Schlagwort: crypto market

Shiba Inu’s core metrics are getting better despite the market crash

Key points:

• Shiba Inu is currently trading at over 80% off its most recent highs.

• Shiba Inu adoption is on the rise, an indicator that trust in it as a network is rising.

• Once the bull market returns, Shiba Inu is one of the cryptocurrencies with a good rebound chance. 

Shiba Inu (SHIB) was one of the hottest cryptocurrencies to buy in 2020/21. Today, anyone who bought more than $100 worth of SHIB in 2020 and sold by November 2021 is a multi-millionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down by over 80% from its all-time highs. While it may feel like SHIB and meme coin season is over in general, there is a lot to look forward to regarding SHIB.

For instance, Shiba Inu has proven to be a pretty progressive project. It started as just a random meme coin looking to compete with Dogecoin. However, it has since evolved to have a broad ecosystem of developments. One of the more notable ones is the Shiba Inu layer-2 solution designed to scale Shiba Inu payments. This is a big deal as it incentivizes businesses to accept Shiba Inu for payments. It is not surprising that since SHIB launched, the number of businesses accepting it for payments has shot up.

Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. It could play a role in SHIB’s value growth going into the future.

There is also the fact that Shiba Inu is a deflationary cryptocurrency. Close to 50% of the SHIB total supply is already burned. This means the price of SHIB is in a unique place to go up in value in the long run.

Is Shiba Inu good crypto to buy now?

Shiba Inu is trading at a massive discount at the moment. When you factor in its fundamentals, such as growing adoption and a deflationary supply, the odds are high that SHIB could do well going into the future. Besides, Bitcoin seems to have found strong support around the $28k price level. If it bounces off this level, it could lift the entire market with it, including Shiba Inu.

The post Why Shiba Inu is still a top cryptocurrency to watch in 2022 appeared first on CoinJournal.

June has started quite positively for most coins including BNB. The coin however appears to have slowed down. After a strong relief rally, BNB was firmly rejected at the $330 resistance. Ever since the coin has fallen quite substantially. Here are some of the highlights:

• BNB has fallen below $300 despite a decisive bull run over the past week

• The coin could fall back to its $260 yearly support before any leg up

• But a close above $300 will invalidate this bearish thesis

Data Source: TradingView

BNB price prediction and analysis

The relief rally that we have seen in crypto over the last 7 days has been quite refreshing. However, BNB appears to have lost a lot of momentum after failing to surge past the $330 resistance. There could however be more downside. After trading sideways for the best part of the day, BNB does not appear to have any bullish momentum left. 

Instead, the coin will likely slip further and bottom around its $260 support. This will represent a drop of around 15%. Now, even though a 15% decline is big, it’s not a serious sell-off. If anything, we expect BNB to hold $260 strongly in the coming weeks. 

However, there is still a possibility for more gains if the token can push above $300. After all, the coin is just $10 away from this price. But despite this, due to a lack of enough bullish momentum, we don’t see BNB jumping above $300 in the coming days.

How to trade BNB for now

The downside risk for BNB is capped at $260. Yes, the coin will drop, but bears don’t have enough initiative to breach the strong $260 support. Also, broader sentiment in crypto is getting better.

So, a good play would be to wait for the coin to hit $260 before buying. Also, if BNB surges above $300, you can still buy and exit at $330.

The post Binance Coin inches closer to yearly support despite sideways momentum appeared first on CoinJournal.

Solana has had a 2022 to forget. After crossing over the year well above the $100 mark, the coin has seen several major sell-offs. Right now, it is slightly trading above $35, but the bearish outlook appears to have eased a bit. Here is what you need to know:

• Selling pressure on SOL has eased as the coin finds strong support at $35.

• The altcoin has however not shown any bullish signs, with its uptrend limited to $41.25.

• But consolidation above $35 and improved sentiment in crypto could change all this.

Data Source: TradingView 

The bullish case for Solana

A few weeks ago, it was hard to make any bullish case for Solana. The coin had fallen below $50 and would go one to breach two other crucial support zones. It was in fact expected SOL would likely bottom at $20 before any bull run. 

