Kategorie: Crypto Analysis

• Chancer raises $421.4k in two weeks

• The token’s P2P model in betting is attracting investors

• Chancer’s value to increase in the subsequent presale phases and upon listing

Blockchain is revolutionising traditional sectors in good ways, with the latest being betting. Chancer has been the key project in this shift, focusing on new ways investors can participate in betting and earn. The primary innovative feature of Chancer is its peer-to-peer betting that allows investors to predict in markets created by themselves. Investors have shown enthusiasm for the project, buying more than $421.4k worth of Chancer tokens in the first phase of a presale that opened two weeks ago. The successful presale underlines the growing uptake of crypto, with Mastercard considering a multi-token network (MTN).

Mastercard to make digital transactions secure and interoperable with MTN.

Payments giant Mastercard wants to enhance digital transactions’ security, interoperability, and scalability with a Multi-Token Network (MTN) product. The company says MTN will enable efficient and cost-effective payments by using digital assets.

MTN is also expected to enhance identity management and permissions through blockchain networks, thus building trusted business interactions. Using digital identities will also help counter fraud common in card-related transactions.

The new product by Mastercard underlines that big players are getting into the sector, building needed trust. For a global payment network like Mastercard, it means the project will increase digital asset visibility and allow new ones to succeed. 

Peer-to-peer betting by Chancer. What is it?

As the name suggests, peer-to-peer (P2P) is a betting model permitting user relations with each other. Chancer is pioneering a P2P betting where users can build their betting markets via a secure decentralised system. Users can determine what instruments, events, or situations they want to bet on and invite others (peers) into that betting market. 

Chancer has the edge over the traditional betting markets in that investors are not restricted to the odds and rules common in betting platforms. They play by their rules and odds betting through Chancer. 

With the ability to create a betting market from almost anything, Chancer brings fun to betting and allows flexibility to investors. It also expands the earning opportunities for investors as they can create limitless betting markets via the P2P model.

What is the value proposition of Chancer?

Chancer carries value in letting investors create betting markets and earn rewards on successful outcomes against peers. Investors can bet on events from football to politics and elections. But of course, Chancer is built with an investment focus rather than betting.

One of the ways to unlock value through Chancer is by creating predictive markets. Investors get rewarded for market-making activities. It means investors are rewarded for their interests and expertise by participating in the Chancer project.

The second way is through staking $CHANCER. Investors can stake the tokens for yields, thus unlocking liquidity and facilitating the platform’s growth. Other ways to earn include token rewards for promoting Chancer to others. 

Is Chancer an ideal investment? 

Chancer could be an ideal investment if you are looking for a project with huge growth potential. Betting markets are fast-growing, and the entry of Chancer offers a leeway for investors to do it differently.

Alongside the ability to earn through P2P betting, investors who feel locked out of the traditional markets can find Chancer ideal. 

The growth of the Chancer platform could fuel an increase in the value of the token and generate enormous returns for investors. For a token of a novel project like betting, price increases for $CHANCER can be up to 1,000%.

Does buying $CHANCER on presale make sense?

Any token that is newly listed is best bought at the presale. The price level is low, and there is a potential to earn big when it is listed on exchanges. 

Chancer’s presale will occur in 12 stages, each with a higher price than the previous one. As such, the price is the lowest in the first phase and the most attractive. 

The post Chancer to usher a new era of betting as Mastercard eyes a multi-token network appeared first on CoinJournal.

• Ethereum forms two bullish flag patterns
• Both patterns’ measured moves indicate a new yearly high
• A move to $2600 would confirm the biggest bullish flag

The cryptocurrency market remains resilient despite the ongoing scandals that affect the industry. Investors still believe in the leading cryptocurrency’s potential; as such, Bitcoin, Ethereum,  and other coins trade close to their 2023 high.

Bitcoin made a new high for the year recently, but Ethereum did not. Hence, if Bitcoin is leading, then Ethereum should follow.

Interestingly, the technical analysis shows two bullish flag patterns. They both point to new highs for the year; any downside movement should be taken with a grain of salt.

Ethereum chart by TradingView

$2,000 offers stiff resistance

The market failed at the $2,000 level recently. Even though it made a new high for the year, the bears sold the round level, and the price quickly fell to $1,600.

But in doing so, it did not break the higher lows series. Also, two bullish flag patterns are visible, with measured moves above $2,000.

The biggest pattern, seen in black above, points to a move to $2,600. The smallest one, to a move to $2,200.

In both cases, it means that Ethereum will make a new high for the year, and the bias remains bullish as long as the price action holds above $1,600.

The post ETH/USD price forecast – a bullish flag hints at further strength appeared first on CoinJournal.

• A descending triangle pattern keeps the bearish bias alive
• Dogecoin fails to follow Bitcoin’s steps
• US data keeps surprising positively, making further rate hikes from the Fed very likely

Cryptocurrency investors were thrilled to see Bitcoin jumping back above $30k recently. It is Bitcoin that leads the cryptocurrency market, and hope has emerged that other cryptocurrencies will follow.

