Monat: Mai 2023

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Binance Coin price outlook as BNB Chain transactions slip

  • BNB Coin, like other cryptocurrencies, has been in a consolidation phase recently.

  • The number of transactions in the ecosystem has dropped from its April high.

  • There are concerns about the US debt ceiling as divisions increase.

Binance Coin price moved sideways as concerns about the debt ceiling issue continued. After soaring to a high of $346, in April, the token has dropped to $315, giving it a market cap of over $47 billion. The coin remains about 39% above the lowest level this year.

Debt ceiling concerns remain

The main reason why the BNB price has gone nowhere in the past few days is the ongoing risk-off sentiment in the market. This sentiment is evidenced by the rising US dollar index (DXY) and the VIX index, as I wrote here.

The biggest concern among investors is the ongoing debt ceiling discussion in the United States. With divisions between the democrats and republicans widening, there are concerns that the American government will default. 

The plot thickened when Fitch, a leading credit rating agency, placed the American government in a watch for a rating downgrade. This means that the company will not delay downgrading the government in the coming days.

As I wrote in this article, this defauly will likely not happen since the two sides will likely reach an agreement in the 11th hour. In most periods, cryptocurrencies tend to move in sync with each other, which explains why other coins have dropped.

The Binance Coin price has moved sideways as the number of transactions in the ecosystem wane. Data by BNB Explorer means that the number of transactions in the ecosystem dropped to 5.337 million on May 17th to $4.41 million on May 24th.

At the same time, the volume of BNB traded per day has been in a strong downward trend, as shown in the chart below. This is also the same as with other cryptocurrencies like Bitcoin, Ethereum, and Solana.

BNB price prediction

The 4H chart shows that the Binance Coin price has moved sideways in the past few days. Looking back, the coin has struggled moving above the important resistance at $337, the highest point on August 9 2022. The coin has also failed to move above this level in February, March, and April this year.

BNB coin price has moved slightly below the 25-period and 50-period moving averages. Volume has dropped after peaking in November 2022. Therefore, the outlook of Binance Coin will likely continue falling below the key support at $300. A move below this level will open the possibility of the coin drop to the key support at $265.7.

How to buy Binance Coin

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BNB with eToro today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy BNB with KuCoin today

The post Binance Coin price outlook as BNB Chain transactions slip appeared first on CoinJournal.

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Nvidia triggers $300 billion AI rally: Here’s why this is big for AltSignals (ASI)

  • Nvidia’s strong performance and forecast could boost further investment in AI projects.
  • AltSignals presale is set to hit a key milestone as investors look to scoop ASI tokens early.
  • The AltSignals artificial intelligence (AI) layer ActualizeAI will go live later in the quarter.

AltSignals is on the verge of a new milestone as the platform has raised over $814,000 of the targeted $1,080,000 in the current stage of its presale.

The presale has been on for just a few weeks. However, interest in the soon-to-be launched Artificial Intelligence-powered trading algorithm is rising and the token sale looks to have received a major boost via this week’s strong bet on the future of AI by Nvidia, the leading maker of AI chips.

With 75% of the AltiSignals presale done, the rally in AI-related stocks and cryptocurrencies could trigger even greater demand for the ASI token as investors look to position themselves for what could be a global rally in the artificial intelligence space.

Nvidia’s AI bet and what it means for AI tokens

The stock price of Nvidia soared on Wednesday to reach its highest ever level and put the company on the cusp of $1 trillion market cap. It happened after Nvidia released a forecast for its earnings in the three months to the end of July and provided a huge guidance on revenue based on the performance of its artificial intelligence business.

NVDA surged nearly 30% to trade at $391.50 as its market cap increased by almost $200 billion to hit $960 billion. The rally cascaded into related stocks, with the upbeat market triggering nearly $300 billion in market cap gains.

Market analysts say Nvidia’s “blow-out guidance” underscores the bullish outlook that continues to unfold around the market. Investors buoyed by the chipmaker’s forecast might want to diversify into other projects with great potential. In stocks, it could be the likes of Palantir, AMD, TSMC to name a few.

Can crypto tokens championing the AI revolution see similar gains?

As previously highlighted, the industry is making huge strides in the integration of AI and blockchain and a few projects are already seeing success.

While AI-related tokens didn’t witness such exuberance, projects such as Render Token (RNDR) and SingularityNET (AGIX) held onto recent gains to suggest the strong bet on the sector’s future could aid new demand. According to data from CoinGecko, the AI segment in crypto currently has a market capitalization of $2.7 billion, suggesting potential for growth.

The AltSignals (ASI) token, a trading platform with a working product, could be positioned for such growth when its AI platform ActualizeAI goes live later in the quarter.

What is AltSignals?

AltSignals is a trading signals platform that launched its services in 2017. Over the last few years, it has grown its user community to over 50,000 as its popularity grew. Its trading algorithm helps traders access signals for a range of markets, including cryptocurrencies, stocks, and forex.

The team at AltSignals are now looking to take the success of its AltAlgo trading system to the next level via artificial intelligence. Tapping into the technology and integrating the benefits of blockchain promises to offer users access to an even greater suite of signals, higher accuracy and profitable trades. You can learn more about this project by visiting its website.

ActualizeAI- an AI solution to revolutionise the trading industry?

