Monat: April 2023

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INJ/USD price forecast after another rejection at $10

  • INJ/USD rally stopped at $10
  • Horizontal resistance is likely to be tested again
  • The bias remains bullish while the price holds above $5

INJ/USD has outperformed other cryptocurrency pairs in 2023. At the start of the year, it was trading below $2, but in a matter of just a few months, the price spiked all the way to $10.

It met resistance again at the pivotal area, but if the bullish conditions persist, it is unlikely that the horizontal resistance will hold again. Ideally, for bulls, the market should form a consolidation below the resistance area, which might take the form of a triangle, as the market needs some time to build energy for another leg higher.

Injective chart by TradingView

What would invalidate the bullish scenario?

Injective has a market capitalization of $580 million, and in the last 24h the trading volume exceeded $135 million. In other words, the INJ/USD pair is liquid and heavily traded.

The bias should remain bullish while the price remains above the previous ascending triangle. The horizontal resistance of the previous triangle should offer support on further declines.

INJ/USD is the perfect example of why speculators love the cryptocurrency market. While the volatility in the classic FX market declined this week to a 1-year low, it remains elevated in the cryptocurrency market, offering plenty of opportunities to speculate.

From a technical perspective, Injective should press against the $10 resistance area sooner rather than later. A failure to do so in the near future will shift the bias from bullish to bearish, especially if the market declines below $5.

The post INJ/USD price forecast after another rejection at $10 appeared first on CoinJournal.

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Bitcoin price prediction for 2024: is $100,000 still on the cards?

  • Standard Chartered analyst expects bitcoin to hit $100,000 in 2024.
  • Geoff Kendrick explained his bitcoin price prediction in a research note.
  • Bitcoin is currently down over 10% versus its high earlier this month.

Bitcoin has lost more than 10% in recent days but that, as per a Standard Chartered analyst, may just be an opportunity to buy.

Bitcoin could more than triple from here

Geoff Kendrick remains convinced that the world’s largest cryptocurrency will more than triple to $100,000 in 2024.

His bitcoin price prediction is based primarily on the recent bank failures. In a research note, the analyst said today:

Current stress in traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless, and scarce digital asset.

The explosive rally in bitcoin following the collapse of Silicon Valley Bank on March 10th does seem to support his thesis. On top of that, the total supply of BTC is scheduled to halve next year that’s traditionally delivered a boost to its price.

Other reasons for his bitcoin price prediction

Kendrick expects bitcoin to significantly outperform also because the U.S. Federal Reserve now seems likely to slam the breaks on lifting rates.

Another positive catalyst he cited are the bitcoin miners. The recent surge in BTC, the analyst noted, has served to improve their profitability thereby making them less likely to sell many coins.

Given these advantages, we think bitcoin’s share of total digital assets market cap could move into the 50% to 60% range in the next few months (from around 45% currently).

His $100,000 bitcoin price prediction is in line with what a Gemini executive also forecast last month.

The post Bitcoin price prediction for 2024: is $100,000 still on the cards? appeared first on CoinJournal.

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Bitget Token price surges after Bitfinex lists BGB

  • The price of Bitget Token (BGB) rose nearly 10% on Monday after Bitfinex announced the token’s listing.
  • BGB is the native utility and governance token on crypto derivatives platform Bitget.
  • Bitfinex will open deposits for the token on 25 April 2023 at 10 AM UTC, with trading going live on 27 April 2023.

Bitget Token (BGB) price has surged amid news that major cryptocurrency exchange Bitfinex will be listing the token on its platform. 

BGB price traded to a high of $0.41 on Monday, with the 9% gains at the time of writing also reflected in the jump in Bitget Token’s daily trading volume. The gains means BGB price is now just 21% off the all-time high above $0.51 reached on 16 February, 2023.

Bitfinex to list Bitget’s BGB

BGB is an ERC-20 token that works as a governance token on Bitget and users require it to access and utilize services on the derivatives platform. BGB holders can also stake their tokens and benefit from rewards and discounts, with zero withdrawal fees for staked BGB.

The token is ranked 83 by market cap (currently at $567 million) on CoinGecko and has a circulating supply of 1.4 billion BGB. 

On 24 April, 2023  Bitfinex announced that it would be listing BGB, the native token of Bitget, a top crypto derivatives exchange. The listing put BGB tokens on one of the best crypto exchanges, and the largest one to list the token. Trading on Bitfinex will increase BGB’s liquidity as well as visibility, probably adding to demand.

Deposits for BGB will open on Bitfinex on 25 April 2023 at 10 AM UTC while trading will commence on 27 Apri 2023 around 10 AM UTC. The token’s initial trading pairs are set to be BGB/USD and BGB/USDT.

The post Bitget Token price surges after Bitfinex lists BGB appeared first on CoinJournal.