Kategorie: Crypto Analysis

After hitting all-time highs in the middle of December last year, Avalanche (AVAX) has been on a downtrend. The coin went from trading at $127 during its December highs to around $80. But we are starting to see some bullish patterns emerge that could push AVAX towards triple digits. Here are some notable highlights:

• AVAX is emerging from the market-wide crypto correction. It was trading at $85.61 at press time, up about 2.3% in 24 hours.

• The altcoin is nearly 30% down from its Mid-December highs, giving dip buyers the chance to swoop in.

• The token still needs to break overhead resistance of around $91.94 to have any chance of surging past $100.

Data Source” Tradingview.com 

Avalanche (AVAX) – Price prediction and analysis

It’s very difficult to predict the crypto market right now. We have seen market-wide volatility and waning sentiment overall. But despite this, there are some good indicators forming for AVAX. 

First, it seems like the token has finally managed to weather the storm of the last 7-day crypto correction. Although it’s still down nearly 30% from December highs, the coin is showing signs of recovery and resilience, surging over 2.4% in 24-hour intraday trading. Nonetheless, the RSI shows some bearish divergence. This indicates that a trend reversal is near, but downside risks still remain. 

Avalanche (AVAX) has also reported some major additions to its ecosystem. In fact, Pollen, one of the main DeFi projects on Avalanche, announced the launch of its native token PLN on AscendEX, one of the leading global crypto exchanges.

Should you buy Avalanche (AVAX)?

Yes, Avalanche is a good buy for long-term crypto investing. For short-term plays, a bullish uptrend appears imminent. So, if you’d like to ride the recovery from the January correction, then it’s the perfect time to get into AVAX. However, be aware of significant downside risks.

The post Emerging bullish pattern could push AVAX past $98 – Price prediction and analysis below appeared first on Coin Journal.

Chainlink (LINK) appears to be establishing an upward trend line that could see it surge towards $33. The coin has in fact been one of the better performers despite the market-wide crypto correction that we have seen over the past week or so. LINK is building this upward momentum, but can it hold? Well, here are some highlights first:

• LINK has managed to retrace its 200-day exponential moving average over the last few days

• The token also shows a bullish crossover of its 20- and 50-day EMAs

• The coin has shown outstanding resilience even with massive downward pressure from the broader crypto market.

Data Source: Tradingview.com 

Chainlink (LINK) – Price prediction and analysis

LINK had shown some signs of recovery after the December Santa rally. The coin was testing its $23.16 resistance at the time. However, even despite massive downward pressure from the broader crypto market, LINK showed exemplary resilience, surging past $23.16. 

At the time of writing, the coin was trading at $26.28 and is firmly testing overhead resistance of around $28.7. When you consider the downtrend we have seen in crypto over the last week, it is clear that LINK has actually done quite well. 

If the coin is able to break past $28.7, we expect it to surge past $33 in the near term. But with sentiment in broader crypto still bearish at the moment, it may take longer for LINK to break that threshold.

Should you buy Chainlink (LINK)

LINK has always been one of the best crypto assets to buy and hold for the long term. The coin right now is heavily discounted. As such, it’s a good time to get in. 

The underlying fundamentals are positive, and the price analysis suggests a short-term rally that could help mask out some of the losses we saw in the last 7 days.

The post Chainlink (LINK) establishes upward trendline despite market-wide crypto correction appeared first on Coin Journal.

GameStop shares gained 22% in extended trading on Thursday after a Wall Street Journal report disclosed that the gaming merchandise retailer plans to create a non-fungible token (NFT) marketplace. The report, which cited people familiar with the matter, further divulged that GameStop seeks to forge cryptocurrency partnerships to create games and products for the NFT marketplace.

Reportedly, the Grapevine, Texas-based company has hired over 20 people to run the NFT business, which will feature an online hub for buying, selling, and trading NFTs of virtual videogame goods such as avatar outfits and weapons.

At the time of writing, the GameStop stock (GME) is changing hands at $131.03. This price represents a 1.28% gain in the day. By tapping into the booming NFT market, GameStop could get a much-needed change of pace that frees it from its trend of registering massive losses despite the resilience of its stock.

GameStop currently relies on brick-and-mortar sales of new and used physical video games. However, Ryan Cohen, the company’s newly-elected Board Chairman, is keen on steering the company in a technology direction.

