Kategorie: Crypto News

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Fantom (FTM) stabilizes after falling nearly 90% in less than 2 months

Fantom (FTM) is trying to reverse its downward trend after falling sharply over the last two months. The coin has stabilized and is looking to begin a steady upward rally to try and recover some of the losses. However, this bullish outlook remains very short term. Here are the facts:

  • FTM has lost nearly 90% in value over the last 7 weeks.

  • The coin is however showing signs of an instant trend reversal after 24-hour gains of around 16%.

  • Fantom remains below crucial DMAs, suggesting more weakness could come.

Data Source: TradingView 

Fantom (FTM) – How far can it rally?

After shedding a lot of value over the last few weeks, FTM has shot up almost instantly. There are signs that the long-term downward trend is reversing, and more gains could come in the coming days. However, Fantom still remains pressured under several resistance zones. 

While it is now testing $0.5, we don’t see any further upside above $0.6. Besides, FTM has managed to lift itself up quite substantially after bottoming at $0.27 in Mid-May. In fact, the coin has added nearly 50% in value from its lowest price this month. It is likely that this decisive upward run will lose momentum in the days ahead. 

As such, we expect FTM to remain below $0.5 at least for another week. However, if fantom bulls can somehow pull off a miracle and smash past the $0.6 resistance, FTM could surge towards $1 by the end of the month.

Should you buy FTM?

FTM has largely underperformed the entire market. Although most major coins are down in 2022, Fantom has reported sharper declines partly due to major ecosystem news. 

But this does not change the fact that Fantom remains a very decent crypto project. So, even though the prices right now are unpredictable, FTM still has so much value to offer in the longer term.

The post Fantom (FTM) stabilizes after falling nearly 90% in less than 2 months appeared first on Coin Journal.

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Solana (SOL) could surge by 50% in a quick relief rally

Solana has shown some strong signs of recovery over the last 7 days. After seeing sharp sell-offs for most parts of May, the coin has managed to regain several support zones. It also looks like SOL has enough momentum to keep pushing further ahead.

  • SOL has crucially surged past the important $44.15 support zone

  • The coin is now above $50 for the first time in two weeks

  • Sustained consolidation at $50 could trigger a run towards $80 in the near term

Data Source: TradingView 

Solana (SOL) – recovery and price consolidation

Solana had failed to rally for most of May. The altcoin in fact saw one of its worse sell-offs this month. However, there is some recovery. In fact, SOL has steadily gained ground and is now converting previous resistance zones into strong support. But more importantly, SOL has now etched above $50. 

This provides the perfect buy zone for bulls, something that could easily push SOL up by 50% in the coming week. Despite this, the coin is still way behind projections for 2022. SOL has also lost at least 85% from its ATH of $261. 

Projections for 2022 estimated that SOL would likely hit $2000 by year’s end. But slowing sentiment in crypto and increasing market volatility have made it hard for the altcoin to post any decent upward momentum. We do not expect this to change soon. Although a 50% rally towards $80 is possible, it will take months for SOL to break above $150 once more.

How to profit from this SOL rally

Right now, SOL is slightly hovering above $50. Give it 24 hours and if the price action is still above fifty bucks, consider buying. 

In a few days, the altcoin will likely break out. If you don’t want to hold it for the long haul, you can cash out at $70 to avoid any major upside risk.

The post Solana (SOL) could surge by 50% in a quick relief rally appeared first on Coin Journal.

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Shiba Inu (SHIB) continues to hold 8-month support despite growing selling pressure

With investor sentiment in crypto taking a more risk-off approach in the last 6 months, meme coins like Shiba Inu (SHIB) have suffered the most. In fact, SHIB has been on a long-term downward trajectory for most parts of 2022 and continues to face massive pressure. Here is what you need to know:

  • SHIB has tried to hold the $0.0000094 support for nearly 8 months.

  • The coin temporarily fell below that price last week and tanked 50% further as a result.

  • But a recent rally has pushed SHIB above $0.0000094 again.

Data Source: TradingView 

How long can SHIB hold on?

It is clear that downside risks below $0.0000094 are huge. In fact, the one time SHIB failed to hold this support zone, the coin went on to lose nearly 50% of its value in an apparent crash. So far, the meme coin has recovered and appears to be pushing further above $0.0000094. 

