Monat: Mai 2023

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ROSE price prediction ahead of Oasis Network token unlock

  • Oasis Network will have a token unlock event on 18th May of this year.

  • The network will unlock tokens worth $10.7 million, equivalent to 2% of all tokens.

Oasis Network’s ROSE token moved sideways this week ahead of a major event in its ecosystem. ROSE was trading at $0.053, where it has been in the past few days. This price is about 11% above the lowest level this month.

Oasis Network token unlock

Oasis Network is a blockchain project that focuses on privacy in decentralized applications (dApps). It is an Ethereum rival that has lower transaction costs and faster speeds. As part of its ecosystem growth, Oasis has launched a $235 million ecosystem fund that makes it possible for people to build decentralized apps. 

According to DeFi Llama, Oasis Network has a total value locked (TVL) of more than $6.8 million, which is lower than its all-time high of more than $250 million. In ROSE terms, the network has a TVL of over R123 million. The top dApps in Oasis Network are Fountain Protocol, YuzuSwap, and Lizard among others.

The challenge for Oasis is that it is facing substantial competition in the industry. Some of the top competitors are blockchains like Arbitrum, Ethereum, and Solana.

The most important Oasis Network news this week is the upcoming token unlocks. A token unlock happens when a blockchain releases some of its locked tokens to the market. It happens in a certain period that is pre-determined before the airdrop.

Oasis Network will unlock 199.5 million of ROSE tokens valued at over $10.7 million. That amount is equivalent to about 2% of the total tokens. 

Today, there are 5.07 billion tokens in circulation. The number of unlocked tokens stands at over 2.58 billion tokens. If the program works, the total tokens will be unlocked in 2031. In most periods, tokens tend to drop before a major token unlock. 

ROSE price prediction

The 4H chart shows that the Oasis Network token has been in a strong bearish trend in the past few weeks. It has already moved below the important support level at $0.057, the lowest level on April 26. This week, the pair has risen slightly and formed a symmetrical triangle pattern that is shown in blue. 

The Relative Strength Index (RSI) has moved from the oversold level of 20.15 to above the neutral point. Therefore, there is a likelihood that the token will have a bearish breakout as sellers target this month’s low of $0.048.

How to buy Oasis Network

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 ROSE with Binance 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 ROSE with KuCoin today

The post ROSE price prediction ahead of Oasis Network token unlock appeared first on CoinJournal.

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Riot Platforms stock has another 22% upside: HCW analyst

  • Riot Platforms reported strong results for its Q1 last week.
  • HCW analyst raised his PT on Riot Platforms stock today.
  • Mike Colonnese explained his bullish view in a research note.

Shares of Riot Platforms Inc have already more than tripled this year but an H.C. Wainwright analyst says further upside will unravel moving forward.

Riot Platforms stock has upside to $13.50

On Monday, Mike Colonnese reiterated his buy rating on the bitcoin miner and raised his price target to $13.50 a share – up another 22% from here.

His bullish note on Riot Platforms stock arrives only days after the company said a number of its key operating metrics, including hash rate, pushed to a record high in its first quarter.

With strong balance sheet and significant runway for future mining expansion, RIOT is well positioned to outpace growth of network hash rate over the next year.

Riot sees its aggregate hash rate to climb from 10.5 EH/s in Q1 to 12.5 EH/s in the back half of 2023.

Riot Platforms revenue was up 22% sequentially

At $73 million, the Nasdaq-listed firm came in shy of consensus estimates for revenue in its recently concluded quarter.

But the HCW analyst remains constructive on Riot Platforms stock since the revenue still represented a whopping 22% sequential growth. His research note also said:

A premium is warranted given Riot Platforms’ industry leading operating capacity, low electricity costs, and strong balance sheet.

Other notable figures in the company’s earnings release include a 51% year-on-year increase in bitcoin produced and mining margins that more than doubled versus the previous quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s price target) once this year.

The post Riot Platforms stock has another 22% upside: HCW analyst appeared first on CoinJournal.

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US default will see Bitcoin become a more trusted safe haven asset than the dollar, survey says

  • Retail investors would prefer Bitcoin over the dollar in case of a default, a new survey says.
  • A US default could be here as early as June 1, experts have warned.
  • Standard Chartered analyst Geoff Kendrick previously predicted a 70% jump for Bitcoin price in case of a US default.

A new survey has found that retail investors would prefer to buy Bitcoin (BTC) over the dollar in the event of a US default.

According to the report, while gold and Treasury’s ranked higher on the list of trusted safe haven assets in case of a US default, BTC was seen as the third best asset, ahead of the US dollar.

Retail investors would buy BTC over the dollar

The results were from a survey conducted by Bloomberg’s Markets Live Pulse. The researchers had asked investors to indicate what they would buy were the US government to spiral to a debt ceiling.

Gold was the top pick as 51.7% of professional investors and 45.7% of retail investors going for the precious metal. A significant percentage chose Treasurys, with 14% and 15.1% of professionals and retail investors respectively showing faith with the asset class.

Meanwhile, Bitcoin ranked third among the responses as 7.8% of professional investors and 11.3% of retail investors picked it over the dollar. Per the survey, about 7.8% of professional investors and 10.2% of retail investors said they would still buy the dollar.

Bitcoin price predictions in case of US default

The US faces a default that could hit as early as 1 June 2023 should lawmakers fail to strike a deal to lift the $31.4 trillion debt limit. Stock investors were on Monday upbeat on a possible deal. However, stocks were mainly weak as reports of no consensus on the cards yet emerged.

Bitcoin on the other hand remained poised above $27,400 as analysts projected a potential decline to support levels seen last week or lower. However, with the BTC price having rode the banking crisis to break above $31,000, it is possible a default could provide fresh fuel for more gains.

As CoinJournal recently highlighted, this Bitcoin price prediction had been put forth by Standard Chartered analyst Geoff Kendrick. In his prediction, the head of FX research at Standard Chartered said the BTC price could explode by 70% in the event of a default.

While he suggested an initial drop on the day, or two or week, of the default would likely clip bulls by $5k or so, the analyst believes the price of the digital gold could see a new $20,000 leg.

The post US default will see Bitcoin become a more trusted safe haven asset than the dollar, survey says appeared first on CoinJournal.