Kategorie: Crypto Analysis

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.

The cryptocurrency market has struggled over the weekend as the bearish sentiment continues.

The cryptocurrency market has lost less than 1% of its total value over the past 24 hours. The total crypto market now stands above $1.2 trillion after losing nearly $300 billion the previous week.

Bitcoin remains the world’s largest cryptocurrency by market cap and has been struggling in recent months. At press time, Bitcoin is trading at $29,683, down by 11% over the last seven days.

The leading cryptocurrency has been struggling to regain its value above $30k since dropping below this crucial threshold for the first time this year a few days ago. The Terra crisis has affected the broader cryptocurrency market, and numerous cryptocurrencies are yet to embark on solid recoveries.

If the bearish sentiment continues, Bitcoin could continue to struggle below the $30k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin has underperformed in recent days. The technical indicators show that the bearish sentiment could grow thicker in the coming hours.

The MACD line has been below the neutral zone since the 5th of May. The MACD reading currently stands at -75, indicating a bearish trend for Bitcoin. 

The 14-day relative strength index of 49 shows that Bitcoin could drop into the oversold region if the recent market momentum is maintained.

Bitcoin could drop below the first major support level at $28,447 before the end of the day. However, the leading cryptocurrency should maintain its value above the $27,500 support level in the short term.

If the bulls regain control of the market, BTC could rally past the first major resistance level at $31,352 over the coming hours or days. Unless there is an extended bullish performance, the second major resistance level at $35,152 should cap further upward movement over the next few days.

The post Bitcoin is still struggling to break past the $30k resistance appeared first on Coin Journal.

If there is one thing that we can agree on about the crypto market right now is that volatility is here to stay. Yes, crypto has traditionally been known as a highly volatile market. But in 2022, things have been quite unpredictable, to say the least. Here are some of the factors pushing this volatility:

• There are unprecedented economic and political risks in the world.

• Investors are wary of growing monetary tightening by the Fed

• Short term positions are dominating crypto investing at the moment

Well, if you want to trade in volatile market conditions, there are a few coins you can consider. Here are the top 3:

Dogecoin (DOGE)

Contrary to what most people believe, volatility in the market is not necessarily a bad thing for investors. Memecoins in particular tend to offer extraordinary volatility.

Data Source: Tradingview

While these price swings can be quite upsetting, they offer great opportunities to buy low and sell high. Dogecoin (DOGE) is one coin that should deliver immense volatility for swing traders. That way, it will be much easier to buy and sell the coin with short-term positions.

FTX Token (FTT)

For investors who are probably looking for a relatively stable coin to trade, FTX Token (FTT) is a good start. The coin will not swing wildly as DOGE or other meme coins. In fact, during the recent crypto crash, FTT managed to limit losses significantly. It is perfectly suited for people who simply need a coin that is easily predictable in the market.

Cosmos (ATOM)

There are some coins that will consistently deliver value in the long run. Yes, they are volatile every day but after a year or so, they will offer you decent returns on capital. Cosmos (ATOM) is one of these coins. It is backed by superb fundamentals and has since grown massively over the past few months. It’s a great long-term bet in crypto.

The post Top 3 coins to buy in this highly volatile market appeared first on Coin Journal.

Ripple (XRP) appears to have stopped the bleeding after two days of steep decline. The coin has in fact found some bullish uptrend in what looks like a trend reversal. But can it actually bounce back right away after crashing at the start of the week? Details are below but first, key points.

• XRP tried to test $0.5 after two days of steep losses

• The coin was however rejected at that price and has since fallen 10%

• XRP will likely retest $0.5 again this week as bulls try to find more demand

Data Source: Tradingview 

Is Ripple bouncing back?

It is important to be aware of the dead cat bounce in crypto right now. You see, after every crash, we often see some trend reversal where coins rally only to fall again. For XRP, the attempted surge towards $0.5 appears to be a dead cat bounce. 

The fact that the coin was rejected firmly in this attempt shows that there is very little demand at the moment. Besides, overall sentiment in the crypto market has not changed that much. While we expect XRP to try and reach $0.5 in the coming days, it is likely the coin will fail again. 

Also, XRP still faces crucial hurdles even if it was able to go above $0.5. The price action will struggle to maintain any prolonged upward momentum right now. For these reasons, the outlook for XRP still remains bearish in the short term.

When will XRP recover?

There were hopes that the second quarter of 2022 would provide much-needed impetus for crypto. But it is clear that sentiment in the broader market has not yet shifted significantly in a positive way. 

As such, XRP will likely face a period of high volatility until the end of June. But from a long-term point of view, there could still be superb gains by year’s end.

The post Ripple (XRP) tests $0.5 in the recent rally – Can it bounce back from the crypto crash? appeared first on Coin Journal.

Apecoin (APE) is trending upwards today in line with the broader recovery in crypto. The coin appears to have paired some of the losses we saw in the last few days. But can this renewed bullish momentum push the coin above $10? More details to follow below but first, some highlights:

• Apecoin has surged by over 40% over the last 24 hours

• The breakout comes after nearly two weeks of negative sentiment around the coin

• Reclaiming $10 could pave the way for a decisive run in the near term.

Data Source: TradingView 

Apecoin (APE) price analysis

The road towards $10 for APE now seems very plausible. After two weeks of weakness, APE has decisively trended upwards. Although the broader crypto market has recovered from losses over this week, APE is outperforming the market by almost 3 times. 

If indeed the current momentum breaks the $10 mark, it will open a new window of opportunity that could allow this NFT-based coin to surge even further. In fact, it is plausible that APE could rally towards its April highs and cross above $20. This will represent gains of up to 200%. 

Despite this, it is important to note that this renewed uptrend could just be a normal pullback. After all, the crypto market had crashed over the last few days. It was expected that the downtrend would stop slightly as it always does. If APE is not able to hit $10 in the coming days, we may see more losses again.

Can you profit from APE right now?

APE has performed quite well in 2022. But after hitting highs of around $24, the coin has faced a very steep and costly correction. Right now, APE is still trading at a huge discount compared to its previous highs. 

While we are not saying the coin will surge towards $24 in a few days, if you want to hold it for some months, this would be the most ideal time to buy.

The post Apecoin sees renewed bullish momentum – Can the coin breach $10? appeared first on Coin Journal.