Kategorie: Crypto Analysis

Polygon (MATIC) has started to show signs of recovery after a steep correction over the last week or so. The decline in price is part of a broader slump in the wider market, but MATIC appears to be consolidating for its next leg up. Here are the main facts:

• MATIC has managed to hold the $0.8 support despite massive selling pressure.

• The coin can reclaim the important psychological price of $1 in the days ahead.

• This could trigger a bullish uptrend that could deliver at least 25% in gains.

Data Source: Tradingview 

Polygon (MATIC) – price prediction

After hitting a new 2022 high of $1.73, MATIC has lost a lot of its upward momentum. The coin has tumbled over the last two weeks, losing several key supports in the process. The biggest worry for bulls though came after the token fell below the crucial psychological price of $1. 

But despite this selling pressure, MATIC appears to have found strong support at $0.8. The coin has held this level even as the broader market sells off. This is a good sign, in fact, we are seeing some consolidation around $0.8 right now. If this continues, MATIC is likely going to reclaim the $1 price. 

After that, bulls may take over and push the price action higher by at least 25% from the $1 price. Besides, momentum indicators, including the RSI show a bullish divergence that could push the price further upwards.

How to take advantage of this setup?

MATIC has already dipped massively from its 2022 highs. If you ever wanted to own this altcoin, this is the cheapest it has been for a while. It’s therefore a good time to buy, especially for long-term investors. 

As for the short-term play, a good approach would be to wait for the altcoin to reclaim $1. Once this happens, you can buy in and exit at around $1.3.

The post Polygon (MATIC) aims to reclaim $1 after a steep correction appeared first on Coin Journal.

The cryptocurrency market has continued its poor start to the week, losing more than 6% of its value in the last 24 hours. 

The crypto market has been performing poorly since the start of the week. The market has lost nearly 7% of its value in the last 24 hours, and the total market cap now stands above the $1.3 trillion mark.

The market has lost over $100 billion over the past few hours, with LUNA’s poor performance affecting the broader crypto market. 

Bitcoin is down by more than 4% over the past 24 hours and is struggling to maintain its price above the $30k level. Ether has dropped to the $2,300 region after losing more than 3.5% of its value in the last few hours.

FLOW, the native token of the Flow ecosystem, is down by more than 5% over the past few hours. The poor performance comes despite the Flow team announcing the launch of its $725 million ecosystem fund.

In a blog post on Monday, Flow said the Ecosystem Fund would support existing and future developers in building applications on the Flow blockchain. The developers will gain investments, FLOW token grants and in-kind support from the team.

Key levels to watch

The FLOW/USD 4-hour chart is bearish over the past few hours as the market continues to underperform. Despite the positive news, FLOW could record further losses in the coming hours.

The MACD line is beyond the neutral zone as the bearish sentiment in the market thickens. The 14-day relative strength index of 33 shows that FLOW is currently oversold.

At press time, FLOW is trading at $3.49 per coin. If the bearish trend continues, FLOW could drop below the first major support level at $3.10 before the end of the day. 

In the event of extended negative performance, FLOW could trade below $3 for the first time this year. 

The post FLOW is down by 5% despite announcing a $725M ecosystem fund appeared first on Coin Journal.

The broader crypto market declined sharply at the beginning of May. Most coins in the top ten have all fallen by double figures since the beginning of the month. The dip however presents investors will have a decent chance to buy promising coins at a very discounted price. Here is why you should buy:

• The crypto market has proved to be quite resilient over the last 5 months.

• The market has had to deal with serious economic and geopolitical shocks

• Crypto is likely to rebound and surge in the medium and longer term.

For the dip hunters out there, we have a list of three coins below that should be worth watching in May.

Terra (LUNA)

Terra (LUNA) is one of the leading stablecoin platforms in the world. In the month of May alone, the coin has lost over 30% of its value. We do not expect LUNA to rebound immediately. However, this is a project that is backed by very decent fundamentals.

