Kategorie: Crypto Analysis

Kava (KAVA) appears to be showing several bullish signals. This comes even as the coin falls sharply from its recent rally. KAVA is currently looking to consolidate before its next bull run, and this could come sooner than you think. Here are the latest developments:

• KAVA could surge towards $6.68 in the upcoming bull run

• The coin is trading above a crucial support zone of $4.13.

• KAVA is relatively closer to its ATH compared to other altcoins

Data Source: Tradingview 

Kava (KAVA) – Can it hit $6.68

Unlike most altcoins in the market, KAVA has remained very resilient to recent market pressures. For instance, while most altcoins have fallen nearly 90% from their all-time highs, KAVA has done much better, trading about 45% lower than its ATH.

The coin is in a consolidation phase right now. If bulls hold the crucial support of $4.13, we are likely to see a bullish breakout in the near term that takes KAVA closer to the $6.68 mark. KAVA has also bounced back sharply from its 2022 lows. After tanking to around $2.55 in February, the coin has surged over 100% ever since.

We expect this bullish momentum to continue in the near term. KAVA is likely to soar past $5 in the days ahead before consolidating again and testing the $6.68 mark. If this happens, the coin will deliver gains of up to 55% from its current price.

Should you buy Kava?

Well, KAVA looks primed for a decent run in the weeks ahead. This would be the most ideal time to accumulate the coin. However, watch it for a few days.

If bulls are still able to keep the $4.13 support, then you can enter. Exit points should be around $5 and the $6 mark. As for the long-term investor, KAVA holds incredible fundamentals and should be a good addition to your portfolio.

The post Kava (KAVA) bulls to target $6.68 even though the coin has slowed from the recent rally appeared first on Coin Journal.

The broader cryptocurrency market has been underperforming over the weekend.

The cryptocurrency market has been underperforming as the new week commences. Over the past 24 hours, the broader cryptocurrency market has lost nearly 2% of its value and now has a total market cap of $1.9 trillion.

Bitcoin, the world’s leading cryptocurrency, has lost 1% of its value today and trades below the $43k mark. Ether continues to struggle and could slip below the $3,000 psychological level if the bearish run continues.

ROSE, the native token of the Oasis Network, is also down by more than 2% over the last 24 hours. At press time, ROSE is trading at $0.2515 per coin.

The poor performance comes despite the Oasis Network getting read for its Damask protocol upgrade. The Oasis Foundation announced a few hours ago that the Damask upgrade will occur later today. 

The Oasis Foundation said the Damask upgrade would provide many improvements, including increased security and performance, strengthened governance mechanisms, and more decentralization.

However, it remains unclear if ROSE would rally in a few hours after the network upgrade has been completed. 

Key levels to watch

The ROSE/USD 4-hour chart is currently bearish as the coin has been underperforming over the past few days. The technical indicators show that ROSE is performing poorly at the moment.

The 14-day relative strength index currently stands at 42, down from the 68 recorded last week. The RSI shows that ROSE could soon enter the oversold region if the bearish momentum continues. 

The MACD also slipped into the negative zone over the weekend as the bears took control of the market. If the current market momentum persists, ROSE could drop below the first major support level at $0.2183 before the end of the day.

However, the major support level at $0.18836 should limit further downward movement in the short term.

If the bulls regain control of the market, ROSE could test the first major resistance level at $0.29356 over the coming hours. 

The post ROSE is underperforming ahead of Oasis Network’s Damask upgrade appeared first on Coin Journal.

The Metaverse future is decentralized, and Enjin has it.

• Axie Infinity maintains its position as one of the most popular play-to-earn gaming platforms. 

• Enjin is growing fast for its platform agnostic NFTs. 

• After the recent hack on an Axie Infinity side chain, the hype favors Enjin. 

Axie Infinity (AXS/USD) is a play-to-earn gaming platform where players can create and sell their creations as NFTs. The Axie Infinity game has become so popular that it now boasts one of the most expensive collections in the NFT space. With its gaming ecosystem on a growth trajectory, Axie Infinity continues to draw the interest of both gamers, developers, and investors, making AXS one of the most valuable Metaverse cryptocurrencies that are likely to grow in value as more people adapt to living virtually.

Enjin Coin (ENJ/USD) is another Metaverse cryptocurrency that has recently drawn a lot of investor interest. Unlike most Metaverse platforms that lock the user to a single platform, Enjin allows users to mint and trade their NFTs across multiple platforms. This is a big deal as it reduces the manipulation and hacking risks of being locked to a single platform.

