Kategorie: Crypto Analysis

• Bitcoin Cash price has remained in a consolidation phase in the past few weeks.

• It remains significantly below the year-to-date high of $153.

• The Fed is expected to hike interest rates by 0.25% and point to a strategic pause. 

Bitcoin Cash price has moved sideways in May as the recent bullish momentum faded. The BCH coin was trading at $120, where it has been in the past few days. This price is below the year-to-date high of $152. 

Fed interest rate decision

BCH price continued consolidating as investors waited for the upcoming interest rate decision by the Federal Reserve. This will be an important decision because of the current state of the American economy. 

While the unemployment rate sits at a 50-year low, inflation remains stubbornly high while the manufacturing output has contracted for several straight months. Similarly, data published last week showed that the economic slowdown continued in Q1.

The other risk is that the commercial real estate industry is on the verge of collapse as interest rates rise and maturities near. Further, because of hybrid work and white-collar layoffs, many houses have high vacancy rates. 

Therefore, there is a possibility that the Federal Reserve will have a balancing act in its decision later today. Analysts believe that the bank will hike rates by 0.25% and then hint of a strategic pause. In a note, an analyst told Coindesk:

“As the market is expecting a pause after this hike, we’ll be looking for the sentence on ‘additional policy firming may be appropriate’ to be removed from the statement, replaced by more open-ended language leaving the door open for either more rate hikes or a pause.”

A dovish tone will be positive for Bitcoin Cash and other cryptocurrencies like Bitcoin, Cardano, and Solana. Historically, these coins tend to do well when the Fed has abandoned its hawkish tone. 

The other catalyst for Bitcoin Cash is the performance of regional bank stocks on Wednesday. Of companies like Western Alliance and PacWest continue crashing, it could incentivize more people to buy cryptocurrencies like BCH. 

Bitcoin Cash price prediction 

Is it safe to invest in Bitcoin Cash? The daily chart shows that the BCH price has been in a tight range in the past few weeks. It is consolidating at the 25-day and 50-day moving averages. The Awesome Oscillator has moved below the neutral point while the price is below the key resistance point at $153. Volume remains low. 

Therefore, the next price action of Bitcoin Cash will depend on the performance of regional bank stocks and the outcome of the Fed decision. The next key support and resistance levels to watch will be at $110 and $125.

How to buy Bitcoin Cash

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The post Bitcoin Cash price remains calm ahead of the Fed decision appeared first on CoinJournal.

• Bitcoin finds resistance at $30k
• The neckline of a head and shoulders pattern provides support
• The realized HODL ratio suggests investors may buy the dip

The main event of the trading day is the Federal Reserve meeting. Most market participants expect the Fed to hike the interest rate by another 25bp, but the key would be how it communicates its decision. 

A dovish rhetoric should be bearish for the US dollar and bullish for Bitcoin, whereas a hawkish one would weigh on Bitcoin as the dollar would rally. 

Ahead of the Fed’s decision, Bitcoin struggles at $30k. It found it difficult to overcome horizontal resistance, and it formed a possible head and shoulders pattern. 

While incomplete, it may lead to further weakness should the price drop below the pattern’s neckline. In such a case, buyers are likely to emerge in the $24k area, where previous resistance may provide support. 

Bitcoin chart by TradingView

The realized HODL ratio for Bitcoin favors buying future dips

Also called the RHODL ratio, it has a simple interpretation. The market was overheating whenever the ratio reached the red band, meaning that the bullish cycle was ending. 

Conversely, the bearish market ends whenever it reaches the green band and a bullish cycle should start. Bitcoin rallied at the beginning of 2023 as the RHODL ratio indicated the end of the bearish market. 

Hence, any dip as a result of today’s Federal Reserve decision should be bought as RHODL has a lot of room until reaching the red area.

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• The Federal Reserve will conclude its two-day meeting on Wednesday.

• It comes as the US economy faces significant risks, including the collapse of regional banks.

• These events could be good catalysts for AltSignals (ASI).

The American economy is facing significant headwinds, which are helping Cryptocurrency prices are holding quite well as investors continue worrying about the American economy. As a result, Bitcoin has emerged as a safe haven as it sits close to its year-to-date high. Other coins like Ethereum, Litecoin, and Jasmy have done well. Similarly, investors are investing in token sales like AltSignals (ASI) in their hunt for the next big thing.

Risks to the American economy

The American economy is facing significant risks as it adjusts to the new normal of high-interest rates. Most of these challenges are all interrelated. The biggest risk to the economy is the banking sector, which has come under intense strain recently. On Monday, the FDIC seized First Republic Bank and then sold it to JP Morgan, the biggest bank in the country.