For those of you looking for decent long-term investments in crypto, you won’t find a more suitable option than LUNA. The coin is very cheap right now, considering the potential it offers. It’s time to get it.

Kadena (KDA)

Kadena (KDA) is an innovative blockchain designed to address some of the challenges associated with Proof of Work networks. In essence, KDA offers the security of proof of work models while maintaining high speeds and scalability. The coin has dipped by over 25% in the last few days. It is a prime asset right now for global dip buyers.

Oasis Network (ROSE)

DeFi protocols like the Oasis Network (ROSE) have also seen sharp falls this month. ROSE is now over 20% down from its price at the start of May. However, considering that it remains one of the high potential DeFi projects right now, the 20% drop is a great opportunity to stock up on ROSE cheaply.

The post Top 3 coins to buy as the crypto market dips appeared first on Coin Journal.

LUNA is one of the worst performers amongst the major cryptocurrencies by market cap.

The bearish sentiment in the market grows ticker as the market lost over $100 billion in the last 24 hours. The crypto market has lost more than 2% of its value in the last 24 hours and the total market cap now stands below $1.5 trillion.

Bitcoin briefly dropped towards the $30k psychological level before rebounding to now trade at $31,800 per coin. Ether continues to trade above $2,400 and is up by less than 1% despite the broader market in a bearish situation.

However, the biggest loser amongst the top 20 cryptocurrencies by market cap is LUNA, the native token of the Terra ecosystem. 

LUNA is down by 44% over the past 24 hours and has lost its place amongst the top 10 cryptocurrencies by market cap. The coin now occupies 13th place in the market.

The bearish performance came after Terra’s UST stablecoin slipped below its dollar peg twice yesterday. UST dropped to $0.69 yesterday, resulting in questions about the stablecoin’s stability.

UST’s predicament led to LUNA losing more than 40% of its value over the last 24 hours.

Key levels to watch

The LUNA/USDT 4-hour chart is one of the most bearish amongst the top 20 cryptocurrencies by market cap. 

The MACD line is below the neutral zone, indicating bearish momentum. Furthermore, the 14-day RSI of 21 shows that LUNA is currently oversold.

At press time, LUNA is trading at $33.05 per coin. If the bearish trend continues, it could drop below the $30 support level soon.

However, LUNA has shown signs of recovery over the past few hours and could move past the first major resistance level at $39 before the end of the day.

The post Here is why LUNA is down by more than 40% in the last 24 hours appeared first on Coin Journal.

Ethereum (ETH) is now on a full downtrend. The coin has breached several crucial support zones and fell below $2500 for the first time in weeks. The decline follows a broader sell-off in the market, and it is likely that more losses are coming. Here are the main takeaways:

• ETH is now firmly in a bearish trend and could lose $2000 in the coming weeks.

• A trend reversal appears unlikely, and ETH holders appear to be selling fast.

• If the coin loses $2300, there will be sharp declines thereafter.

Data Source: Tradingview 

Ethereum (ETH) – is there any hope?

Growing fears of stagflation in the US appear to be driving much of the selloff in crypto. Investors are also processing the news that the US economy could slow significantly this year and even head into a biting recession. 

Under such economic conditions, we expect Ethereum and the broader market to be highly volatile in the medium term. While the overall outlook for Ethereum in the longer term remains positive, the coming few weeks will be brutal. 

After losing two key support zones of $2800 and $2500, ETH is now hovering dangerously close to its next support of $2300. This zone has held strong so far. But it’s very hard to imagine the price action will remain above $2300 for long. As pressure mounts, ETH will likely fall below $2300 and soon after, the coin could spiral below $2000 in no time.

What next for Ethereum investors?

Most Ethereum investors have always held the coin for the long haul. There is no reason to panic. This dip was largely expected. If you are still a believer in crypto, then ETH is one coin you cannot afford to ignore. Even with the recent sell-off, ETH could still end 2022 higher than it started. But in the weeks ahead, we expect the coin to fall sharply.

The post Ethereum (ETH) falls below $2500 – What to expect next appeared first on Coin Journal.