Kategorie: Crypto Analysis

Before its crash a week ago, Terra’s UST was one of the biggest dollar-pegged stablecoins in the market. The coin was finally de-pegged and has since lost almost 90% of its value against the dollar. So, it is obvious that crypto investors are looking for alternatives, and here is why.

• USD linked stablecoins are crucial for most crypto-related transactions.

• Stablecoins also help investors to reduce exposure to other volatile crypto assets.

• USD-linked stablecoins are the main drivers of DeFi.

With this in mind, if you are looking for better alternatives to UST, we have a list of three coins below to check out.

Tether (USDT)

When it comes to dollar-linked stablecoins, nothing compares to USDT. It is the biggest dollar-pegged coin by market cap and one of the more trusted options. 

Data Source: TradingView 

There were some fears after the UST collapse that Tether could lose its peg. But those fears have now been quashed. USDT appears as stable as ever. While the coin is not 100% safe, it is a far better option compared to most of the dollar-pegged coins in crypto right now.

USD Coin (USDC)

USD Coin (USDC) has an overall market cap of around $53 billion. After Tether, it is the second-largest dollar-pegged stablecoin. USDC has shown incredible stability over the last few weeks. 

Even as Tether and other stablecoins appeared to shake slightly in the wake of the UST collapse, USDC remained largely unchanged. It’s therefore a safe option for investors keen on using dollar-pegged coins. Besides, the circulation of USDC is backed by real currencies held in reserve and additional US treasury bonds.

Pax Dollar (USDP)

Pax Dollar (USDP) may not be as big as Tether or USD Coin, but it is a very decent stablecoin. Its market cap is slightly below $1 billion, but that’s not a bad thing. Besides, USDP is fully collateralized. This gives it a bit of extra stability.

The post Top 3 UST alternatives to consider right now appeared first on Coin Journal.

Cardano (ADA) is set for a nice bump over the days ahead as it establishes a consistent price range. The coin has somewhat recovered some of the losses seen in the middle of May and could give investors more returns in the near term. Here are some of the details.

Over the past week, ADA has established a range of between $0.487 and $0.677

The coin is currently trading at the lower side of this range

ADA will likely trace $0.487 in the coming days before it shoots up again

Data Source: Tradingview 

Cardano (ADA) – Price analysis or prediction

After bottoming in mid-May, ADA has seen some slight recovery. The coin has managed to return above $0.5 and appears to be consolidating. However, over the last week, ADA has established a consistent range.

As long as nothing drastic happens in the market, we expect ADA to retrace this range in the days ahead. This will deliver an upswing of around 35%. Besides, if bullish demand grows and ADA investors continue to hold the coin, we may say a decisive breakout towards $0.8. 

But for now, a likely upside of at least 30% appears very likely. However, this analysis will become invalidated if ADA falls out of the range above and loses its $0.471 support. If this happens, the coin will likely fall towards $0.38 before it pulls up again.

Has ADA fully recovered?

ADA is yet to fully recover from the steep losses in May. The coin was above $1 just recently so there is a long way to go. However, from a long-term standpoint, the outlook for Cardano is very robust. 

For this reason, investors keen on accumulating the coin for the long haul should do it now when the price is heavily discounted.

The post Cardano (ADA) set for a 40% upswing appeared first on Coin Journal.

Bitcoin (BTC) has managed to jump back above $30,000 after falling sharply in the last few weeks. There is hope the mega-cap coin is finally back on an upward trajectory. However, technical analysis does not support this and in fact, the surge could be a dead cat bounce. Here are some highlights:

• Bitcoin is struggling to keep the momentum going above the $30,000

• The coin will need to advance above $30,800 before any decisive run

• It is likely BTC will fail to reclaim the $30,800 and fall sharply thereafter 

Data Source: TradingView 

Why Bitcoin will fall below $30,000

The $30,000 price is psychologically important for Bitcoin. In fact, when the coin fell below it, there were fears that it could unravel to $20,000. But Bitcoin has recovered and has finally regained $30,000. 

