Kategorie: Crypto Analysis

Shiba Inu has seen a two-week period of price consolidation. There have been times when the coin has rallied but overall, the price action over the past 14 days has largely been in a consolidation phase. However, the coin may experience another 15% drop before it rallies. Here are some highlights:

• SHIB has formed a descending triangle pattern in recent weeks that could trigger a breakout.

• The coin will however need to gather enough trading volume to achieve this

• SHIB may dip by at least 15% before enough demand is generated for a bull run.

Data Source: TradingView 

How far can SHIB go?

At the moment, it seems like SHIB needs a few more days to consolidate further. Yes, it will drop of course, but we don’t see so much downside here. If anything, the 15% drop will bring SHIB within an important demand zone. This could finally provide the momentum needed for the meme coin to go on a strong uptrend.

Besides, right now SHIB is not far away from its bottom price after the May sell-off. In fact, if the meme coin was to drop by another 15%, it would be more or less within that price range. This means that more downside at this time remains very low.

It is likely that the coin is actually nearing the end of the May bear cycle and as such, it is ready for a decisive bull run.

Is SHIB risky right now?

The risk is minimal as we speak. In the short term, we do not expect any major sell-offs for the meme coin. However, with investor sentiment still struggling to pick up, the volatile nature of SHIB will likely continue. 

Nonetheless, SHIB could offer at least 25% in gains in June before it pulls back. As for long-term investors, improved sentiment in the market could push 3x growth by the end of 2022.

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Bitcoin is kicking off the new week in good shape. After a lackluster month in May, the coin appears to be finding some decent uptrend. But how long can this upward trajectory last? Well, we will look at this in detail below but first, check these points:

• Bitcoin has managed to climb above $30,000 once again after a whole week of weakness

• Despite this, the coin is yet to surpass an important overhead resistance of $30,750

• BTC could surge towards $32,500 if the resistance above is broken

Data Source: TradingView 

Will BTC go bullish this week?

It is highly unlikely we will see a notable bullish run for BTC this week. Yes, shooting above $30,00 is of course a good sign. But despite this, BTC still remains suppressed below a crucial resistance zone of around $30,750. 

The last time BTC tried to smash this price, the coin was firmly rejected. In the end, it fell sharply and bottomed at around $28,500. However, if bulls can find enough momentum over the coming days to push the coin above $30,750, then we might see Bitcoin surge and settle at around $32,500. This will be an upswing of around 10% from the current price. 

However, we do not see any further upside above $32,500 for now. The overall sentiment in the market hasn’t changed that much to suggest that BTC is poised for a bull run this week. Instead, the coin will go through the usual volatility but could still remain above $30,000 by the week’s end.

What is BTC’s realistic price in 2022?

A lot has been said about BTC hitting $100,000 this year. But this remains highly unlikely. Some experts in fact note that BTC could end the year at around $38,000. 

There is also a real possibility the coin could hit $50,000 as well. It all depends on how fast the risk-off sentiment in the market abates.

The post Bitcoin (BTC) returns above $30,000 – Will we see a bull run this week appeared first on CoinJournal.

The Polygon MATIC price has been in a consolidation mode even after the important milestones in the network. The token is trading at $0.6375, which is about 32% above the lowest level this month. The coin has a market cap of over $4.3 billion.

Polygon milestones

Polygon has had important milestones in March. The most notable one was the launch of Polygon Nightfall Mainnet, which is a blockchain solution that leverages cutting edge optimistic zero-knowledge technology to give businesses an accessible blockchain network. 

Nightfall solves a major challenge that many enterprises face. The challenge that many companies like JP Morgan that want to leverage blockchains have had to create permissioned or private technologies that are not decentralized. 

At the same time, if they leverage popular platforms like Ethereum, the gas fees becomes incredibly high. Therefore, nightfall is able to solve some of these challenges since it uses the zero-knowledge technology. 

The MATIC price has also moved sideways even after Tether decided to launch on Polygon. The addition means that over 8,000 teams building on Polygon will be able to leverage the flexibility of Tether’s stablecoin. This means that it will eliminate the challenge caused by using volatile cryptocurrencies. In a note, the CTO at Tether said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

The Polygon MATIC price has been in a consolidation mode because of the weak performance of its DeFi ecosystem. Data shows that its total value locked (TVL) has dropped to $2.6 billion.

MATIC price prediction

The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. As a result, the coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. It has also formed a symmetrical triangle pattern.

Therefore, the Polygon price will likely remain in this range this week. With the triangle pattern nearing its peak, however, there is a likelihood that a bullish breakout will happen soon. If this happens, the next key resistance level to watch will be at $0700.

The post Polygon MATIC price prediction: Ripe for a breakout appeared first on CoinJournal.

The cryptocurrency market is having a positive start to the new week, with most of the cryptocurrencies trading in the green zone.

The crypto market is in the green zone today after adding more than 5% to its total value over the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.270 trillion.

Bitcoin is trading at $30k once again after rallying by nearly 6% over the last 24 hours. Ether is targeting the $2k resistance level after adding more than 7% to its value so far today.

However, EGLD, the native token of the Elrond ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EGLD has added more than 18% to its value in the last 24 hours.

At press time, EGLD is trading at $83.78 per coin. The rally comes after the Elrond team announced that it had made a strategic investment in Cantina Royale.

Cantina Royale is set to build Web3 entertainment for the next billion gamers, powered by the Elrond blockchain. 

Elrond said thanks to this investment, the next billion gamers can tap into exciting entertainment with zero added friction from the crypto side of things.

Key levels to watch

The EGLD/USD 4-hour chart is bullish as the cryptocurrency has performed well over the last 24 hours. 

The MACD line crossed into the positive territory a few hours ago, indicating that the bullish sentiment is strong. The 14-day RSI of 68 shows that EGLD could soon enter the overbought region if the rally continues.

If the bulls remain in charge, EGLD could cross the first major resistance level at $92 before the end of the day. Unless there is an extended bullish performance, the second major resistance level at $114 should cap further upward movement.

However, if the bears regain control of the market, EGLD could drop below the $80 mark over the coming hours. EGLD should comfortably defend its position above the $69 resistance level.

The post Why is Elrond up by more than 18% today? appeared first on CoinJournal.

Cardano (ADA) has officially entered the bear market. The coin has been on a downward retreat for the last few months. Although there have been cases where it has rallied slightly, overall, the price action has remained quite suppressed. Here are some key facts:

• Cardano has lost over 90% from its all-time highs in 2021

• The coin has also fallen below the crucial $0.5 support level

• ADA however still has a lot of potentials and could hit $10 by the end of the year

Data Source: TradingView 

Cardano: How feasible is $10

For ADA to hit $10 by the end of the year, the coin will need to grow by 20x in six months. While this may seem like a pipe dream owing to the slow sentiment in the market, it’s actually not unprecedented. 20x growth in crypto is after all something quite common. 

However, things will not be that simple for ADA bulls. But, it is clear that the coin is heavily undervalued. For example, even though Cardano continues to report significant growth in its ecosystem, the coin has failed in the past few weeks to cross above $1. Besides, the general weakness in the market appears to have taken its toll on many large-cap coins.

As soon as sentiment starts to turn around, we expect ADA to fully rally. It is likely that a change in investor sentiment may come in the second half of 2022. Even if ADA doesn’t hit $10, the possibility of 10x growth is still high.

Why you must buy Cardano now

The thing about Cardano is that it still has so much to offer. The coin will probably take months to achieve its true potential. 

But if you don’t mind holding it for long, then returns in a year or so could be massive. The $0.4 price right now is probably the cheapest ADA will get.

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