Kategorie: Crypto News

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Ethereum price prediction: Dangerous patterns have formed

Ethereum price made a strong bearish breakout on Thursday as investors reflected on the latest minutes by the Federal Reserve. ETH crashed to a low of $1,820, which was the lowest level since May 12th this year. 

Fed to be more restrictive

Ethereum and other cryptocurrencies came under intense pressure in the past few sessions as investors reflected on the latest Fed minutes.

On Wednesday, the minutes showed that members were increasingly more hawkish than what the market was expecting.

Before the minutes, most analysts were expecting that the Fed will deliver two 0.5% rate hikes in the upcoming two meetings. They also expected it to move to the normal 0.25% rate hikes in the next meetings. 

The minutes published on Wednesday showed that the bank was actually more hawkish than that. This means that it will deliver several 0.50% hikes and then start slowing its balance sheet.

The Fed is attempting to solve the twin challenge of lowering inflation while at the same engineering a soft landing. In most cases, this is usually an extremely difficult situation.

Learn more about how to buy Ethereum.

Ethereum price is falling since these are uncertain times for cryptocurrency traders. They have never lived through a situation when the Fed is hiking rates aggressively.

There are other challenges that are driving Ethereum prices. For one, there are still concerns about the decentralized finance industry after the Terra implosion. The total value locked (TVL) in Ethereum’s DeFi protocol has crashed to $68 billion from its all-time high of almost $175 billion.

Further, the NFT and gaming industries that helped Ethereum have all recoiled. Recent data show that NFT sales have plateaued while the number of gamers in places like Axie Infinity and Decentraland has declined. So, what next for Ethereum prices?

Ethereum price forecast

The current Ethereum price action was easy to predict. In the past few weeks, the coin has been forming a bearish flag pattern that is shown in blue. Historically, this pattern is usually a bearish sign. The coin has moved below the 25-day and 50-day exponential moving averages.

Further, Ethereum had formed an inverted cup and handle pattern, which is usually a bearish sign. It also did a break and retest pattern as it retested the lower side of the pattern. Therefore, the coin will likely do a bearish breakout as bears target the next key support at $1,500.

The post Ethereum price prediction: Dangerous patterns have formed appeared first on CoinJournal.

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Highlights May 26: Major cryptos down, SAND and CELO rally

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. 

Top cryptos

Bitcoin was flat in the last 24 hours, trading just below $30,000 at the time of writing. Ethereum has lost around 3% of its value so far today. Binance Coin, XRP, and Cardano sustained similar losses. 

Solana is the biggest loser in the top 10, down 6%. Cryptos outside the top 10 showed a similar tendency. They all recorded losses today except UNUS SED LEO, which added less than 1% to its value. 

Avalanche shed more than 10%, making it the biggest top 20 loser. 

The biggest winner for the week is Tron’s TRX, which added around 12% to its value in the last 7 days.   

Top movers

Outside the top 20, most coins lost 3-7% of their value. Notable standouts include Zcash and Fantom, each down 11%, and Kusama with -13%. STEPN, Waves, Kava and Compound each shed 9%. 

On the winning side, there is BORA with 4%, Celo with 8% and the Sandbox’s SAND with 10%, making SAND the biggest gainer today. 

It’s rallying on news of a partnership with PCCW and HKT, becoming the first Hong Kong-based integrated communications, media and technology company to open a new digital frontier and join the metaverse.  

A Twitter Space seminar featuring Celo’s cofounder and president Rene Reinsberg called “Inspiring climate action through Web 3” is taking place today at 12 PT. 

TerraUSD is trading for $0.09, up 30.15% at the time of writing.  

Trending

The biggest winner today is Pixel Swap, a platform intended to solve liquidity sniping, front running and liquidity locking for NFT trading on different blockchains.

Pixel Swap aims to bring together all networks and NFTs under one roof to ensure the safety and success of trades across all blockchains. Its token PIXEL gained 303% today. 

The post Highlights May 26: Major cryptos down, SAND and CELO rally appeared first on CoinJournal.

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Uniswap (UNI) hits $1 trillion in trade volume despite the 2022 price slump

Uniswap (UNI), one of the biggest decentralized exchanges in the world, has been hitting new milestones over the past few weeks. This success comes even as UNI, its native token, continues to slump in 2022. Here are some of these latest developments:

  • Uniswap has now crossed $1 trillion in total trade volume

  • The DEX has also seen 3.9 million cumulative users in May alone

  • Despite this, its native token UNI remains suppressed below $6

Data Source: TradingView 

Why UNI is not rallying

Normally, with the kind of milestones that Uniswap has reported, you would expect the coin to surge sharply. However, it doesn’t seem like most investors are interested in underlying fundamentals right now. Yes, Uniswap will likely top the list of some of the best long-term investment assets in crypto. 

