Kategorie: Crypto Analysis

• 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.

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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.

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

• 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.

• XRP/USD gave away half of the 2023 gains
• A bearish channel points to more weakness
• $0.3 must hold for bulls to still hope

Cryptocurrency investors were thrilled to find out that the industry bounced strongly in 2023. In the first quarter, all leading cryptocurrencies rallied, led by Bitcoin.

XRP/USD rallied too. It traded as low as $0.3 in the early days of 2023 and almost doubled by the end of the first quarter.

A combination of prolonged dollar weakness and enthusiasm in the crypto universe was responsible for the rally. Also, the Federal Reserve played with the idea of pausing the interest rate hikes as inflation cooled down.

But instead of the dollar weakness continuing, it stopped. Moreover, the trend reversed, and the dollar rallied so far in the second quarter.

And what markets corrected the most? The ones that rallied the most, such as the cryptocurrency market.

XRPUSD chart by TradingView

XRP/USD in danger of breaking the $0.3 support area

The technical picture looks increasingly worrying for XRP/USD. Despite the Q1 2023 rally, XRP/USD still moves with a bearish tone.

It appears the rally was nothing but a bear market rally, given the bearish channel remained intact. In fact, the market failed right where it was supposed to – at resistance offered by previous support.

Should the market break below the bearish channel (i.e., below $0.3), the projected measured move points to continued weakness toward the $0.2 area. In that case, the bearish channel is nothing but a continuation pattern in a bearish market that started with a double top pattern in late 2021.

All in all, for bulls to still hope, the market must hold inside the channel. Another attempt to the $0.6 resistance area would be desirable, but one should not discount the increased possibility of breaking below $0.3 and the bearish implications of such a move.

The post XRP/USD price prediction: $0.3 must hold for bulls to still hope appeared first on CoinJournal.

• Cryptocurrency prices dived sharply this week partly because of Bitcoin’s congestion.

• KAVA, a DeFi-yielding protocol, was one of the best performing tokens.

Cryptocurrency prices had a tough week as concerns about the industry continued. Bitcoin dropped below $27,000 while the total market cap of all digital currencies crashed to $1.10 trillion. Further, meme coins like Pepe, Milady Meme Coin, Mrs Pepe, and Pepe AI have also plunged in the past few days. This crypto price prediction will look at Kava, Render Token, ad Cardano.

Kava price prediction

Kava price has been one of the best-performing cryptocurrencies this week. It jumped to a high of $0.9353, the highest point since April 19th. On the 4H chart, it has moved above the 38.2% retracement level. 

Kava has also jumped above the 25-period and 50-period exponential moving averages (EMA) while the Relative Strength Index (RSI) and the MACD have risen sharply. 

Therefore, the outlook for the Kava token is bullish, with the next key resistance level to watch will be at $1. This view will be confirmed if it moves above the key resistance point at $0.96, the highest point in April. The stop-loss for this trade will be at $0.84, the lowest point on Friday.

How to buy Kava

Binance.US

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Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

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Render Token price prediction

Render Token price jumped sharply in April as investors cheered the vote to migrate it to Solana. This month, however, the token has pulled back and fallen by 34% from its highest point level. Render has moved to the 50% retracement level and dropped below the 25-day and 50-day exponential moving averages.

RNDR also retested the key support level at $1.6100, the lowest point on April 21st. Therefore, while the token has bounced back modestly in the past few days, I suspect that the bearish trend will resume as sellers target the key support at $1.400. 

How to buy RNDR

Binance.US

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Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

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Cardano price prediction

Cardano, like other major cryptocurrencies, has been in a steep bearish trend in the past few weeks. The sell-off intensified on April 20th after the coin moved below the lower side of the ascending channel shown in red. It has also moved below the 25-period and 50-period exponential moving averages and the support at $0.3786, the lowest point on April 25. 

Therefore, I suspect that ADA price is about to rebound and retest the resistance at $0.3786 and then resume the bearish trend. More downside will be confirmed if the price moves below the support at $0.3500, the lowest point this week.

How to buy Cardano

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

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The post Crypto price prediction: Kava, Cardano, Render Token appeared first on CoinJournal.