There are concerns that more banks could collapse in the coming months. On Tuesday, PacWest stock price plunged by more than 30%, meaning that it has fallen by over 70% in the past two months. Western Alliance and M&T Bank have all retreated. This is a sign that investors expect the banks to collapse soon.

The other risk is on the commercial real estate industry that is on the verge of collapse. The industry is dealing with high-interest rates, low occupancy rates, and upcoming debt maturities. Some of the worst-affected cities are San Francisco and New York. A collapse of these companies could also have an impact on the banking sector.

Meanwhile, there is also risk to a credit default in the US as Democrats and Republicans differ on raising the debt ceiling. In a warning this week, Janet Yellen said that the US government could run out of money on June 1. The US is also facing significant inflation risks.

Cryptocurrencies as a safe haven

Therefore, these challenges are good for cryptocurrencies for two main reasons. First, investors believe that Bitcoin is a safe haven, which is equivalent to a digital gold. This explains why Bitcoin has outperformed the Nasdaq 100 and S&P 500 indices this year. eGold has also done well as it sits closer to its all-time high. 

Second, these risks means that the Federal Reserve will likely go slow in its hiking path. Analysts expect that the Fed will start pivoting as soon as on Wednesday of this week. This pivot could mean pausing on rate hikes or delivering a rate hike and pointing to a pause. This pivot will be a positive thing for Bitcoin. Bitcoin tends to have a positive correlation with other altcoins like Ethereum and Solana. 

If this works out well, it means that Bitcoin could continue rising in the coming months. In a recent note, analysts at Bloomberg Intelligence and Standard Chartered said that Bitcoin could jump to over $100k in the next few months. A Standard Chartered analyst wrote:

“Against this backdrop, bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance. While BTC can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.”

Implications for AltSignals

The implications of these Bitcoin bullish calls are positive for AltSignals (ASI) and other altcoins. For starters, AltSignals is a profitable company that provides signals to traders from around the world. Presently, the platform uses manual approaches like indicators to provide these trading signals. 

As part of their growth strategy, the developers hope to use both blockchain and artificial intelligence to provide the services. The blockchain section will be powered by the ASI token, which will be used for payments and governance.,

The AltSignals token sale has done well in the past few months. Developers have already raised $676k from investors in the first stage of the sale. One ASI is selling for about $0.015 and the amount is expected to jump in the second stage of the token sale.

Historically, cryptocurrencies tend to rally when Bitcoin is soaring. We have seen that in all the past bullish cycles. This also explains why meme coins like Pepe have soared recently, as we wrote here. ASI is better than Pepe since it has utility in that it is powering a profitable platform.

Is AltSignals a good investment?

I believe that investing in AltSignals presale is a good thing because of the utility that surrounds the platform. Also, I believe that we are in the early stages of a major bull run in the crypto industry as risks to the American economy remain and as the Fed starts pivoting.

However, there are always risks when investing in presales and in the crypto industry. Therefore, you should only allocate what you can afford to lose.    You can buy the AltSignals token here.

The post AltSignals (ASI) token could thrive as the US banking crisis escalates appeared first on CoinJournal.

Sui IOU price continued rising ahead of the project’s mainnet launch. According to CoinMarketCap, the token has jumped by more than 20% in the past 24 hours to $2.20. In all, the token has risen by over 23% in the past few days even as mainstream cryptocurrencies like Bitcoin and Ethereum retreated.

Sui mainnet launch ahead

Sui describes itself as a layer-1 platform that makes it possible for the developers to build decentralized applications (dApps). The blockchain has advanced features that has faster transaction costs, is elegant and easy to use, and has no defects in its design.

The biggest news this week will be the platform’s mainnet launch that is scheduled for Wednesday this week. This launch will come a few months after the network went through a few weeks of testing and validation.

Sui faces an uphill battle in the industry because of the competition in the sector. The biggest competition is from Ethereum, which has a stronger market share in the industry. It dominates other layer 1 networks like Avalanche, Solana, and Aptos among others.

Sui will also compete with other layer 2 networks like Optimism, Polygon, and Arbitrum. These layer-2 networks aim to improve the key challenges of Ethereum by boosting speeds and lowering transaction costs.

Justin Sun apology

The other important Sui news was an apology by Justin Sun, the founder of Tron and the de-factor CEO of Huobi, a leading exchange. In a statement, Sun said that he had agreed to refund $56 million to Binance after a token grab for the token.

In a statement on Monday, Changpeng Zhao of Binance said that he had warned Sun that the company would take action if he used the large amounts of SUI tokens from Binance Launchpool. He argued that Launchpool are meant as airdrops for retail investor not just a few whales. 

https://twitter.com/cz_binance/status/1652949031524376579

Therefore, focus among traders will be on how SUI will trade when the network’s mainnet launches and when the airdrop from Binance Launchpool happens. Like with most new tokens, I suspect that the SUI token price will pop on Wednesday and then pull back as insiders start taking some of their profits. 

