Kategorie: Crypto Analysis

The crypto market has pulled back after the end of March rally. Tron (TRX) has been hit hard, and it seems like the coin is starting to get bearish barely days after posting one of the best uptrends this year. The coin could plummet even further before consolidation. Here are some of the key facts:

• The 3-day chart since Monday shows TRX has formed a large bearish trend

• Momentum indicators like RSI also show that the coin is bearish.

• Tron will likely drop to $0.5 before it finds its bearings again.

Data Source: Tradingview 

Tron (TRX) – The bearish short-term trend

There were a lot of positive outlooks on Tron last month. The coin had managed to post a 30% counter-trend rally which would later give way to a sustained bull run that saw TRX hit 2022 highs. 

Based on this, it was expected that overall, the coin would continue to post gains and even test $ 0.2 in the near term. But the bullish trend appears to have sharply reversed. TRX has lost a lot of value this week, and its 3-day candle now points to a bearish outlook.

TRX also remains very far away from the next overhead resistance. This suggests that bears are now in control and will look to take the price to $0.05 before any other bull run. This will represent sustained losses over the last week of nearly 30%. However, a close above $0.82 will invalidate this prediction.

Should you stay away from Tron?

For now, TRX remains highly risky so it may be best to stay away for a while. Since the coin is already on a downtrend, buyers can wait to see how soon it will bottom at $0.05. 

Once it hits this price, it is likely that TRON will consolidate. This will be the perfect time to buy, provided overall conditions in the market are positive.

The post Tron (TRX) continues to plummet and could bottom at $0.05 in the days ahead appeared first on Coin Journal.

After reporting a sharp fall over the last three days, it seems like Loopring (LRC) has started to consolidate. The coin could find enough demand for another rally in the coming days. But how fast will this happen? More analysis to follow but here are the latest developments:

• Despite the recent fall, LRC is still within an important upward trend line

• The coin also shows a bullish signal on the Relative Strength Index (RSI)

• LRC could surge towards $1.2 before it tries to consolidate once again.

Data Source: Tradingview 

Loopring (LRC) – Analysis and price prediction

The last 3 days have proved quite difficult for LRC holders. The coin has seen a major drop and was in fact down by around 7% in the last 24 hours. But this doesn’t mean the token is in a bear market. 

We are in fact seeing a period of price consolidation within a very important upper trend line. As such, we expect LRC to report more gains in the days ahead. Conservative estimates show that the coin could hit $1.2 before it finds further momentum. This will still represent a gain of around 20% from the current price.

Also, the RSI reading shows LRC is now in oversold territory. This could suggest that any risk of another major sell-off is highly unlikely. This analysis will however be null and void if LRC falls below $0.735.

Why should you buy LRC now?

Loopring is a scaling solution for Ethereum that has a lot of star-studded investors. It’s a project that has great long-term value. There is also an opportunity to make a return on a short-term trade.

Since the coin is roughly trading at around $1 right now, there is a likely 20% upswing in the days ahead if the surge towards $1.2 happens. The perfect entry zone for this short-term play will be between $0.74 and $1.

The post Loopring (LRC) could rally to $1.2 in the near term – Here is the setup appeared first on Coin Journal.

Cryptocurrencies have lost the shine they had in 2021. Most of them have dropped by more than 40% from their all-time highs and the volume of coins being traded every day has fallen. Still, amidst the chaos, some cryptocurrencies will continue doing well. In this report, I will explain why Terra is the best cryptocurrency to buy right now.

What is Terra?

Terra is a leading blockchain project that was started by a group of South Korean software developers. Their goal was to use the inspiration of Bitcoin to build a new form of money that is simple to use and safe. Their first product using its network was a platform known as Chai, which has grown to become one of the most popular fintech app in the country.

Today, Terra is known mostly for its algorithmically-adjusted stablecoins. A stablecoin is a cryptocurrency that is backed by another stable asset like the US dollar. Unlike Tether and USD Coin, Terra’s stablecoins are affected by market forces of demand and supply. When demand for Terra is high and supply is low, its prices increase and vice versa.

ITerra USD is the fourth-biggest stablecoin in the world with a market cap of over $16 billion. It also has TerraKRW (KRT) which has a market value of about $30.7 million. 

Terra has been growing

Terra’s governance coin is known as LUNA. According to CoinGecko, it has a market cap of over $35 billion, making it the eighth biggest coin in the world.

