Kategorie: Crypto Analysis

XRP price has come under intense pressure in the past few days as the recent crypto comeback started fading. Ripple dropped to a low of $0.4384, which is about 21% below the highest point this month, meaning it has moved to a bear market. 

Why is Ripple falling?

XRP price is falling because of its close correlation with Bitcoin, the biggest cryptocurrency in the world. In most periods, altcoins like XRP and ADA tend to rise when Bitcoin is rising and vice versa. Therefore, since there have been no major Ripple news, we can cite the recent decline to the overall decline of BTC. 

This price also mirrors the performance of American stocks. The Nasdaq 100 index has moved sideways in the past few days and is about 1.78% below the highest point this month. In most periods, cryptocurrencies also have a correlation with American stocks.

The next key Ripple news to watch will be the upcoming verdict in the ongoing civil lawsuit by the Securities and Exchange Commission. The SEC alleges that Ripple violated securities laws when it sold XRP to investors without registering with the agency.

It is still unclear when the judge will deliver the court’s verdict. It is also unclear how XRP will react to the verdict. However, I believe that the end of the case will be positive for Ripple because I suspect that the outcome will be a fine or an exoneration.

Meanwhile, Ripple recently launched the Ripple Liquidity Hub as it seeks to provide more solutions to businesses. The service is making it possible for businesses to access simple and seamless ways to manage liquidity needs. It is also enabling people to manage fiat, cryptocurrencies, and CBDCs among others.

XRP price prediction

The 4H chart shows that the Ripple price has dropped sharply after hitting the key resistance point at $0.5826 on March 29. The coin has flipped the key level at $0.5568 from a support into a resistance. It has moved to the 25-day and 50-day exponential moving averages. Ripple has moved slightly above the key support at $0.4326, the highest point on January 22. 

It has also formed a small bearish pennant pattern. Therefore, for now, there is a likelihood that the coin will have a bearish breakout as sellers target the key support level at $0.400, which is about 12% below the current level.

How to buy Ripple

eToro

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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

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The post As XRP price moves into a bear market, is it safe to buy the dip? appeared first on CoinJournal.

• INJ/USD rally stopped at $10
• Horizontal resistance is likely to be tested again
• The bias remains bullish while the price holds above $5

INJ/USD has outperformed other cryptocurrency pairs in 2023. At the start of the year, it was trading below $2, but in a matter of just a few months, the price spiked all the way to $10.

It met resistance again at the pivotal area, but if the bullish conditions persist, it is unlikely that the horizontal resistance will hold again. Ideally, for bulls, the market should form a consolidation below the resistance area, which might take the form of a triangle, as the market needs some time to build energy for another leg higher.

Injective chart by TradingView

What would invalidate the bullish scenario?

Injective has a market capitalization of $580 million, and in the last 24h the trading volume exceeded $135 million. In other words, the INJ/USD pair is liquid and heavily traded.

The bias should remain bullish while the price remains above the previous ascending triangle. The horizontal resistance of the previous triangle should offer support on further declines.

INJ/USD is the perfect example of why speculators love the cryptocurrency market. While the volatility in the classic FX market declined this week to a 1-year low, it remains elevated in the cryptocurrency market, offering plenty of opportunities to speculate.

From a technical perspective, Injective should press against the $10 resistance area sooner rather than later. A failure to do so in the near future will shift the bias from bullish to bearish, especially if the market declines below $5.

The post INJ/USD price forecast after another rejection at $10 appeared first on CoinJournal.

• Solana outperformed major cryptocurrencies in 2023
• Bitcoin gained over +64%
• Cryptocurrency market bulls might focus on other major cryptocurrencies until the gap with Bitcoin shrinks

Cryptocurrencies started 2023 with a bid tone. The bullish momentum continues into the 4^th month of the year, as investors still believe that more upside is possible.

A quick look at the leading cryptocurrencies and how they performed in 2023 reveals something interesting. That is, three cryptocurrencies lag behind Bitcoin’s rally, meaning that there might be some momentum left in the race to catch up with Bitcoin.

TradingView ranks the top 10 cryptocurrencies, as seen below. If we exclude Tether and the USD Coin and focus on the other, we find that Doge, Polygon, and BNB have underperformed in 2023.

Doge, Polygon, and BNB might catch up with Bitcoin

Surprisingly, Bitcoin is not the cryptocurrency that performed the most in 2023. Solana is, up +67.12% YTD.

Bitcoin chart by TradingView

One scenario moving forward is that if Bitcoin gives up some of its 2023 gains, it will drag the other cryptocurrencies down. But those still believing in the Bullish potential of this market might see things differently.

In particular, the last three cryptocurrencies in the top 10 have a lot of room to catch up with Bitcoin. For example, Dogecoin is up only +13.29% in 2023. Also, Polygon gained +28.54%, while BNB delivered a +34.71% YTD.

