Monat: Januar 2023

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GALA token soars 68% as Hollywood stars team up with Gala Games

  • GALA token rose more than 68% to hit highs of $0.04022884.
  • Gains for GALA, the utility token of Gala Games ecosystem, came after the platform announced partnerships with Hollywood stars Dwayne Johnson aka The Rock and Mark Wahlberg.
  • GALA will be the gas token users will need to collect digital tokens.

Gala (GALA), the blockchain gaming ecosystem, is seeing massive buying momentum amid broader interest in cryptocurrencies on Monday.

The GALA token, which is the utility token on the platform, has surged a staggering 68% in the past 24 hours. As of writing, GALA was trading around $0.04022884. GALA has seen $1,241,426,652 traded in the past 24 hours too, the massive gains pushing the cryptocurrency up market ranking – GALA currently has a market cap of $288 million.

As well as major gains against the US dollar, the GALA price is up 58.4% against Bitcoin (BTC) to 0.00000222 BTC and 54.3% against Ether (ETH) to 0.00002904 (as at 9:00 am ET on 9 January).

Gala gains amid major Hollywood announcement

Most cryptocurrencies, certainly all of those in top 10 by market cap are trading in the green at the time of writing. But two of the highest gainers are outside the top 50 – two great projects in Gala and Ziliqa.

While Ziliqa has gained over 50% amid new blockchain developments, GALA is seeing significant buying pressure after Gala Games announced its set to work with Hollywood stars Dwayne Johnson aka ‘The Rock’ and Mark Wahlberg.

Apart from revealing film projects with the Hollywood A-listers, Gala Games is also moving into mobile gaming. 

Notably, GALA is the gas token for both Gala Music and Gala Film. It means millions of fans looking to collect digital items will need gas – which in this case will be GALA.

The post GALA token soars 68% as Hollywood stars team up with Gala Games appeared first on CoinJournal.

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Ethereum Classic confirms a trend shakeup. Here is the next price target

  • Ethereum Classic rose by 5% on Monday to extend the gains made in the week

  • The network has witnessed a rise in transactions volumes

  • ETC’s price target lies at $26, but correction could occur

The price of Ethereum Classic (ETC/USD) is looking up again after a disastrous 2022. Trading at $21.14, the cryptocurrency has confirmed a trend reversal after a break below a descending trendline. This does not outrightly tell whether we are in a bullish market since ETC has occasionally been a volatile token. However, buyers would be delighted that the upside could continue meanwhile, as the latest price action shows.

The latest Coinjournal analysis showed that miner activity gained momentum on Ethereum Classic towards the start of 2023. The last week has also seen transactions on the network embark on an upside. That coincided with the price surge that continues to be witnessed. On Monday, the price rose by more than 5%, as most cryptocurrencies looked up. Bitcoin and Ethereum, the two leading digital assets, had added 1.93% and 4.58%, respectively.

Ethereum Classic price outlook as the price recovers

ETC/USD Chart by TradingView

From the daily chart outlook, Ethereum Classic has witnessed intensified buying at the $19 bottom. The buying is evidenced by the uptick in RSI from the oversold region to an almost overbought level. The cryptocurrency also recovered above the $1.5 resistance, which could become the reference support. A breakout at the descending trendline also reinforces a bullish bias.

ETC potential price action

We predict that Ethereum Classic will maintain the upside to the next potential resistance at $26. However, applying the Bollinger Bands to the daily chart, we see the cryptocurrency trades at the upper limit. Looking at the prior price action, Ethereum Classic has always trended lower each time it hit the upper limit of the Bollinger Bands. Thus, a correction could occur before the price proceeds to the target.

Another indication of a possible correction is the RSI. With a reading of 68, we are entering overbought levels for ETC. Investors should be cautious before buying ETC based on those technical indicators. Buying on a retracement is recommended.

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today

The post Ethereum Classic confirms a trend shakeup. Here is the next price target appeared first on CoinJournal.

