Kategorie: Crypto Analysis

• Binance Coin forms a descending triangle above important support area
• 2023 gains are gone
• A break below $200 should trigger more weakness

The US dollar is the month’s winner as it rallied against its peers and against major cryptocurrencies in September. Moreover, the strength appears to be more visible against cryptocurrencies.

Take Binance Coin for example. It erased all its 2023 gains (and some more). It also formed a descending triangle right above horizontal support seen at $200. This is dangerous for bulls because, if broken, there is not much left to support the price until much lower.

Bearish technical picture for Binance Coin

Binance Coin made a double top pattern during the COVID-19 pandemic. Twice, it tried to break above $700, without success.

Since then, however, it was all downside. The scandals in the cryptocurrency industry surely did not help. After all, FTX went busted, trust was lost, and many chose to leave the industry altogether.

Binance Coin chart by TradingView

In the first quarter of 2022, the Binance Coin found support in the $350 area. It hovered above for a while until breaking lower to the next support level.

Once broken, support became resistance.

So powerful the resistance was that not even the 2023 rally, seen on all major currencies, was enough to break it. Instead, the market formed a reversal pattern (i.e., a triangle) and then erased all its gains for the year.

Currently, it sits right above horizontal support at $200. A break there could spell trouble because there is nothing else to hold the price action until much lower levels.

The US dollar’s strength is a cause of major disruption in the cryptocurrency industry. But so is the uncertainty in the industry, the ongoing scandals, that led to investors fleeing for good.

Bulls may want to see that descending triangle (in blue on the chart above) invalidated by the market. If not, more pain lies ahead.

The post Binance Coin under severe pressure, tests the $200 support level appeared first on CoinJournal.

• Bitcoin Cash has formed a symmetrical triangle pattern.

• The two lines are nearing their confluence levels.

• The Federal Reserve is the biggest risk in the market.

Bitcoin Cash price has held quite well in the past few weeks even as a sense of fear spreads in the market. The BCH coin was trading at $214.50 on Tuesday, higher than this month’s low of $180.

Crypto risks remain

Bitcoin Cash price has done relatively well in the past few weeks. This performance was notable since it happened at a time when global stocks were in a freefall. The Nasdaq 100 index has dropped by more than 7% from its highest level this year.

Bonds have also been in a steep sell-off, which has pushed their yields to the highest level in years. The 2-year yield has jumped to 5% while the 10-year and 30-year have jumped to their highest level in more than a decade.

Bitcoin Cash price has likely done well because of the performance of Bitcoin. The BTC coin has remained above $26,000 even as the fear and greed index dropped to the fear zone of 34.

A likely reason for this price action is that investors are optimistic that the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF by key companies like Blackrock, Invesco, and Fidelity.

If this happens, it means that the SEC will need to approve other ETFs. I believe that some of the coins that will have ETF applications are Ethereum, Litecoin, and Bitcoin Cash.

Still, there are risks in the crypto industry. The biggest risk is that the Federal Reserve has committed to be more hawkish since inflation remains stubbornly high. The most recent data showed that inflation jumped to 3.7% in August.

Bitcoin Cash price forecast

The daily chart provides a good picture of the Bitcoin Cash price action. It has formed a symmetrical triangle pattern shown in green. This triangle is nearing its confluence level, meaning that a breakout or breakdown is about to happen. Bitcoin Cash has moved above the 25-day and 50-day moving averages. 

It is also oscillating at the 50% Fibonacci Retracement level while the MACD has moved above the neutral point. Therefore, the BCH coin will likely remain in this range and then have a bullish breakout soon. If this happens, the key level to watch will be at $240. The support of the coin will be at $180.

How to buy Bitcoin Cash

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• Memeinator opens presale on 27th September 2023.

• The project aims to destroy weak meme cryptocurrencies.

• The potential for Memeinator is huge, with a 132% ROI during the presale period.

“Your meme’s survival is not up to you. It’s up to me,” the upcoming Memeinator (MMTR) has warned. As the 27th September presale date approaches, Memeinator has been gathering fans. The project recorded over 1,000 sign-ups 20 minutes after its website went live. 5,000 also joined Memeinator’s Twitter and Telegram pages within a day of the site launch. But what is all the enthusiasm about Memeinator and its upcoming presale? 

A quick snapshot of meme cryptocurrencies

Dogecoin and Shiba Inu have commanded presence as the leading meme cryptocurrencies. On CoinMarketCap, Dogecoin ranks at #7, while Shiba Inu is at #16 by market value. However, the wild success of the two low-utility tokens has attracted imitators. 

DOGE and SHIB have been boosted by online frenzy, attracting a following and increased use. But the world of crypto is changing, with weak tokens getting a wide berth among investors. As a result, both are exploring new ways to build utility and remain relevant. 

Nonetheless, a majority of DOGE and SHIB predecessors have been on a wild goose chase. Criminals have also taken advantage of the situation to launch scam tokens.

To put into perspective, the recent past has seen a growth in meme projects with little or no value. These tokens have no future, according to Memeinator, which says it has travelled back from 2077. 

