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Decentraland’s MANA defies gravity to jump 20% but will buyers be relentless?
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Decentraland’s MANA has surged by over 20% in the week
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Most gains came when the metaverse platform announced an open-cross competition
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MANA’s long-term recovery remains tied to the crypto sentiment
Decentraland’s (MANA/USD) rose by 12% over the weekend, taking the weekly gains to over 20%. The surprise gains come after a prolonged bear market that saw the cryptocurrency claim the lowest price in 2022 on December 31.
Investors banking on Decentraland’s MANA would be delighted at the latest cryptocurrency news amid quietness in the metaverse. On January 06, Decentraland said it had launched the first-ever metaverse architecture and design Biennale. It will be an open-cross competition in the metaverse and includes performances, events, public talks, and lectures. The event is expected to accommodate more than 50,000 visitors in over five days. The event is expected to attract opinion leaders, creators, and partners who will share ideas about the metaverse.
The latest development comes as activity building in the metaverse continues to slump in a crypto winter. The low activity has pushed MANA to very low valuations, with the cryptocurrency trading at $0.355 as of press time. That compares to a high of nearly $6 at the height of the metaverse and crypto boom in November 2021.
MANA price outlook and analysis amid recoveries
From the technical outlook, the RSI shifted above the midpoint, suggesting the entry of buyers of MANA. The MACD indicator highlights an improved momentum. The MACD line crossed above the signal line, reinforcing a bullish outlook. However, the indicator is still below the neutral zone, emphasising that the bearish market remains. MANA price also remains underneath the descending trendline despite the recoveries.
What could happen next?
Investors could continue riding on the short-term rally on MANA as momentum has improved. However, the outlook is bearish, and MANA could correct once the price hits the descending trendline. If buying MANA now, be watchful of the level around $0.4, where the price intersects with the descending trendline.
Where to buy MANA
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.
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.
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Buying Bitcoin now? What this could mean
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Bitcoin endured a bear market for the whole of 2022
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Macro-economic factors have been responsible
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The bearish market could continue as analysts predicts recession in 2023
There were high hopes as Bitcoin (BTC/USD) surpassed $68,000 at the tail end of 2021. Investors started to bet on $100,000 as the next price level. Renowned investors, including Ark Invest’s Cathie Woods, gave BTC a price target of $500,000. There is no doubt that such levels can be reached as Bitcoin is still very young, and the potential is huge. But does this mean you should be optimistic in 2023?
Well, it could be too early to judge, but the macro situation demands that we trim the expectations. For a year now, Bitcoin has been bearish, owing to concerns about economic tightening and impending recession concerns. In fact, analysts predict a negative GDP for the US in the first three quarters of 2023. That will mean a more bearish market for Bitcoin and stocks alike.
But what does buying Bitcoin now mean? At less than $17,000, BTC is a bargain price. You would count yourself a smart investor should a bull market return. But you may be out of money for a while before that happens. That’s because Bitcoin’s bear market is still ongoing, and you could grab some negative pips before you turn a profit. However, as you may have noticed, BTC has been relatively stable above $16,000. Is this the potential bottom?
BTC initiates a short-term recovery above $16,000
Considering the longer-term bear market, BTC has found stability at the $16,000 support zone. From the daily chart outlook, the cryptocurrency has initiated a recovery at this level. It trades on a short-term trendline. The RSI shifted above the 50-midpoint level on the entry of buyers.
Will Bitcoin maintain the recovery?
We consider short-term rises relief rallies since the BTC price has yet to overcome the longer-term slump. Should the current upside continue, BTC could face resistance at $19,000? However, we remain cautious about buying BTC now as the price remains vulnerable to a bear market.
Where to buy BTC
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.
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.
The post Buying Bitcoin now? What this could mean appeared first on CoinJournal.
Shiba Inu’s whale buying intensifies but does price action show it?
