Kategorie: Crypto Analysis

After reporting some significant gains at the start of February, Ripple (XRP) has seen a period of price retracement that has given bears the upper hand. This selling pressure continues, and while the coin has stabilised above the $0.7 mark, there is still a huge sell-off risk. Here are some notable highlights:

• At press time, Ripple (XRP) was trading at $0.7773, virtually unchanged in 24 hours.

• XRP has found strong support at $0.7 over the last few days.

• However, selling pressure could bring the token back to $0.6 in the near term.

Data Source: Tradingview

Ripple (XRP) – Price action and analysis

After seeing a decent climb in February, Ripple (XRP) is now reporting some selling pressure as investors lock in profits. Despite this, the coin has found very strong support around the $0.7 mark. 

In fact, at the time of writing this post, XRP was trading slightly above that threshold with a price of $0.77. The goal for bulls is to hold the price action above this mark. But there is a huge sell-off risk here. 

We expect bears to breach the $0.7 support and push the coin back towards $0.67 in the coming days. This will represent a drop of about 17% or thereabout. Ripple bulls will try to find sufficient demand at $0.6, but we may see further weakness with systemic risks in the broader crypto market due to tensions in Eastern Europe.

Is Ripple (XRP) ripe for investment?

Ranked among the top ten most valued crypto assets in the world, Ripple (XRP) has always been ripe for purchase. There is however some ongoing litigation between the coin and the SEC. 

This could pose major risks for short-term buyers. It would be best to see how the lawsuit progresses in the coming weeks before going all-in with XRP.

The post Sell of risks for Ripple (XRP) continue to build – Here is why the coin could hit $0.6 appeared first on Coin Journal.

US billionaire and entrepreneur Mark Cuban has remained bullish on Polygon (MATIC) even as the altcoin reported some price weakness in recent days. Cuban believes that in 2022, Polygon will outperform Bitcoin and Ethereum in growth. But despite this, we have seen some bearish trends in MATIC over the last week or so. Here are some highlights:

• MATIC is currently trading at $1.58, down by about 5% in the last 24 hours.

• The coin has been on a downward trend in the last week.

• Price weakness could get worse for Polygon (MATIC) due to the geopolitical crisis in Europe.

Data Source: Tradingview 

Polygon (MATIC) – The long-term picture

Investors like Mike Cuban typically look at the long-term prospects of a coin and not the short-term ones. Yes, MATIC has seen some negative price action in recent days. In fact, the coin has actually struggled to cross over the $2 mark and is likely to face further weakness in the coming weeks. 

But the long-term fundamentals for Polygon are impeccable. We are also starting to see a lot of institutional money going into MATIC. This is the long-term picture Cuban is talking about. 

The billionaire sees Polygon as the most important Ethereum scaling solution with outstanding potential. Also, the 2022 outlook for MATIC is quite positive. Some prediction even shows that MATIC could in fact hit $100 by 2025.

Why you should buy Polygon (MATIC)

As noted above, the fundamentals for Polygon (MATIC) are simply amazing. The project has been making major moves, including building its ecosystem to take advantage of the growing NFT craze and crypto-related gaming. 

Polygon has the potential to become as huge as Ethereum. The fact that it is trading at $1.5 is a sure sign that it is time to get in. This coin could blow up very fast in the near future.

The post US Billionaire Mark Cuban remains bullish on Polygon (MATIC) despite recent price weakness – here is why appeared first on Coin Journal.

Huobi has announced that it is now offering support for BabyDoge Coin (BabyDoge). Huobi users will now be able to buy and sell the meme coin in what is one of the largest exchanges in the world. This is a huge development for BabyDoge Coin and here is why.

• The meme coins surged by nearly 14% after the news broke.

• BabyDoge has also reported increased adoptions in recent months.

• The listing opens the door for other exchanges to do the same.

Data Source: Tradingview

BabyDoge Coin (BabyDoge) – Where does it go from here

The moment coins start to get listed in major exchange platforms like Huobi; then you can expect some positive movements in the price. When news of the listing broke, BabyDoge in fact rose by nearly 13%. The coin continues to climb even further. At press time, it had added an additional 6% in value over the last 24 hours. 

Besides, Huobi is a huge exchange. The fact that it’s providing support for the meme coin means that other major exchanges will follow. We have also seen a lot of social media buzz around this coin.