Sure enough, these are all stunning performances for such a short period. But Bitcoin gained +64.64% over the same period, so there is still a potential for some catch-up to do.

Overall, the lagging cryptocurrencies look attractive here for investors believing that the bullish rally still has some legs. As such, avoiding Bitcoin might make sense until the gap shrinks.

The post 3 cryptocurrencies to buy as they lag behind Bitcoin’s rally appeared first on CoinJournal.

GameFi is an area of innovation within the blockchain gaming space that generates a lot of buzz and excitement, and none more so than for newcomer Metacade. GameFi, short for gaming finance, combines the world of gaming with decentralized finance (DeFi) to create a new type of gaming experience, allowing gamers to earn crypto while playing games — creating a new revenue stream for the gaming community and a new way to profit from the gaming industry for investors.

The potential for GameFi is immense, with the global gaming industry expected to be valued at over $250 billion by 2025. The combination of gaming and finance is a natural fit, as both rely heavily on community engagement and user adoption. The GameFi market is still in its infancy. Still, it is expected to proliferate in the coming years, attracting more gamers from the traditional gaming sector and putting Metacade in a fantastic position for growth.

Could crypto regulation help Metacade’s price growth?

While clarity on crypto regulation is still lacking in the crypto space, the SEC is expected to provide more guidance in the coming months. This crypto regulation uncertainty has caused some concern for investors. Still, the hope is that more explicit guidelines will ultimately lead to a more stable and mature crypto market that will benefit innovative projects like Metacade.

Metacade is forging ahead with its plans for the future of GameFi. The platform’s comprehensive offering, which includes several earning mechanisms beyond the game zone, is reported to have caught the attention of many crypto whales in the space. With its recent exchange listings and growing gaming community, Metacade is well-positioned to become a leading name in the GameFi space and could gain a boost from any forthcoming regulatory transparency.

What is Metacade?

Metacade is the first community-centered play-to-earn (P2E) gaming arcade built on blockchain. It will offer various games covering a wide range of genres and styles, all specifically developed for the platform with integrated earning potential for users. Metacade also plans to become a central hub for Web3 users, offering competitive gaming, job opportunities, and rewards for content creators.

This approach gives Metacade a strong chance of putting itself at the heart of the GameFi movement and, in doing so, offers investors a fantastic opportunity to capitalize on the high potential of the project in a burgeoning market.

How does MCADE work?

The MCADE token powers the rewards system and is the platform’s currency. It also offers staking opportunities (although currently fully subscribed), allowing investors to earn a passive yield and also vote in governance proposals for the project. The platform offers both casual and competitive gameplay, with users able to play solo while earning MCADE tokens or join paid entry tournaments to win substantial prizes.

Metacade’s innovative features go beyond its online arcade. It bestows content creators with MCADE token rewards for contributing to the community hub, which can include posting game reviews, sharing alpha, or engaging with the community — guaranteeing a high level of user retention.

Another prominent feature is the Metagrants program, which provides early-stage funding to promising new game developments on the blockchain. The community can vote to decide which new games shine before Metacade provides a Metagrant to help bring the idea to life. This feature is expected to drive innovation in the blockchain gaming sector while helping to support developers during their early stages.

Can MCADE shoot for the moon?

Investors anticipate significant returns from buying in the early stages of the project. While the presale saw the price of MCADE rise from $0.008 to $0.022 over its quickly sold-out phases, many believe there is a tremendous amount of growth still to come. The Metacade platform has the potential to become a leading name in the blockchain gaming space thanks to its unique offering, and its embedded utility could push the price of its utility token continually upwards over the next few years.

Metacade has already launched on Uniswap and Bitmart in April and is due to list on MEXC in early May, while its recent addition to CoinMarketCap, the popular cryptocurrency market aggregator website, will likely drive an increasing awareness of the project moving forward.

All this has many market analysts predicting a considerable amount of future price growth for the token, and MCADE could even smash through the $1 barrier by the end of 2023.

Is MCADE worth buying?

With the success of its presale and upcoming further exchange listings, Metacade is entering an exciting phase of price discovery. The platform’s unique features and growth potential make it an attractive investment opportunity for those interested in Web3 blockchain gaming.

Investors can purchase MCADE on UniSwap and Bitmart, with the MEXC listing adding a further exchange option in May. With a growing community and increasing interest in P2E gaming, MCADE has the potential to be a profitable investment for those looking to diversify their portfolio ahead of improved crypto regulation, hopefully this year.

You can learn more about how to buy Metacade here.

The post SEC Crypto Regulation Rumors Do Little To Dampen Enthusiasm as Metacade Raises $16.4 Million Before April Exchange Launches appeared first on CoinJournal.