Category: NEWS

Over the last two weeks, Dogelon Mars (ELON) has reported a sharp recovery from March lows. The coin, like many others in the market, is riding an upward wave of improved investor sentiment. But it seems like ELON is very vulnerable to a major sell-off. Here are the facts:

• After that strong rally over the last two weeks, ELON has now firmly stagnated

• The meme coin has since lost nearly 30% of its value from its highest price in March.

• It is likely the downtrend will continue in the weeks ahead.

Data Source: Tradingview 

Dogelon Mars (ELON) – What to expect

We knew that it was a matter of time before the ELON rally lost a bit of steam. But it seems the meme coin is reversing faster than expected. After surging to $0.0000014, ELON was trading at its highest level this year, and it had managed to smash past several key resistance zones.

But the recent pullback is worrying. For instance, the meme coin has fallen about 30% from its March highs. More worryingly, it has dropped below $0.0000012, an important support zone that bulls couldn’t hold.

At the moment, it looks like the price is consolidating with very modest losses in the last 24 hours. If bulls are able to find enough demand, $0.0000012 will be the next target. Failure to cross over that price will mean another pullback will be likely.

How to play Dogelon Mars (ELON)?

Meme coins are very tricky because they can swing up and down very fast. But for ELON, there is a short-term play here. So far, the coin has fallen below $0.0000012. 

If somehow bulls can take the price above that, then you should consider buying. ELON will add at least 35% of its value above that resistance before any pullbacks. But for now, there is just too much risk to buy right away.

As trade volume for Quantstamp (QSP) fell sharply over the last two days, the price action has somewhat slowed. It seems like the coin is trying to consolidate the gains made over the last week before trying to rise again. But how far can it really go? Well, we’ll discuss this further but first, here are the latest developments:

• QSP is up nearly 83% from its lowest price in 2022.

• The coin is also trading well above its 25- and 50-day moving averages

• Despite this, Quantstamp is still facing major resistance before breaking to $0.1

Data Source: Tradingview 

Quantstamp (QSP) – The road to $0.1

The biggest threat for QSP bulls is the fact that the coin has actually rallied after hitting its lows this year. In fact, the price is almost double its lowest level in 2022 and as such, QSP may be ready for a correction. Despite this, other indicators appear bullish. 

For instance, QSP is now trading above its 25- and 50-day SMAs. This indicates an important bullish alignment. Also, the coin has consolidated gains in recent days, something that suggests people are not selling. What remains now is for bulls to try and smash the $0.078 resistance zone. 

QSP is still a bit further away from that. However, if the price action pushes above that zone, then $0.1 will be the next stop. As a result, QSP could offer an upswing of about 45% from its current price.

Quantstamp (QSP) – Should you go short or long?

As a long-term asset, Quantstamp is actually a very decent buy. The coin has incredible underlying fundamentals and should be perfect. But there is also a very good short-term play here that can lead to very good gains. 

$0.078 is the key, and If QSP manages to smash that, then there is enough upside to deliver at least 30% in additional gains.

Terra (LUNA) pulled back slightly at the end of this week after seeing quite some sustained gains. The coin however still has a lot of room for growth and we expect it to show some decent uptrend in the weeks ahead. Here is what to keep in mind:

• Terra (LUNA) is likely going to hit $150 in the near term.

• The coin has positive momentum indicators despite the recent pullback.

• A surge to $150 will represent nearly 40% of gains from the current price.

Data Source: Tradingview 

Terra (LUNA) – Why $150 is not surprising

The recent rally we saw in crypto over the last two weeks brought back hope that perhaps investor sentiment had turned positive. But there were some concerns that we may see a bigger pullback in major coins, including LUNA. However, this did not happen. In fact, after pulling back slightly on Friday, LUNA and most other coins regained upward momentum.

Also, since the start of March, LUNA has set three higher highs and the same number of higher lows as well. But it is the upper trend line on the chart that looks very interesting. 

While there is a chance the coin may turn bearish given the rising wedge between higher lows and higher highs, because of the current bullish momentum, we expect LUNA to break the upper trend line. This will then lead to massive gains that could see the coin surge past $150 in a few weeks.

Is it the right time to buy Terra (LUNA)?

For short-term traders, the current setup is somewhat a bit risky, but it offers the possibility of 50% gains. The perfect entry price would be around $105. Hold it out and exit at $150.

As for long-term investors, buying now gives you a chance to enjoy a decent uptick in your holdings as LUNA heads up in the near term.

Harmony (ONE) enjoyed a decent week. The coin managed to report double-digit gains but despite this, it failed to cross over a crucial resistance zone. However, we expect the coin to regain momentum and push further upwards. Here are some of the most important developments:

• Harmony has faced crucial resistance at $0.18 in the last 7 days.

