Kategorie: Crypto Analysis

Apecoin (APE) is trending upwards today in line with the broader recovery in crypto. The coin appears to have paired some of the losses we saw in the last few days. But can this renewed bullish momentum push the coin above $10? More details to follow below but first, some highlights:

• Apecoin has surged by over 40% over the last 24 hours

• The breakout comes after nearly two weeks of negative sentiment around the coin

• Reclaiming $10 could pave the way for a decisive run in the near term.

Data Source: TradingView 

Apecoin (APE) price analysis

The road towards $10 for APE now seems very plausible. After two weeks of weakness, APE has decisively trended upwards. Although the broader crypto market has recovered from losses over this week, APE is outperforming the market by almost 3 times. 

If indeed the current momentum breaks the $10 mark, it will open a new window of opportunity that could allow this NFT-based coin to surge even further. In fact, it is plausible that APE could rally towards its April highs and cross above $20. This will represent gains of up to 200%. 

Despite this, it is important to note that this renewed uptrend could just be a normal pullback. After all, the crypto market had crashed over the last few days. It was expected that the downtrend would stop slightly as it always does. If APE is not able to hit $10 in the coming days, we may see more losses again.

Can you profit from APE right now?

APE has performed quite well in 2022. But after hitting highs of around $24, the coin has faced a very steep and costly correction. Right now, APE is still trading at a huge discount compared to its previous highs. 

While we are not saying the coin will surge towards $24 in a few days, if you want to hold it for some months, this would be the most ideal time to buy.

The post Apecoin sees renewed bullish momentum – Can the coin breach $10? appeared first on Coin Journal.

The Terra LUNA crash has led to worries about the next top cryptocurrencies that could crash. Like with LUNA, it is incredibly difficult to make this prediction. Besides, in most cases, coins tend to move in unison. So, in my view, here are the two cryptocurrencies to avoid after the LUNA crash.

Waves

Waves is one of the biggest blockchains in the world. Its WAVES token has a market cap of over $797 million. It is a popular coin that has been used to build some of the most popular products in the decentralized industry. Some of the most popular apps in its ecosystem are Vires Finance and Waves Exchange.

The biggest concern about Waves is Neutrino, its algorithmic stablecoin that has a close resemblance to Terra USD. The coin has been having some serious issues in the past few months. For example, in April, it lost its peg and crashed to an all-time low of 33 cents. 

The coin is still below its parity, leading to significant concerns that it will also lose its peg in the coming months or weeks. If this happens again, we could see a major sell-off of both Neutrino and Waves. Indeed, the Waves price has already crashed by more than 88% from its highest level this year.

Cardano

Cardano is one of the most popular cryptocurrencies in the world. Like Terra, it is also one of the biggest coins in the world with a market cap of more than $19 billion. The only major difference between Cardano and Terra is that it is not associated with any large stablecoin.

The main concern about Cardano is that its ecosystem is a bit lacking. While ADA is valued at over $19 billion, its DeFi ecosystem has a total value locked of over $130 million. Critics will point to the fact that Terra’s ecosystem had a TVL of over $30 billion at its peak.

However, investors should be worried because Cardano seems to be a ghost chain that has no meaningful project in its ecosystem. This is despite the fact that it was started in 2015. 

Indeed, it seems like investors have been worried about Cardano for a while since its market has fallen from more than $91 billion.

The post 2 big cryptocurrencies to worry about after LUNA crash appeared first on Coin Journal.

The Bitcoin price is having a dead cat bounce after experiencing its worst crash this year. BTC is trading at $30,500, which is above this week’s low of $25,300. It is significantly lower than its all-time high of almost $70,000. So, will this recovery hold?

Bitcoin recovery

The BTC price has made some gains in the past few hours as investors rush to buy the dip in the coin. Many of market participants believe that the coin has gotten extremely cheap considering that it has had its worst week this year.

A closer look at the market shows that the BTC recovery mirrors that of the stock market. In the past two days, technology stocks have been a bit positive following some notable developments. The Nasdaq 100 index has risen from the intra-week low of $11,700 to $12,213. Recently, we have seen a close correlation between tech stocks and digital currencies.

Further, Bitcoin price has held steady since Tether has held quite well. On Thursday, the stablecoin lost its peg for a while, causing many investors to worry about its future. This happened as the Terra USD stablecoin continued struggling.

Learn more about how to buy Bitcoin with PayPal.