The post SUI IOU price spikes ahead of Airdrop, mainnet launch appeared first on CoinJournal.

ApeCoin is home to one of the most valuable NFTs, with the Bored Ape Yacht Club (BAYC) continuing to attract fans and be one of the most sought-after meme coins. After a recent slump, ApeCoin’s price has surged in recent weeks. While this price action is impressive, the new crypto gaming platform Metacade is going from strength to strength after selling out its presale, snowballing now that it has hit decentralized exchanges (DEX).

Metacade thrives after Uniswap listing.

After the presale event sold out of its total token allocation, raising $16.4 million, Metacade listed its native MCADE token on leading DEX Uniswap in the first week of April and the CEX Bitmart on the 20th of April. MCADE’s momentum continues; investors who reserved their tokens during the presale round for between $0.008 and $0.02 have seen excellent returns during the early stages of its public listing.

Meanwhile, Metacade recently announced an exciting partnership with MetaStudio, an innovative team of developers with extensive experience. More good news for the new MCADE token was that CoinMarketCap listed it within hours of the presale concluding. All of this positivity underlines the platform’s potential to become one of the leading crypto opportunities of 2023, with potentially vast returns on the horizon.

ApeCoin price rallies after setbacks

APE, the native token of ApeCoin, suffered losses in early 2023 after community members voted against releasing two new NFT collections. Yuga Labs wanted to capitalize on the overwhelming success of its Bored Ape Yacht Cat (BAYC) with the release of the ApeCoin Armory Club and ApeCoin Pet Club. Members voted decisively against the proposals, with more than 83% of the community voting against them.

In addition, a recent release of 7.3 million APE tokens caused a 10% drop in the ApeCoin price, while a further 15.6 million tokens are due to drop in mid-April, dropping even more tokens onto the market. However, there is some good news for those that hold ApeCoin coins with the news that the ApeCoin price has recovered from dropping below $4 at the end of March to its current value above $4.50.

ApeCoin (APE) price prediction 2023

All signs point to the ApeCoin price beginning to move after being stuck in the $4 to $4.20 range for several weeks. Many believe this is the beginning of a return to bullish price action for APE, with $8 achievable this year.

Even the more pessimistic ApeCoin price predictions that see the token struggling to surpass $7 would return plenty for ApeCoin investors. Even then, these gains could be dwarfed by those possible with crypto gaming newbie Metacade. Here’s why.

What is Metacade?

Metacade is a ground-breaking new play-to-earn (P2E) crypto gaming platform developed to provide gaming fans, crypto enthusiasts, and developers with a thriving community to hang out and collaborate. Blockchain technology will set the standard of what’s possible for future crypto-gaming platforms, particularly with its multi-faceted and comprehensive rewards system that goes beyond the usual GameFi norm of P2E.

For example, the Create2Earn scheme rewards users for contributions to community building. Each time a user posts a piece of social content such as game reviews, alpha, or contributions to live chats and Reddit-style sub-forums.

As well as giving crypto gaming enthusiasts the wherewithal to make the most of their gaming experience, thus maximizing the platform’s total addressable market (TAM), Metacade looks set to drive innovation in the wider GameFi sector with the introduction of the pioneering Metagrants scheme.

Developers can submit their concepts to create new P2E games exclusively for Metacade in return for crypto funding to support their ventures. Each submission goes into a pool, which the MCADE community votes on, with the most popular ideas receiving funding from the central treasury to support the development journey.

This community-led approach will likely drive user retention and engage an ever-growing number of new users to the platform, and form a vital part of the platform’s devolution to becoming a decentralized autonomous organization, which will empower users to take control of Metacade’s future direction and create the platform they want to use.

How high can Metacade (MCADE) go?

After launching at $0.008 during the beta phase of the presale event, MCADE launched at the beginning of April on Uniswap at $0.022. With other listings to come in the coming weeks and months likely to increase buying pressure on MCADE, that could push the price to $0.50 by the end of the year, depending on the broader economic outlook. This would represent gains of more than 20x for those that purchased their MCADE tokens on the exchanges early.

Is MCADE a good investment?

Metacade has the potential to be a strong investment opportunity in isolation, given the platform’s many merits that look likely to push the price forward, particularly with the impending releases on Bitmart and MEXC in the next few weeks and the announcement of the partnership with MetaStudio.

Compared with returns available for buying ApeCoin, which looks to be about to crest the wave of bullish performance, MCADE still looks like the better investment opportunity as it intends to promote innovation in the crypto gaming market over the coming months and years.

You can find more information, including how to buy MCADE, here.

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