• ONE was rejected several times at that threshold and has since pulled back.

• It is likely the coin will retest that zone again this week and smash it in the process.

Data Source: Tradingview 

Harmony (ONE) – how it will get to $0.27

There is no doubt that the crypto market is now turning bullish. After a very difficult period at the start of the year, it seems most coins have managed to recover, and the only way is up. However, although Harmony has gained considerably, the coin has been rejected firmly at its 200-day SMA of $0.18. 

As a result, ONE appears to have lost a bit of the upward trajectory. However, looking at the price action today, the coin was consolidating at $0.16. It is likely that ONE will finally break past $0.18 in the week ahead. 

Once this happens, bulls will be in full control and are likely to take the coin towards $0.27 before any pullback. This represents an upswing of nearly 70% from the current price.

Why you should consider Harmony (ONE)

Even with the recent gains, ONE still remains nearly 60% from its all-time highs of $0.38. But the bullish momentum we are seeing in the market right now makes the coin a decent buy for both short-term plays and long-term ones. 

The key will be to watch how long it takes for ONE to cross $0.18. Once this happens, then expect a decisive uptrend that will deliver double-digit gains easily in the near term.

Metaverse tokens have had a torrid period in recent weeks. Sandbox (SAND) is one of the leading coins in this category, bottoming at around $2.55 not so long ago. But there has been quite some recovery ever since. Here are the key highlights of the last week or so:

• Sandbox continues to build significant upward momentum in the recent rally.

• The coin could target $4.4 in the coming days if current trends hold

• A run towards $4.4 will deliver gains of up to 30% from the current price

Data Source: Tradingview 

Sandbox (SAND) – Is $4.4 likely?

There has been a lot of good news coming from Sandbox (SAND) in the last few days. One notable development has been a new partnership with HSBC, one of the biggest banks in the world. There has also been a massive flow of institutional money towards SAND. 

These positive developments have also been reflected in the price. After bottoming at $2.55 at the end of January, SAND has rebounded. It has rallied by nearly 40% from its lowest level this year, and it looks like this upward trajectory will last even longer. 

First, the RSI on the chart is showing a bullish trend. SAND is also well above its 55-day SMA and has managed to breach a crucial resistance of $3.44. As a result, we expect the coin to surge towards $4.4 in the near term. If bulls are able to smash past $4.4, then we could see SAND test $6.2 and even $7.4 in the medium term.

Why are investors holding Sandbox (SAND)

There are several reasons. First, SAND has incredible bullish momentum right now and as such, opportunities for a decent return in the near term are high. 

From a longer-term perspective, metaverse coins are expected to grow further this year. SAND is one of the main coins in that category and as such, it makes sense to hold it for longer.

CRO sponsorship of the world cup likely to drive its price in 2022

Key Points:

• With speculation rife that Ripple could win against the SEC, XRP prospects look good. 

• CRO continues to increase in value as the Crypto.com network grows in adoption. 

• While both XRP and CRO are good investments, CRO has better odds due to its sponsorship of the upcoming Football World Cup. 

Ripple XRP/USD has long held its position as a top 10 cryptocurrency. Despite having a lot of challenges regarding the lawsuit by the SEC against Ripple and its founders. With speculation high that the lawsuit could end soon, and in Ripple’s favor, optimism around XRP remains high. Now that the broader market is turning bullish again, a change in fortunes in the case against Ripple could see XRP emerge as a top-performing cryptocurrency in the short to medium term.

Besides the speculative aspect of it, XRP has a pretty strong use case in payments. It is already adopted by multiple banks in Asia and continues to grow as a fast, efficient, and low-cost method for sending money value globally. This use case pretty much cements XRP’s potential to gain in value.

On its part, Cronos CRO/USD is part of the Crypto.com network a blockchain payment system that makes it easy for people to trade crypto and use cryptocurrencies for payments without compromising privacy or security. Like XRP, Cronos (CRO), the native token of the Crypto.com network, has been growing in adoption, signaling to the underlying value of the network. As the market turns bullish again, CRO has what it takes to perform well.

Why CRO could outperform XRP

While CRO and XRP have growth potential, CRO is in a unique position in terms of short-term gains. This has all to do with the upcoming world cup in Qatar. Cronos will be among the official sponsors of the World Cup that will take place in November 2022. Given that the World Cup is watched by millions of people globally, this sponsorship’s publicity could trigger adoption at scale and, by extension, FOMO around the CRO token.

Summary

XRP and CRO are gaining in adoption in the fast-growing payments market. While both have high growth potential, CRO has better odds short term due to the upcoming World Cup in Qatar, where it is one of the official sponsors.