Kategorie: Crypto Analysis

The Polygon MATIC price has been in a consolidation mode even after the important milestones in the network. The token is trading at $0.6375, which is about 32% above the lowest level this month. The coin has a market cap of over $4.3 billion.

Polygon milestones

Polygon has had important milestones in March. The most notable one was the launch of Polygon Nightfall Mainnet, which is a blockchain solution that leverages cutting edge optimistic zero-knowledge technology to give businesses an accessible blockchain network. 

Nightfall solves a major challenge that many enterprises face. The challenge that many companies like JP Morgan that want to leverage blockchains have had to create permissioned or private technologies that are not decentralized. 

At the same time, if they leverage popular platforms like Ethereum, the gas fees becomes incredibly high. Therefore, nightfall is able to solve some of these challenges since it uses the zero-knowledge technology. 

The MATIC price has also moved sideways even after Tether decided to launch on Polygon. The addition means that over 8,000 teams building on Polygon will be able to leverage the flexibility of Tether’s stablecoin. This means that it will eliminate the challenge caused by using volatile cryptocurrencies. In a note, the CTO at Tether said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

The Polygon MATIC price has been in a consolidation mode because of the weak performance of its DeFi ecosystem. Data shows that its total value locked (TVL) has dropped to $2.6 billion.

MATIC price prediction

The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. As a result, the coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. It has also formed a symmetrical triangle pattern.

Therefore, the Polygon price will likely remain in this range this week. With the triangle pattern nearing its peak, however, there is a likelihood that a bullish breakout will happen soon. If this happens, the next key resistance level to watch will be at $0700.

The post Polygon MATIC price prediction: Ripe for a breakout appeared first on CoinJournal.

The cryptocurrency market is having a positive start to the new week, with most of the cryptocurrencies trading in the green zone.

The crypto market is in the green zone today after adding more than 5% to its total value over the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.270 trillion.

Bitcoin is trading at $30k once again after rallying by nearly 6% over the last 24 hours. Ether is targeting the $2k resistance level after adding more than 7% to its value so far today.

However, EGLD, the native token of the Elrond ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EGLD has added more than 18% to its value in the last 24 hours.

At press time, EGLD is trading at $83.78 per coin. The rally comes after the Elrond team announced that it had made a strategic investment in Cantina Royale.

Cantina Royale is set to build Web3 entertainment for the next billion gamers, powered by the Elrond blockchain. 

Elrond said thanks to this investment, the next billion gamers can tap into exciting entertainment with zero added friction from the crypto side of things.

Key levels to watch

The EGLD/USD 4-hour chart is bullish as the cryptocurrency has performed well over the last 24 hours. 

The MACD line crossed into the positive territory a few hours ago, indicating that the bullish sentiment is strong. The 14-day RSI of 68 shows that EGLD could soon enter the overbought region if the rally continues.

If the bulls remain in charge, EGLD could cross the first major resistance level at $92 before the end of the day. Unless there is an extended bullish performance, the second major resistance level at $114 should cap further upward movement.

However, if the bears regain control of the market, EGLD could drop below the $80 mark over the coming hours. EGLD should comfortably defend its position above the $69 resistance level.

The post Why is Elrond up by more than 18% today? appeared first on CoinJournal.

Cardano (ADA) has officially entered the bear market. The coin has been on a downward retreat for the last few months. Although there have been cases where it has rallied slightly, overall, the price action has remained quite suppressed. Here are some key facts:

• Cardano has lost over 90% from its all-time highs in 2021

• The coin has also fallen below the crucial $0.5 support level

• ADA however still has a lot of potentials and could hit $10 by the end of the year

Data Source: TradingView 

Cardano: How feasible is $10

For ADA to hit $10 by the end of the year, the coin will need to grow by 20x in six months. While this may seem like a pipe dream owing to the slow sentiment in the market, it’s actually not unprecedented. 20x growth in crypto is after all something quite common. 

However, things will not be that simple for ADA bulls. But, it is clear that the coin is heavily undervalued. For example, even though Cardano continues to report significant growth in its ecosystem, the coin has failed in the past few weeks to cross above $1. Besides, the general weakness in the market appears to have taken its toll on many large-cap coins.

As soon as sentiment starts to turn around, we expect ADA to fully rally. It is likely that a change in investor sentiment may come in the second half of 2022. Even if ADA doesn’t hit $10, the possibility of 10x growth is still high.