AltSignals is launching its AI revolution for the trading industry via its ActualizeAI platform. The team hopes the advantages AI could have over the current system, including the capacity to integrate predictive modelling, regression and AutoML (machine learning) will help users access the best of its trading opportunities.

The AI layer will be powered by a cryptocurrency token dubbed ASI. Currently in presale, ASI will give holders unlimited access to ActualizeAI features. Holders will also be able to participate in the ecosystem, be it via governance rights or in tournaments for rewards. ASI will also be tradable on secondary exchanges and be used in staking.

Should you invest in the ASI token?

The AltSignals whitepaper outlines a roadmap for ActualizeAI and the native ASI token. Among the first milestones for the project is the ASI presale and subsequent launch on leading crypto exchanges. In this case, the presale offers investors a chance to buy the token early and at what could be discount prices.

Historically, the value of tokens have exploded after listing on major exchanges and ASI could see a similar trend. 

Also, getting in early could be an opportunity to back an already successful business that’s entering a new phase of development that has received massive interest both in traditional markets as well as cryptocurrency.

What’s the price of ASI today?

ASI price is $0.015 at the current presale stage, having increased from $0.012. The next stage will see the token’s value rise by 20% and then 12.5% before the final stage sees the value reach $0.02274.

In the presale, AltSignals hopes to raise $5,480,600 from investors. The presale will see interested investors access 290 million ASI tokens, which would be 58% of the total supply of 500 million.

The post Nvidia triggers $300 billion AI rally: Here’s why this is big for AltSignals (ASI) appeared first on CoinJournal.

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Why is Kava dropping? KAVA retraces after its recent rally

Key takeaways

  • Kava is one of the worst performers today after losing more than 8% of its value in the last 24 hours.

  • The poor performance comes as KAVA retraces from its recent rally.

  • Kava recently launched the KAVA 13 upgrade on the mainnet, resulting in the coin rallying by more than 15% earlier this week.

Why is Kava dropping today?

KAVA, the native coin of the Kava ecosystem, is one of the worst performers amongst the top 100 cryptocurrencies by market cap. At press time, the price of KAVA stands at $1.1030 per coin.

The poor performance comes as KAVA is retracing from its recent gains. Last week, Kava launched the KAVA 13 upgrade on its mainnet, resulting in the coin rallying by more than 15% over the last seven days.

Kava 13 is a major upgrade for growing numbers of developers and users looking to leverage Kava’s unique chain architecture. The upgrade sees Kava combine the speed and interoperability of Cosmos with the developer power of the Ethereum blockchain.

Since reaching a weekly high of $1.29 per coin, KAVA has been slowly shedding some of its profits. 

Kava could drop below $1 soon as the bearish trend thickens

Kava has been underperforming since the start of the week and could be set to dip lower over the coming days. At press time, KAVA is trading just above $1.1 and could drop below the $1 psychological level soon.

KAVA/USD Chart By TradingView

 

The KAVA/USD 4-hour chart is looking bearish, thanks to Kava’s poor performance. The technical indicators show that Kava could drop lower in the near term.

The MACD line is below the neutral zone, indicating that the bears are currently in control. The 14-day RSI of 47 also shows that KAVA could be entering the oversold region if the bearish trend continues.

KAVA could test the first major support level at $1.0146 over the next few hours if the selling pressure persists. If the bearish momentum is sustained, KAVA could drop below the $0.9449 support level for the second time this week. 

Where to buy Kava now

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy KAVA with Binance today

Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

Buy KAVA with Wazirx today

The post Why is Kava dropping? KAVA retraces after its recent rally appeared first on CoinJournal.

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Capital city of China’s Jiangsu province launches state-backed metaverse platform

  • Nanjing has launched the China Metaverse Technology and Application Innovation Platform.
  • The platform will be managed by the Nanjing University of Information Science and Technology (NUIST).
  • The platform is aimed at bolstering research efforts in areas related to the metaverse.

The capital city of China’s eastern Jiangsu province, Nanjing, recently unveiled the China Metaverse Technology and Application Innovation Platform, which is a state-backed metaverse platform. The platform is aimed at consolidating the resources of academic institutions and enterprises in China and bolstering research efforts in areas related to the metaverse.

The recent development comes at a time when Chinese cities are competing to become metaverse development hubs. Nanjing in February unveiled its metaverse strategy that aimed at creating a thriving industry with an annual revenue of more than $19.13 billion by the end of 2025.

The newly established platform will be led by the Nanjing University of Information Science and Technology (NUIST) and other diverse academic institutions and metaverse-related companies throughout mainland China.

Metaverse in China

The China Metaverse Technology and Application Innovation Platform aims at bringing together the resources of academic institutions and enterprises in China to strengthen research activities in metaverse-related fields.

Besides, Nanjing, the city of Shanghai is also actively pursuing metaverse ambitions aiming at making it a 350 billion Yuan annual revenue industry. The city recently presented its first collection of 20 metaverse use cases that spanned areas like digital recreations of historic architectural landmarks and virtual healthcare diagnoses.

Interestingly, China acknowledges the transformative power of Web3 technologies including the metaverse despite maintaining strict regulations on cryptocurrencies and non-fungible tokens (NFTs).

The post Capital city of China’s Jiangsu province launches state-backed metaverse platform appeared first on CoinJournal.