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Why ALGO Has Been Stagnant In Last 10 Days And Still At The Mercy Of Bears

ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month.

After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset’s current support zone.

ALGO, which has not made any significant increase in price in the last 10 days, is at the mercy of bears that are in control right now, threatening to push the digital coin’s value to $0.15 or even lower.

Technical indicators such as Relative Strength Index (RSI) and On-Balance Volume (OBV) are also currently favoring sellers, indicating that Algorand is headed into another bearish trajectory.

Algorand Paints Its Charts In Red

At the time of writing, investors and holders of the crypto asset has no reason to be happy as it remains in the “red zone” in all its price gauges.

According to latest tracking from Coingecko, ALGO is changing hands at $0.165, nearing its newly found support zone of $0.163.

Over the last 24 hours, the altcoin has gone down by almost 3% and is looking at a weekly decline of 4.7%.

On longer time frames, Algorand has declined significantly, dumping 25.6% of its value during the last two weeks and also losing 30.4% over the last 30 days.

Indeed, the cryptocurrency was among the many altcoins that struggled to gain their momentum back following the effects of the market-crashing collapse of the FTX cryptocurrency exchange.

ALGO A Viable Investment?

Guy, the pseudonymous host of Coin Bureau was recently interviewed and asked about the top digital coins that could prove to be a profitable for investors during a recession.

The host named Algorand as one, saying that its blockchain has put itself in a very good and strong position for the highly anticipated coming of the next crypto bull market.

“Algorand is a really interesting play for the next bull market. I think we could see a lot of really cool, interesting, really successful projects develop in its ecosystem during that time,” said Guy.

The Coin Bureau personality also noticed that there seems to be many developments in the asset’s network and there is a strong community backing it.

Meanwhile, Cosmos (ATOM), Arweave (AR), Osmosis (OSMO), Juno (JUNO) and Aave (AAVE) were also picked by Guy as potentially good investment in times of a recession.

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Featured image: Forkast News

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Hedera (HBAR) Continues To Consolidate Near Its Lowest Level This 2022

Hedera (HBAR), the native and energy-efficient cryptocurrency of an open source public distributed ledger bearing the same name, started the year on a high note, peaking at $0.3282 on January 5.

But the crypto asset failed to keep up its momentum and gradually declined over time until it fell below the $0.10 marker on May 13 when it bottomed at $0.0870.

  • HBAR continues to struggle in reclaiming the $0.10 territory
  • Hedera technical indicators currently show no signs of an immediate reversal
  • The crypto asset increased its market cap by $400 million in just 24 hours

Since then, the altcoin struggled to climb back up and its woes were compounded by the negative effects of the collapse of the FTX cryptocurrency exchange platform.

On November 10, Hedera recorded its 2022 low when it changed hands at $0.0439 and is not showing any signs of initiating a bullish run anytime soon.

Its relevant technical indicators are also nothing to be excited about as they are not indicating an upward push that may happen over the next few days or weeks.

Not Much To Look Forward To For Hedera?

According to latest tracking from Coingecko, at the time of this writing, HBAR is trading at $0.0482 and is dangerously close to the lowest level it has been this year.

The crypto has lost 2.7% of its value during the previous seven days and its bi-weekly gains only stand at 3.3%, although it managed to increase its market capitalization by $40 million over the last 24 hours and now has $1.20 billion in overall valuation.

Sadly, the altcoin’s Relative Strength Index (RSI) is no better than its 12-month low despite some episodes of minor upticks in this particular department.

Source: TradingView

Hedera’s Money Flow Index (MFI) is also leaning towards the bearish side as it signals a noteworthy accumulation rate over the previous two weeks.

Finally, the weighted sentiment metric for the cryptocurrency has been on a status quo during the last few days, hinting that there is no significant level of demand for the asset to help trigger a surge in its price.

Preparing Amid The Bear Market

 While Hedera failed to emulate the likes of Litecoin (LTC), ApeCoin (APE) and Axie Infinity (AXS) that recorded price jumps during this crypto winter, its network took advantage of the time to prepare for the long game.

Using Twitter, HBAR Foundation shared a clip from the recent interview of the network’s VP for Ecosystem Acceleration, Rob Allen.

