Kategorie: Crypto Analysis

Solana has had a 2022 to forget. After crossing over the year well above the $100 mark, the coin has seen several major sell-offs. Right now, it is slightly trading above $35, but the bearish outlook appears to have eased a bit. Here is what you need to know:

• Selling pressure on SOL has eased as the coin finds strong support at $35.

• The altcoin has however not shown any bullish signs, with its uptrend limited to $41.25.

• But consolidation above $35 and improved sentiment in crypto could change all this.

Data Source: TradingView 

The bullish case for Solana

A few weeks ago, it was hard to make any bullish case for Solana. The coin had fallen below $50 and would go one to breach two other crucial support zones. It was in fact expected SOL would likely bottom at $20 before any bull run. 

But this bearish outlook appears to have eased up a bit. Although SOL is not nearly as strong as it was at the start of the year, the altcoin has shown immense resilience. As of now, it has managed to hold the $35 support. This also comes as overall sentiment in the crypto market gets an early June boost.

With these factors, SOL could finally be ready for a decisive bull run. If indeed the coin is able to break the $41.25 ceiling, it could push further up to test $55 before any pullback. But a failure to consolidate above $35 will invalidate this analysis.

Does SOL have any downside risk?

The downside risk for SOL doesn’t seem to be that worrisome right now. In fact, we don’t think the coin will lose the $35 support. Even if it was to somehow fall below that price, expect a quick and fast recovery. 

However, this may affect its bullish run. But with everything else considered, including overall sentiment in the market, SOL should see some gains in the coming weeks.

The post Bearish outlook on Solana eases as the coin begins consolidation appeared first on CoinJournal.

EGLD is down by more than 1% today despite the broader cryptocurrency market performing positively.

The cryptocurrency market has turned around a corner this week after a poor start to the week. The market has added more than 2.5% to its value, and the total market cap now stands close to $1.25 trillion.

Bitcoin is once again trading above $30k per coin after adding more than 3% to its value in the last 24 hours. Ether was able to defend its $1,700 support level after rallying by more than 2% today.

However, EGLD, the native token of the Elrond ecosystem, is one of the worst performers amongst the top 50 cryptocurrencies by market cap. 

EGLD has lost more than 1% of its value over the past 24 hours and currently trades above $66 per coin. 

The coin has been underperforming since reports emerged that there might be an exploit of the Maiar DEX or SC async calls. The glitch reportedly led to some hackers selling EGLD for stablecoin USDC. 

EGLD has come under pressure since the reports emerged and is now underperforming against the broader market.

Key levels to watch

The EGLD/USD 4-hour chart is currently bearish as Elrond has been underperforming over the past few days. The technical indicators show that EGLD is struggling against the US Dollar.

The MACD line is below the neutral zone, indicating selling pressure from the market. The 14-day relative strength index of 36 shows that EGLD is currently in the oversold region.

If the bearish trend continues, EGLD could drop below the $62 resistance mark over the next few hours. Unless there is an extended selling pressure, EGLD should defend its second major support level around the $59 mark in the short term. 

The post Here is why EGLD is underperforming the market today appeared first on CoinJournal.

A combination of low prices and growing adoption makes it a perfect altcoin to buy now

Key points:

• Vechain is one of the cryptocurrencies with a strong use case, especially in streamlining global supply chains.

• The Vechain Foundation has opened a new office in Europe to grow Vechain’s market share in the fast-growing European market.

• Vechain is trading at 89% off its most recent highs, despite its strong fundamentals.

With the cryptocurrency market still heavily bearish, investors are looking into solid projects that are undervalued today but have a lot of potential going into the future. One such project is Vechain. Vechain (VET) is currently trading at a more than 70% discount from its 2021 highs.

Interestingly, adoption has been growing, and Vechain remains one of the cryptocurrencies with a strong use case and the potential to transform entire industries. For instance, Vechain’s ability to track a commodity across the supply chain until it reaches the end consumer has already seen growing adoption in the fashion industry.

The geopolitical issues facing the world today also create the need for traceability of goods across the supply chain. This factor could see Vechain perform better than most cryptocurrencies once the bull market returns.

Is Vechain a promising cryptocurrency buy today?

The price of Vechain is down by 89% from its most recent highs. This means it is trading at a considerable discount given how huge its fundamentals are in the market. One of the pointers to how undervalued Vechain is; is the proactive nature of its team. The Vechain Foundation recently opened a European Tech Center. 

The Foundation stated that the move is driven by Europe’s growing interest in blockchain-based solutions and that Vechain’s tech is strong enough to handle these needs. It all points to VET’s potential as a cryptocurrency with growth potential once the market gains traction again.

The post Vechain – Why it’s a high potential altcoin to buy in the bear market appeared first on CoinJournal.

The cryptocurrency market has lost the gains it accumulated earlier this week following its poor performance over the last 24 hours.

The crypto market has been in a bearish trend over the past 24 hours. The market has lost more than 5% of its value. The total cryptocurrency market currently stands above $1.2 trillion.

Bitcoin has slipped below $30k again after losing more than 5% of its value over the last 24 hours. Ether could also lose its $1,700 resistance level after declining by more than 7% today.

GALA, the native token of the Gala Games ecosystem, is up by nearly 2% in the last 24 hours, making it one of the top performers amongst the top 100 cryptocurrencies by market cap. 

At press time, GALA is trading at $0.0811 per coin. The positive performance can be attributed to the adoption news surrounding Gala Games over the past 24 hours. The Gala Games team announced a few hours ago that Grit would be the first Gala game to become available on the Epic Games Store. Epic Game Store is one of the largest game stores in the world, with over 194 million users globally.

Furthermore, the Gala Games team announced on Monday that it has partnered with Universal Games and Digital Platforms on a Battlestar Galactica Web3 game. 

Key levels to watch

The GALA/USD 4-hour chart is positive as Gala Games has been performing well in the last 24 hours. 

The MACD line remains below the neutral zone despite the positive performance. The 14-day RSI of 55 indicates that GALA is no longer in the oversold region.

If the positive performance continues, GALA could surge past the first major resistance level at $0.087 before the end of the day. However, it would need the support of the broader crypto market to cross the $0.090 resistance level. 

The post Here is why GALA is up by nearly 2% today? appeared first on CoinJournal.

The cryptocurrency market is having an excellent start to the week, with most of the cryptocurrencies currently in the green zone.

The broader crypto market is trading in the green zone. The total cryptocurrency market cap is up by more than 5% today and currently stands close to $1.3 trillion.

Bitcoin remains the market leader, up by more than 6% over the past 24 hours. At press time, BTC is trading above the $31,500 resistance level.

Ether is also performing well, up by 7% so far today and currently trading above $1,900.

ADA, the native token of the Cardano ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. ADA is up by more than 11% so far today and currently trades above $0.62 per coin.

Cardano has been performing well ahead of the network’s Vasil Hard Fork. The upgrade is expected to take place on June 29 and many expect it to massively improve the network’s scalability and performance.

Key levels to watch

The ADA/USD 4-hour chart is currently bullish as the cryptocurrency has been performing well today. The technical indicators show that ADA has been performing well in the last 24 hours.

The MACD line crossed into the positive zone over the weekend as ADA performed excellently. The 14-day relative strength index of 71 shows that ADA could soon enter the overbought region.

If the rally continues, ADA could surge past the first major resistance level at $0.668 before the end of the day. However, it would need the support of the broader market to trade above $0.720 for the first time this month.

On the flip side, ADA could drop below its 50-day EMA of $0.5605 if the bears regain control of the market. 

The post Why is Cardano up by 11% in the last 24 hours? appeared first on CoinJournal.