Kategorie: Crypto Analysis

Altcoins had a strong performance in March as the overall cryptocurrency industry recovered. This performance happened even as the crisis in Ukraine escalated and the Fed started its hiking policy for the first time since 2018. Here are some of the best coins to invest in April.

1. Ethereum (ETH)

Ethereum performed well in March as the network’s merge happened in the Kiln network. This is an important step as the network moves from to a proof-of-stake platform. It also did great as activity in its network rose as evidenced by the rising total value locked (TVL) in DeFi and NFT industry. 

Therefore, there is a likelihood that Ethereum price will keep doing well in April as investors continue focusing on the merge process. Some analysts expect that it will leave the kiln testnet in April while others see it taking some time.

On the 4H chart, it appears like ETH formed a top at around $3,488 in March. This signals that it will likely drop to the support at $3,046 and then resume rising.

2. Terra (LUNA)

LUNA had a strong month in March as its price jumped to an all-time high. Analysts cited the strong performance of the Terra USD coin and its top DeFi platforms like Anchor Protocol and Lido as the reason for this performance. 

Terra is a good cryptocurrency to invest in April after the developers raised billions from investors and as more developers embrace the network. They also announced that they will spend $10 billion buy Bitcoin. At the same time, the daily chart shows that it managed to cross the key resistance at $106 in March. This was its previous all-time high. Therefore, a retest of its all-time high will lead to more gains.

Buy {LUNA} here! >

3. Cardano (ADA)

Cardano has been in a strong bearish trend in the past few months. At its lowest level this year, its long-term investors had lost over $65 billion from its all-time high. It managed to stage a strong recovery in March as the total value locked (TVL) of its network rose sharply to over $300 million. The resurgence was mostly because of MinSwap. The coin also rose as investors went bargain hunting.

Ada price found a strong support at $0.7320 in March. It has also moved above the 50-day moving average, signaling that the coin will likely keep rising in April. The key reference level to watch will be at $1.50.

4. Dogecoin (DOGE)

Dogecoin has been a forgotten cryptocurrency in the past few months. It crashed to a low of $0.1084, which was about 81% below the highest point in 2021 and 61% lower than the highest level in October. It has fallen because of the overall lack of a bullish catalyst.

While technicals seem bearish, there is a possibility that the coin will rebound in April as investors go bargain hunting. Also, recently, most meme stocks have gone parabolic, meaning that meme coins could also rise. Most importantly, it has formed a strong support at $0.8400.

5. Waves (WAVES)

Waves is a blockchain project that aims to become a better platform than Ethereum. It has been used to build some of the most popular platforms like Neutrino and Waves Exchange. Waves price went parabolic in March and soared from less than $15 to over $60. 

This performance happened as more developers moved to the network and its total value locked rose to an all-time high of over $4.6 billion. The main drivers were Neutrino, Vires Finance, and Waves Exchange soared. 

Waves will likely have a pullback in April as it moves to a distribution phase. While this decline will happen, the bullish trend will likely continue later during the month.

6. Hedera Hashgraph (HBAR)

Hedera Hashgraph is a smart contract platform that is at least 10 times faster than alternatives. It is also widely used to build decentralized applications by companies like Avery Dennison and ServiceNow. 

HBAR’s price has been in a strong bearish trend in the past few months. It moved from a high of $0.58 to a low of $0.188. It found a strong support at $0.188 in March and then managed to move above the 50-day moving average while the Relative Strength Index (RSI) has pointed upwards. 

HBAR has lagged its peer coins like Near Protocol and Algorand and there is a likelihood that it will keep rising as investors continue bargain hunting.

7. Chiliz (CHZ)

Chiliz is another cryptocurrency to invest in April. It is a leading blockchain project that focuses on the relatively new industry known as fan token offerings (FTO). In the past few months, it has signed some of the biggest teams like Manchester City and Manchester United. 

Like all other cryptocurrencies, its price declined in the past few months as the value of fan tokens plummeted. But there are signs that the sector is gaining traction as its market cap soared to over $3 billion. Chiliz also announced a new partnership with Lionel Messi. 

CHZ found a strong support at $0.1584 in March and has moved above the 25-day MA. It will likely keep rising in April.

8. STEPN (GMT)

STEPN was one of the breakout stars in March as it went parabolic and moved into top 100 of the biggest cryptocurrencies in the world. It is a platform that seeks to disrupt the fitness industry by paying people to run, walk, and jog. To participate, people need to first purchase an NFT sneaker and install an app with tracking features. They will then receive a GMT token whenever they workout. While GMT price jumped in Match, there is a possibility it will continue rising in April as the fear of missing out sets in.

