Kategorie: Crypto Analysis

The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump.

The broader crypto market has added more than 2.5% to its value over the last 24 hours. This comes despite a poor start to the week. 

Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap now stands above $1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could cross the $31k mark if the market rally continues. Ether is also eyeing the $2,100 resistance level after adding nearly 3% to its value in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is one of the best performers amongst the top 20 cryptocurrencies so far today. MATIC, along with Avalanche, Cronos and Litecoin, have added more than 6% to their values in the last 24 hours.

For MATIC, the primary catalyst behind its ongoing positive performance is the partnership between Polygon and Ernst & Young (EY), one of the Big Four auditing firms.

The Polygon team said the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet. 

#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk live on Mainnet.

Polygon Nightfall.

Streaming live on @Twitter, @YouTube, and @LinkedIn.
Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc

— Polygon – MATIC 💚 (@0xPolygon) May 16, 2022

Key levels to watch 

The MATIC/USD 4-hour chart is bearish. This isn’t surprising as MATIC has underperformed in recent weeks. 

The MACD is below the neutral zone, indicating that the bearish sentiment is not completely over. The 14-day relative strength index of 52 shows that MACD is no longer in the oversold region.

At press time, MATIC is trading at $0.7139. If the rally continues, MATIC could break past the first major resistance level at $0.8087 before the end of the day. However, the resistance level at $0.9568 should cap further upward movement in the short term. 

The post Here is why MATIC is up by more than 6% today appeared first on Coin Journal.

As crypto starts to see some recovery after major losses last week, keen investors will be scanning the market for the best dips to buy. Well, one area where such opportunities are is in DeFi. Most DeFi coins have sharply fallen. Here is why this is the best time to buy:

• DeFi will almost certainly bounce back in the near term

• Decentralized Finance is the future of blockchain technology

• Current dips offer investors the perfect chance to buy heavily discounted DeFi projects.

As noted above, there are many superb dips in the DeFi space to take advantage of. Check out the top 3 listed below:

Uniswap (UNI)

Uniswap (UNI) has seen its value decline by over 25% in the last 7 days. The DEX has also reported sharp losses from its 2022 highs. In fact, UNI is almost 3 times cheaper than it was a few weeks ago. 

Data Source: Tradingview 

If you have always wanted to get it but felt the price was too high, this is the perfect opportunity to pounce. After all, Uniswap is the largest DEX on Ethereum and the largest in the world. The long-term value that it can deliver is simply too good.

Convex Finance (CVX)

Convex Finance (CVX) is one of the biggest liquidity protocols in crypto. The project has nearly $6.6 billion in Total Value Locked so far. It simply allows users to deposit liquidity and earn boosted rewards in return. CVX has however fallen by almost 50% over the last 7 days. This discount makes it a great choice for DeFi dip buyers.

Yearn Finance (YFI)

Yearn Finance (YFI) has dropped out of the top 100 most valuable crypto projects. The coin has lost nearly 35% in a week. YFI is however backed by some outstanding investors and a great pedigree in the market. It’s just a matter of time before it fully recovers.

The post DeFi Dips: Top coins to buy while the price is low appeared first on Coin Journal.

The crypto market is stabilizing after steep losses last week. Most coins are trying to generate demand for bullish runs, and Tezos (XTZ) is not any different. The coin in fact looks poised for a decent uptrend in the coming days. Check out the main takeaways below:

• XTZ is consolidating above its crucial $1.6 support zone

• If the price action remains above this zone at the close of trading today, XTZ could test $2.

• Despite this, the coin remains in a long-term bearish trend.

Data Source: TradingView 

How soon will XTZ cross $2?

It’s actually not easy to answer this. As you know, sentiment in crypto over the last few months has been quite hard to predict. At the moment, it seems investors remain fearful as headwinds in the market continue to wipe away profits. 

However, we expect XTZ to brush across $2 in the days ahead. The key for the altcoin would be to maintain the $1.6 support. As long as bulls keep the price action above this zone at the end of trading today, then we will see more upside towards $2. 

But there is of course a risk that $1.6 could be lost. If this happens, XTZ will likely bottom at $1.3 or thereabout before it makes a comeback. However, despite this short-term upside, the overall trend for XTZ remains bearish. The coin will likely accelerate losses in Q2 2022.

Is Tezos a good coin?

