Kategorie: Crypto Analysis

Algorand (ALGO) has become one of the more resilient top coins in the market. Despite facing increased pressure, the coin has managed to hold a key support zone. It now looks like the price action has reached an important intersection that could trigger a 60% rally.

• ALGO has found strong support at the $0.675 mark.

• The coin has also reached an important intersection between liquidity and support.

• This could trigger a massive bull run with gains of over 60% in the near term.

Data Source: Tradingview 

Algorand (ALGO) – What to expect next

The key for ALGO right now is the $0.675 support. If the bulls hold that, then we could be looking at a very good run. At the moment, Algorand is trading at $0.693, relatively higher than the aforementioned support. 

More importantly, below the $0.675 support zone is what we call sell-stop liquidity that was formed in the middle of 2021. That liquidity is going to become more decisive. If this happens, then it is likely that ALGO will swing above $1 or higher.

This will go a long way in recovering some of the losses the coin has reported over the last two months. After all, ALGO still remains 78% lower compared to the highs of November 2021. 

But there is some downside risk as well. However, even if ALGO loses the $0.675 support, the 60% rally could still happen. The only way this uptrend could be invalidated is if the coin drops below $0.62.

What next for Algorand (ALGO)

The massive plunge we have seen in Algorand (ALGO) is not a surprise. Much of it has nothing to do with the fundamentals but more to do with broader pressures in the market. 

As sentiment starts to turn around, ALGO will reclaim its glory days. The coin could in fact get to $5 by the end of 2022. It’s, therefore, something to watch for any investor.

The post Algorand (ALGO) could rally by nearly 60% appeared first on Coin Journal.

Dogecoin spiked after Musk said he was not selling his cryptos.

• Dogecoin spikes after Elon Musk announced that he was not selling his cryptos.

• The move is a big deal and shows that Elon Musk still has sway over Dogecoin.

• Dogecoin is still range-bound, just like the rest of the market.

Dogecoin (DOGE) is the largest of the meme coins that came to prominence in 2020. While the meme coin fever has slowed down significantly, Dogecoin remains one of the most likely to pump if the market turns bullish again. That’s because it has the backing of Elon Musk, one of the wealthiest people in the world and a powerful voice in crypto. 

His power was most evident in May 2021, when the price of Bitcoin tanked after he questioned its environmental credentials. Today, his influence on the market was reinforced after he stated that he would not be selling his crypto holdings, including Dogecoin.

The impact of Musk’s sentiment was a massive uptick in the price of Dogecoin before it continued with the range-bound trading that has characterized its price action over the past few weeks.

The implication is that Dogecoin could be crypto that could give investors extraordinary returns once the markets turn bullish again. That’s because Elon Musk has his eyes set on space colonization and has been very vocal about it. Back in 2021, he announced that he was looking into interplanetary commerce and cryptos in it.

He was even part of a project called Doge-1, whose goal was to test the applicability of Dogecoin in interplanetary commerce. While the Doge-1 mission seems to have slowed down, there are always the prospects that it could come back and easily push Dogecoin to new heights.

Dogecoin continues trading in a range.

 

Source: TradingView

Like the rest of the market, Dogecoin is range-bound. Dogecoin is currently trading between an upper bound at $0.1195 and a lower bound at $0.1104. If bulls break the upper range at $0.1195, then prices above $0.13 could be hit in the short term.

However, if bears take control and push Dogecoin through the lower bound at $0.1104, then prices below $0.10 could easily become a reality in the short term.

Summary 

Dogecoin spiked on March 14th after Elon Musk said that he would not sell any of his crypto holdings. It goes to show that Elon Musk has significant sway on Dogecoin. If his forays into space are anything to go by, Dogecoin could see a massive rally if he chooses it for any of his space adventures.

The post Musk still believes in Dogecoin and it’s a big deal – Here is why appeared first on Coin Journal.

When you think about cross-chain interoperability, the first thing that comes to mind is Polkadot (DOT). It is by far one of the biggest cross-chain networks in the world. But there are many other projects too that you can consider other than DOT. Here is why:

• DOT has achieved most of its potential and is unlikely to deliver 100x in the near term.

• Innovations around cross-chain have been coming in fast.

• Cross-chain projects will dominate the market in the next two or three years.