Why Enjin Coin Wins

For the Metaverse to truly take off, it has to be decentralized. This gives Enjin a huge leg-up over Axie Infinity going into the future. Besides, a sidechain to Axie Infinity was recently hacked and $600 million stolen. This could put a dent in its rate of growth in the short term. Enjin Coin, on its part, is decentralized and has not experienced such issues. This makes ENJ a better bet in the short to medium term.

Summary

With the Metaverse on a growth trajectory, both Axie Infinity and Enjin Coin are likely to take off going into the future. However, in the short to medium term, Enjin Coin has better prospects. It is more decentralized, and the recent hack of Axie Infinity’s side chain puts a dent in AXS’s short-term potential.

The post Why Enjin coin beats Axie Infinity in the short term appeared first on Coin Journal.

MINA is newer and cheaper and could draw more investors short term

• Mina is a web 3 cryptocurrency that is focused on data privacy and security.

• Filecoin is a web 3 cryptocurrency that is decentralizing the cloud storage market.

• While both are good investments, MINA stands to outperform FIL in the short term.

Mina MINA/USD is one of the fastest-growing Web 3 cryptocurrencies in the market today. Mina has shot up in popularity due to its introduction of privacy features in Web 3 applications. This is a big deal considering that online privacy and security are some of the reasons why Web 3.0 is gaining traction today.

Besides its privacy capabilities, Mina is gaining traction for its technical capabilities. Mina is one of the lightest blockchains in the market today. While other blockchains take up to 300 GB2 of space, Mina only takes 22Kb, and the memory uptake is fixed. This means Mina services can easily be accessed through a smartphone. 

Filecoin FIL/USD is also a Web 3.0 cryptocurrency that aims to decentralize the cloud storage market. Rather than sending data out for storage to centralized companies, Filecoin incentivizes anyone with some extra space on their PC to rent it out for storage in exchange for FIL tokens. So far, FIL has experienced increased adoption, and the value of FIL tokens incentives users to rent out space. 

Which one is a better buy?

While both FIL and Mina are high potential Web 3.0 cryptocurrencies, Mina wins the game in the short term. It is newer and has a much more exciting value proposition – protecting data security and privacy. Mina is also nominally cheaper than Filecoin, which could draw in more investors looking for parabolic gains in the short term.

Summary 

Mina is much cheaper and has a more exciting use case than Filecoin. This gives it a significant edge over Filecoin in the short to medium term. However, in the long run, both have the potential to perform well.

The post Filecoin v MINA – Which is a better web 3.0 bet short term? appeared first on Coin Journal.

Bitcoin (BTC) has had a very eventful two weeks. At the tail end of March, the coin surged only to fall short of its 200-day SMA of around $48,000. It has fallen sharply ever since, but there could be some upside to grow further in the week ahead. Here are some important developments:

• BTC has consolidated above two important support zones of $42,000 and $40,000.

• The price action has achieved a bullish crossover between the 50- and 100-day SMA.

• These technical indicators suggest that the coin is about to surge with minimal downside risk.

Data Source: Tradingview 

Bitcoin (BTC) – The road towards $52,000

Bitcoin showed a bit of weakness at the start of April. After it tested its 200-day SMA of around $48,000, the coin failed to cross and as such, it fell sharply after. In fact, BTC dropped over the last 3 days in a row.

But despite this, there is still a lot of hope for optimism. First, BTC remains above two strong support zones of $42,000 and $40,000. This means that downside risk remains very small. Also, BTC has managed to achieve a cross-over between its 50- and 100-day SMA. This suggests a bullish alignment, and BTC could break out in the days ahead.

The breakout will eventually push the price action towards a crucial demand zone above $46,000. When this happens, it will likely trigger massive buying that ultimately smashes the 200-day SMA, pushing BTC towards $52,000.

Is it time to buy Bitcoin (BTC)?

Yes, this is the time to buy. BTC is sitting above very strong support, so it’s hard to see it dropping any further. 

When you consider that the potential upside is quite high, it makes sense to accumulate BTC. We are expecting gains of at least 25% in the near term. Besides, the long-term outlook also looks very positive.

The post Bitcoin in the week ahead: How $52,000 could actually happen appeared first on Coin Journal.