Kategorie: Crypto Analysis

With up to $5 billion in acquisitions underway, Tron could experience FOMO in 2022.

Key points:

• Tron has a history of high-profile acquisitions that have in the past given it a boost in value.

• Tron founder, Justin Sun, has announced that they are readying $5 billion for another series of acquisitions.

• Going by past performance after such acquisitions, Tron could be the most undervalued top 100 cryptocurrencies to watch in 2022.

It’s a tough time for cryptocurrencies, as external and market-related factors pressure the market. This is also a perfect opportunity to search for undervalued cryptocurrency gems that could do well once the markets rebound.

When looking for hidden gems, one of the critical factors to consider is news that could help drive up the value of a cryptocurrency. On this front, Tron looks like a cryptocurrency that could lead the recovery in the coming weeks. This follows an announcement by the founder that the Tron project was about to go on an acquisition spree. If history is anything to go by, this is an excellent reason to invest in Tron (TRX).

A look at the history

After the cryptocurrency crash of 2018, Tron (TRX) was among the first to recover. This followed the move by Tron to acquire BitTorrent, one of the largest peer-to-peer data sharing networks globally.

Is a repeat about to happen?

So, is Tron about to do a repeat of what happened after BitTorrent. In his most recent comments on Tron, Justin Sun, the cryptocurrency founder, said they were ready to spend $5 billion on acquisitions. He added that the focus would be on platforms that have wide adoption. He said that they would target those in Centralized Finance and Decentralized Finance.

Sun further added that the worst could be over for the market and that what will follow is a clean-up process as the market picks itself back up.

Sun’s comments are a big deal and could have several positive implications for Tron (TRX).

Firstly, once the acquisitions start, Tron could experience FOMO. That’s because, at a time like this, when there is little going on in the market, such news will trigger investor expectations of Tron doing well. The potential for FOMO makes Tron a top cryptocurrency worth keeping an eye on in the coming days.

Besides FOMO, such acquisitions would add significantly to Tron’s intrinsic value. For context, the purchase of BitTorrent added significantly to Tron’s inherent value, which is reflected in its value in the 2020/21 rally.

With $5 billion, there are a lot of projects much more significant than BitTorrent that Tron can buy. This means going into the next bull run, Tron’s intrinsic value will be much higher than it is now. This factor could see Tron do multiple times its current price in the next cryptocurrency bull run.

The post Is Tron (TRX) about to rally ahead of other cryptocurrencies? appeared first on CoinJournal.

• Avalanche’s AVAX crashed as the Luna contagion risks hit the cryptocurrency.

• Buyer interest in AVAX is high at the $16 level.

• Investors should consider buying at low prices.

Avalanche AVAX/USD is one of the cryptocurrencies that crashed alongside LUNA. The cryptocurrency fell by double digits at the same time LUNA and UST crashed. Investor fears grew since Avalanche was one of the cryptos held as reserves by the Luna Guard Foundation. Following the crash, AVAXtouched a low of $16 on June 13 from a high of above $100 in early April.

Avalanche’s token AVAX should be on the bucket list of investors. The cryptocurrency has been robust since June 13, holding a key zone at $16. Whether this indicates a price bottom is yet to tell as the crypto sector remains bearish. Nonetheless, the month-long consolidation suggests buyer interest. As such, we believe AVAX is attractively priced for a good buy. 

Avalanche looks set to break past $21 for a bull rally

Source – TradingView

From the technical outlook, AVAX is consolidating. However, it is slightly bullish, with 24-hour gains of more than 6%. The MACD indicators are bullish too. At the current price of $18, we expect AVAX to continue rising. The $21 resistance will hold back the price, with the cryptocurrency testing the level twice in 30 days. If AVAX overcomes the $21 resistance, it could end its bearish market and begin a bullish rally. Investors should consider buying now to lock value before the market takes off.

Concluding thoughts

The crypto sector remains bearish. At the low valuation of AVAX, we think it is a good buy for long-term investors. Buyer interest is high at the $16 support and could offer a bullish catalyst. AVAX could begin a lasting bullish reversal if it clears the $21 level.

The post Should you buy Avalanche token as the price turns bullish at key support? appeared first on CoinJournal.

• Stellar Lumens is 87% below its ATH.

• The cryptocurrency brings together the global financial systems to blockchain.

• Stellar token XLM is yet to find a bottom.

Stellar Lumens XLM/USD trades slightly above $0.1. Compared to its all-time high of around $0.79 in May 2021, that represents a decline of 87%. This thesis answers the key question of whether investors are good at buying Stellar Lumens at low prices.

