Kategorie: Crypto Analysis

The cryptocurrency market underperformed over the weekend, and Bitcoin could record further losses soon.

The broader cryptocurrency market has been in a bearish trend over the weekend. In the last 24 hours, the total cryptocurrency market cap has dipped by more than 4% and currently stands above $1.7 trillion.

Over the past seven days, the broader crypto market has lost more than $200 billion. Bitcoin remains the number one cryptocurrency by market cap but has recorded losses over the past few days.

At press time, Bitcoin is trading above $38k per coin, down by more than 2% over the last 24 hours. If the market momentum is maintained, Bitcoin could face further selling pressure and could slip towards the $35k psychological level before the end of the week.

Key levels to watch

The BTC/USD 4-hour chart is bearish at the moment as the bearish sentiment in the market thickens. The technical indicators show that BTC could suffer further losses over the coming hours and days. 

The MACD line is below the neutral zone, indicating strong bearish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin could soon enter the oversold region if the current market condition persists.

If the bears remain in control, Bitcoin could slip below the first major support level at $37,102 before the end of the day. This would be the first time Bitcoin will trade below $38 since the start of the month.

In the event of an extended bearish run, Bitcoin could be forced to defend the second major resistance level at $35,289. Bitcoin hasn’t tested the $35k psychological level since February.

However, if the bulls regain control, Bitcoin could test the $40k resistance level over the next few hours. The second major resistance level at $42,154 should cap any further upward movement in the short term.

The post Bitcoin risks dropping towards $35k as the bearish trend thickens appeared first on Coin Journal.

Polkadot (DOT) has entered a make-or-break period after several failed attempts to rally. The coin has remained sluggish, and what happens next could either send the price sharply lower or push it higher in a more decisive way. Here are some notable facts:

• DOT has been trading between a range of $16 and $23 for most of the year

• At the moment, it is on the lower side of that range at around $17.3 in price

• A drop below $16 could prove catastrophic for DOT bulls

Data Source: Tradingview 

Is Polkadot heading for a sell-off?

As noted above, Polkadot has reached a make-or-break moment. The coin has ranged between $16 and $23 for most parts of 2022. In fact, this range is shaping out to be a long-term trend and as such, it is important to watch it. 

For DOT bulls, the key is to make sure the price stays within this range. If bears push the coin below $16, then everything may start to unravel. DOT will face a stiff sell-off and may end up bottoming at $8 in the near term. 

But there is a flip side to all this. It depends on if DOT will maintain its $16 – $23 range. If the coin can manage to stay above $16 for a few days, then a run towards $23 will be well on and truly in sight.

Polkadot’s long term upside

The longer-term upside for DOT is still positive. The coin could still deliver 3x in value from its current price by the end of 2022. But in the short term, it’s hard to see the token going past $23. 

The trend line that we have discussed above appears strong. As such, DOT will likely bounce off between $16 and $23 in the near term. But this theory will become invalid if the price falls below $16 in the days ahead.

The post Polkadot’s (DOT) failed rally exposes the coin to serious downside risks appeared first on Coin Journal.

Stellar (XLM) has seen a period of recovery after going off the cliff at the start of April. However, after hitting a high of around $0.24, XLM has gone through a serious correction. As a result, the coin is facing a lot of downward pressure. Here are some takeaways:

• Despite the recent sell-off, XLM is still holding the crucial $0.18 support.

• Any fall below $0.18 could precipitate a decisive downtrend in the near term.

• The coin is however looking strong and could push further upwards.

Data Source: Tradingview 

Stellar (XLM) – The downside risks

The current downtrend that we have seen with XLM is slowing. Even though the coin has lost around 5% over the last 24 hours, there is enough to suggest that any further decline is not on the horizon. But the key for XLM bulls would be to make sure that the price action stays well above $0.18. 