While Allen certainly admitted they were affected by the bear market, he claimed that they continued to work in improving their system with the primary goal of increasing the utility of their native token, HBAR, across various sectors.

With this, he has expressed his excitement about what awaits their crypto asset when the next bull market comes, saying he has high hopes and expectations for its long-term recovery.

HBAR total market cap at $1.09 billion on the daily chart | Featured image: The Daily Hodl, Chart: TradingView.com

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Axie Infinity Price On A Tear With 22% Spike In Last 24 Hours – How Long Can This Last?

Axie Infinity (AXS), a cryptocurrency with an overall valuation of $964.02 million, is in the midst of a bullish run that enabled it to tally an impressive 22% jump in the last 24 hours.

At the time of writing, according to tracking from Coingecko, the digital asset is changing hands at $8.79 and has managed to increase its value by more than 33% within the previous seven days.

Here’s a quick glance:

  • AXS has gone up by almost 40% within the last two weeks
  • Axie Infinity nears the $9 marker
  • Token is poised for a surge of more than 30% to reclaim the $10 territory

With its current momentum, the crypto has also surged by 39.2% over the last two weeks and has trimmed its monthly loss to just 16.3%.

After being in a steady downfall for six months, Axie Infinity finally found some relief and is poised to make further push to breach the psychological $10 marker.

Technical Indicators Suggest Axie Buyers In Control

Among the various analysis points for the crypto asset, its Relative Strength Index is the most promising one as it shows a significant increase in buying momentum – a situation that usually heralds bullish growth.

Source: TradingView

In addition, the AXS 20 and 50-day Exponential Moving Average (EMA) confirms the thesis for a potential continued surge given the altcoin’s volatility remains at “medium.”

With the current price action, it is most likely that traders will be interested in the asset’s attempt to retest the breached resistance during the next trading sessions which might trigger an increase of as high as 35.8%.

If that happens, Axie Infinity will change hands at $11.8, the lower zone of the set point of resistance for the crypto (the highest of which is $15.4).

However, in the event that the earlier mentioned scenarios don’t unfold, the cryptocurrency might have to revisit its supports levels standing at between $8.3 and $7.5.

Rising NFT Sales Volume Fuels AXS Rally

Cryptoslamp, an NFT industry data aggregator recently shared some information regarding the positive development of the digital asset class’s sales volume going up by almost 10% within the last 24 hours.

During the same time, NFT-focused virtual coins such as ApeCoin (APE), Sandbox (SAND) and Flow (FLOW) witnessed a major uptick in their respective prices.

In addition, it would appear that Axie Infinity has also benefited from a social media post indicating that more than 600 members of the AXS community has gathered to share ideas on how to help shape a good future for the project.

AXS total market cap at $854 million on the daily chart | Featured image: Skip Prichard, Chart: TradingView.com

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Litecoin (LTC) Must Maintain $77 Level To Sustain Enthusiasm Come December

Litecoin (LTC) is currently experiencing a sharp price correction, going down by more than 4% during the last hour, according to latest tracking from Coingecko.

At the time of this writing, the crypto asset is trading at $75.94 after hovering around the $78 region for most of the day.

With its recent price dump, the altcoin trimmed its seven-day gains to 20% from a high of 33% this week.

Still, LTC’s current performance is impressive as it managed to go up by 33.5% over the last 30 days.

Litecoin caught the attention of many crypto enthusiasts on November 23 when it went on a bullish run that enabled it to reach the $81 marker and increase its market capitalization by more than $1 billion.

Currently, in that category, LTC ranks 13th in Coingecko’s list, keeping an overall valuation of $5.39 billion.

What It Would Take For LTC To Hit Higher Levels Next Month

By besting the likes of Bitcoin and Ethereum in terms of weekly gains, Litecoin put itself in the position to be among the crypto assets that experts are keeping an eye on.

In fact, crypto trading expert Rekt Capital shared his thoughts about the conditions that must be met by LTC in order to sustain its energy and perform better come December.

“LTC upside wicks have gone up to as high to the $85-$98 region before ultimately rejecting there. Price needs to Monthly close & hold above $67 to move higher next month,” said the pseudonymous crypto figure.

