Kategorie: Crypto Analysis

Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish, and what happens next could either send the price sharply lower or push it higher in a more decisive way. Here are some notable facts:

• DOT has been trading between a range of $16 and $23 for most of the year

• At the moment, it is on the lower side of that range at around $17.3 in price

• A drop below $16 could prove catastrophic for DOT bulls

Data Source: Tradingview 

Is Polkadot heading for a sell-off?

As noted above, Polkadot has reached a make-or-break moment. The coin has ranged between $16 and $23 for most parts of 2022. In fact, this range is shaping out to be a long-term trend and as such, it is important to watch it. 

For DOT bulls, the key is to make sure the price stays within this range. If bears push the coin below $16, then everything may start to unravel. DOT will face a stiff sell-off and may end up bottoming at $8 in the near term. 

But there is a flip side to all this. It depends on if DOT will maintain its $16 – $23 range. If the coin can manage to stay above $16 for a few days, then a run towards $23 will be well on and truly in sight.

Polkadot’s long term upside

The longer-term upside for DOT is still positive. The coin could still deliver 3x in value from its current price by the end of 2022. But in the short term, it’s hard to see the token going past $23. 

The trend line that we have discussed above appears strong. As such, DOT will likely bounce off between $16 and $23 in the near term. But this theory will become invalid if the price falls below $16 in the days ahead.

The post Polkadot’s (DOT) failed rally exposes the coin to serious downside risks appeared first on Coin Journal.

Stellar (XLM) has seen a period of recovery after going off the cliff at the start of April. However, after hitting a high of around $0.24, XLM has gone through a serious correction. As a result, the coin is facing a lot of downward pressure. Here are some takeaways:

• Despite the recent sell-off, XLM is still holding the crucial $0.18 support.

• Any fall below $0.18 could precipitate a decisive downtrend in the near term.

• The coin is however looking strong and could push further upwards.

Data Source: Tradingview 

Stellar (XLM) – The downside risks

The current downtrend that we have seen with XLM is slowing. Even though the coin has lost around 5% over the last 24 hours, there is enough to suggest that any further decline is not on the horizon. But the key for XLM bulls would be to make sure that the price action stays well above $0.18. 

In the past few weeks, this price has proved to be a strong support zone. If bulls are however not able to hold it, we could see XLM spiral into a much-prolonged downtrend. In the end, the coin may hit its March lows of $0.16 before it tries to find any upward momentum. 

But even with these downside risks, it is important to note that the upward potential for XLM still remains very uncertain. As of now, $0.24 remains the upward cap. Even if the coin rallies in the days ahead, it is unlikely to cross $0.24 anytime soon.

Is Stellar a decent buy today?

From a short-term point of view, it would be best to monitor XLM till Monday and see if it manages to maintain $0.18. If this happens, then you can enter and exit right before $0.24. But if the coin falls below $0.18, you must give it a week or so for the price to bottom before you buy.

The post Stellar (XLM) price analysis: Why bulls must hold $0.18 support appeared first on Coin Journal.

The crypto market started in 2022 badly. Most coins have since recovered from this slump, but they are nowhere near their highs. While there are still several risks in the broader market, 2022 could still turn out to be a great year for crypto. Here is why:

• Traditional asset classes have severely underperformed, and this could push investors into crypto.

• Some of the concerns investors had at the start of the year are slowly abating

• Crypto still remains a high growth asset despite its rocky volatility

Well, for investors who are looking for crypto gems that still have the potential to do well in 2022, here is the full list:

Decentraland (MANA)

Although the crypto market was hit hard at the start of 2022, metaverse coins like Decenterland (MANA) faced steeper falls. The coins have recovered somehow, but they are still very low compared to previous expectations.

Data Source: Tradingview 

The good news is that interest in the metaverse will keep growing. As a result, it is likely that MANA and other metaverse coins will turn things around before the end of the year.

Fantom (FTM)

Fantom (FTM) has had several hurdles to cross this year. After a poor start to the year, Fantom also reported that one of the main founders had left the project. This dented investor confidence, and the coin tanked. But we have seen a bit of recovery. Fantom still remains a very reliable DeFi project. It is worth watching it in 2022.

Loopring (LRC)

Loopring (LRC) is an Ethereum scaling solution that has been experimenting with a number of new technologies, including ZK Rollups. While the price has consolidated over the past few weeks, LRC still has so much potential. It is one of the few coins that can actually be 5x your money this year if conditions in the market improve. LRC however faces massive competition from other Ethereum scaling solutions.

The post These coins could still deliver superb gains despite a slow start in 2022 appeared first on Coin Journal.

Tron (TRX) has edged higher this week, even as other major coins struggle to report serious gains. The coin is however not done yet, and we could see more gains in the days ahead. Keep reading for more analysis but first, here are the main takeaways:

• Tron has outperformed the market and is up around 15% for the week

• The coin will target to clear $0.085 in the near term

• The momentum oscillator also shows TRX is bullish

Data Source: Tradingview 

Tron (TRX) – Price prediction

The crypto market in general has had a very sluggish week. But Tron has been doing quite well compared to other coins. The token is now up around 15% for the week, and more upside is still expected. In fact, if the current momentum holds, TRX will likely test the $0.085 mark in the days ahead. This will represent gains of around 35% from the current price. 

