Kategorie: Crypto Analysis

The Bitcoin price rose for the second straight day as sentiment about the industry improved. BTC rose to a high of $41,765, which was substantially higher than this week’s low of $38,800. It remains substantially below the all-time high of near $70,000.

Fear and greed index

Bitcoin tilted higher as investors rushed to buy the dip following this week’s substantial decline. Data shows that the Bitcoin fear and greed index is still in the fear zone of 27. Nonetheless, this level is still better than last week’s extreme fear level of 25.

A closer look at Bitcoin’s performance shows that it is still substantially correlated with traditional assets like stocks. The tech-heavy Nasdaq 100 index has rebounded sharply lately even after the weak results by Netflix. 

The macro-environment has been a bit dynamic lately with some commodities soaring while others are retreating. At the same time, the bond market has continued to send warning signals about the American economy. This week, the 30-year yield crossed the 3% level for the first time since 2018.

A closer look at on-chain data shows that some investors have started to buy the dip. According to Glassnode, a significant amount of Bitcoin supply has been re-accumulated between the $38k and $45k levels. These are important market levels because they determine the current consolidation phase. 

Glassnode also noted that most Bitcoin holders currently bought their coins above the $40,000 level and are mostly long-term holders. At the same time, many people who bought the coins above $50,000 agave already capitulated and redistributed their coins. As a result, as long as Bitcoin is between $35,000 and $42,000, it is still in an accumulation phase.

Bitcoin price prediction

On the hourly chart, we see that the coin has been in a strong bullish trend in the past few days. It has managed to move above the important resistance level at $41,550, which was the highest level on April 13th. 

It has also moved above the 25-day and 50-day exponential moving averages (EMA) while the MACD has continued rising. Therefore, there is a likelihood that the BTC pair will continue rising as bulls target the key resistance at 44,000. Learn how to buy Bitcoin here.

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SAND is one of the best performers amongst the top 50 cryptocurrencies by market cap.

The crypto market continues its fine start to the week, with the major coins and tokens currently in the green.

The total cryptocurrency market cap stands above $1.9 trillion at press time, up by nearly 2% in the last 24 hours.

If the momentum is maintained, the total cryptocurrency market cap could soon cross the $2 trillion mark. Bitcoin remains the leading coin by market cap and currently trades above $41k per coin.

SAND, the native token of The Sandbox ecosystem, is one of the best performers amongst the top 50 cryptocurrencies by market cap. The token added more than 10% to its value in the last 24 hours, outperforming the other major cryptocurrencies.

The Sandbox announced two major partnerships a few hours ago, and they are the primary catalysts behind SAND’s ongoing rally. 

The Sandbox announced that it has partnered with Apex Athletes to bring Shaun White, Nathan Chen, Chloe Kim, Lindsey Vonn and Ayumu Hirano to The Sandbox Metaverse.

The team also announced that it had partnered with Knotfest and Slipknot to create the Knotverse.

Key levels to watch

The SAND/USD 4-hour chart is currently bullish as SAND recovers from its recent slump. The technical indicators show that SAND is no longer in a bearish trend.

The MACD line is above the neutral zone, indicating positive momentum for The Sandbox. The 14-day relative strength index of 63 shows that SAND could soon enter the overbought region if the bullish momentum continues.

At press time, SAND is trading at $2.989 per coin. If the rally continues, SAND could break past the first major resistance level at $3.116 before the end of the day. In the event of extended bullish performance, SAND could trade above $3.50 for the second time this month. 

The post Here is why SAND is up by more than 10% today appeared first on Coin Journal.

After dipping below the $100 mark over the last few days, Solana (SOL) has managed to rebound. The coin has surged past this important psychological mark, and it is likely that the momentum we have seen will continue in the days ahead. Here are the main takeaways:

• Solana (SOL) is looking to establish a decisive bullish breakout.

• The coin is expected to test its 100-day SMA

• It has established a bullish trend line in recent days that could bring more returns.

Data Source: Tradingview 

How long can SOL stay above $100

The $100 mark has often been the most important psychological mark for SOL bulls. In fact, it was a huge relief to see the coin surge past it. But how long can SOL stay above this? Well, it will depend on several important factors. First, the recent surge has allowed the altcoin to move past the crucial resistance zone of $105. 

