Crypto News All News About Cryptocurrency Market
BTC price continues to encounter selling pressure, but a brief rally or the start of consolidation could lead to sharp gains in BNB, XMR, ETC and MANA.
Play to Earn or P2E is expected to see massive investments in the coming months. In fact, Andreessen Horowitz, one of the leading VC firms in crypto, has set aside over half a billion dollars to invest in P2E. So, why should you even bother with these projects? Here are some reasons:
P2E is going to see a lot of big money flowing in the near term.
New projects are offering P2E, NFTs and metaverse wrapped up together
The industry is new, so there is literally unlimited potential right now.
While there have been successful P2E projects in the past, like Axie Infinity, the three below should be worth keeping an eye on.
League of Kingdoms Arena (LOKA)
League of Kingdoms Arena (LOKA) is a decentralized multiplayer online game that offers an exhilarating experience. Users compete for resources in several tournament battles.
Data Source: TradingView
You are also able to collect resources across the metaverse, build armies, and see your kingdoms grow. In-game NFTs are also included as part of the game. So far, League of Kingdoms has earned a huge following in recent months and is set to become one of the biggest games out there.
Dreams Quest (DREAMS)
Dreams Quests (DREAMS) is building a robust self-sustaining metaverse economy. The plan is to integrate gaming and social elements into the game with additional DeFi capabilities too. The project is just taking off and is yet to even break $1 million in terms of market cap. There is a lot of possible growth here.
Crypto Blades (SKILL)
Crypto Blades (SKILL) is an innovative metaverse game that allows users to craft NFTs and sell them within the game. Built on the Binance Smart Chain, players can build powerful weapons and tools that can be used to defeat opponents and earn rewards in the process. The project is also at its infancy stage, with a market cap of less than $2 million.
The post 3 relatively small projects to watch in P2E gaming appeared first on Coin Journal.
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.
DeFi participants must be aware of the total value locked (TVL) indicator.Find out here what it is, how it is calculated and why it matters in DeFi.
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.
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.