Notably, GameStop’s decision to embrace NFTs is not new. The company rolled out a bare-bone website dubbed GameStop NFT in May 2021.

The website invited content creators to take part in shaping the NFT platform, noting,

“We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: nfteam@gamestop.com.”

Forging strategic partnerships 

Per the sources, GameStop is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year. Specifically, the firm is inching closer to inking two strategic partnerships with two crypto firms that would share their technology and co-invest in games, as well as other NFT-related initiatives.

Loopring, a layer-2 protocol rumoured to be one of the companies working with GameStop, also saw its native token surge. At the time of writing, Loopring (LRC), the 61st-largest crypto by market capitalization, is up 6.66% over the past 24 hours to change hands at $1.81.

While integrating NFTs into its business might help turn GameStop’s luck around, it is worth noting that the plan is risky. Experts believe that the NFT space is a massive bubble that will inevitably burst, leaving investors devastated.

The post GameStop shares spike on news of creating an NFT marketplace appeared first on Coin Journal.

Aave (AAVE) has largely traded sideways over the last month without any significant breakouts. But it did manage to oscillate between $250 and $270. For most analysts, as long as the price remained above $250, then it was just a matter of time before Aave (AAVE) surged above $300. But a pull-back has seen the coin tank below $250. Should you still buy Aave (AAVE)? Well, here are some facts:

• The recent pullback has largely been pushed by risk-off sentiment in the crypto market over the last 24 hours.

• At the time of writing, Aave (AAVE) was trading at $221, down 13% in 24-hour intraday trading.

• We expect sentiment in crypto to ease in the coming days, with Aave (AAVE) rebounding back to $250.

Data Source: Tradingview.com

Aave (AAVE) – Price analysis and prediction

Most New Year predictions were looking at Aave (AAVE) heading above $300 in the near term. There were of course some downside risks due to sluggish sentiment in broader crypto. 

Despite bouncing between $250 and $270 the past few weeks, Aave (AAVE) tanked below $250 in a 13% 24-hour pull back. However, we expect the price to quickly rebound back to $250, especially with improving sentiment in the market. 

After that, Aave (AAVE) will likely reclaim the $270 price and surge beyond $300 as earlier expected. But we are watching sentiment very closely to see how it plays out in the coming days.

Should you buy Aave (AAVE)?

Aave (AAVE) is one of the most promising DeFi projects. The protocol allows people to borrow and lend crypto assets through a decentralised ecosystem. Although this area is seeing a lot of competition, we expect Aave (AAVE) to be a major player in the long run. So, if you are looking for decent DeFi tokens to buy, this could be a good bet for any investor. 

The post Here is why you should buy Aave (AAVE) despite pullback below $250 appeared first on Coin Journal.

After some positive price action during the first days of 2022, Loopring (LRC) is tumbling fast. The coin has seen a massive sell-off in 24-hour intraday trading today, losing nearly 18% in value. These losses have wiped out the bullish uptrend we say last week, bringing total losses over 7 days to around 16%. But is Loopring (LRC) still viable for investors today? Well, here are some highlights first:

• Loopring (LRC) saw positive bullish momentum a few weeks ago after emerging as one of the early adopters of ZK-roll ups.

• Hawkish fed policy from FOMC minutes released yesterday appears to have put extra downside pressure on LCR.

• The correction we have seen today is likely to continue as all indicators point towards a bearish outlook in the near term.

Data Source: Tradingview.com 

Loopring (LRC) – price action and prediction

The crypto market started the day largely in the red in response to FOMC minutes that point towards hawkish monetary policy by the Fed. Although the LRC wipe out had something to do with broader sentiment in crypto, right now other indicators suggest that the coin is headed for more downside. 

At the time of writing, LRC was trading at around $1.68, down nearly 18% for the day. The $1.6 mark is the current support, and if LRC cannot sustain gains above that, we could see it tank back to $1 in a few days. Based on current trends, it is likely that a sustained downside trend towards $1 will be the outcome.

Should you buy Loopring (LRC)

Despite this correction, Loopring (LRC) still remains a decent investment. In fact, the fact that the platform was an early adopter of ZK-Rollups to help enhance transaction speeds on the network is a sign that the future is bright. But wait for the current downtrend to take this token to $1. That would be the perfect dip to buy for the long run.

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