Monat: Mai 2023

• Gaming and metaverse tokens jumped sharpy on Wednesday morning.

• Decentraland, Sandbox, and Enjin were among the best performers.

• This price action could benefit Metacade’s MCADE token.

Gaming-focused cryptocurrencies jumped in the past 24 hours as momentum in the industry returned. Decentraland’s MANA jumped by 11.5%, making it one of the best-performing crypto tokens. In the same period, Sandbox’s SAND soared by 7.40% while Enjin Coin’s ENJ rose by 7%. Metacade was not left behind as MCADE has risen by over 28% from the lowest level this month.

Gaming tokens jump

Gaming is one of the top industries that will be disrupted by the blockchain technology. Data by Grandview Research showed that the industry was valued at over $4.8 billion in 2022 and that it will have a compounded annual growth rate of 68.3% in the next few years. 

The industry, which has been controlled by giant companies like Microsoft, Take-Two Interactive has been ripe for disruption for years. And blockchain technology makes this possible by ensuring that people can game easily and make money in a simple way.

Most of the existing gaming platforms using blockchain enable people to play games and then earn returns for their wins. 

It is unclear why gaming tokens like Decentraland MANA, SAND, and Enjin jumped. A likely reason is that investors were simply buying the dip after the tokens dropped sharply in the past few weeks. At its lowest level this week, MANA was down by more than 37% from its highest point this month.

What is Metacade?

Metacade is one of the newest players in the decentralized gaming platform. The developers conducted a token sale earlier this year that raised over $16 million, making it one of the most successful token sales in the world this year. 

Since then, the developers have made several milestones. For example, they have inked several exchange-listing deals that give millions of people access to the token. As with most tokens, MCADE was first listed in Uniswap, the biggest DEX in the world. It was then listed in key platforms like MEXC and BitMart and the developers hope to list it in other exchanges. 

Metacade has also partnered with one of the biggest gaming and metaverse developers, who will build the game. Expectations is to launch the game in the next few months and also transition the ecosystem into a decentralized autonomous organization (DAO).

Is it safe to invest in Metacade?

Metacade, like other crypto tokens, is a relatively volatile and illiquid token, meaning that you need to be cautious when allocating funds in it. In the past, people who invested vast sums of money in one or two tokens have lost a lot of it. Therefore, I suggest that you do good risk management strategy and just allocate a small portion of your cash into it.

There are three main reasons to invest in Metacade. First, it is in an industry that is expected to grow rapidly in the next few years. Second, there are numerous bullish catalysts for the token, including exchange listings and game launch. Finally, MCADE has a favorable risk-reward proposition.

Metacade price prediction

The 4H chart shows that the MCADE price has made a strong recovery in the past few days. It has managed to pare back some of the losses it made earlier this week. The MACD has moved above the neutral point while the price has jumped above the 25-period moving average.

Therefore, there is a possibility that Meatacade will continue rising as buyers target the next psychological level at $0.30. A drop below the support at $0.018 will invalidate the bullish view.

The post Metacade Price Prediction as MANA, SAND, Enjin Tokens Jump appeared first on CoinJournal.

• HCW analyst says Bitfarms Ltd still has another 40% upside.
• The bitcoin miner reported strong results for its Q1 this week.
• Bitfarms stock is already up about 150% for the year at writing.

Bitfarms Ltd is already up close to 150% versus the start of the year but an H.C. Wainwright analyst is convinced that it’s not out of juice just yet.

Bitfarms stock has another 40% upside

On Tuesday, Kevin Dede reiterated his “buy” rating on the bitcoin miner with upside to $2.0 – up another 40% from here.

His bullish call on Bitfarms stock arrives a day after the company said its revenue noted an 11% sequential growth in the first quarter. Dede acknowledged that mining costs were up more than 12% versus Q4 but wrote:

Bitfarms still harnesses some of the lowest cost of power among its peers by predominately drawing hydropower. Bitfarms prides itself on its renewable energy sources.

Its adjusted EBITDA more than quintupled versus the previous quarter to $6.3 million in Q1, as per the earnings press release.

Bitfarms has a strong balance sheet

Also a positive was “hash rate” that increased about 7.0% in the recently concluded quarter to 4.8 EH/s. More importantly, Bitfarms sees that climbing further to 6.0 EH/s by the end of the third quarter.

Strength of the balance sheet was among other notable reasons why Dede remains constructive on Bitfarms stock. The Toronto-headquartered firm now has $19 million in debt only versus $140 million about 10 months ago.

The HCW analyst now expects Bitfarms to generate $132.4 million in revenue this year versus his previous forecast for $119.9 million. In the research note, he also said:

Its 10 sites across 4 countries mitigate geographical risks. In front of halving, BITF positions itself with strategic mix of stability, liquidity, prudent financial mgmt, and plans for growth.

The post Bitfarms stock could climb to $2.0: HCW analyst Kevin Dede appeared first on CoinJournal.