However, we do not think SHIB has what it takes to hold off the bears for longer. In fact, looking at the RSI momentum indicator, the meme coin appears poised for a steep correction. SHIB has also failed to generate enough demand, especially in a market where investors remain extremely fearful. 

With these two factors, we expect SHIB to struggle over the next week, and eventually, $0.0000094 will be lost. After that, the meme coin will likely spiral downwards for another 50 -70% before we see any serious trend reversal.

Should you hold or sell SHIB?

There is no doubt crypto is now a seller’s market. Investors are cashing out and as such, market volatility is likely to remain very high. 

If you want to get out of SHIB, this would be the time to do it. However, for those who are in it for the long term, just wait for the meme coin to dip below $0.0000094 and accumulate once again.

The post Shiba Inu (SHIB) continues to hold 8-month support despite growing selling pressure appeared first on Coin Journal.

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Cardano (ADA) set for a 40% upswing

Cardano (ADA) is set for a nice bump over the days ahead as it establishes a consistent price range. The coin has somewhat recovered some of the losses seen in the middle of May and could give investors more returns in the near term. Here are some of the details.

Over the past week, ADA has established a range of between $0.487 and $0.677

The coin is currently trading at the lower side of this range

ADA will likely trace $0.487 in the coming days before it shoots up again

Data Source: Tradingview 

Cardano (ADA) – Price analysis or prediction

After bottoming in mid-May, ADA has seen some slight recovery. The coin has managed to return above $0.5 and appears to be consolidating. However, over the last week, ADA has established a consistent range.

As long as nothing drastic happens in the market, we expect ADA to retrace this range in the days ahead. This will deliver an upswing of around 35%. Besides, if bullish demand grows and ADA investors continue to hold the coin, we may say a decisive breakout towards $0.8. 

But for now, a likely upside of at least 30% appears very likely. However, this analysis will become invalidated if ADA falls out of the range above and loses its $0.471 support. If this happens, the coin will likely fall towards $0.38 before it pulls up again.

Has ADA fully recovered?

ADA is yet to fully recover from the steep losses in May. The coin was above $1 just recently so there is a long way to go. However, from a long-term standpoint, the outlook for Cardano is very robust. 

For this reason, investors keen on accumulating the coin for the long haul should do it now when the price is heavily discounted.

The post Cardano (ADA) set for a 40% upswing appeared first on Coin Journal.

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Fantom (FTM) jumps 6%: Github data shows Andre Cronje coding for Fantom stablecoin

Fantom native token, FTM, has surged by more than 6% today after Andre Cronje, one of the most prolific DeFi developers, was spotted doing some coding for the Fantom stablecoin platform.

Github data revealed the coding of the developer sparking an intraday FTM price rally from a low of $0.3243 to a high of $0.3755 outpacing all the top 100 cryptos.

At the time of writing, FTM was trading at $0.3599 up 6.78% in the last 24 hours.

Cronje back to the crypto space

Earlier in March, Cronje and Anton Nell announced that they have left Fantom and the crypto space at large. Their announcement caused a sharp sell-down of the token from which it had been struggling to recover.

Additionally, earlier in April, the developer declared in a blog post that “crypto is dead,” calling for more crypto regulations. He had also said that he had no intentions to come back to the crypto space but his Linkedin profile shows that he is currently heading an investment banking platform.

However, his return comes amid troubled times when FUSD, Fantom’s stablecoin, has been de-pegging gradually in the past week and is yet to recover. Its de-pegging comes after Terra UST also de-pegged from the US dollar making investors more skeptical about stabelcoins.

Working on the Fantom catastrophe

Cronje seems to be working on the Fantom FMint protocol, a platform on which FUSD is minted. The move comes amid the market pressure that has de-pegged the FUSD stablecoin, besides, the changes that Fantom introduced to its stablecoin mechanism also seemed to have tumbled FUSD, which is still below the $1 peg ($0.7013, down 12.74%).

The protocol did outline some of the measures they will take to maintain the position through the stablecoin but did not specify the time it will allow position covering. 

FUSD interest rate is expected to rise but according to the gradual FUSD de-pegging, it seems that the traders are not yet convinced by the move. 

The post Fantom (FTM) jumps 6%: Github data shows Andre Cronje coding for Fantom stablecoin appeared first on Coin Journal.