So, if you are wondering which cross-chain crypto assets to consider buying, check out our top 3 list below.

Cosmos (ATOM)

When Cosmos (ATOM) launched a few months ago, it was dubbed the “mother of cross-chain”. In fact, the primary goal for this project is to create a network of interconnected blockchains with the seamless operation and superb speeds in transactions. 

Data Source: Tradingview 

Cosmos is going to completely revolutionize the internet and has so far gained a lot of traction in the crypto market. As of now, Cosmos (ATOM) has a market cap of around $7.4 billion. The coin is also selling at $26.

Ren (REN)

As for investors who are looking for a medium cap coin in the cross-chain space, then Ren (REN) is a decent option. The coin is designed to offer cross-chain liquidity across various blockchains. It is also fairly new and under the radar, having launched in May last year. At the moment, REN has a market cap of around $350 million. There is a lot still to come from this project.

Synapse (SYN)

Synapse (SYN) is designed to work more or less like a bridge between Layer 1 and Layer 2 solutions. It does this while still maintaining overall efficiency as well. The coin has a market cap of about $450 million as we speak.

The post The best cross-chain interoperability tokens to buy this month appeared first on Coin Journal.

ThorChain (RUNE) has been the best performing coin in the top 100 cryptocurrencies. The coin has gained over 60% in the last 7 days. This comes as other crypto assets struggle to find any decent uptrend. But can RUNE actually keep this up?

• At press time, RUNE was trading at $7.43, up nearly 18% over the last 24 hours.

• The surge is largely driven by news that ThorChain has launched synthetic assets trading.

• We expect this momentum to keep up in the coming days.

Data Source: Tradingview 

ThorChain (RUNE) – When to expect a pullback?

As noted above, the surge that we have seen in ThorChain has largely been driven by positive chain news. Just the other day, the platform confirmed that it was launching support for synthetic trading. This means that users can now swap various assets with RUNE and can trade other DeFi synthetic assets on the ThorChain. 

Shortly after news of this support was announced, RUNE was up 37%. The trend has continued, with gains now surging above 63% for the week. It is likely that the uptrend will continue as more investors digest this news. 

But we expect some pullback by the end of the week. At the time of writing, RUNE was trading at around $7.4. The coin will eventually stabilize around $6.5 or thereabout.

Is ThorChain (RUNE) worth it?

Yes, ThorChain (RUNE) is indeed worth it. The project has been highly undervalued to be fair, and we are starting to see just how good it can be. 

Some analysts in fact believe that a push above $10 is possible before the end of the month. Besides, even from a long-term point of view, ThorChain still remains a decent asset to add to your portfolio.

The post ThorChain (RUNE) is up over 60% for the week – Can this growth keep going? appeared first on Coin Journal.

VeChain (VET) has dropped for the last 4 days in a row in what appears to be a bloodbath. But contrary to what you’d believe, VeChain has actually been more resilient. Although it’s fallen, it has not been as much as other crypto assets. So, what does the road to recovery look like?

• VeChain (VET) will face major resistance at $0.06 as it looks for its next bull run.

• The coin is currently trading at $0.045, down around 3% for the day.

• Any bullish breakout will only come if VET clears $0.06.

Data Source: Tradingview 

VeChain (VET) – Price prediction and analysis

The resilience that VET continues to show has been quite commendable. But despite this, the coin still remains on a bearish long-term trend. However, there are signs that the coin is trying to consolidate. The key will be to watch the $0.06 resistance. 

While VET has tested that price in recent weeks, it has been rejected almost every time. As sentiment in the crypto market improves, VET bulls will target another stab at $0.06. If they are able to pull above it, then we could see a rally that takes the coin well towards $0.08.

This will be nearly 45% higher than the current price. But if VET is rejected again at $0.06, it could slide back down to $0.03 before it tries to consolidate once more.

Why buy VeChain (VET) now?

As noted above, the long-term trend for VET has been bearish. The coin has fallen substantively from its all-time highs and continues to struggle to find any demand. 

But the underlying fundamentals of the VeChain network have always been stellar. Also, the long-term outlook for VET is very positive. The recent downtrend offers investors the chance to buy into the project at a smaller price than they would have under different circumstances.

The post VeChain (VET) faces strong resistance in its road to recovery – How long should you wait? appeared first on Coin Journal.