Stellar Lumens prides itself on being an open network for safe custody and transfers of money. The platform simplifies the process used to create, transfer, and trade all forms of digital money. That also includes dollars, pesos, and Bitcoin. The network aims to enable all the global financial systems to work together.

Undoubtedly, as digital payments grow, Stellar Lumens will follow suit. This was evident early last month when Novatti Group onboarded Stellar for a new stablecoin. Stellar, alongside Ripple, was selected by the international payments network for the project. The stablecoin will be pegged to the Australian dollar. Last year, Stellar also partnered with payments giant MoneyGram. The partnership will let customers convert their digital money into cash. Such developments highlight the vital role of Stellar and its native token XLM in blockchain.

Stellar Lumens continue downtrend

Source – TradingView

From the weekly chart, Stellar Lumens is yet to find a bottom price. An RSI reading of 31 suggests the cryptocurrency is oversold. However, the token is yet to find support which currently sits at $0.07. We do not think it is yet time to buy Stellar Lumens, although the current level remains attractive. The price will potentially slide lower to find the next support at $0.07.

Summary

Stellar Lumens lacks a catalyst for a potential rally. The cryptocurrency remains viable in line with the growth in digital payments and blockchain. The recent plunge may continue until the cryptocurrency reaches $0.07.

The post Is Stellar Lumens good crypto to buy now after the recent dip? appeared first on CoinJournal.

• Uniswap’s token has gained by 12% in 24 hours

• The protocol’s liquidity providers faced a phishing attack on Monday

• Uniswap has now escaped the consolidation zone and eyes higher levels

Uniswap’s UNI/USD has risen by 12 % in the last 24 hours, according to CoinMarketCap. The gains come amid slight recoveries in crypto after inflation data stoked markets. We believe Uniswap has a long way to recover. However, the latest gains will be sustained in the next few days.

The gains in Uniswap come amid a suspected phishing attack on its v3 protocol liquidity providers. The attack, which occurred on Monday, led to the loss of around $4.7 million ETH tokens. ERC20 tokens and NFTs were also stolen in the sophisticated attack. Uniswap crashed by almost 10% following the attack. Uniswap’s development team clarified that the phishing attack was not caused by an error in the protocol.

Uniswap starts an uptrend after escaping a consolidation zone

Source – TradingView

Uniswap’s token bottomed at $4.7. The price crashed below it temporarily but recovered. The latest gains push the price above the bottom level, raising a bullish case for the token. MACD indicators are bullish too. The MACD line crossed above the moving average, indicating a bullish trend. The 14-day and 21-day moving averages have joined a support for the Uniswap token. We believe the cryptocurrency offers opportunities in the short and long term.

In the short term, the Uniswap token has an established resistance at $8.0. Investors should consider holding up to the level. However, the token could face a minor correction at $6.1. Investors can buy at the 14-day or $21-day moving averages. In the long-term, investors should hold Uniswap to lock value at the bottom price.

Summary

Uniswap’s token is starting a bullish rally after overcoming a consolidation level. The cryptocurrency will continue rising but may face resistance at $8.0. Investors can hold in the short term to the resistance or long-term.

The post Uniswap token escapes consolidation zone with a chance to ride up to $8.0 appeared first on CoinJournal.

The cryptocurrency market is yet to kick the ground running this week and could end the week trading in the negative zone.

The cryptocurrency market has been underperforming since the start of the week. Over the last 24 hours, the total market cap is down by less than 1% and currently stands above $880 billion. 

Bitcoin is looking to surge past the $20k resistance mark again despite going down by 0.5% over the past few hours. Ether, on the hand, is looking to climb above the $1,100 resistance point after adding 1% to its value today.

However, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 10% in the last 24 hours, outperforming the other major cryptocurrencies.

The primary catalyst behind the ongoing rally is the announcement that Polygon is the only blockchain project chosen to be a part of the Disney Accelerator program. 

The 2022 Disney Accelerator, is a business development program designed to accelerate the growth of innovative companies from around the world.

Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻‍♀️ #disneyfeels

We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X

— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022

Key levels to watch

The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing well over the past 24 hours.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 61 shows that MATIC is currently not in the oversold region and could rally towards the overbought zone in the coming hours or days.

At press time, MATIC is trading at $0.625. If the rally continues, MATIC could surge past the first major resistance level at 0.70 before the end of the day.

MATIC is retracing some of its earlier gains and could slip below the $0.57 support level if the bears remain in control of the broader cryptocurrency market. 

The post Here is why MATIC is up by more than 10% today appeared first on CoinJournal.