But this bearish outlook appears to have eased up a bit. Although SOL is not nearly as strong as it was at the start of the year, the altcoin has shown immense resilience. As of now, it has managed to hold the $35 support. This also comes as overall sentiment in the crypto market gets an early June boost.

With these factors, SOL could finally be ready for a decisive bull run. If indeed the coin is able to break the $41.25 ceiling, it could push further up to test $55 before any pullback. But a failure to consolidate above $35 will invalidate this analysis.

Does SOL have any downside risk?

The downside risk for SOL doesn’t seem to be that worrisome right now. In fact, we don’t think the coin will lose the $35 support. Even if it was to somehow fall below that price, expect a quick and fast recovery. 

However, this may affect its bullish run. But with everything else considered, including overall sentiment in the market, SOL should see some gains in the coming weeks.

The post Bearish outlook on Solana eases as the coin begins consolidation appeared first on CoinJournal.

EGLD is down by more than 1% today despite the broader cryptocurrency market performing positively.

The cryptocurrency market has turned around a corner this week after a poor start to the week. The market has added more than 2.5% to its value, and the total market cap now stands close to $1.25 trillion.

Bitcoin is once again trading above $30k per coin after adding more than 3% to its value in the last 24 hours. Ether was able to defend its $1,700 support level after rallying by more than 2% today.

However, EGLD, the native token of the Elrond ecosystem, is one of the worst performers amongst the top 50 cryptocurrencies by market cap. 

EGLD has lost more than 1% of its value over the past 24 hours and currently trades above $66 per coin. 

The coin has been underperforming since reports emerged that there might be an exploit of the Maiar DEX or SC async calls. The glitch reportedly led to some hackers selling EGLD for stablecoin USDC. 

EGLD has come under pressure since the reports emerged and is now underperforming against the broader market.

Key levels to watch

The EGLD/USD 4-hour chart is currently bearish as Elrond has been underperforming over the past few days. The technical indicators show that EGLD is struggling against the US Dollar.

The MACD line is below the neutral zone, indicating selling pressure from the market. The 14-day relative strength index of 36 shows that EGLD is currently in the oversold region.

If the bearish trend continues, EGLD could drop below the $62 resistance mark over the next few hours. Unless there is an extended selling pressure, EGLD should defend its second major support level around the $59 mark in the short term. 

The post Here is why EGLD is underperforming the market today appeared first on CoinJournal.

A combination of low prices and growing adoption makes it a perfect altcoin to buy now

Key points:

• Vechain is one of the cryptocurrencies with a strong use case, especially in streamlining global supply chains.

• The Vechain Foundation has opened a new office in Europe to grow Vechain’s market share in the fast-growing European market.

• Vechain is trading at 89% off its most recent highs, despite its strong fundamentals.

With the cryptocurrency market still heavily bearish, investors are looking into solid projects that are undervalued today but have a lot of potential going into the future. One such project is Vechain. Vechain (VET) is currently trading at a more than 70% discount from its 2021 highs.

Interestingly, adoption has been growing, and Vechain remains one of the cryptocurrencies with a strong use case and the potential to transform entire industries. For instance, Vechain’s ability to track a commodity across the supply chain until it reaches the end consumer has already seen growing adoption in the fashion industry.

The geopolitical issues facing the world today also create the need for traceability of goods across the supply chain. This factor could see Vechain perform better than most cryptocurrencies once the bull market returns.

Is Vechain a promising cryptocurrency buy today?

The price of Vechain is down by 89% from its most recent highs. This means it is trading at a considerable discount given how huge its fundamentals are in the market. One of the pointers to how undervalued Vechain is; is the proactive nature of its team. The Vechain Foundation recently opened a European Tech Center. 

The Foundation stated that the move is driven by Europe’s growing interest in blockchain-based solutions and that Vechain’s tech is strong enough to handle these needs. It all points to VET’s potential as a cryptocurrency with growth potential once the market gains traction again.

The post Vechain – Why it’s a high potential altcoin to buy in the bear market appeared first on CoinJournal.