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ApeCoin makes higher highs and higher lows but will buyers remain relentless

  • ApeCoin had added 20% in a week

  • Yuga Labs NFTs had great success last year

  • The cryptocurrency has overcome resistance at $4.2 but faces a correction

As most cryptocurrencies generate relief rallies, investors could turn to ApeCoin (APE) for some quick bucks. Since the onset of Ape staking, bullish investors have been trying to break a crucial barrier at $4.2 unsuccessfully. However, the recent price action looks positive as APE trades at $4.66, breaking past the resistance zone. Should this be viewed as a bullish signal?

According to CoinMarketCap data, ApeCoin has added 20% in a week. The cryptocurrency started the week on a higher note, jumping by an intraday of 12% On Monday. The gains in APE come amid the latest cryptocurrency news showing growing success for ApeCoin’s NFTs. The New Year update showed that Otherdeeds NFTs amassed $49.9 million in loyalties, the best performing in 2022. Other popular NFTs from Yuga Labs, BAYC, and MAYC, generated over $32.3 and $25.6 million in royalties, respectively. 

Considering how popular Yuga Labs NFTs are, the latest news could have excited APE buyers. That partly explains the recent recoveries in APE price.

ApeCoin breaking past the $4.2 resistance

APE/USD Chart by TradingView

From the technical outlook, APE trades slightly above the resistance of $4.2. The cryptocurrency has also overcome a descending channel that kept it bearish. The cryptocurrency has maintained a system of higher highs and higher lows since bottoming around $2.8. The MACD indicator has shifted above the neutral zone, affirming a bullish momentum. However, the reading on the RSI shows that APE is overbought.

What could occur next for APE?

The latest surge and indicators are positive for APE price. We expect the strengths to be sustained in the short and medium term, potentially reaching the next resistance at or above $5.1. 

Nonetheless, with the high RSI reading, APE could be due for a correction before continuing higher. A possible price retreat could see APE back to $4.2, now a support, or short-term ascending trendline. Investors should buy APE on a correction.

Where to buy APE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy APE with eToro today

Binance.US

Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.

Buy APE with Binance.US today

The post ApeCoin makes higher highs and higher lows but will buyers remain relentless appeared first on CoinJournal.

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Why are crypto prices rising? 2023 off to hot start


Key Takeaways

  • Crypto markets have jumped to the start the year off positive macro news
  • Next inflation reading is out on Thursday, which will cause further volatility
  • Fight against inflation has long way to go, with investors not out of woods yet
  • Solana has risen 65% since New Year’s Day, but fell drastically prior and problems remain

After what was, to put it mildly, a rather disappointing year in cryptocurrency in 2022, the new year has jumped out to a positive start.

Bitcoin, Ethereum and all their other friends got ravaged last year, but nine days into 2023 there is green on the board. Let’s look at why this is, and whether we will see more of the same, or if price action will reverse back to the 2022 pain.

Macro provides impetus for crypto run

The single biggest reason for the cryptocurrency jump this year is the same reason that pulled the entire space down last year: macro.

The stock market has had a positive start to the new year. This comes off the back of inflation readings around the globe coming in lower than expected. While there is still a hell of a long way to go in the battle against this rampant cost of living crisis, the latest data has given investors hope that central banks may pivot off their policy of high interest rates sooner than previously anticipated.

After a decade of low interest rates, the world transitioned to a new interest rate paradigm in 2022, as rates were hiked aggressively in response to the inflation crisis. This was aimed at reining in demand and ultimately spiralling prices. As a result, all risk assets peeled back, and there is nothing riskier than crypto. So, down the market went.

Solana decouples from market

Of course, while macro is clearly the big driver here, there still remains idiosyncratic risk and happenings in the crypto space. Look no further than last year, when three events (Luna, Celsius and FTX) caused large dropdowns and deviations from the stock market, which otherwise displayed extremely high correlation with Bitcoin.