Terra, like other blockchain projects like Solana and Near, has raised billions of dollars from venture capital firms. In February, the developers raised $1 billion through a token sale. At the time, the developers said that they would use these funds to build a Bitcoin reserve for its stablecoins.

And in March, the developers announced that they would buy Bitcoin worth $10 billion and Avalanche worth $200 million. The goal of these purchases is to let them back their stablecoins, which have become very successful.

Terra ecosystem

In addition to Terra’s ecosystem, another reason why it has become my best cryptocurrency to buy is that its ecosystem has been growing. 

While Terra is known for its stablecoins, the reality is that it is widely used in other places as well. The most notable of them is the fact that Terra is used as a platform for building decentralized finance (DeFi) applications.

The success of Terra’s stablecoins and LUNA in the marketplace has attracted more developers to the ecosystem. In fact, according to DeFi Llama, Terra has become the second-biggest platform for DeFi developers after Ethereum. And if the trend continues, there is a likelihood that it will pass Ethereum in the coming years.

Terra has a total value locked (TVL) of $28 billion. Some of the biggest applications in the ecosystem are some of the largest in the industry.

For example, Anchor Protocol is the biggest DeFi platform built using Terra’s technology. It has a TVL of $15 billion and is still in a strong growth path. It is followed by Lido, which has a TVL of $8.22 billion, and Astroport which has $1.6 billion. Other leading DeFi apps built using Terra are Stader, Mirror Protocol, and Prism Protocol among others.

What is notable is that 11 apps in Terra’s ecosystem have a TVL of more than $100 million. This is a substantial number considering that its ecosystem is still small and growing.

Terra price performance

Another reason why Terra is my best cryptocurrency is that its performance tends to be uncorrelated with Bitcoin and other coins. For example, as shown below, LUNA jumped to an all-time high in 2021. At the time, Bitcoin was still substantially below its all-time high. Moreover, it has outperformed Bitcoin and other coins over the years, making it a good coin to buy.

Learn how to buy Terra here, or invest with our preferred trading platform below.

*This is not financial advice.

The post My Top Cryptocurrency to Buy Right Now appeared first on Coin Journal.

Many coins are experiencing a mixed start to April. Polygon (MATIC) in particular, appears to be losing momentum after a strong push at the end of last month. But despite this, the altcoin is still eying some all-time highs in the near term. Here are all the facts you need to know:

• MATIC still remains within a crucial demand zone despite falling 8% in 24 hours.

• Technical indicators suggest that a surge towards $2 is highly likely this week.

• This could open up a door for a new all-time high of $3 in the near term.

Data Source: Tradingview 

Polygon (MATIC) – The road to ATHs

Hitting $3 may have seemed inconceivable for MATIC a few weeks ago. The coin was really struggling to find any upward momentum. But things have really turned around. At one-point MATIC was in fact testing $2 albeit it has since fallen ever since.

But even with this slowed uptrend, the coin is now between a crucial demand zone of between $1.44 and $1.55. If bulls are able to maintain the price within this range, it is likely that MATIC will break out and race towards $2 again in the coming days.

The key thing after this would be to see just how long the price can stay above $2. If we see a sustained push above $2, it will only be a matter of time before MATIC smashes $3, setting a new all-time high in the process. This thesis will however be invalidated if the price closes below $1.44.

Is MATIC a good buy now?

As long as MATIC remains within the demand zone listed above, we believe it has a lot of upward momentum. It would therefore make sense to buy it and exit at around $2. Long-term investors can also grab MATIC right now before they are priced out in the coming rally.

The post Polygon (MATIC) eyes new all-time highs – Can it actually do it? appeared first on Coin Journal.

Cryptocurrencies have been some of the best-performing assets to invest in lately, For example, while the S&P 500 index has risen by about 90% in the past five years, Bitcoin has surged by over 3,400% in the same period. Other coins have done even better. In this article, we’ll look at the best crypto for beginners to invest in and why.

1. Bitcoin (BTC)

Bitcoin is the best-known cryptocurrency globally. It was the first coin ever started and its total market cap has surged to over $800 billion and is the best crypto for beginners because of the volume of material available about it. 

Most importantly, BTC is usually the main driver for other digital coins. They tend to rise when Bitcoin rises and vice versa. Further, Bitcoin is offered by most online exchanges and brokers. It has also had a lot of success over the years as its price has risen from less than $1 to a peak of almost $70,000.

Learn how to buy Bitcoin with our in-depth guide or invest with our recommended platform below.