But it wasn’t the case for Dogecoin. In fact, the technical picture looks bearish, and the fundamental one keeps hinting at strong US data. Hence, if anything, the strong dollar will keep pushing against its fiat rivals, and the cryptocurrency market will take its clues from there.

Earlier today, the US GDP was revised higher. This was the Final GDP, and usually, there are no revisions to the data.

Only this time, the Final GDP came out much stronger than expected, at 2% vs. 1.4% expected. As such, the dollar rose across the board, and the Fed will likely hike the funds rate two more times this year, as suggested by Jerome Powell during this week’s speeches.

Dogecoin chart by TradingView

A descending triangle keeps the bearish bias alive

Dogecoin’s bearish trend continues as the series of lower lows and lower highs remains intact. All the previous spikes failed to break above the last lower high, so bears are still in control.

Only a move above $0.1 should shift the bias from bearish to bullish.

Until then, one can see a descending triangle pattern and it looks like it is only a matter of time until the horizontal support gives up.

Summing up, the bearish bias persists, and only a close above $0.1 will put bulls back in control. Until then, expect traders to sell any bounce.

The post Dogecoin technical analysis update – bears are still in control appeared first on CoinJournal.

• Solana price went vertical after the launch of deBridge.

• This feature will make it possible for Solana to communicate with EVM.

Solana price staged a strong comeback on Thursday as investors cheered a new bridge in the ecosystem. SOL jumped to a high of $18.21, which was much higher than this month’s low of $13.56. It was among the best-performing cryptocurrencies on Thursday.

Solana and Ethereum bridge

Solana is a leading blockchain platform that was once the biggest players in industries like decentralized finance and non-fungible tokens. At its peak, its DeFi ecosystem had billions of total value locked (TVL). All this came tumbling down following the collapse of FTX and Alameda Research. The two companies were among the biggest contributors to its ecosystem.

The main reason why Solana price jumped is the launch of deBridge feature that allows Solana to communicate with Ethereum. This is the first time that the two ecosystems can communicate with each other. 

They can also communicate with other Ethereum Virtual Machines (EVM) like Arbitrum and Optimism. Without this bridge, the alternative communication process is using wrapped and other derivative tokens. In a note, the founder of deBridge said that:

“Users and projects that needed to transfer liquidity to Solana have always faced limitations due to the lack of liquidity in Wormhole pools and high slippage during the exchange of the wrapped assets, which often made developers have to deal with non-liquid Wormhole assets.”

Solana price also jumped as signs emerged that the new management will relaunch FTX. As we have written before, the management is speaking with counterparties as it works to relaunch the exchange. It is not clear what this relaunch will mean for Solana and other companies that FTX had invested in like Near Protocol and Serum.

Solana price prediction

The daily chart shows that the SOL price has been under pressure in the past few months. This trend saw it drop to the January low of $13.35 this month. It has made a modest recovery and is now attempting to move above the 50-day moving average. It has also jumped above the resistance at $16.05.

The red flag I have with Solana is that this jump has not been accompanied by higher relative volume. Therefore, I suspect that it will be short-lived, which will see it drop to the support at $16. The only caveat for the bearish view is if Bitcoin stages a comeback above its year-to-date high of $31,400.

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The post Solana price spikes after the deBridge launch: Beware of low volume appeared first on CoinJournal.

• Bitcoin price found support at an inverse head and shoulders pattern’s neckline
• The measured move points to more upside for Bitcoin
• There is no significant resistance until the $48k level

Bitcoin’s price holds above the key $30k level, and the price action is bullish while above $25k. This is the level that offered support on the recent downward trend as the neckline of an inverse head and shoulders pattern rejected the price.

From a fundamental perspective, Bitcoin remains bullish while the US dollar’s bearish trend continues. While strengthening lately, the dollar’s move higher is not convincing, as reflected by the EUR/USD exchange rate still hovering around 1.10.

Yesterday, the Fed’s Chair, Jerome Powell, participated in a panel at the ECB Forum in Sintra. He was clear in saying that the Fed did not pause but skipped a rate hike in June.

While his comments were hawkish, so were the comments of other panelists, such as the Bank of England’s Governor or the European Central Bank’s President. Therefore, the dollar weakness may dominate markets during the summer months should investors perceive other central banks as more hawkish than the Fed.

Bitcoin chart by TradingView

Did Bitcoin bottom in late 2022?

One question is on every crypto investor this year – did Bitcoin bottom in late 2022?

Sure enough, the price action following the December 2022 low gives bulls hope. Bitcoin’s price action also suggests that a major bottom might be in place.

An inverse head and shoulders pattern points to more upside. The fact that the market retested the neckline and was rejected by it shows that bulls are still in control. In other words, the price action reinforces the bullish case.

Finally, now that Bitcoin’s price is at the year’s high, there is no significant resistance until $48k. This is the 2022 high, and it looks like the market is building energy to break higher.

The post Bitcoin price update – bullish inverse head and shoulders pattern points to more upside appeared first on CoinJournal.