9. Enjin Coin (ENJ)

Enjin is a blockchain project that has been around for more than a decade. It has created a platform that allows people to create and market their non-fungible tokens (NFT). Enjin found a floor at around $1.27 in March and then started a bullish trend. It moved above the 25-day moving average and rose above the descending trendline. The coin will likely do well as its Efinity network gets more integrated to Enjin.

10. VeChain (VET)

VeChain was once one of the hottest cryptocurrencies. At its peak, it was among the top 15 of the biggest cryptocurrencies in the world. It then made a strong drop and moved to position 45. This changed in March as demand for VeChain started rising. It rose above the 23.6% Fibonacci retracement level and the 50-day moving average. Therefore, there is a possibility that it will continue finding buyers in April.

The post 10 Best Altcoins to Invest in April appeared first on Coin Journal.

One of the best strategies to grow your capital from crypto would be to find low-cap coins that have so much potential. Coins below the $50 million mark in market capitalization are in particular, quite good and here is why:

• Microcap coins tend to have so much room to expand

• Demand for promising microcaps will always be high among investors

• Small-cap projects tend to be new and often under the radar

So, if you are looking for the next big project with a small market cap today, we have listed three coins below that you can consider:

Numbers Protocol (NUM)

It seems like in recent years, everything has been going toward the blockchain. But very few projects have come up to create a decentralized photo network where artist and creators can share their work securely. 

Data Source: Tradingview 

The Numbers Protocol (NUM) is trying to address this problem by providing the infrastructure needed. With the increased popularity of NFTs, NUM could see major gains and its market cap remains at just $38 million.

Gods Unchained (GOD)

GameFi is also one area of the blockchain industry that is worth looking at. There have been many games, some of which have gone on to make huge money. Gods Unchained (GOD) appears to have that kind of potential. It’s a free-to-play card game that allows users to earn crypto rewards in the process. The project has a market cap of $35 million.

Cream Finance (CREAM)

Cream Finance (CREAM) is a lending protocol designed to offer crypto-backed loans to people around the world. There are many lending protocols of course but CREAM is trying to offer users better terms and easy access to collateralized loans. With a market cap of just $14 million, you could unlock a lot of future potential with this coin.

The post Hunting for microcaps? Top 3 coins with less than $50 million in market cap appeared first on Coin Journal.

There have been stories in crypto where people have gone from rags to riches in literally months. Shiba Inu for example was one coin that astonished everyone in 2021 with unimaginable growth. For this reason, a lot of investors are always looking for the next big coin that will deliver 10x or more in growth. Here is what to look for in case you want such projects:

• Always focus on microcaps that have smaller valuations in the market.

• You must be first or among the first people to invest in that asset.

• Always analyze the underlying business behind a coin before you buy.

Well, we have done some research on these coins and came up with a list of assets we think have the potential to 10x in the near term. Here they are:

Highstreet (HIGH)

The rise of the metaverse will be the next big thing in crypto. As we speak, a lot of money is flowing towards metaverse projects, and the few metaverse coins we have in the market are seeing strong growth. 

Data Source: Tradingview 

Highstreet (HIGH) however offers the incredible promise of outstanding returns. The coin combines virtual reality, NFTs, and gaming in one large metaverse. When you consider that HIGH has a market cap of $89 million, it could easily grow 10x in no time.

Base Protocol (BASE)

For example, let’s say you want to speculate on crypto without having to buy many coins; what do you do? Well, Base Protocol (BASE) allows you to get that option. This is a coin that is pegged on the overall market cap of the crypto industry at a rate of 1:1 trillion. 

Considering that it has a market cap of around $1.5 million, there is just something raw about this coin that could explode massively in the future. BASE is a short to medium-term asset worth your shot.

The post Looking to 10x your money in crypto? Top coins to consider appeared first on Coin Journal.

Dip buyers in crypto are waiting in suspense, trying to find any chance to buy-in. But it seems the market is really rallying with most coins on a bull run. But the next dip may actually come sooner before you think. Here is why:

• Most coins despite rallying have stagnated in recent days.

• It is likely that some investors may decide to lock in profits after the recent rally.

• Geopolitical and economic risks have still remained at a high

In case you are waiting for the next crypto dip, there are some coins that you should pay very close attention to.