2. Ethereum (ETH)

Ethereum is a giant in the blockchain industry. It is a second-generation platform that has smart contract features. These tools make it possible for people to build other decentralized applications (dApps). Today, 80% of all blockchain projects have been built using Ethereum’s platform. 

For example, in DeFi, popular platforms like AAVE, Curve, Maker, and Compound were all built using Ethereum. Similarly, in the non-fungible token (NFT) industry, Ethereum was used to build popular platforms like OpenSea and Axie Infinity. The same is true in the metaverse, where it was used to build Decentraland.

All this has happened at a time when Ethereum is facing strong competition from the likes of Solana, Avalanche, and Terra. As it moves to a proof-of-stake network, there is a possibility that its demand will keep rising.

Learn how to buy Ethereum with our in-depth guide or invest with our recommended platform below.

3. Terra (LUNA)

Terra is another cryptocurrency to invest in by beginners. It is built using the Cosmos SDK and has been used in a number of ways. For example, developers have used Terra to build some of the biggest DeFi apps like Lido, Astroport, and Anchor Protocol. 

At the same time, Terra has been used to build some of the top stablecoins in the world like Terra USD, which has a market value of $16 billion. In South Korea, Terra was used to build Chai, a leading money transfer company. Therefore, Terra will likely keep growing in the next few years.

Learn how to buy Terra with our in-depth guide or invest with our recommended platform below.

4. Cosmos (ATOM)

Cosmos is a platform that is playing an important role in the blockchain industry. Its main goal is to use the Inter-Blockchain Communication (IBC) protocol to promote the communication of cryptocurrencies. It solves the challenge where most cryptocurrencies don’t communicate with one another. 

Cosmos also has an SDK that has been used to build popular blockchain projects like Terra, ThorChain, and Osmosis. It also has a big stake in Gravity DEX, which is set to become independent soon. Therefore, there is a likelihood that Cosmos will keep growing in the coming decades. This makes it a good cryptocurrency to buy among beginners.

5. Chainlink (LINK)

Chainlink is a unique cryptocurrency that is good for both beginners and experienced traders. It is a blockchain project in the smart oracle industry. Its role is to make the blockchain work by enabling developers to link off-chain data to on-chain platforms. 

As a result, its work is so important since most developers will always use its service. Chainlink has also become a leading player in the verifiable random number generator (VRF). VRF helps to promote security for blockchain platforms. Therefore, Chainlink is a good cryptocurrency for beginners because of its important role in the industry.

6. Dogecoin (DOGE)

Dogecoin is another cryptocurrency recommended to beginners. It is a coin whose goal is similar to Bitcoin in that it helps people send money. While DOGE was started as a joke, its role has become integral in the industry. 

Its prominence has been because of Elon Musk, the wealthiest person in the world who has promoted it. Many people now use Dogecoin to make some transactions and even pay tips in hotels. 

Dogecoin is a good cryptocurrency for beginners because of its cheap price and the fact that it has a long runway for growth. A single DOGE goes for $0.144, meaning that with just $100, one can buy 694 coins.

7. Cardano (ADA)

Cardano is a well-known cryptocurrency that is widely seen as a good alternative to Ethereum. It is a proof-of-stake platform that hopes to become the default place for developers to build their decentralized apps. While Cardano was founded in 2016, its smart contract features came only in 2021.

In the past few months, the number of developers using the network has grown and there is a possibility that this trend will continue. This makes it a good buy for beginners.

8. Cronos (CRO)

Cronos is a relatively new blockchain project that seeks to become a favorite among developers. Its mainnet beta was launched in November 2021 and in a few months, the amount of activity has been rising. According to DeFi Llama, the network has a total value locked of over $4 billion. This is a substantial figure considering that it is now the biggest platform in its industry. Therefore, Cronos is a good investment because of its strong growth.

9. Filecoin (FIL)

Filecoin is a web3 platform that is seeking to disrupt the file storage industry. It is using decentralization to make it easy for people and companies to improve their storage needs. It uses people from around the world to provide their free storage. It then rewards them with the FIL token, which is now valued at over $4 billion. Filecoin is a good cryptocurrency for beginners because of the real-world challenge it is solving.

10. Anchor Protocol (ANC)

Anchor Protocol is a leading DeFi platform built using Terra’s technology. It lets people deposit collateral and then take loans. It also allows people to make money by providing liquidity. In a few months, Anchor has over $18 billion in assets and the figure is growing. ANC is mostly used for governance and there is a likelihood it will keep growing.

The post 10 Best Cryptocurrencies for Beginners to Invest in 2022 appeared first on Coin Journal.