Another reason why Bitcoin is doing well is that many big investors seem to be holding their stakes in the coin. For example, in an interview with CNBC on Thursday, Bill Miller, a legendary investor, said that he was still holding his assets. Similarly, other investors like Tesla and MicroStrategy are yet to sell their stakes.

Still, investors should take this rally with a grain of salt. Historically, assets tend to bounce back briefly after a major sell-off. This happens as investors buy the dip. In most cases, the relief rally, which is often known as a dead cat bounce, tends to ease.

Bitcoin price prediction

The four-hour chart shows that the BTC price formed a hammer pattern on Thursday. In price action analysis, this is one of the most reliable bullish reversal candlestick patterns. The coin is now stuck at the 25-day moving average while the Relative Strength Index (RSI) has pointed upwards.

Therefore, there is a possibility that the Bitcoin price will keep rising during the weekend especially if the Nasdaq 100 index closes in the green. However, in the coming days, there is a likelihood that the pair will resume the downward trend in the coming week.

The post Bitcoin price prediction: beware of a dead cat bounce appeared first on Coin Journal.

It is a sea of red in the cryptocurrency industry as most digital coins keep falling. According to CoinGecko, the total market value of all digital coins has dropped to more than $1.2 billion. While this crash has been painful, it has made many cryptocurrencies significantly cheaper. So, here are some cryptocurrencies to buy the dip in.

Ethereum

The Terra UST crash is one of the most important reasons why cryptocurrencies have fallen. In my view, the fall of LUNA will likely bring more people and developers back to Ethereum. For one, Ethereum is significantly bigger than Terra and has been around for years. 

Also, the success of Ethereum’s platform is not based on a single stablecoin like that of Terra. This explains why Ethereum has done well over the years even after some serious hacks in the network.

Further, Ethereum is in a transition as the developers seek to make it significantly faster and more environmentally friendly. Therefore, I expect that the Ethereum price will bounce back ahead of the Merge that will happen in the third quarter.

Here’s how to buy Ethereum.

Near Protocol

Near Protocol is another cryptocurrency to buy the dip in. It is a blockchain project that seeks to become a better platform for developers. It aims to be a platform that is better and more reliable than Ethereum and other proof-of-work platforms. It does this using its technology known as sharding. 

Near Protocol is a good investment because of the ongoing growth of its ecosystem. The developers are also seeking to launch their stablecoin, which will be used for governance of the network. Now, with the implosion of Terra UST, there is a likelihood that the developers will use these lessons when they launch it. 

Near Protocol is also a good investment because of the large sums that the developers have raised recently. Most of these funds will go towards building their ecosystem.

Chainlink

A fact in the blockchain industry is that industries like DeFi and the metaverse are here to stay. This is what makes Chainlink one of the best coins to buy the dip in. This is simply because the platform is widely used by developers to connect off-chain data to on-chain. 

It is the biggest oracle in the world and has little competition. Therefore, with Chainlink price down by 86% from its all-time high, there is a likelihood that the price will bounce back.

Learn more about how to buy Chainlink.

The post Top 3 cryptocurrencies to buy amid the crypto crash appeared first on Coin Journal.

As the crypto market experiences one of its worst crashes in recent years, Cardano (ADA) has hit a new low. The coin has fallen below $0.5 for the first time in months. Although this is already bad news, the worse is yet to come for ADA. Here is what you need to keep in mind:

• In the last 24 hours alone, ADA has crashed by over 30%

• It’s the first time in months that Cardano has breached the $0.5 mark

• More losses are expected to come as the broader market faces a steep correction

Data Source: Tradingview 

Cardano price analysis – Difficult times ahead

After falling nearly 65% from its highs in May, you would think that the worse is over for ADA. But the current bearish trend around the coin is only getting started. In fact, after falling below $0.5 for the first time in months, we expect the coin to continue the steep decline. 

It is possible that ADA will bottom towards its next $0.35 support before it tries to find any demand. This will represent a fall of around 25% from the current price. ADA would also lose over 100% in value from its highest price this month. 

The only positive sign in this setup is the RSI reading. This momentum indicator for ADA has moved towards the oversold territory. The risk of a big sell-off is therefore relatively limited. But as investor sentiment in crypto wanes, it will be harder to find ADA buyers in the coming days.

Should you hold or Sell ADA?

As Cardano accelerates losses, it can be easy just to sell off and limit your exposure. But we still think that ADA is one of the few coins in the market worth holding. Even though the coin will not return to $1 soon, we expect it to retest $0.75 after it bottoms at $0.35.

The post Cardano (ADA) hits new lows – Why the worse is still to come appeared first on Coin Journal.