Kategorie: Crypto Analysis

Key takeaways

• DOGE is outperforming the other major cryptocurrencies, up by 4% in the last 24 hours.

• The positive performance comes as speculations return that DOGE could become a payment option on X (Twitter).

DOGE outperforms the broader market

DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap today. The coin has added 4% to its value in the last 24 hours, outperforming Bitcoin and other major cryptocurrencies.

At press time, the price of Dogecoin stands at $0.0771. The positive performance comes as speculations returned that DOGE could be used for payments on Twitter, which was rebranded to X by Elon Musk earlier this week.

Market analysts believe that DOGE’s price could soar higher thanks to this speculation. Kryptomon Chief Marketing Officer Tomer Nuni told CoinDesk that;

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Dogecoin is currently the seventh-largest cryptocurrency by market cap, behind Circle’s USDC stablecoin.

Twitter is reportedly designing a system that would allow users to make payments via the social media platform. However, Elon Musk wants fiat currencies to be supported before Twitter will include cryptocurrencies as payment options. 

Bitcoin drops to the $29k level

While Dogecoin was rallying, Bitcoin was tanking. Bitcoin is down by more than 2% in the last 24 hours, briefly dropping below the $29k level late on Monday.

At press time, the price of Bitcoin stands at $29,255. The poor performance came following the Wall Street Journal’s report on Monday, alleging possible wash trading activities by the world’s largest cryptocurrency exchange. 

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• AI-led token by Altman, Worldcoin, is said to go live on Monday

• Worldcoin’s launch comes when AI interest is growing with AltSignals, a recent entrant

• AltSignals value is expected to skyrocket when the token lists amid high demand

AI is becoming the application technology in finance and beyond. As such, AI-related projects are becoming sensations, with WorldCoin and AltSignals as two of those projects. Take the case of AltSignals, for example, which is launching an AI trading signal service. Since a presale of AltSignals started, investors have heavily bought the token, with the first phase completed. In the second stage, investors bought more than 53% of the tokens.

Worldcoin to launch on Monday – Reports

The controversial biometrics and AI token by ChatGPT CEO Sam Altman will reportedly go live on July 24. The token has generated a lot of interest as OpenAI has become popular since the launch of ChatGPT. 

Worldcoin seeks to build the world’s largest identity using AI. The project uses a device dubbed “The Orb” to scan an individual’s iris. So, each person can have a single identifiable Worldcoin ID. 

Nonetheless, Worldcoin has attracted criticism concerning how it handles biometric data. Still, investors are undisturbed, with the coin attracting thousands of daily signups since launch. The reported Monday launch of the cryptocurrency could be a litmus test of how much potential the coin has.

Meanwhile, investors are excited that AltSignals, a prosperous trading signal service, is going the AI route. The AI trading signal platform will be dubbed ActualizeAI and powered by a crypto token, $ASI.

Since its founding in 2017, AltSignals has benefited investors through its quality signals. The accuracy rates of the signals have averaged 64%. Launching an AI platform could be a game-changer in adding more value to existing and new traders.

AltSignals could be a potential high-earning project

AltSignals has grown popular for trading signals in forex, stock, and crypto markets. This has seen its membership grow to over 52,000 on Telegram. The platform has a strong rating of 4.9/5 on TrustPilot. 

The fact that AltSignals has been a successful project means its new focus on AI could pay big for investors. AI is used in the trading world for quality signal generation using the power of machine learning. AI also helps overcome human emotions, one of the greatest contributors to failures in trading systems.

As AI grows and AltSignals expands the range of financial assets covered in trading, that could unlock $ASI value.

Is $ASI a good investment?

$ASI could be a good investment from the perspective of speculating on a token of a highly demanded service. Investors will also enjoy quality trading signals to increase their incomes.

But besides the above, $ASI carries value from various benefits that members of ActualizeAI will enjoy. Investors will enjoy exclusive future presale opportunities and can earn tokens by contributing ideas on the platform. 

Investors can also earn $ASI by participating and winning in trading competitions. This is a good way to increase trading skills and competencies by learning from the AltSignals team and peers.

AltSignals also envisions a situation where the investors are in charge. Members of ActualizeAI can vote on governance issues and determine the direction of the platform. Investors will use their $ASI holdings to vote on key decisions.

What it means to invest in AltSignals in presale

The value of $ASI is rising at each stage of the presale. The token was valued at $0.015 in the first stage but now goes for $0.01875. However, the actual value of the token will be unlocked when the token lists on Uniswap in Q3, 2023.