In the past few weeks, this price has proved to be a strong support zone. If bulls are however not able to hold it, we could see XLM spiral into a much-prolonged downtrend. In the end, the coin may hit its March lows of $0.16 before it tries to find any upward momentum. 

But even with these downside risks, it is important to note that the upward potential for XLM still remains very uncertain. As of now, $0.24 remains the upward cap. Even if the coin rallies in the days ahead, it is unlikely to cross $0.24 anytime soon.

Is Stellar a decent buy today?

From a short-term point of view, it would be best to monitor XLM till Monday and see if it manages to maintain $0.18. If this happens, then you can enter and exit right before $0.24. But if the coin falls below $0.18, you must give it a week or so for the price to bottom before you buy.

The post Stellar (XLM) price analysis: Why bulls must hold $0.18 support appeared first on Coin Journal.

The crypto market started in 2022 badly. Most coins have since recovered from this slump, but they are nowhere near their highs. While there are still several risks in the broader market, 2022 could still turn out to be a great year for crypto. Here is why:

• Traditional asset classes have severely underperformed, and this could push investors into crypto.

• Some of the concerns investors had at the start of the year are slowly abating

• Crypto still remains a high growth asset despite its rocky volatility

Well, for investors who are looking for crypto gems that still have the potential to do well in 2022, here is the full list:

Decentraland (MANA)

Although the crypto market was hit hard at the start of 2022, metaverse coins like Decenterland (MANA) faced steeper falls. The coins have recovered somehow, but they are still very low compared to previous expectations.

Data Source: Tradingview 

The good news is that interest in the metaverse will keep growing. As a result, it is likely that MANA and other metaverse coins will turn things around before the end of the year.

Fantom (FTM)

Fantom (FTM) has had several hurdles to cross this year. After a poor start to the year, Fantom also reported that one of the main founders had left the project. This dented investor confidence, and the coin tanked. But we have seen a bit of recovery. Fantom still remains a very reliable DeFi project. It is worth watching it in 2022.

Loopring (LRC)

Loopring (LRC) is an Ethereum scaling solution that has been experimenting with a number of new technologies, including ZK Rollups. While the price has consolidated over the past few weeks, LRC still has so much potential. It is one of the few coins that can actually be 5x your money this year if conditions in the market improve. LRC however faces massive competition from other Ethereum scaling solutions.

The post These coins could still deliver superb gains despite a slow start in 2022 appeared first on Coin Journal.

Tron (TRX) has edged higher this week, even as other major coins struggle to report serious gains. The coin is however not done yet, and we could see more gains in the days ahead. Keep reading for more analysis but first, here are the main takeaways:

• Tron has outperformed the market and is up around 15% for the week

• The coin will target to clear $0.085 in the near term

• The momentum oscillator also shows TRX is bullish

Data Source: Tradingview 

Tron (TRX) – Price prediction

The crypto market in general has had a very sluggish week. But Tron has been doing quite well compared to other coins. The token is now up around 15% for the week, and more upside is still expected. In fact, if the current momentum holds, TRX will likely test the $0.085 mark in the days ahead. This will represent gains of around 35% from the current price. 

However, this bullish case will only be feasible if TRX closes the day above $0.7. At the moment, the coin has fallen slightly below this mark. But looking at the higher lows and higher highs set over the last 24 hours, it is very likely that TRX will in fact close well above $0.7.

Besides, the current momentum is pushing TRX very close to its 200-day EMA. If bulls breach this level, then we could see a sustained period of growth for Tron.

Why is Tron a worthy investment?

Tron is rated among the top 10 blockchain infrastructure projects in the world. if you are looking to invest in crypto long-term, this would be a decent coin to buy. 

Even in the short term, TRX still offers incredible opportunities. In fact, the coin has fallen sharply from its all-time highs. This dip could provide a nice opportunity for investors to cash in on Tron’s recovery over the coming months.

The post Tron (TRX) is targeting more gains after a superb bullish week appeared first on Coin Journal.