Bitcoin (BTC)

The performance that Bitcoin (BTC) has shown in recent days has been quite remarkable. The coin has rallied from nearly $32,000 and is now slightly above $47,000. However, even though BTC has managed to smash past its 50- and 100-day SMAs, the coin appears to have stagnated in its attempt to clear the 200-day SMA.

Data Source: Tradingview 

It’s now three days in a row where Bitcoin has tested that price and got rejected. There is major resistance on the 200-day SMA it seems and as such, we may see some sharp fall if BTC fails again to cross over.

ApeCoin (APE)

ApeCoin (APE) just came into the market the other day and has managed to get a market cap of around $3.8 billion in just a few days. But a pullback is coming. Just recently, APE was trading at $6 and at half the current market cap. It is likely the coin will fall back sharply in a correction and as such, it will be a great time for dip hunters to buy.

There are also other dip-buying opportunities to look out for, including Shiba Inu, Axie Infinity, Cardano, and others.

The post Timing the crypto dip: Top coins to keep on your radar appeared first on Coin Journal.

A quick Google search tells me that the biggest bank heist in history took place in Baghdad, Iraq, where $282 million was stolen. It is suspected that it was an inside job, orchestrated by several bank guards. The average bank robbery in America, meanwhile, is apparently $6,500.

It’s easy to lose perspective when reading about these vast amounts of money in crypto. But against the above real-world figures, it really hits home how large the latest hack in crypto is.

Axie Infinity is a blockchain-based trading and battling game where players can breed, raise and trade token-based creatures called Axies. It is one of the biggest success stories in crypto gaming; at a market cap of $3.9 billion, it sits inside the top 50 cryptos.

Last week, Axie was hacked for $625 million. And nobody noticed.

Bye Bye $625 million

Yesterday, it was revealed that $625 million was swiped from Ronin, which is the blockchain underlying Axie. While the stolen funds were revealed in a statement on substack, the hack actually occurred six days earlier. “There has been a security breach”, the statement starts off. Yeah, there certainly has.

The Ronin bridge, which facilitates depositing and withdrawing, was exploited for 173,600 ETH (close to $600 million) and $25.5 million of the stablecoin USDC. Importantly, Sky Mavis did confirm that the Axie NFT tokens (used to enter the Axie Infinity game), as well as the in game currencies AXS and ALP, were safe. But it’s a staggering case of negligence with regards to custody of investor funds.

We caught up with Ahmad Duais, CEO of Battle Drones, which is a play-to-earn game on the Solana blockchain, in order to get some thoughts from within the industry. He said “bridges are still an area of development. The GameFi model is such a revolution that in the near future we will all look back at this as a learning curve similar to the hacks that have occurred at the start of any innovation.“

How?

Sky Mavis, who run both Axie Infinity and Ronin, stated that “the attacker used hacked private keys in order to forge fake withdrawals”. The attack was only discovered yesterday when a user was unable to withdraw 5,000 ETH ($17 million) from the bridge. The hacker had previously completed two fake withdrawals.

In other words, a flaw in Sky Mavis’ code allowed the hacker to gain control of Sky Mavis’ validators, which along with a third-party validators granted the hacker freedom to drain the coffers to the tune of over $600 million. Not only did Sky Mavis’ devs drop the ball on the code, it took them nearly a week to notice they had a $600 million hole on their balance sheet.

Funds

It is the second biggest crypto hack of all time, just behind the hack of Poly Network last summer, although those funds were returned by the hacker. In this case, Ronin confirmed they are “working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed”. Whether they succeed or not is an entirely different story, however; as of right now, any players who deposited money into Ronin have lost it all.

Ethscan shows the location of the funds

Blockchain being bockchain, however, the location of the funds can be seen at the moment – with all $600 million of ETH nestling comfortably in the above wallet on the Ethereum blockchain.

The blockchain also allows for messages to be inputted as part of transactions. Digging through the hacker’s wallet, you can see several investors who lost their funds have desperately tried to appeal to any human side that may exist within the hacker’s mind. 

A victim cries out to the hacker on ethscan

It’s also a stark reminder that for all the progress DeFi has made, it remains a nascent industry laced with risk. It’s going to exciting places, but the journey at times may be rocky, as for any new industry. This week, we saw over 600 million examples of such.

The post Axie Infinity hacked for $625 million… and nobody notices appeared first on Coin Journal.