Rekt Capital also pointed out that given Litecoin’s history of being rejected from the greater demand region, it needs to keep the $67 price territory when November ends for its uptrend to be confirmed and for it to test higher price levels.

Analyst Bullish About Momentum For Litecoin

Meanwhile, well-known crypto analyst Altcoin Sherpa also shared its take on what awaits Litecoin following its impressive run despite the bearish market that now engulfs the crypto space.

It noted that after LTC successfully flipped its 200-day Exponential Moving Average, there is no doubt that the next stop for the crypto asset is the $100 territory.

That though, could only happen if the digital asset is able to continue its upward trend.

Cryptocurrency data provider Coincodex, however, might have to disagree with this bullish sentiment for the altcoin as its forecasts are not looking good for Litecoin right now.

According to its prediction, in five days, LTC will trade at $74.60 and one month from now, the asset will change hands at $62.04.

Although Litecoin might have the chance to close November with a higher trading price than the $67 crucial marker, it would appear the asset is in for another downhill drive as the tail-end of 2022 nears.

LTC total market cap at $5.3 billion on the daily chart | Featured image from Sweden.se, Chart: TradingView.com

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Axie Infinity Can Recoup Its 6-Month Loss And Rise 25%, But It Must First Do This

Axie Infinity (AXS) finally managed to break away from its downward momentum that’s been going on for the last six months.

According to latest data from Coingecko, the crypto asset peaked at $11.29 today before entering a minor price correction that made it decline by more than 7% over a 24-hour period.

  • AXS is in recovery after tremendous selling pressure crippled it in late October
  • Axie Infinity is targeting a 23% jump to surpass the $13 marker
  • AXS needs to close today’s session staying above $10.3 for it remain bullish

At the time of this writing, AXS was trading at $10.47 and has gone up by 12.7% and 16.1% during the last seven and 14 days, respectively.

Although it is still down by almost 18% for the past month, the altcoin is showing signs of a bullish rally that could make it breach the $13 marker.

A Clear Path For Axie Infinity Recovery

During the last few days, the cryptocurrency’s price movement was caught in a double bottom pattern that established $8.5 zone as base support region.

Source: TradingView

Following the recent rally of the crypto market, Axie Infinity managed to bounce back from that crucial zone and surpassed the $10.3 marker with its 24.5% surge.

This kind of performance enabled AXS to turn the tides in its favor, getting out of its bearish cycle and is now looking to make a decisive push with the aim of increasing its spot trading price by more than 23%.

In order to do that, the digital currency needs to make sure that it will keep the $10.3 range as today’s sessions come to an end. If that happens, the virtual coin will push its changing hands value to $13.15.

Traders, however, must watch this condition like a hawk, as the bullish thesis will easily be invalidated if AXS fails to hold its current position right now.

Still Feeling The Pressure From AXS Vesting Period Expiration

Undeniably, AXS is still feeling the effects of the tremendous selling pressure that it experienced when vesting period for the asset ended on October 24.

In the crypto space, such event is usually followed by significant price dumps as sellers, after a considerably long wait, finally get the chance to sell their holdings.

Vesting period refers to a specific length of time when early investors for a project or a crypto token such as Axie Infinity are required to hold their investments, making them unable to cash out as new investors come in.

When the unlock schedule came on October 26, AXS struggled to reach the $10 marker even though the crypto market initiated a bullish rally in order to reclaim the $1 trillion market cap turf.

The cryptocurrency now has a chance to return to its bullish ways provided that it can sustain its current range and avoid further decline.

AXS market cap  at $1 billion on the weekly chart | Featured image from Bitcoin News, Chart: TradingView.com

Disclaimer: The analysis represents the author’s understanding of the crypto market and should not be construed as investment advice.

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Dogecoin (DOGE) Price Seen Sliding 15% In Coming Days – Here’s Why

Dogecoin is currently changing hands at a price that is significantly lower than its six-month high of $0.1572, providing an opportunity for investors to take advantage of a huge discount for accumulation.

  • Dogecoin went down by 11% following news of Twitter’s plans to halt crypto integration projects
  • DOGE managed to bounce back over the last 24 hours, going up by almost 7%
  • The asset is looking at $0.136 as crucial point for further price surge

According to tracking from Coingecko, the dog-themed crypto is trading at $0.1304 as it increased by 6.7% over the last 24 hours.

