Kategorie: Crypto News

The last 30 days have proved very difficult for Polkadot (DOT). The coin has been dropping fast, including the total value locked or TVL. But despite this downtrend, there is still a chance that DOT could rebound in the near term. Here is all you need to know.

• Total Value Locked (TVL) on DOT has dropped by nearly 78% in just a month.

• But DOT is trying to consolidate, and it could rebound in the near term.

• At the time of writing, the coin was trading at $17.51, virtually unchanged in the last 24 hours.

Data Source: Tradingview 

Polkadot (DOT) – How soon can it rebound?

A trend reversal for DOT is not far away. In fact, looking at the price action, the downtrend has stagnated. This could suggest that perhaps DOT is consolidating and trying to find sufficient demand. 

But the drop in TVL is a big blow for investor confidence. In just one month, Polkadot has lost over 78% in TVL. It will take time to recover these losses but even then, the price might rebound much faster. After all, the technical indicators are somewhat bullish. 

For instance, DOT still remains above its 50-day SMA even after the TVL plunge. Relative Strength Index, a crucial momentum indicator, also points towards a bullish trend. While we are not clear how far the coin can rise once the downtrend reverses, a gain of around 30% is still possible.

Best time to buy Polkadot (DOT)

Polkadot (DOT) is an Ethereum scaling solution that saw immense growth last year. Some of these gains are however fading away but do not let this fool you. 

Polkadot remains a powerful cross-chain solution that will have a huge role to play in the blockchain evolution. This is why the recent plunge in pricing gives you the best chance ever to buy at a very good entry point.

The post Polkadot (DOT) could still surge despite the recent drop in TVL appeared first on Coin Journal.

Algorand (ALGO) has become one of the more resilient top coins in the market. Despite facing increased pressure, the coin has managed to hold a key support zone. It now looks like the price action has reached an important intersection that could trigger a 60% rally.

• ALGO has found strong support at the $0.675 mark.

• The coin has also reached an important intersection between liquidity and support.

• This could trigger a massive bull run with gains of over 60% in the near term.

Data Source: Tradingview 

Algorand (ALGO) – What to expect next

The key for ALGO right now is the $0.675 support. If the bulls hold that, then we could be looking at a very good run. At the moment, Algorand is trading at $0.693, relatively higher than the aforementioned support. 

More importantly, below the $0.675 support zone is what we call sell-stop liquidity that was formed in the middle of 2021. That liquidity is going to become more decisive. If this happens, then it is likely that ALGO will swing above $1 or higher.

This will go a long way in recovering some of the losses the coin has reported over the last two months. After all, ALGO still remains 78% lower compared to the highs of November 2021. 

But there is some downside risk as well. However, even if ALGO loses the $0.675 support, the 60% rally could still happen. The only way this uptrend could be invalidated is if the coin drops below $0.62.

What next for Algorand (ALGO)

The massive plunge we have seen in Algorand (ALGO) is not a surprise. Much of it has nothing to do with the fundamentals but more to do with broader pressures in the market. 

As sentiment starts to turn around, ALGO will reclaim its glory days. The coin could in fact get to $5 by the end of 2022. It’s, therefore, something to watch for any investor.

The post Algorand (ALGO) could rally by nearly 60% appeared first on Coin Journal.

Dogecoin spiked after Musk said he was not selling his cryptos.

• Dogecoin spikes after Elon Musk announced that he was not selling his cryptos.

• The move is a big deal and shows that Elon Musk still has sway over Dogecoin.

• Dogecoin is still range-bound, just like the rest of the market.

Dogecoin (DOGE) is the largest of the meme coins that came to prominence in 2020. While the meme coin fever has slowed down significantly, Dogecoin remains one of the most likely to pump if the market turns bullish again. That’s because it has the backing of Elon Musk, one of the wealthiest people in the world and a powerful voice in crypto. 

His power was most evident in May 2021, when the price of Bitcoin tanked after he questioned its environmental credentials. Today, his influence on the market was reinforced after he stated that he would not be selling his crypto holdings, including Dogecoin.

The impact of Musk’s sentiment was a massive uptick in the price of Dogecoin before it continued with the range-bound trading that has characterized its price action over the past few weeks.

The implication is that Dogecoin could be crypto that could give investors extraordinary returns once the markets turn bullish again. That’s because Elon Musk has his eyes set on space colonization and has been very vocal about it. Back in 2021, he announced that he was looking into interplanetary commerce and cryptos in it.

He was even part of a project called Doge-1, whose goal was to test the applicability of Dogecoin in interplanetary commerce. While the Doge-1 mission seems to have slowed down, there are always the prospects that it could come back and easily push Dogecoin to new heights.

Dogecoin continues trading in a range.

 

Source: TradingView

Like the rest of the market, Dogecoin is range-bound. Dogecoin is currently trading between an upper bound at $0.1195 and a lower bound at $0.1104. If bulls break the upper range at $0.1195, then prices above $0.13 could be hit in the short term.

However, if bears take control and push Dogecoin through the lower bound at $0.1104, then prices below $0.10 could easily become a reality in the short term.

Summary 

Dogecoin spiked on March 14th after Elon Musk said that he would not sell any of his crypto holdings. It goes to show that Elon Musk has significant sway on Dogecoin. If his forays into space are anything to go by, Dogecoin could see a massive rally if he chooses it for any of his space adventures.

The post Musk still believes in Dogecoin and it’s a big deal – Here is why appeared first on Coin Journal.