Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Cardano has retreated by 90% from its all-time highs – Can it turn around?

Cardano (ADA) has officially entered the bear market. The coin has been on a downward retreat for the last few months. Although there have been cases where it has rallied slightly, overall, the price action has remained quite suppressed. Here are some key facts:

  • Cardano has lost over 90% from its all-time highs in 2021

  • The coin has also fallen below the crucial $0.5 support level

  • ADA however still has a lot of potentials and could hit $10 by the end of the year

Data Source: TradingView 

Cardano: How feasible is $10

For ADA to hit $10 by the end of the year, the coin will need to grow by 20x in six months. While this may seem like a pipe dream owing to the slow sentiment in the market, it’s actually not unprecedented. 20x growth in crypto is after all something quite common. 

However, things will not be that simple for ADA bulls. But, it is clear that the coin is heavily undervalued. For example, even though Cardano continues to report significant growth in its ecosystem, the coin has failed in the past few weeks to cross above $1. Besides, the general weakness in the market appears to have taken its toll on many large-cap coins.

As soon as sentiment starts to turn around, we expect ADA to fully rally. It is likely that a change in investor sentiment may come in the second half of 2022. Even if ADA doesn’t hit $10, the possibility of 10x growth is still high.

Why you must buy Cardano now

The thing about Cardano is that it still has so much to offer. The coin will probably take months to achieve its true potential. 

But if you don’t mind holding it for long, then returns in a year or so could be massive. The $0.4 price right now is probably the cheapest ADA will get.

The post Cardano has retreated by 90% from its all-time highs – Can it turn around? appeared first on CoinJournal.

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Terra Classic (LUNC) crashes by nearly 80% barely hours after its airdrop

The month of May was dominated by news of LUNA’s crash. This came after its dollar-pegged stablecoin UST fell by nearly 90% against the dollar. In an effort to relaunch Terra and stop the bloodbath, the Terra community announced a rebrand. But Terra 2.0 has not been as successful as expected. Here are the points:

  • Terra classic lost nearly 80% of its value shortly after it announced its airdrop

  • The coin managed to recover slightly but still remains in the red.

  • More volatility is expected on LUNC over the coming weeks.

Data Source: TradingView 

Terra 2.0 – Can it woo investors?

The 80% drop shortly after launch is of course a bad sign for Terra 2.0. But this is not really the end of the world. In fact, because of high volatility in the market and slowing investor sentiment, it was largely expected that Terra 2.0 will face challenges. The good news though is that despite the drop, LUNC showed some signs of recovery. 

The coin appears to be consolidating and settling in between $4 and $6. Also, LUNC has managed to keep the market cap way above the $1 billion mark. We expect the price to continue stabilizing in the days ahead before it establishes a trend. 

After that, LUNA will start to rise and fall in line with price movements in the rest of the market. Eventually, the coin could touch $10 in a few weeks as investors start to buy into the idea.

LUNC’s long term prospects

Rebranding Terra is a big first step. It means that the people behind the project are committed in the long term. We do not think Terra 2.0 will be as big as the original Terra. 

After all, this was a project that once had over $20 billion in market cap. But it is likely that Terra 2.0 will settle at $5 billion in value in the near term.

The post Terra Classic (LUNC) crashes by nearly 80% barely hours after its airdrop appeared first on CoinJournal.

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High Volume Breakout could see sandbox hit $2.6

The Sandbox (SAND) has remained down for the best part of two weeks. Although there are some cases where the coin showed some bullish signs, most rallies have been “fakeouts”. But there is a real possibility that SAND could in fact rally further over the coming days. Here are some notable highlights:

  • Any SAND breakout will need to be accompanied by high trade volumes

  • The coin could realistically hit $2.6 in a decisive run

  • However, there will be many volatile moments in between

Data Source: TradingView 

The Sandbox and its road to $2.6

It was just a few weeks ago when SAND was trading at well above $5. The coin has however seen a major sell-off as investors intentionally stay away from metaverse coins. But this downside has presented the perfect dip for long-term SAND buyers.

The coin has already bottomed, and it has a real chance of surging past $2.6 in the near term. But this will not be easy. In fact, for SAND to hit $2.6, it will need to surge by a whopping 100%. Under current market conditions, this may appear quite unlikely.

However, if we start to see increased trade volume on SAND, then a decisive run towards $2.6 will no longer be a pipe dream. It is likely that SAND will undergo a period of volatility before it touches $2.6. There will be bull runs and corrections in between. But eventually, with increased volume, $2.6 will happen in a few weeks.

Why should you buy SAND now?