Memeinator – the weak meme terminator

Memeinator, like its dictionary meaning, aims to become a deadly weapon for its weak meme rivals. The project uses AI to search the web for these undesirable memes and wipe them from the face of the earth.

Memeinator’s mission is two-fold. Ride the meme mania and give investors a chance to invest in something powerful. As such, Memeinator describes its entry into the meme space as an unstoppable resistant movement. 

As if the overnight sign-ups and following are an overshoot, Memeinator has an ambitious roadmap. The ERC-20 token targets a $1 billion market cap and listing on the leading exchanges. The project also seeks international support through its ingenious marketing that uses AI.

The AI layer also allows Memeinator to feed new and quality memes into the game. This increases the reputation of Memeinator, generating online chatter and popularity. The utility will enable Memeinator to increase exponentially and deliver returns.

What is the investment value of Memeinator?

The potential to return supernormal earnings makes Memeinator an attractive investment. AI gives the project a real utility for the token. A little recap … Dogecoin investors became overnight millionaires after the bullish trends of 2021. PEPE made supernormal over 10,000% gains earlier in the year. These are perfect opportunities to show how attractive meme investments have become. 

Memeinator seeks to gain value through domination. It will embark on strong marketing through AI mastery and a meme-targeting system. The aim is to become the leader of the resistance, gain popularity, and grow in value. From here, the gains in the token could be unstoppable for its early movers. 

Imagine the thrill of engaging in enemy combat through a Web 3.0 game. Multiple projects like Axie Infinity have crafted a name from it. Memeinator looks at a similar application. 

At the end of the presale, the project will look to launch the Memeinator game. Players engage in obliterating games by destroying rival memes and earning points. The game application adds to the utility of Memeinator, further increasing its domination. The prospect could be a long-term boost for the token. 

Is investing in Memeinator’s presale attractive?

Memeinator presale opens on 27th September. 62.50% of the 1,000,000,000 tokens in supply will be sold. The price opens at a bargain $0.01, with an expected $0.0485 at the conclusion of the presale. It means as the presale ends, investors will get tokens with an ROI of a whopping 132%.

The post 2-day countdown to meme crypto killer, Memeinator presale appeared first on CoinJournal.

• Chancer welcomes decentralised betting, allowing more user participation and flexibility.

• Chancer price has risen to $0.013 as presale continues amid strong demand.

• Analysts expect the value of the Chancer token price to rise up to 50 times on betting trends.

The price of the Chancer token is now $0.012, a rise from the initial $0.010 and previous $0.011. The price will rise to $0.013 in the next stage presale. While the price changes are fixed in tokenomics, there are visible signs of increased buying. A total of over $2.217 million has been raised in presale as investors make bullish bets. According to the project’s roadmap, the Chancer token will be listed on Uniswap and other CEXs in Q3 2023. Analysts believe the token could witness strong increases after listing owing to the project’s use case. The token is available for purchase via the Chancer website.

What is Chancer?

Chancer is a decentralised betting platform. The platform aims to bring betting closer to the user through blockchain. It also allows investors to earn in a variety of ways, expanding what the current betting platforms offer.

From a betting sense, Chancer allows users to create peer-to-peer betting markets. In this betting system, users bet against friends, family, and acquaintances. The method makes betting fun and engaging, allowing Chancer to grow. 

In the P2P model, users create their betting markets and determine the rules and odds. Say you strongly believe company X will debut a new product in January, but your friend differs. You can create a P2P market for the probabilistic outcome on Chancer. You and your friend (peer) can then bet on the outcome. 

You can think of any other event and create a Chancer market for it. The increased number of events that one can bet on expands the scope of betting. As more users join, Chancer will have a great opportunity to grow and occupy a crucial position in betting.

From an investment perspective, Chancer carries a huge opportunity. Creators can build real-time betting games and earn from their skills and dedication. A staking feature will also be available for holders of Chancer tokens. This is a good way to contribute towards the growth of the Chancer platform and earn passive income. 

Other ways to earn through Chancer include sharing the platform. Users are rewarded as more users join the network and help Chancer grow. There are also discounted fees to be enjoyed by Chancer token holders for using the platform.

Will Chancer rise by 50x by the end of 2023?

Betting is one of the fastest-growing sectors, and Chancer could benefit from the trends. Consequently, analysts have lauded Chancer token as a 50x investment. By making betting available to everyone and giving them flexibility, the prediction is justified.

However, looking at the project’s roadmap, the projected 50x increase could be too soon for 2023. Chancer is in its infancy, and crucial project development, like the mainnet, will occur in early 2024. The timeline means any prolonged and sustainable gains to take to 50x could happen in the medium to long term.

In 2023, the value of Chancer will be driven by speculations after the token lists. A projected increase of about 10x is more realistic. 

Is Chancer worth buying this week?

Chancer value has been rising at every stage of the presale. Buying the token this week is advantageous before the price increases in the next stage. When the presale ends, investors who bought the token early will get assets with greater value.

Also, buying Chancer in the presale is beneficial. Tokens of presale carry a low risk since they are selling at a value less than the market. When Chancer is listed on CEXs, the token could skyrocket, and investors will spend more to buy. Buying now allows the investors to capitalise on possible price gains expected due to listing speculations.

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