Investing in AltSignals while on presale means buying the token at the best possible low price. The token is lower priced at the initial stages of the presale than in later phases.

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• Solana made a new high for the year
• A double bottom might be in place
• All eyes are on the Federal Reserve’s interest rate decision

Investors in the cryptocurrency market have had a mixed year so far. Those betting on the rise of Bitcoin or Ripple have enjoyed impressive returns. 

For example, Ripple has delivered a triple-digit return so far in the year, as the cryptocurrency reacted to a positive ruling by a federal judge saying that when sold to institutional investors, Ripple is a security. 

Bitcoin is up around 80% on the year, on a mix of short-squeezing and dollar weakness. 

But not all cryptocurrencies have rallied like that. Take Solana, for instance. It rallied at the start of the year together with Bitcoin, but then, unlike Bitcoin, it gave up most of its gains. 

Nevertheless, during July, a short squeeze sent the market back to the horizontal resistance given by the $30 level. While the market failed to hold above, it did make a new high for the year, triggering optimism among investors. 

Solana chart by TradingView

Is a double bottom in place?

The $30 level offered resistance for the entire year. The fact that the market pierced it is a bullish sign, and one should not be surprised to see another attempt higher. 

However, there is one condition that must hold. That is, Solana should not make a new low. 

If it does not, one can talk about a possible double bottom area, even though the second bottom is a bit higher than the first one. Given the fact that this week the Federal Reserve of the United States is about to announce its interest rate decision, volatility will increase in the cryptocurrency market too. As such, another attempt at the resistance area, which provided support back in the past, should not be discarded, especially if the Fed signals that the terminal rate for the current tightening cycle is reached with this final hike. 

The post Solana finds stiff resistance at $30 in July, but bulls keep trying appeared first on CoinJournal.

Cryptocurrencies and stocks had a mixed performance this week as the corporate earnings season continued. The tech-heavy Nasdaq 100 index dropped after the relatively weak guidance by companies like Netflix and Nvidia. At the same time, the value-focused Dow Jones index rose after strong bank earnings. 

Bitcoin, on the other hand, remained under intense pressure as the crypto fear and greed index remained at 52. It moved slightly below the important support at $30k, signaling that bears are overwhelming the bulls. Ethereum dropped to $1,800 while coins like Tron and Chainlink surged during the week.

Chancer token sale nears target

An important market event is that Chancer continued its token sale during the week. The developers have sold over 9.3 million tokens valued at over $927k. Their goal is to get to 12.6 million tokens in the first phase of the sale.

Chancer’s token sale gained steam after the developers introduced new options for buying the tokens. They introduced additional cryptocurrencies like Ethereum, Tether, Binance Coin, and Binance USD. 

For starters, Chancer is a platform that is seeing to introduce a new way for people to bet across various events like sports, political campaigns, and economic data among others. In addition to these products, people will be able to create their own markets and live stream to the entire ecosystem.

Chancer will be significantly different from existing betting and prediction marketplaces like Fanduel and BetMGM. For one, in the future, the network will be highly decentralized, with all token holders having a chance to make crucial decisions in the platform. For example, they will decide on new features and pricing. Also, they will also share profits that the company makes. You can buy the Chancer token here.

Chancer prediction: What is the future of Chancer?

Chancer is a highly ambitious project that is aiming to disrupt an established industry that has unlimited resources. For example, the five biggest companies in the US and UK have a market cap of over $100 billion. These companies can spend billions of dollars in marketing and development.

This explains why Chancer is focused on raising capital through a token sale. These resources will help it to build the platform and market it to key markets around the world. 

Chancer has some important features that will help it compete with the incumbents. For one, it will be a decentralized platform that will give token holders more saying about how it is run. In addition to placing bets in the platform, Chancer will let people create their markets and make money when users place the bets.

Chancer will be a highly transparent platform with more features like mobile applications, and blockchain technology integration.

Is Chancer a good investment?

Chancer is holding its token sale at an important time. Inflation has dropped, which will likely see the Fed end its tightening. At the same time, it comes at a time when demand for cryptocurrencies is still high as evidenced by the performance of Pepe and other new meme coins.

Therefore, there is a likelihood that Chancer’s token will do well when the developers list it in decentralised and centralised exchanges like Uniswap, PancakeSwap, and Binance. In most periods, new tokens tend to do well shortly after listing. 

They then perform well after the developers make several announcements. In this case, Chancer will likely rise ahead of the mainnet launch and as the developers unveil several partnerships.

Still, it is always risky to invest in presale tokens. As a result, you need to use proper risk management strategies when buying the token. For example, you should only allocate a small portion of your funds to these tokens.

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