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Shiba Inu is among the most purchased cryptocurrencies by Ethereum whales
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The price action is still bearish despite a Shibarium update
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SHIB could maintain the downtrend if new developments do not come up
Meme cryptocurrency Shiba Inu (SHIB/USD) is again on Whale’s radar. According to Whalestats, Shiba Inu is among the most bought cryptocurrencies among Ethereum whales. The whale appetite has grown since the start of the year, and there is a reason.
A tweet on December 29 by Shiba Inu lead developer Shytoshi Kusama heightened speculations on Shibarium update. Shibarium will be a Layer-2 solution that will expand use cases for the Shiba Inu ecosystem. The update will see new features, including the Shiba Inu metaverse and blockchain games. These are expected to be game changers that will tilt Shiba Inu from its current meme label and make it competitive in Web3.
According to Kusama’s tweet, Shibarium could be on course to be launched “very soon.” The developer expressed optimism after meeting “the team from Unification UND about Shibarium.” As you already know, delays on the Shibarium update have been a thorn to SHIB. At the same time, frequent updates about Shibarium have failed to bear fruits in recent times. While the latest update is positive, speculators have expressed caution as the SHIB price remains weak.
Shiba Inu maintains a downtrend amid slight recoveries
The daily chart outlook shows SHIB is bearish, with SHIB maintaining a downtrend. The cryptocurrency is on a short term recovery, with the RSI shifting above the midpoint. SHIB is retesting a possible short-term resistance at $0.0000085. The price is already facing some rejection at the level, and a correction is imminent.
SHIB concluding thoughts
Shiba Inu is still bearish despite the increased whale accumulation. Potentially, the Shibarium update and whale accumulation are a bull trigger. However, investors would like to see the update happen after delays. As of the moment, investors would be better off watching the developments and buying SHIB on a confirmed bullish reversal.
Where to buy SHIB
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.
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.
The post Shiba Inu’s whale buying intensifies but does price action show it? appeared first on CoinJournal.
Polygon’s MATIC jumps 3% on Mastercard partnership. Is it now bullish?
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Polygon’s MATIC rose more than 3% after its partnership with Mastercard for Web3
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The network had a range of Web3 partnerships in 2022
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MATIC still lacks sufficient upside and is vulnerable at $0.77
Polygon (MATIC/USD), a Layer-2 scaling solution on Ethereum, is showing little signs of stopping in 2023. After the busy year 2022, the network has again inked a partnership with payments giant Mastercard. In the latest cryptocurrency news, Polygon will help Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted to the positive development, adding an intraday of 3%.
According to the announcement, Mastercard’s accelerator program will launch in Spring 2023. It is expected to equip emerging artists – musicians, producers, and DJs with the skills and tools in a digital economy. Artists can build their brands through Web3 and virtual worlds through the program.
The partnership earmarks Polygon as a go-to protocol for major brands, governments, and NGOs entering Web3. Polygon Studios CEO Ryan Wyatt says Web3 has the potential to help artists expand their fan base. This is through new mediums of connection and expression that will be possible through the Matercard accelerator program. Other brands courting Polygon for Web3 include Starbucks, Nike, Meta, and the social platform Reddit. The partnerships helped MATIC remain relatively stable compared to peers as the crypto winter ravaged 2022.
MATIC struggles above the $0.77 support
MATIC/USD Chart by TradingView
A technical outlook shows MATIC struggling to recover at the $0.77 support. The cryptocurrency has been consolidating at this support for three weeks. Although the MACD indicator shows momentum has improved, it is still bearish.
What is likely next for MATIC?
The price of MATIC is vulnerable as long as bulls remain weak at the $0.77 support. Although buyers have defended the support successfully for a while, the limited upside is a reason to exercise caution.
A potential break below $0.77 could heighten bear pressure. In the meantime, consolidation is more likely unless buyers get excited by the latest development and push MATIC higher.
Where to buy MATIC
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.
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.
The post Polygon’s MATIC jumps 3% on Mastercard partnership. Is it now bullish? appeared first on CoinJournal.