Autor: dot-traders

Veröffentlicht am

When Will Bitcoin’s price finish its consolidation?

Since dropping below $30,000 a few weeks ago, Bitcoin has had a prolonged period of price consolidation. At one point, we thought the coin was finally ready for a breakout. It pulled up to test $32,000 only to fall back once more. So, when will this consolidation phase end? Here are some highlights:

  • Bitcoin shows some weakness despite holding above $30,000

  • The coin could bottom to $28,650 in the days ahead

  • Consolidation around the $28,650 will be crucial for BTC in the near term.

Data Source: TradingView 

When will the consolidation end?

It’s hard to say how long this consolidation will take. But two things can happen. First, BTC may lose its resilience and plummet below $28,650. This will trigger a massive sell-off that could see a decline of at least 20%. 

The second scenario is more favorable for bulls, but only to a certain extent. You see, despite consolidating between $28,650 and $30,700, Bitcoin has failed to break out decisively. In fact, at the start of the week, we saw the mega-cap surge towards $32,000 for the first time in weeks. However, a pullback came almost instantly. This suggests that upward momentum is very limited for BTC. 

In fact, the coin will likely need about two weeks of low volatility trading to develop enough momentum for a decent uptrend. As long as the price action stays above $28,650, a consolidation phase of two weeks should be enough.

Will BTC see more gains this year?

So far, BTC has seen a net loss since the start of 2022. Some analysts are now warning that the coin could struggle to clear $38,000 over the coming six months. 

There is also some worry that the correction we are seeing right now in crypto hasn’t really bottomed yet. Downside risks for BTC could put enough pressure on the price and push it well below $25,000. However, recovery after that will be almost certain.

The post When Will Bitcoin’s price finish its consolidation? appeared first on CoinJournal.

Veröffentlicht am

Why polygon is on the cusp of major price movements

Polygon appears to be on the verge of a very decisive bullish run. The coin has been suppressed in recent weeks. Even as the broader crypto market has seen some decent gains in June, MATIC has largely been modest in its uptrend. But this is about to change. Here are some highlights:

  • MATIC has consolidated within lower highs and higher lows for 3 straight days.

  • This consolidation shows resilience, and it could trigger massive demand for MATIC.

  • The coin could target $0.9 in this bullish cycle.

Data Source: TradingView 

Polygon’s near-term prospects

Looking at MATIC’s price action over the past two weeks, we see a very strong consolidation. In fact, while the crypto market has actually reported modest gains, MATIC has largely been within this consolidation phase with very limited volatility. As a result, the coin has traded within lower highs and higher lows in 3 straight trading sessions. 

This show of resilience could suggest that MATIC is ready to break the sideways pattern. Besides, momentum indicators on the chart suggest that the coin is due for a decisive bull run.

If indeed MATIC is able to break out in the coming days, the coin will target $0.9 as the bare minimum. This will deliver a 50% upswing from the current price. It is also likely that there will be enough demand to send MATIC above $1. The coin will probably consolidate above $1.1 before it tries to find more direction again.

How likely is this MATIC run?

The conditions are perfect for MATIC to break its sideways pattern. But this also depends on the overall sentiment in the market.

If we continue to see weakness in crypto, then MATIC will remain in a consolidation phase for a bit longer. However, if broader sentiment improves, then you can expect MATIC to outperform most major coins.

The post Why polygon is on the cusp of major price movements appeared first on CoinJournal.

Veröffentlicht am

VeChain becomes official Layer 1 blockchain partner of UFC, VET price jumps 7%

VeChain Foundation, the organization behind the smart contracts layer 1 blockchain VeChainThor, has announced a groundbreaking multi-year partnership with the world’s premier mixed martial arts (MMA) organization UFC.

As a result of this first-of-its-kind deal, VeChain is now the official Layer 1 Blockchain Partner for UFC – the first ever for the global brand.

 “It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability,” said Sunny Lu, co-Founder and CEO of VeChain. 

Commenting on the deal, UFC Senior VP of Global Partnerships Paul Asencio said the partnership is strengthened by “VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals.”

Noting that this was an effort UFC was proud to associate with, he added:

“We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations.”

Branded integrations and other benefits

VeChain will use the partnership to integrate into some of UFC’s major assets, including live events, original content distribution and promotions across the sports body giant’s digital and social channels.

VeChain will own the rights to the UFC Rankings Powered by VeChain, the official titleship rankings. The platform will also have brand presence at the iconic Octagon®, benefiting from visibility at all of UFC’s 42 annual events.

Access will also be granted to UFC’s Performance Institute and APEX, where VeChain could hold corporate activities and events.

Leveraging the deal could see VeChain get brand visibility across 175 countries and 900 million TV households, according to details of the partnership shared on Thursday.

Promotions and an athlete ambassador fund will also see UFC fighters benefit from paid marketing events. Fans will benefit from sweepstake promotions.

Crypto sports partnerships on the rise

The partnership with UFC adds to the many sports deals crypto companies have sealed over the past few years. In 2021, crypto platforms struck 72 sports sponsorship deals, with millions of dollars poured into multi-year arrangements as crypto met sports glitz.

For VeChain, Saturday, 11 June marks its brand debut at UFC® 275: TEIXEIRA vs PROCHAZKA. The event, the first numbered UFC PPV in Southeast Asia, will be held at the Singapore Indoor Stadium.

The price of VET, the native VeChain token, has jumped 7% after the news. VET/USD currently trades around $0.03.

The post VeChain becomes official Layer 1 blockchain partner of UFC, VET price jumps 7% appeared first on CoinJournal.