However, this bullish case will only be feasible if TRX closes the day above $0.7. At the moment, the coin has fallen slightly below this mark. But looking at the higher lows and higher highs set over the last 24 hours, it is very likely that TRX will in fact close well above $0.7.

Besides, the current momentum is pushing TRX very close to its 200-day EMA. If bulls breach this level, then we could see a sustained period of growth for Tron.

Why is Tron a worthy investment?

Tron is rated among the top 10 blockchain infrastructure projects in the world. if you are looking to invest in crypto long-term, this would be a decent coin to buy. 

Even in the short term, TRX still offers incredible opportunities. In fact, the coin has fallen sharply from its all-time highs. This dip could provide a nice opportunity for investors to cash in on Tron’s recovery over the coming months.

The post Tron (TRX) is targeting more gains after a superb bullish week appeared first on Coin Journal.

Cryptocurrencies provide an excellent way of making money and growing returns. For example, Bitcoin price has moved from below $5 in 2009 to over $40,000 today. Similarly, Ethereum has jumped from below $10 to over $3,000. In total, cryptocurrencies have moved from nowhere to become an asset class worth over $2 trillion. In this article, we will look at the easiest was to buy cryptocurrencies.

Using digital wallets

Online wallets are popular financial products that enable people to save, send, and receive cash from their loved ones or business partners. These wallets are popular because of how easy they are to use and the fact that they mostly have low fees.

The number of digital wallets has been in a strong uptrend as the fintech revolution continues. Some of the most popular wallets are PayPal, Cash App, Skrill, Neteller, Revolut, and Venmo among others.

As part of their strategies, many online wallets have now made it possible to buy cryptocurrencies inside their ecosystems. The goal is to simplify how people access financial services and to also make money doing that. 

Indeed, cryptocurrencies have become pivotal to Cash App’s business. For example, Cash App generated over $2 billion of revenue from cryptocurrencies in the fourth quarter of 2021.

These wallets offer one of the easiest ways to buy cryptocurrencies. For example, in 2021, PayPal introduced a way to buy, save, and send a select number of cryptocurrencies in its platform. Today, American and Britons can easily use the platform to buy Bitcoin, Bitcoin Cash, Ethereum, and other coins directly using PayPal and Venmo. 

The process of buying Bitcoin with PayPal is easy. First, you need to have an account with PayPal. Second, select the cryptocurrency that you want to buy and the amount you want to spend. Second, you should execute the trade. PayPal will then deduct the cash that you have from your account. Alternatively, it will directly make the purchase using your linked bank account.

The process is similar with other online wallets like Cash App. You just need to select the coin you want to buy and then execute the trade. 

There are several benefits of using these apps to buy cryptocurrency. First, the process is easy and it takes a few seconds. Second, most apps don’t charge a fee to execute the trade. Finally, they are safe options. The only disadvantage is that these apps don’t have a large selection of coins.

Using cryptocurrency exchanges

The other easiest way to buy cryptocurrency is through a centralized exchange. An exchange is a company that provides different cryptocurrencies for people to trade. In most cases, exchanges provide a website and mobile applications that let people buy coins. They also offer other tools that help them to make better and more informed choices.

Cryptocurrency exchanges work in a relatively similar way. They provide a marketplace where one can go and buy coins. After buying the coin, one can easily save them in their online wallets. When needed, a person can then convert their coins into cash and withdraw to their online wallets or bank accounts.

In addition, it is possible for people to move their cryptocurrencies from exchange to their cold wallets in a few steps.

The crypto exchange industry has become significantly saturated. CoinMarketCap tracks 511 exchanges from around the world. In total, these exchanges help to move cryptocurrencies worth over $100 billion every day. Some of the biggest exchanges in terms of volume are Binance, Coinbase, KuCoin, Huobi Global, Gate, and Crypto.com.

It is easy to buy cryptocurrency using an exchange. First, you need to find a credible exchange that guarantees the safety of your funds. In most cases, we recommend that you focus on popular exchanges like Binance and Coinbase instead of the smaller ones that are unknown. You can read our eToro review, CEX review, and Binance review.  

Second, you should create your account by providing your name and email address. After this, to comply with the law, many exchanges will seek to verify your account by confirming your location.

In the next step, you will need to select a cash deposit option. Many companies allow you to deposit your cash using a number of options like PayPal, credit and debit card, Neteller, and wire transfer. You can now buy your coins after completing your deposit process. Wire transfers take a longer period while card transactions are instant.

Using exchanges like Coinbase, Binance, and eToro is recommended because they are safe and they provide more coins. They also provide more solutions like staking, leverage tokens trading, and perpetual futures trading.

Using a peer-to-peer exchange

Another easy option for buying cryptocurrency is to use a peer-to-peer exchange platform. These are companies that provide a platform where people can buy and sell cryptocurrency among themselves in an easier manner. A P2P exchange provides a platform that ensures safety.

They work in an easier way. After creating and verifying your account, you will select whether you want to buy or sell a coin. When buying, you will see numerous people who are selling coins and their prices. Select your preferred one and then make a payment to them directly. After they receive their funds, the coins deposited in the Escrow will be transferred to you.

There are several reasons for using a P2P exchange. First, they are easy to use. Second, you can use arbitrage by buying a coin at cheap prices and then selling it instantly at a higher price. Third, you can use your preferred option to complete the transaction. Examples of P2P payment platforms are Paxful, Local Bitcoins, and Binance P2P

The post Top 3 Easiest Ways to Buy Crypto appeared first on Coin Journal.