If you are looking at the value proposition that Tezos offers, then you will agree it is a decent project. The recent slump in the price is however worrying. XTZ is in fact down 80% this year. 

Nonetheless, we expect some recovery before 2022 is out, especially if overall sentiment in the market starts to improve. Based on these metrics, XTZ should be a decent buy for long-term investors.

The post Tezos (XTZ) aims for $2 after consolidating above a key support zone appeared first on Coin Journal.

The Avalanche price continues to move in a sideways direction as the cryptocurrencies industry remains on edge. AVAX is trading at $33.40, which is sharply above last week’s low of $22.38. The coin has crashed by more than 77% from its all-time high, bringing its total market cap to about $8.8 billion.

AVAX recovery stalls

Avalanche is a leading blockchain project that aims to become a better alternative to Ethereum. The network has better features that include faster speeds, lower costs, and more interoperability. Some of the most notable projects created in Avalanche are 1Inch, Aave, AllianceBlock, and Atlantis Loans among others.

While the Avalanche ecosystem is growing, there are a few elephants in the room. First, there are growing concerns about the DeFi industry after the tragic collapse of Terra USD, LUNA, and the affiliated DeFi ecosystems like Anchor Protocol and Astroport.

DeFi investors are now aware about how risky the industry is despite the high returns. As you recall, just last week, Anchor Protocol was one of the biggest apps in the DeFi industry with over $18 billion in assets. Now, what has been left behind is a shell of its former self.

Read more about how to buy Avalanche.

The other big elephant in the room is the Federal Reserve. The bank is expected to continue tightening its monetary policy in the coming months even after signs showed that inflation may have peaked. Also, the bank will continue hiking interest rates as the US economy is going through stagflation.

The performance of the AVAX price also mirrors that of other assets. For example, Bitcoin is still hovering at about $30,000, where it has been in the past few days. Similarly, American stocks are still struggling to find direction after they made a spectacular comeback last week.

Avalanche price prediction

Turning to the daily chart, we see that the AVAX price formed a hammer pattern last week when it crashed to a low of $22.5. In price action analysis, this pattern is usually a bullish sign. 

However, a closer look shows that the coin’s price has formed what looks like a bearish flag pattern, which is usually a bearish sign. The Relative Strength Index (RSI) and the moving averages show that the price is still bearish. Therefore, a drop to last week’s low cannot be ruled out.

The post Avalanche price prediction as bullish comeback fades appeared first on Coin Journal.

The Sandbox price remained in a tight range as investors reacted to the new roadmap plan for LAND holders. SAND is trading at $1.3225, which is significantly above last week’s low of $0.9272. As a result of this rebound, the coin’s market cap has risen to over $1.65 billion.

Sandbox roadmap

The Sandbox is a leading blockchain project that is in the metaverse and gaming industry. The network helps people and companies participate in the metaverse in a number of ways.

For example, the developers regularly host the Alpha season event where gamers participate in games and make money for winning. This money is usually in the form of SAND, the network’s native token.

The platform also has a diverse NFT marketplace, where people can buy products like avatars and other virtual products. It is one of the most popular NFT marketplaces in the industry.

Most importantly, people are able to buy virtual land and sell it later at a fee. Some people have spent millions of dollars on this virtual land.

Learn more about how to trade crypto.

At the same time, many companies like HSBC and Standard Chartered have made deals with Sandbox. These firms have bought virtual property in the platform for marketing purposes.

In a statement on Monday, the developers announced the roadmap for LAND holders. The developers will distribute 5 million SAND to all holders. Going by the current price, this distribution will be worth more than $6 million. 

At the same time, LAND and ASSET will be moved to Polygon, a leading layer-2 network in a bid to lower transaction costs. People who migrate to Polygon will be eligible for over 1 million SAND rewards. 

Still, the biggest concern among investors is whether the recent recovery is real or whether it is a bearish recovery.

The Sandbox price prediction

On the 4H chart, we see that the SAND price has been in a strong bearish trend in the past few months. The sell-off accelerated last week as Terra USD crumbled. Now, the coin has formed what looks like a bearish pennant pattern that is shown in blue. 

It has also moved slightly below the 25-day moving averages while the Relative Strength Index (RSI) comeback has stagnated at 50. Therefore, the pair will likely stage a major pullback since the pennant pattern is nearing its confluence level. If this happens, the next key support will be at $1.10.

The post Sandbox price prediction as a bearish pennant pattern forms appeared first on Coin Journal.