To start the year, we have seen Solana streak out ahead of the crowd, printing a remarkable 65% return thus far, having opened the year at $10 and now trading at $16.50.

I wrote a piece last week diving deep on Solana, but suffice it to say the coin has big problems. Between repeated outages, has seen several big projects flee the blockchain and has also suffered as a result of its close ties with the disgraced Sam Bankman-Fired. The below chart shows that while this rebound seems large at 65%, it is still a drop in the ocean compared to the freefall it has experienced.  

This rise over the last week may be at least partially attributed to Bonk, the latest meme coin phenomenon which I also analysed last week. We know by now not to read too much into doggy tokens, but nonetheless, the rise has at least eased some of the pain for Solana investors.

What Bitcoin continue to rise?

As for the future, that is anyone’s guess. The next big day is Thursday, when the latest CPI figures are revealed. If inflation in the US comes in softer than expected, you can expect markets to rally upwards on renewed hope.

It really comes down to the same thing it has for the last year: the crypto markets will only meaningfully rebound once the Federal Reserve pivots away from its currently-hawkish interest rate policy.

In turn, the Fed maintains that rates will continue to rise as long as inflation is elevated. With the employment market still tight and core inflation remaining stubborn (the headline rate has partially fallen due to energy prices, whereas core inflation is typically the number that lawmakers focus on), there is still a long way to go.

Ultimately, 2023 in the crypto markets will likely be decided based on what happens with this tussle between the Fed and inflation. Until that much-fantasised-about pivot actually occurs though, it could remain a tough time for digital markets.

The post Why are crypto prices rising? 2023 off to hot start appeared first on CoinJournal.

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Pi Coin price is soaring in Huobi: What could go wrong?

  • Pi Network is one of the biggest blockchains in the world.

  • Huobi listed Pi/USDT, a coin that has been disowned by Pi Network.

Huobi, the global cryptocurrency exchange, made the controversial decision to list Pi Coin last week. Since then, PI/USDT price has surged from a low of $0.0096 to a high of $89. This rebound makes it one of the top-performing cryptocurrencies in the world. But there is a big problem about Huobi’s Pi Network listing.

What is Pi Coin?

Pi Network is one of the biggest players in the blockchain in the world. It is a blockchain project that was started by two Stanford University alumni in 2018. Since its founding, it has thrived as the number of users have grown rapidly.

For example, Pi Network’s Android app has over 50 million downloads while its Twitter account has over 2 million followers. Pi Browser has over 10 million users around the world. The network has over 35 million users globally.

The developers aim to create a cryptocurrency that will be mainstream as it solves the challenges that existing cryptocurrencies have. For example, instead of relying on complex mining hardware, anyone with a smartphone can mine their Pi coins using their smartphones.

Pi Network also aims to create a full ecosystem that will include games and other platforms that will be powered using the Pi coin. However, for now, it is impossible to transform Pi Coins into cash since the coin has not been listed in exchanges.

Pi Coin disowns Huobi’s Pi/USDT

Huobi made the controversial decision to list the Pi/USDT pair, a financial derivative that aims to track the performance of Pi. In a press release, Pi said that it had disapproved the unauthorized decision to list its token without authorization. The company added that it had no affiliation or relationship with Huobi and other related exchanges and that Pi/USDT was not the real coin. The statement added that:

“Throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, albeit with a firewall that prevents any unwanted external connectivity. The firewall ensures there is no connectivity between Pi and other blockchains or crypto exchanges without the explicit authorization of the network.”

So, is Huobi’s Pi Coin a good buy?

PIUSDT chart by TradingView

We believe that the Pi Coin listed by Huobi is not a genuine token to invest in or even trade. As we wrote in this article on Friday, we believe that Huobi is a significantly risky crypto exchange to invest in. If the developers can list a fake coin, what can’t they do?

The post Pi Coin price is soaring in Huobi: What could go wrong? appeared first on CoinJournal.