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Bitcoin struggles at resistance; inverse head and shoulders points to further strength

  • Bitcoin meets resistance but looks bullish 
  • A daily close above $25k points to further strength 
  • An inverse head and shoulders pattern suggests more dollar weakness

Can Bitcoin reach $35k? According to this reversal pattern, it can! 

Bitcoin’s price action followed the US dollar lately. Naturally, volatility is higher in the cryptocurrency market, but nevertheless, the correlation is notable. 

As this is the last day of the trading month, some spikes in volatility should be expected. Also, there is no NFP report this upcoming Friday because February is a shorter month than others. 

Therefore, technicals will play an important role this week, and they do help Bitcoin. A reversal pattern is in the makings, and the measured move points to $35k. 

BTCUSD chart by TradingView

Bitcoin finds resistance at $25k

Since making a double top at $65k, Bitcoin’s price fell abruptly. Only the $35k level offered some support in the first months of 2022 – and now the same area is a target for an inverse head and shoulders pattern’s measured move.

An inverse head and shoulders is a bullish pattern. It forms at the bottom of bearish trends.

Unsurprisingly, Bitcoin met resistance at the neckline, just where it found support on its way down. Bulls may want to see a clean breakthrough beyond $25k and then a sustained rally to the measured move.

Such a move would mean a lot for the cryptocurrency market and the US dollar in general. Because of the correlation mentioned earlier, if Bitcoin’s technical analysis proves correct, investors will sell the dollar in the coming months.

To sum up, Bitcoin is coiling here. Buying on a daily close above $25k with a stop at the lows and a take-profit at $35k makes sense from a risk-reward perspective.

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The Hashgraph Association partners with Orange to launch accelerator program in Morocco

  • The Hashgraph Association and Orange have partnered to promote digital assets and blockchain adoption in Morocco.
  • Hashgraph will put 100 million euros into the project to support startups and entrepreneurs.
  • Other than funding, the partnership will promote education and innovation in emerging technologies in Morocco and across the region.

The Hashgraph Association, the non-profit organisation helping to develop and promote the adoption of the Hedera blockchain platform, and global telecommunications provider Orange, have teamed up to launch a new accelerator program in Morocco.

The collaboration seeks to provide education and funding opportunities to young entrepreneurs, startups, government projects, enterprises and universities, the two firms said in a press release shared with CoinJournal.

Hedera is a proof of stake network with the native token HBAR. One can buy HBAR on most major crypto exchanges.

The Hashgraph Association allocates €100 million to accelerator

Orange recently launched its startup accelerator Orange Fab in the country, and this partnership will build on that. Specifically, The Hashgraph Association brings its AGV High-Speed Accelerator to the Kingdom, with the goal of helping with the adoption of digital assets and decentralised finance (DeFi).

Commenting on the partnership, Kamal Youssefi, President of the Board of The Hashgraph Association, pointed out that invention often thrives where there’s education and collaboration. The partnership with Orange is therefore set to bring the benefits of distributed ledger technology to the community.

Towards this end, The Hashgraph Association has allocated €100 million ($106 million) to promote fintech and blockchain projects.

Members of the accelerator program will also access development and managerial support, with a global exchange program in place to spur further collaboration between innovators and businesses.

The post The Hashgraph Association partners with Orange to launch accelerator program in Morocco appeared first on CoinJournal.

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Gamium token price jumps 450% after sealing deals with Telefonica and Meta

  • Gamium is a metaverse project.
  • It provides users with a digital identity to use across the internet, blockchains, and the metaverse.
  • The project has today announced partnerships with Meta and Telefonica.

The price of GMM, the native token of the metaverse project Gamium, has shot through the roof after the project announces sealing deals with social media giant Meta (META) and telecommunications giant Telefonica (TEF). The token has hit a daily high of $0.004539 after surging by more than 450% in hours.

Although the token is little known within the crypto space, its blockchain is an upcoming metaverse project that aims to change the way humans interact by introducing digital identity. Besides being traded on secondary crypto markets, the GMM token is used for Metaverse governance through the Gamium DAO, Avatar governance, launching and managing community-owned cities, applying for specific metaverse jobs, receiving exclusive NFTs or token airdrops, and accessing exclusive events.

Gamium’s deal with Meta and Telefonica

As part of the deal, Gamium will work with Telefonica and Meta on a project called Metaverse Activation Program, which is an initiative that was started to help in scaling up startups within the Web3 space. Through the program, startups will be able to access propriety technology provided by Meta AI and also receive commercial support from both Telefonica and Meta.

It is not the first time that Meta is investing in the metaverse since it has invested heavily in the metaverse. Meta was also the parent company of Diem, which planned to create its own cryptocurrency.

Telefonica on the other hand recently announced that it enabled crypto purchases and has also invested in a Spanish cryptocurrency exchange.

Gamium’s partnership will probably spur increased GMM trading activity besides an increase in the token’s value. GMM currently has a market capitalization of about $32 million.

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Synthetix price prediction as a rising wedge pattern forms

  • Synthetix price rose in February after the developers launched V3.

  • The new upgrade will have more useful features for the ecosystem.

Synthetix (SNX/USD) price has done moderately well in February. It was trading at $2.8 on Tuesday, which was much higher than the year-to-date high of $1.42. This rally happened because of the successful deployment of Synthetix V3 on mainnet, which has more features.

Synthetix V3 launch

Synthetix is an important part of the blockchain industry since it provides tools that are mostly useful in the derivatives market. It is a liquidity protocol that makes it possible for people to trade all types of crypto derivatives.

February marked an important milestone for the network as the developers activated Synthetix V3 on both Ethereum and Optimism. This new upgrade will make it possible for Synthetix V3 system to back Synthetix V2 system through the legacy market. At the same time, liquidity providers in Synthetix V2 will be able to drop their positions to V3 directly.

The V3 version of Synthetix will also have cross-chain functionality and scaling mechanisms. Other upcoming features are the ability to integrate Chainlink’s CCIP tool for cross-chain stablecoin transfers. Therefore, SNX price jumped as investors cheered the new developments in the network. 

Further, it jumped because of the overall performance of other cryptocurrencies. Bitcoin jumped to $25,000 for the first time in months while the total market cap of all cryptocurrencies jumped to over $1.2 trillion.

Synthetic also launched an improved version of perpetual futures. Their benefits are deep liquidity, low fees, and on-chain perps markets.

Looking ahead, Synthetix and other cryptocurrencies face a difficult period ahead. For one, they are now competing with short-term bonds, which are yielding at about 5%. In most periods, investors will hide in the safety of government bonds instead of highly risky cryptocurrencies. 

Synthetix price prediction

SNX chart by TradingView

The daily chart shows that the SNX price has been in a strong bullish trend since January. It has managed to cross the important resistance level at $2.76, the highest point on November 7. The coin is being supported by the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has continued rising.

It has also formed what looks like a rising wedge pattern. Therefore, there is a likelihood that the coin will pull back in March. If this happens, the next key level to watch will be at $2. The stop-loss of this trade will be at $3.20.

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