But because of slowed sentiment and worries over a possible meltdown of the crypto market, investors are waiting on the sidelines. Interestingly, the 24-hour trade volume for the UNI token has dropped 18%, even with reports of these major milestones. Investors are simply not making big moves right now. 

Besides, UNI has also been quite bearish for the last 5 months. In fact, just a few months ago, UNI was testing $30. Right now, the coin has lost over 85% of its value. It’s unlikely UNI will rally anytime soon. Looking at the technical indicators, the coin still has some downside and could hit $3 in the near term.

Where will UNI go in the future?

Well, there is no doubt the current conditions in the crypto market will get better. This may take a few months, but the market will start to attract positive investor sentiment. As such, undervalued coins like UNI will get to rise again. 

For the remainder of 2022, UNI could realistically hit $20, and that’s the bare minimum. This will give investors a 4x multiple from the current price.

The post Uniswap (UNI) hits $1 trillion in trade volume despite the 2022 price slump appeared first on CoinJournal.

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The Sandbox (SAND) offers a long-term buying opportunity after a recent sell-off

The Sandbox (SAND) was one of the main stand-out performers in 2021. The coin, and by extension most metaverse coins, saw insane gains. But since January, investors have been selling off SAND and as a result, the coin has literally crashed from its 2021 highs. But this also offers a long-term buying opportunity and here is why:

  • Despite the price crash, The Sandbox metaverse continues to report decent growth.

  • The crash also means that SAND is the cheapest it has been in months.

  • We expect the coin to grow massively as metaverse adoption grows.

Data Source: TradingView 

The Sandbox – Price prediction

In the short term, there is very little to suggest that SAND will rally decisively. This has got nothing to do with the coin. Market conditions in crypto are quite uncertain and as you would expect, coins like SAND would struggle. The coin is now trading at slightly above $1. This is way lower than we expected at this time of the year.

SAND will likely surge towards its next resistance zone of $2.68 but it will be hard to cross that mark. Instead, expect more volatility in June as the market stabilizes. The $1 price is however the ultimate entry point for long-term SAND buyers. 

It’s hard to imagine the coin hitting this price ever again. And when you consider the potential that SAND has, this is perhaps the best opportunity to stock it up.

How soon will SAND recover?

Not very soon to be honest. The problem with crypto right now is that it’s correlating with equities. As stocks have fallen, crypto has also followed suit. It means that investors are worried about global economic concerns and geopolitical tensions. 

So, until we start to see some improvements in equity markets, SAND will likely remain suppressed. However, the coin has the potential to offer 5x this year alone.

The post The Sandbox (SAND) offers a long-term buying opportunity after a recent sell-off appeared first on CoinJournal.

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Tezos (XTZ) could hit $2.4 after a steady relief rally

Tezos (XTZ) has managed to establish a decisive upward trend as we end a troubled May in the crypto market. The coin appears to have significant upward momentum and will likely report more gains over the coming days. Here are some of the highlights:

  • Tezos has managed to regain the crucial $2 support

  • Consolidation around this price is happening right now.

  • XTZ will likely surge past $2.4 before any significant pullback

Data Source: TradingView 

Can XTZ maintain this uptrend for long?

A rise above $2 is a clear sign that indeed a prolonged recovery runs for XTZ could be possible. In fact, if bulls can push the price action above $2.4 and keep it there for a few days, we could see XTZ add nearly 50% in early June. Besides, XTZ is coming from a period of intense sell-off during the first half of May. At one point, the coin bottomed at $1.4, the lowest it has been in 2022.

But we are seeing incredible recovery. XTZ has gained around 50% from its lowest price this year and appears to be headed for another 50% bounce. Nonetheless, this steady uptrend also suggests that XTZ is due for a correction. 

However, we do not think this will happen anytime soon. In fact, XTZ will likely surge past $2.5 before some dip buyers start to cash out. The coin will however need to keep the price above $2 for this bullish setup to remain relevant.

XTZ – The short-term play

There is decent short-term play for XTZ buyers right now. The coin is hovering slightly above $2 which is an ideal entry point. 

Buyers who enter at this price can hold XTZ for a few days and exit when the price nears $2.4. However, if the coin fails to close the day at $2 or above, wait for the next consolidation phase.

The post Tezos (XTZ) could hit $2.4 after a steady relief rally appeared first on CoinJournal.