Although its week-to-date gain now only sits at 55.2%, it is still up by 119.8% for the past two weeks and by 102% over the last month.

Even with a slightly big price dump, Dogecoin managed to keep its place as the 8th largest cryptocurrency by market capitalization with its $17.83 billion overall valuation.

Whether it can keep that sweet spot or not, it’s anyone’s guess as of this time as DOGE keeps moving back and forth with its price trajectory. For now, the charts seem to point at a drop of 15% in the coming days.

Dogecoin Price Analysis

DOGE daily price chat is indicating a lot of higher price rejection zones close to the $0.15 marker. This was because the altcoin’s bullish movement ran out of steam, making it lose 11% of its value over the last three days.

Source: TradingView

The digital coin is trying its best to sustain the crucial Fibonacci retracement level of $0.12 and could be impacted severely by tremendous selling pressure that could cause another 12% drop for Dogecoin to test the $0.11 zone.

Meanwhile, the daily Relative Strength Index (RSI) of the asset settled at an overbought region but overall sentiment is pointing towards a bullish movement as the value stands at 72.4%.

Analysis of other DOGE indicators suggest a successful surpassing of the $0.136 region will invalidate the earlier thesis for a potential decline and will instead allow the asset to reach $0.152.

It is important to note that the recent rally of the crypto was inspired by a number of events such as improving market conditions and the recent Twitter purchase of self-proclaimed “Dogefather” Elon Musk.

Twitter May Not Be DOGE-Friendly After All

After Musk completed his $44 billion buyout of the social media platform, Dogecoin surged mightily, increasing its price by around 130%.

This proved that the vocal DOGE supporter still remains one of the biggest factors that could affect the asset’s price trajectory.

Analysts believed that demand for the token soared after the Twitter takeover as hopes for it being used as accepted currency for payment of services were revived.

It turns out, that idea may be out of the question right now, as there are circulating reports that the social media giant, now under new management, plans to cease all plans related to crypto integration.

Following this, DOGE declined by more than 11% in just a span of 24-hours as it learned that even with Elon Musk now calling the shots, Twitter cannot be considered as its friend all the time.

Still, whales seem to be not affected by the development as during the same timeframe, more than $18 million worth of Dogecoin moved from wallet to wallet.

DOGE total market cap at $16.9 billion on the weekly chart | Featured image from Laptop Mag, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.

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Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why

Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies.

  • Elrond currently trades at $52.44
  • Coin expected to reach $60 mark in coming weeks
  • Elrond currently 90.4% lower than its ATH

At press time, tracking from CoinGecko shows EGLD trading at $52.44. For the last seven days, its value grew by 12.3% while also tallying a 24-hour increase of 7.4%.

Its intraday trading volume is also impressive, reaching more than $71.6 million while its total market capitalization is a little north of $1.2 billion, enough to keep the coin in top 50 of all digital currencies, ranking 46th overall.

Predictions for the asset’s immediate future are rather bullish, with some hinting at a significant price boost for the next weeks to come.

Elrond Price Movement Pattern

In the crypto space, a parallel channel pattern gives multiple opportunities to traders as it shows a rally towards two trendline barriers. It is quite helpful for what is called a counter-trend move.

While the entirety of the crypto market bore the brunt of another volatility-induced downfall, Elrond’s price was observed to lean on the aforementioned channel pattern.

Source: TradingView.com

Under such trend, it was expected that Elrond will once again experience a severe price correction, duplicating the asset’s June low of around $38.

But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before climbing to its current value.

EGLD: Price Prediction For The Coming Weeks

With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run.

If the buyers are able to retest and breakthrough the $54.5 barrier, the crypto might be looking at a value increase of nearly 20% and climb all the way to the $60 level.

This however, remains significantly lower than what Elrond was able to accomplish last year when it attained its all-time high.

It can be recalled that in November 23, 2021, the blockchain token was able to reach trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond remains a long way from it.

Meanwhile, for 2023, the digital currency is expected to grow more in terms of trading price. Elrond will start the next year with January highest price of $95.81.

By the end of next year, the asset could reclaim a portion of its all-time high with December highest price of $123.03.

EGLD total market cap at $1.23 billion on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com