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PancakeSwap prediction as price maintains uptrend

  • PancakeSwap token has pumped by 12% in the past one week

  • CAKE has ranked high on social metrics in the week 

  • The cryptocurrency has met a psychological $5 resistance and could correct

PancakeSwap CAKE/USD continues to excite despite the broader market slump. The cryptocurrency trades at close to $5, the highest in 4 months. On crypto ranking, PancakeSwap has moved to #60, up from #78 in July. This week, the cryptocurrency has gained by more than 12%.

CAKE’s gains coincide with positive social metrics. On September 29, the cryptocurrency was the second most mentioned BNB Chain project on Twitter. The social media mentions coincided with a 3.95% price jump in 24 hours.

Again on September 24, CAKE ranked second behind XRP on the AltRank list. The list ranks tokens based on social metrics and indicates upside anticipation for the coin. Aappratenly, CAKE was trading at $4.5 on the same date before surging to touch $5 earlier today.

CAKE meets resistance at $5 after weekly gains

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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Source – TradingView

Technically, CAKE has been moving in a system of higher highs and higher lows. The price action indicates a building and sustained bullish momentum. The token has corrected slightly after meeting resistance at $5. The level coincides with overbought conditions, with the RSI at 70. 

Concluding thoughts

Being overbought does not mean that CAKE will undergo an outright correction. Instead, it suggests that buyers may exit positions, which could force a market correction.

With a positive price movement since June, CAKE is among the cryptos to beat the weak sentiment. With the projected correction at $5, buyers would look again to scoop the token at $4.5.

On the flip side, if CAKE manages to break above $5, it could initiate a longer-lasting recovery. An upside could see the token face minor resistance at $5.7.

The post PancakeSwap prediction as price maintains uptrend appeared first on CoinJournal.

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BlackRock launches new blockchain ETF for European customers

  • The iShares Blockchain Technology UCITS ETF (BLKC). track NYSE’s FactSet Global Blockchain Technologies Capped Index.
  • BLKC has an expense ratio of 0.5% and comprises 35 global companies within the crypto and blockchain space.

BlackRock has announced a new exchange traded fund (ETF) for the European market, targeting customers across the region with a blockchain technology fund dubbed the iShares Blockchain Technology UCITS ETF (BLKC).

The company’s latest ETF offering is a product that will allow customers exposure to companies whose activities involve the development, innovation, and deployment of crypto and blockchain technologies.

BLKC, which has a total expense ratio of 0.5% and will track NYSE’s FactSet Global Blockchain Technologies Capped Index, encompasses 35 global companies, BlackRock noted on Thursday.

Specifically, the ETF’s composition is of companies from both developed and emerging markets, and will see 75% of the exposure linked to companies primarily focused within the blockchain space – such as cryptocurrency miners and exchanges.

The other 25% exposure will be to companies that offer support services within the blockchain ecosystem, including payments platforms and semiconductor firms. The exposure will not involve direct investment into crypto.

BLKC is listed on Euronext.

Blockchain becomes ‘increasingly relevant’

Omar Moufti, the asset manager’s product strategist for thematic and sector ETFs, commented on the launch by noting that blockchain continues to gain momentum as more use cases develop. 

The trend has led to increased attention and demand from institutional clients keen to have an opportunity to invest in global companies in the industry. 

“We believe digital assets and blockchain technologies are going to become increasingly relevant for our clients as use cases develop in scope, scale and complexity,” said Moufti.

BlackRock recently partnered with Coinbase to offer Bitcoin trading to its clients, and also launched a private trust targeting institutional clients.

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Chainlink unveils SCALE to help fast-track Web3 innovation

  • Chainlink has unveiled SCALE, an economics program designed to to fast-track smart contract innovation in the blockchain industry.
  • The platform also launched BUILD, another of the Chainlink Economics 2.0 initiatives set to boost Web3 growth.

Chainlink Labs, the platform helping develop Chainlink’s oracle network, is looking to support further innovation across the blockchain ecosystem via its new feature SCALE.

As per an announcement from the platform this Wednesday, Chainlink SCALE represents a program designed to advance the Sustainable Chainlink Access for Layer 1 and 2 Enablement.

“We’re excited to introduce Chainlink SCALE as a way to help rapidly accelerate the growth of blockchain ecosystems while putting in place a holistic economic model that is viable for the long-term success of blockchains, dApps, and the Chainlink ecosystem,” Chainlink co-founder Sergey Nazarov said in a press release.

Some of the leading blockchain ecosystems to join the program include Avalanche, Metis, Moonbeam, and Moonriver. Chainlink expects to integrate more networks as they look to turbocharge Web3 growth.

Chainlink Economics 2.0

SCALE is one of the programs in the Chainlink Economics 2.0 initiative that intends to boost blockchain and Layer-2s while increasing Chainlink’s own economic sustainability.

Chainlink SCALE will help fast-track smart contract innovation within these blockchain ecosystems. The program will cover such operating costs as transaction gas fees for Chainlink oracles, opening key oracles services to developers.

This Economics 2.0 initiative, like BUILD that the platform also announced on Thursday at SmartCon 2022, aims at accelerating Web3 growth.

“In BUILD, projects commit to provide network fees & other incentives to Chainlink service providers in exchange for enhanced support from the Chainlink ecosystem,” Chainlink tweeted.

SCALE (previously blockchain gas grants) is similarly targeted at generating additional economic value for Web3 participants, including blockchains, dApps, and oracle service providers. 

The project also looks to bring more service providers, like stakers, into the Chainlink ecosystem.

The post Chainlink unveils SCALE to help fast-track Web3 innovation appeared first on CoinJournal.