Just recently, BabyDoge surged above 1 million followers on Twitter. It was also among the most purchased coins by 1000 of the biggest whales on the BSC chain. There is something cooking here no doubt, and it’s just a matter of time before it explodes.

Should you buy BabyDoge?

Well, meme coins can make you rich very fast, but they carry a lot of risks. Remember these are basically speculative assets that rarely have any significant underlying fundamentals. 

But as of now, BabyDoge looks like the hottest meme coin right now. We expect the coin to surge further as more exchange listings come in the near term. For this reason, it is a decent buy at this point in time.

The post Huobi opens deposits for BabyDoge Coin (BabyDoge) – The coin surges by nearly 13% appeared first on Coin Journal.

Cardano (ADA) has seen a lot of volatility in recent weeks. After hitting new lows during the January crypto slump, the coin has recovered a bit but lags behind some of the major coins in terms of gains. But is there any upside for growth? After all, the coin has traded in the red in the last two trading sessions. Here are some highlights:

• At press time, Cardano had shown some signs of reversing the downward trend.

• The coin is trading at $1 down about 4% in the last 24 hours.

• Cardano has seen strong support at the $1 over the last few weeks.

Data Source: Tradingview

Cardano (ADA) – what to expect in the coming days

Geo-political tensions in Eastern Europe have been playing a key role in influencing investor sentiment in crypto over the last few weeks. In fact, it is estimated that over $160 billion in crypto value has been lost due to this threat of war. For this reason, expect a lot of volatility around Cardano (ADA) in the days ahead. 

However, the key to watch here is the $1 support. Despite massive selling pressure, ADA bulls have held this support very well. If indeed the coin is able to keep the price action above $1, then a surge towards $1.5 is possible. But if we dip below $1, then there will be a significant additional weakness to come.

Is Cardano (ADA) a good buy today?

Cardano (ADA) has always been a good buy in the long term. But price volatility in recent weeks has made it a bit harder for investors to truly predict the direction of this asset. 

The truth is ADA is one of those few coins in the market that should be in your portfolio. It has a proven track record of delivering value, superb fundamentals, and a lot of credibility in the crypto space.

The post Cardano (ADA) climbs after losses in two straight sessions – Is there enough growth upside appeared first on Coin Journal.

Patience is a rare commoodity in the cryptocurrency space. It was only two weeks ago that Bitcoin rallied 15%+ to make the jump from $37,000 to near $42,000, but traders and retail investors soon became angsty at the rangebound motion of the world’s biggest cryptocurrency in the fortnight since.

“Do something!” was the prevailing sentiment across the Internet, as multiple rejections have occurred at the $43,000 resistance level over the last two weeks. But be careful what you wish for, as the yesterday’s latest pullback puts Bitcoin in position to go the other way, potentially testing the $38,000 support level.

Trading View (via Binance)

Ukrainian tension

Of course, markets are largely in wait-and-see mode as the political climate is delicately poised across the globe. More specifically, Putin is playing the world’s most dangerous game of chicken at the Ukrainian border, with markets accordingly keeping a keen eye on developments in Eastern Europe. Crypto isn’t the only stakeholder, with the S&P 500 closing down over 2% yesterday as the doomsday scenario seemingly became significantly more likely. Bitcoin plummeted from near $44,000 to where it currently sits, just north of $40,000.

Rate Hikes

As if a potential World War III is not ghastly enough, the most feared two words in any investor’s lexicon have been getting a lot of airtime recently: rate hikes. Following January’s blowout inflation numbers, the highest since 1982, the market is now pricing in seven hikes in 2022. In other words, it’s last call at the bar and the lights are on – the party, hosted so graciously over the last couple of years by the Fed, looks like it’s about to end.

Ranging

One of the prime narratives pushing crypto’s surge has been that of the inflation hedge angle; a way to escape debasing fiat currency resulting from the aggressive money printing. With the Fed now indicating this hawkish turn, the inflation push factor is coming undone. Combining this bearish development with the politics in Europe, the notoriously volatile Bitcoin is a nervous place to be. 

Warren Buffet famously said “be fearful when others are greedy and be greedy when others are fearful”. Well, people are certainly fearful at the moment, and with Bitcoin one more red candle away from testing $38,000 resistance, it’s making an interesting close to the week. That $43,000 resistance looks a hell of a long way off right now.

We all know, however, that one comment from Putin, either one way or the other, could render all this moot. Against that backdrop, it’s not surprising to see Bitcoin range between that $38,000 – $43,000 space… for now.

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