The Sandbox is no doubt one of the most recognizable metaverse projects. Yes, it has dipped severely in 2022, but its underlying fundamentals still remain very robust. 

SAND will likely end the year in double digits. Buying at the current price of $1.3 is, therefore, a big discount.

The post High Volume Breakout could see sandbox hit $2.6 appeared first on CoinJournal.

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Polkadot could still hit a bull run despite uncertainty

Polkadot (DOT) has finally managed to stop its prolonged correction. The price appeared to have settled a bit after bottoming at around $7.35. DOT now has a good opportunity to reverse the downtrend and could rally significantly despite growing uncertainty in the market. Here are some points:

  • DOT is testing the $10 which could be significant in any bull run

  • It’s the first time the coin has reported gains after 4 days of retreat

  • Crossing the $10 could trigger a rally towards $13 or thereabout

Data Source: TradingView 

Polkadot price analysis and prediction

The most important thing for DOT bulls is that the downtrend appears to have slowed. The coin had reported losses in 4 straight sessions, and there were fears it could actually fall below $5 for the first time this year. But it seems the price action started to consolidate at around $7.35. 

Eventually, DOT was able to trigger a run and is now trying to cross above $10. If indeed this happens, we could see the token rally towards $13 or beyond. This will represent an upswing of around $30 from this price. However, despite this bullish outlook, there are still several uncertainties in the market.

For example, we have not seen enough trading volume to suggest DOT is going bullish. It is possible that DOT may in fact get rejected at the $10. This will push it downwards toward its previous bottom price of $7.35. But if bulls are not able to keep the price above $7.35, there will be more downside to come.

How to trade DOT in this setup?

The first entry would be above $10. If DOT is able to cross above this price, then you can buy and exit at $13. 

However, if the price action remains suppressed below $10, then wait for it to bottom at around $7 before you buy. But there is a risk that a drop towards $7 could continue until DOT hits $5.

The post Polkadot could still hit a bull run despite uncertainty appeared first on CoinJournal.

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Avalanche v Solana – Which one is a better buy?

After the Terra collapse, increased risk perception could see AVAX outperform SOL.

Key Points:

  • Avalanche is a platform blockchain that can handle 4500 transactions per second. While it has a fast-growing ecosystem of Dapps, AVAX’s price has been affected by the correction in the broader crypto market. 

  • Solana is one of the most scalable platform blockchains in the market today. While adoption is growing, SOL price has been weighed down by the correction in the broader market. 

  • While both Avalanche and Solana will do well long term, AVAX could outperform SOL in the short to medium term. This has a lot to do with SOL’s frequent network outages in 2021 and the risk awareness that Terra’s collapse has triggered amongst investors. 

Avalanche (AVAX)

The decentralized applications space is on a growth trajectory, and launch platforms are growing in demand. Avalanche is one of those that have recorded fast growth in a very short time. While it is only three years old, Avalanche now has one of the largest and fastest-growing ecosystems of Dapps in crypto. This is due to its strong core metrics. They include low fees and high throughput – up to 4500 transactions per second. Despite the fast-growing Dapps ecosystem, Avalanche’s price has taken a nosedive in 2022. This has a lot to do with the bearish nature of the broader cryptocurrency market. 

Solana (SOL)

Like Avalanche, Solana is a launch platform for Dapps and has seen a significant level of adoption in the last 2-years. This is due to its scaling capabilities and super-low fees. Solana can handle up to 50k transactions per second, and its fees go as low as $0.001 per transaction. In 2022, there has been an upsurge in investments in the Solana NFTs ecosystem running into 100s of millions of dollars. 

Which one is a better buy?

Due to the fast-growing nature of their ecosystems, both Avalanche and Solana have strong odds of growth going into the future. Now that their prices are at record lows from their last all-time highs, the chances are that once the broader market makes a comeback, these two could perform well. However, Avalanche is more likely to outperform Solana in the next bull run. 

This has a lot to do with the history of the two networks. Avalanche has been consistently stable since it launched. On the other hand, Solana has suffered several network outages in the recent past that put its reputation at risk. After the recent Terra collapse, the chances are that many investors will be a lot more conscious of the risks associated with the cryptocurrencies they invest in. This could disadvantage SOL over AVAX in the short to medium term. 

Conclusion 

While both AVAX and SOL are good long-term investments, the odds favor AVAX in the medium term. The collapse of Terra LUNA has driven up investor awareness of cryptocurrency risks, and SOL has more perceived risks than AVAX.

The post Avalanche v Solana – Which one is a better buy? appeared first on CoinJournal.