Although this could be the start of a prolonged recovery, there is still a long way for BTC to go. Based on technical analysis, the coin will need to regain the $30,800 support. So far, it’s struggling to hit the mark. We don’t think BTC has enough bullish momentum to reach that price. 

Also, the rally this week could be driven by short-term dip buyers. It is likely that they may start cashing in once they realize the upside above $30,000 is limited. Eventually, BTC will likely drop in the short term and could retrace losses towards $26,000 before another leg up.

Are Whales accumulating Bitcoin?

Interestingly, most big wallets are invested in Bitcoin for the long term. In fact, large wallets have added more Bitcoin during the may dip. 

For this reason, BTC is likely to remain relatively stable in the short term. The coin could still find its ATH this year but we will have to wait and see if sentiment improves.

The post Bitcoin’s Jumps above $30,000 could be a short term appeared first on Coin Journal.

Polkadot (DOT) has finally managed to get closer to $10 after falling sharply over the last week or so. The coin has also seen decent gains this week as it recovers most of the losses reported in the middle of May. But this bull run is losing steam and a correction appears imminent. Here are some important points:

• DOT is losing steam after testing the $10 price.

• The coin will likely face a major correction as short-term investors lock in profit.

• DOT could fall sharply to $7.35 in the near term.

Data Source: Tradingview 

Polkadot (DOT) – Price prediction

It’s not the first time DOT has done a “fake out” this month. In fact, at the beginning of May, the altcoin tested $10 once more only to be rejected sharply at $10.5. We don’t think conditions in the market have changed that much. In that case, DOT will still fail to surge past $10. 

Besides, the coin has already gained a lot from its May lows. Although the bullish momentum has been good for DOT bulls, at some point it was expected to retreat. DOT will likely retrace the $7.35 support before it tries to rise again. This will represent a loss of around 27% from the current price. 

The price will also be around 70% lower than DOT’s highest price in 2022. However, if bulls can somehow manage to find enough demand to push above $10.5, then DOT will likely push further towards $16.

Why DOT is still a decent buy

The recent price drop in most altcoins has been painful. But this does not change the long-term outlook. Coins like DOT offer incredible utility and are backed by very serious projects. 

It is likely that DOT will return above $20 somewhere this year. That would still be a 2x multiple from the current price today. There is therefore so much upside.

The post Polkadot (DOT) could plunge after correction from its recent rally appeared first on Coin Journal.

Tron (TRX) has rallied impressively this week. The coin is now trying to surge past a strong resistance zone. With good recovery momentum, TRX could see more gains in the near term before any correction. Here are important takeaway points:

• TRX is trying to surge past the $0.075 resistance zone

• If Tron is successful, it could trigger a decisive bull run with impressive gains

• Recovery momentum could play a key role in pushing the price above this mark.

Data Source: Tradingview 

Tron (TRX) – why $0.075 matters

Over the last few weeks, the $0.075 mark has been a huge selling point for TRX. In fact, every time the coin has tried to test this resistance, it has largely been rejected and fallen sharply thereafter. But things are now different. 

First, TRX is very close to this price. It only needs to gain less than 5% to smash past the resistance. Secondly, the coin already has strong recovery momentum. TRX has been trying to pair up some of the losses reported in mid-May. As a result, it has significantly rallied in the last 7 days. We expect this momentum to push the coin well above $0.075. 

But what does this mean for TRX bulls? Well, for starters, converting $0.075 from resistance to support would give the coin a very decent point of consolidation. This could then provide the basis for a decisive bull run that could push TRX well above $1.

Can TRX hit all-time highs in 2022

In general, the crypto market appears to have underperformed in 2022. There is of course a lot of time left for sentiment to turn around. 

But based on what we have seen over the last 6 months, it is unlikely that Tron will hit ATHs in 2022. Despite this, the coin still has the potential to offer 2x or 3x in returns from the current price.

The post Tron’s (TRX) bullish forecast could push the coin above $0.075 in the coming days appeared first on Coin Journal.