The goal for bulls will now be to convert this resistance to support. If SOL can close the day above $105, then it is likely that we will see a sustained period above $100. At the moment, SOL is slightly above this price, having gained around 7% over the last 24 hours. 

Despite this, downside risks still remain. If SOL falls below $105 and fails to find any leg up, we could see more weakness follow in. Ultimately, the coin will bottom at the next support of $95 before attempting to rise again.

Why is SOL a good buy now?

Well, even with the short-term downside risk that SOL faces, it still remains a fairly decent altcoin to buy. Any long-term crypto investor should consider Solana seriously. But for the short term, if you don’t want to take any risk, wait a few days to see how the altcoin holds up above $105.

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Zilliqa (ZIL) was a huge performer in the last three weeks. The coin saw record-breaking gains even as other coins slowed. But a correction that followed that mesmerizing surge put some breaks on ZIL’s rise. However, the coin still has a lot of potentials:

• Increased buying pressure could push ZIL up in the days ahead.

• The coin is now within a crucial demand zone of between $0.097 and $0.121.

• ZIL has a potential upswing of around 30%

Data Source: Tradingview 

How Zilliqa can regain its momentum

ZIL has been slowing quite rapidly over the last week or so. In fact, after peaking during the last week of March, the token has lost nearly 56% of its value. But after a period of consolidation, the coin has now started to rise again. 

ZIL currently sits in between a very crucial demand zone that ranges from $0.097 to $0.121. In the past, this zone has provided a lot of buying pressure and so far, we are starting to see some uptick in bullish activity. ZIL has surged by at least 7% over the last 24 hours. We expect bulls to continue buying within this zone. 

As a result, ZIL will explode, bringing gains of at least 30% in the process. However, it is unlikely that ZIL will reclaim its all-time high of $0.237. While this is possible this year, in the near term, we expect the coin to face major resistance zones before it even gets close to $0.2.

What are ZIL’s long-term prospects?

After an exponential rally last month that saw gains of around 540%, it is clear that ZIL has run out of steam. In the near and medium-term, we expect the coin to struggle for demand. But in the long term, ZIL still has immense potential, and 2022 could still prove a very successful year for the token.

The post Zilliqa looks poised for a 30% upswing in the coming days appeared first on Coin Journal.

The Near Protocol price is in an upward trend as the ecosystem growth continued. The token is trading at $17.12, which was about 130% above the lowest level in February. Its market cap has surged to more than $11.35, making it the 17th biggest cryptocurrency in the world.

Near ecosystem growth

Near Protocol is one of the biggest blockchains that seeks to become a leading player in the industry. The network is currently transitioning to become a fully sharded platform. Sharding is a complex process that breaks blocks into smaller pieces known as shards. As a result, the process helps to increase the overall throughput. 

April has been a successful project for the Near Protocol. For one, the developers raised over $350 million from investors. These funds will be used to grow the ecosystem by providing grants to developers and to hire more developers. The new fundraising happened a few months after the developers raised another $150 million.

The Near Protocol price has also risen because of the ongoing ecosystem growth. According to DeFi Llama, the network’s total value locked (TVL) has risen to over $1.4 billion. The TVL of Near itself has risen to $476 million while that of Aurora has jumped to more than $960 million.

On Tuesday, NEAR rose sharply after the TVL in Ref Finance jumped to over $200 million. It has risen by 14% in the past 24 hours and 52% in the past seven days. This makes it the biggest application built in Near Protocol. Other applications in the network have also seen a strong jump of TVL. For example, Burrow rose to over $143 million while Meta Pool rose to more than $143 million.

Near Protocol price prediction

The daily chart shows that the NEAR price has been in a strong bullish trend in the past few months. Along the way, the coin has formed what looks like a cup and handle pattern. This pattern usually sends a signal that the bullish trend will continue. 

It has also moved above the 25-day and 50-day moving averages. The coin has also risen above the ascending trendline shown in brown. Therefore, the Near Protocol price will keep rising as bulls target the all-time high of $20.50.

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