Why you must buy Cardano now

The thing about Cardano is that it still has so much to offer. The coin will probably take months to achieve its true potential. 

But if you don’t mind holding it for long, then returns in a year or so could be massive. The $0.4 price right now is probably the cheapest ADA will get.

The post Cardano has retreated by 90% from its all-time highs – Can it turn around? appeared first on CoinJournal.

Polkadot (DOT) has finally managed to stop its prolonged correction. The price appeared to have settled a bit after bottoming at around $7.35. DOT now has a good opportunity to reverse the downtrend and could rally significantly despite growing uncertainty in the market. Here are some points:

• DOT is testing the $10 which could be significant in any bull run

• It’s the first time the coin has reported gains after 4 days of retreat

• Crossing the $10 could trigger a rally towards $13 or thereabout

Data Source: TradingView 

Polkadot price analysis and prediction

The most important thing for DOT bulls is that the downtrend appears to have slowed. The coin had reported losses in 4 straight sessions, and there were fears it could actually fall below $5 for the first time this year. But it seems the price action started to consolidate at around $7.35. 

Eventually, DOT was able to trigger a run and is now trying to cross above $10. If indeed this happens, we could see the token rally towards $13 or beyond. This will represent an upswing of around $30 from this price. However, despite this bullish outlook, there are still several uncertainties in the market.

For example, we have not seen enough trading volume to suggest DOT is going bullish. It is possible that DOT may in fact get rejected at the $10. This will push it downwards toward its previous bottom price of $7.35. But if bulls are not able to keep the price above $7.35, there will be more downside to come.

How to trade DOT in this setup?

The first entry would be above $10. If DOT is able to cross above this price, then you can buy and exit at $13. 

However, if the price action remains suppressed below $10, then wait for it to bottom at around $7 before you buy. But there is a risk that a drop towards $7 could continue until DOT hits $5.

The post Polkadot could still hit a bull run despite uncertainty appeared first on CoinJournal.

After the Terra collapse, increased risk perception could see AVAX outperform SOL.

Key Points:

• Avalanche is a platform blockchain that can handle 4500 transactions per second. While it has a fast-growing ecosystem of Dapps, AVAX’s price has been affected by the correction in the broader crypto market. 

• Solana is one of the most scalable platform blockchains in the market today. While adoption is growing, SOL price has been weighed down by the correction in the broader market. 

• While both Avalanche and Solana will do well long term, AVAX could outperform SOL in the short to medium term. This has a lot to do with SOL’s frequent network outages in 2021 and the risk awareness that Terra’s collapse has triggered amongst investors. 

Avalanche (AVAX)

The decentralized applications space is on a growth trajectory, and launch platforms are growing in demand. Avalanche is one of those that have recorded fast growth in a very short time. While it is only three years old, Avalanche now has one of the largest and fastest-growing ecosystems of Dapps in crypto. This is due to its strong core metrics. They include low fees and high throughput – up to 4500 transactions per second. Despite the fast-growing Dapps ecosystem, Avalanche’s price has taken a nosedive in 2022. This has a lot to do with the bearish nature of the broader cryptocurrency market. 

Solana (SOL)

Like Avalanche, Solana is a launch platform for Dapps and has seen a significant level of adoption in the last 2-years. This is due to its scaling capabilities and super-low fees. Solana can handle up to 50k transactions per second, and its fees go as low as $0.001 per transaction. In 2022, there has been an upsurge in investments in the Solana NFTs ecosystem running into 100s of millions of dollars. 

Which one is a better buy?

Due to the fast-growing nature of their ecosystems, both Avalanche and Solana have strong odds of growth going into the future. Now that their prices are at record lows from their last all-time highs, the chances are that once the broader market makes a comeback, these two could perform well. However, Avalanche is more likely to outperform Solana in the next bull run. 

This has a lot to do with the history of the two networks. Avalanche has been consistently stable since it launched. On the other hand, Solana has suffered several network outages in the recent past that put its reputation at risk. After the recent Terra collapse, the chances are that many investors will be a lot more conscious of the risks associated with the cryptocurrencies they invest in. This could disadvantage SOL over AVAX in the short to medium term. 

Conclusion 

While both AVAX and SOL are good long-term investments, the odds favor AVAX in the medium term. The collapse of Terra LUNA has driven up investor awareness of cryptocurrency risks, and SOL has more perceived risks than AVAX.

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