.

The Relative Strength Index (RSI) has moved slightly above the neutral point at 50. Therefore, there is a likelihood that the coin will resume the downward trend as sellers target the next key support level at $0.40. A move above the resistance point at $0.47 will invalidate the bearish view.

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The post Cardano price prediction: is ADA a buy as Vasil upgrade starts? appeared first on CoinJournal.

• Polkadot is currently trading at $6.34 with weekly losses topping 10%.

• The interconnectivity blockchain is facing pressure from the ongoing crypto sell-off.

• Technical charts show more weakness as the price retest support zone.

Polkadot DOT/USD has hit the floor, currently trading at $6.34. The price represents a 10.85% loss in the past week. DOT continues to suffer from the overall crypto bearish market sentiment. A hawkish Fed and BoE rate hikes are weighing down on the token just as the rest of the digital assets.

Equally important is the political instability rocking Eastern Europe. A possible escalation of the Russian-Ukraine conflict could be imminent. Russian President Putin has called for a partial mobilization to send more troops to Ukraine. 

On the micro-level, Polkadot continues to unveil regular upgrades to enhance the blockchain. There is a stable performance on its parachains as well. Polkadot Insider report ranked Moonbeam’s GLMR token as the most traded on the network as of Sept.20. The parachain had $12.5 million in volumes. Its counterpart, MoonRiver’s MVR token, followed at $6.3 million. 

In the past week alone, Polkadot has recorded more than $77 million in transfer volumes with a daily average of 1,200 new accounts.

More positive fundamentals relate to the platform’s new staking protocol. vDOT staking liquidity pool by Bifrost reported 121,551 minted tokens four days ago. Bifrost Finance is the top parachain on Polkadot and one of the major staking platforms.

DOT retests $6.3 support

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Source: TradingView

According to the daily chart above, DOT dropped from $8 to slightly above $6 in just ten days. The trend of lower highs and lower lows represents a 25% loss. Although the RSI shows some small buying, DOT faces potential consolidation at the 20-day and 50-day MA.

Concluding thoughts

The slide in DOT is not an ideal buying opportunity at the current level. The logic remains that the price is looking exceedingly bearish below key levels. DOT is also trading above the oversold zone at an RSI of 38. Above the benchmark, more downside could be seen before any trend reversal.

The post Is the slide on Polkadot an opportunity to buy? appeared first on CoinJournal.

• Uniswap gained 8% on Thursday immediately after the Fed rate hike.

• Uniswap Foundation announced its first grant totaling $1.8 million for ecosystem growth.

• UNI trades at a support zone.

Uniswap UNI/USD rose more than 8% before cooling down on Thursday. The gains coincided with a surge in trading volumes of more than 70% despite a Fed rate hike. There was no specific driver for the gains, although there were noticeable developments.

On September 21, the Uniswap Foundation announced the first batch of its grants. According to the Foundation, a total of $1.8 million grants will go to 14 recipients. The grant is part of Uniswap’s move to grow the ecosystem. The move comes barely a month after the Uniswap community passed a proposal to establish the program. The grants will be awarded to teams and projects focusing on three areas. These are community growth, governance, and protocol growth.

It should be noted that Uniswap has been losing value since the Ethereum merge occurred a week ago. The DEX, the biggest in the world, has most of its funds locked on the Ethereum platform. The total value locked on Uniswap is $4.97 billion, with $4.77 billion on Ethereum.

Uniswap token recovers at a level at or slightly below the support

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Source – TradingView

If we turn to the technical side, UNI trades at a support zone of $5.6. The trend remains bearish. The token is still under pressure as it has yet to recover above the support, which has now turned into resistance. A recent cross of the 20-day MA below the 50-day MA heightened the bearish weakness. 

Concluding thoughts

UNI has to recover successfully above $5.6 to consider the intra-day gains sustainable. We need to watch the close of the daily candlestick to confirm a potential bullish reversal.

The post How sustainable is Uniswap’s 8% jump amid the rate hike? appeared first on CoinJournal.