Key Takeaways

• Jane Street and Jump Crypto, two prominent crypto market makers, are scaling back crypto operations
• The decision comes as US regulators continue an aggressive clampdown on the sector
• Liquidity is already thin in crypto, and these moves will only drop it further and increase volatility, writes our Head of Research, Dan Ashmore  

It was just earlier this week that I wrote a piece about institutions abandoning crypto. In the couple of days since, it has got worse. 

Bloomberg reported Tuesday that market makers Jane Street and Jump Trading are reducing their crypto focus. While not pulling out of the sector completely, the report stated the duo will be market making at a smaller scale than previously.

This is a big blow for crypto markets which were already showing thin liquidity since market making giant Alameda evaporated alongside FTX in November. I published a piece last week analysing the outflow of stablecoins from exchanges ($22 billion has headed for the exit doors in five months), while order book depth has been alarmingly shallow ever since Sam Baankman-Fried’s party tricks were revealed. 

That liquidity is about to get even worse. With lower liquidity comes greater volatility, as less capital is required to move prices. Thus, moves to both the upside and downside are exacerbated, something I analysed in April when the Bitcoin price, volatility and profit levels all reached their highest marks since June 2022. 

Investors need to be wary that, while price has been rising the last six months, there has not really been anything positive coming out of the sector. Quite the opposite, in fact – bankruptcies picked up in January amid the continued fallout from FTX, while regulators have put the squeeze on since. 

More than anything, prices have been rising as crypto markets are so strongly correlated with the stock market and other risk assets. As market expectations around the future path of interest rate rises have peeled back, risk assets have rebounded – and that means crypto, too. 

With this low liquidity only getting lower, the moves will only become more volatile. As of Friday morning, Bitcoin is trading at $26,200, down 7% in the last 36 hours. 

Regulators squeezing the crypto sector

Jane Street and Jump Crypto faced increasing scrutiny as US regulators continue to clamp down aggressively on the sector. Since FTX collapsed in November, the regauyltory environment has become far more hostile to the crypto industry. 

Ironically, Sam Bankman-Fried worked at Jane Street before founding Alameda in 2017. Caroline Ellison, former CEO of Alameda who has reportedly turned on Bankman-Fried ahead of his trial, also worked at Jane Street before joining Alameda. 

Jane Street was among three US trading firms cited by the Commodity Futures Trading Commission lawsuit against Binance as examples of how US firms could access the platform despite Binance claiming to prohibit them. 

Jump Street was a large backer of Terra, the firm behind the TerraUSD stablecoin and sister coin LUNA, which spiralled to zero in May 2022. The firm was questioned by US prosecutors in an investigation after its demise. 

The clampdown has been controversial, with crypto-native firms decrying that activity will need to move off offshore. Coinbase CEO Brian Armstrong has been among the most high-profile voices to relay this sentiment, saying this week that Coinbase would consider the UAE as an international base, as the US continues to turn the screw. 

The exchange was recently served with a Wells notice from the SEC, a warning of impending legal action, most likely in relation to a violation of securities laws. 

“Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world”, Coinbase said in a blog post. 

On the other hand, some are praising what they believe is a long overdue squeeze on a sector built upon nothing but greed, that has brought bone-crushing losses for many retail investors over the past year. Whatever your view, it is clear that the US is creating an increasingly hostile environment for any firm operating in the crypto space. 

What next for crypto?

Right now, crypto seems primed to move beyond the US, through no choice of its own. While the industry can continue, this still constitutes a massive blow. So much of the steep trajectory of crypto during the pandemic was based upon the thought that institutions and traditional finance would inevitably pour into the sector. Today, it is going the opposite way. 

The US is the economic and financial centre of the world. Crypto firms being forced out of this market won’t entirely prevent everyday people from investing in the industry, but it certainly will make it more difficult and less convenient. It will also limit innovation in the sector. This is all bearish for the sector and will undoubtedly inhibit its growth going forward. 

As for the price effects, Jane Street and Jump Crypto’s decision to pull back hurts the industry in a place it was already suffering – liquidity. The volatility in the sector certainly won’t be going away anytime soon, therefore, but rather only increasing. 

The post Crypto liquidity falling as market makers pull back from hostile US market appeared first on CoinJournal.