• Investors have been angling for a share of $ASI as token presale accelerates

• $ASI gears for its first listing in the second quarter

• Investors have earmarked a 10x gain for $ASI

The idea of crypto becoming mainstream has been a hotly contested topic. There have been proponents and naysayers in equal measure. To proponents, however, their wish doesn’t seem more likely than when leading US states like Texas recognize the asset class. It means more room for new crypto projects. An example is AltSignals, which, within a few weeks in presale, has been attractive to users thanks to its innovative AI-based trading platform.

Texas state adds crypto to its Bill of Rights

Legislators in the US state of Texas have voted to amend its Bill of Rights to add digital assets. 139 lawmakers voted in favour of the move, against two, in what would see the state include cryptocurrencies in the state law. Individuals can own, use, and store digital assets in the proposed law.

The proposed legislation is significant as crypto remains an unrecognised asset class under federal law. Leading federal regulators, including the Securities and Exchange Commission, have attempted to reign on the sector with punitive measures. If passed into law, the Texas bill will prohibit the government from hindering ownership or holding of any form of digital asset, allowing it to become mainstream.

Essentially, regulatory uncertainty has been of great concern to crypto innovators. As more jurisdictions like Texas clear the hurdle, crypto will have more room for growth. That will allow new projects like AltSignals to enjoy wider backing. 

Why has AltSignals been a success so far?

AltSignals is a UK trading signal service that was started in 2017. Although it began as a free signal service, strong demand for its trusted services saw it expand quickly, attracting novice and new traders alike. 

So far, AltSignals has generated over 3,780 signals, generating massive returns to its trading community of over 50,000 on Telegram. The company uses algorithm-based indicators to generate quality signals in digital assets, forex, stocks, and CFDs. One of its popular instruments is Binance Futures, which has consistently generated returns for investors with over 80% accuracy. 

ActualizeAI, the new AI-trading platform by AltSignals

AltSignals is moving a step higher in its signal generation service. The platform is integrating artificial intelligence for quality trade signals and risk management. ActualizeAI will be AltSignals’ new AI-based trading service, whose membership will be given by ownership of a new crypto token, $ASI. 

In line with the expected change, AltSignals is releasing $ASI through a presale that is currently 68.72% complete. $ASI owners will unlock membership in ActualizeAI, accessing the trading platform for trading signals and other benefits. 

There are exclusive presale opportunities for $ASI investors, with members also having a say in the governance through their stake. Members can also participate in trading tournaments and earn $ASI contributing to the platform’s developments. 

$ASI prediction in 2023 as presale demand soars

AltSignals token is still in presale, but the demand for the token has been high so far. With less than 32% remaining for the presale to close, analysts have been projecting a 1000% surge in the $ASI price once it debuts on exchanges. This is a genuine projection, given that AltSignals already has an existing community to fuel the demand for the token.

Predictably, $ASI can finish the year at $0.15 or a 10x increase. The token has a listing date in the second quarter of 2023, allowing ample time to hit the projected gain before the end of the year.

Should you invest in $ASI in May?

$ASI price is still low and trades at $0.015 in the initial stage of the presale. Investing while the token is in the presale means getting the token at a discount and enjoying the advantages of being an ActualizeAI member. By the time the token starts to move on exchanges, early investors would be the first to benefit from price increases.

The post AltSignals gathers popularity as Texas recognizes crypto in Bill of Rights appeared first on CoinJournal.

Key takeaways

• LDO is one of the best performers amongst the top 50 cryptocurrencies by market cap over the past seven days.

• Lido DAO rallied by 20% in the last seven days but is slowly retracing.

• The token’s rally comes after the Lido v2 mainnet launch.

LDO outperforms the other major cryptocurrencies

LDO, the native token of the Lido DAO, is the best performer amongst the top 50 cryptocurrencies by market cap over the past seven days.

The token added 20% to its value over the past few days despite the poor performance of the broader cryptocurrency market.

The rally was majorly fueled by the mainnet launch of Lido V2. Lido V2 enables Ethereum stakers to burn their stETH (staked ETH) and exit the protocol at a 1:1 ratio. 

Another major catalyst behind this latest price rally is the return of depositors to the Ethereum network following the Shapella upgrade. As an Ethereum liquid staking platform, it is not surprising that Lido DAO has seen a surge in transactions over the past few weeks.

Lido DAO enables users to pool their funds to become validators on Ethereum. This allows investors to bypass the Ethereum network’s requirement of depositing at least 32 ETH.

What next for LDO?

Following its rally, what next for LDO? At press time, LDO is trading at $2.26 per coin, up by more than 4% over the past 24 hours.

However, LDO’s rally comes as the broader cryptocurrency market continues to underperform. If the fundamentals of the broader crypto don’t improve, LDO could retrace some of its profits.

LDO could test the $1.92 support level in the near term if the bearish trend in the market persists. However, if the bulls continue to be in control, LDO could rally toward the $2.5 resistance level over the next few hours or days. 

The post What’s next for Lido DAO price after a 20% surge in a week? appeared first on CoinJournal.