Kategorie: Crypto Analysis

Cryptocurrency prices had a mixed performance last week as investors focused  on the impending collapse of First Republic Bank (FRC). After falling to a low of $27,100, the coin jumped to about $30,000, where it has been in the past few days. Here is a crypto price prediction for some of the top coins like Chainlink (LINK), Filecoin (FIL), and Pepe.

Chainlink price prediction

On the daily chart, we see that the LINK has been in a consolidation phase in the past few days. The coin remains slightly below the important resistance point at $9.510, the highest point on November 8, August 13, and June 9. 

It is also below the key resistance level at $8.82, the highest point on April 19. The coin is also trading slightly below the 25-day moving average. Therefore, there is a likelihood that Chainlink will have a bearish breakout as sellers target the green ascending trendline at $6. A break above the key resistance at $8 will see it jump to $9.51.

How to buy Chainlink

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Filecoin price prediction

Filecoin price has been in a tight range in the past few days. The coin is trading at $5.9, where it has been recently. It has moved above the ascending trendline shown in green. FIL has moved slightly below the important resistance point at $6.60, the highest level on November 5 last year. The Relative Strength Index (RSI) has moved slightly below the neutral point at 50.

Therefore, the Filecoin price will likely remain in this range in the next few days. More downside will be confirmed if the price moves below the ascending trendline. If this happens, the next key level to watch will be at $4.0.

How to buy Filecoin

eToro

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Pepe price prediction

The hourly chart shows that the Pepe crypto price has been in a strong bullish trend in the past few days. It has dropped to a low of $0.00000013 to about $0.00000061. This means that the token has jumped by over 300% from the lowest level this year. It has moved above all moving averages.

Therefore, it seems like the Pepe token is having a bullish momentum. If this happens, the next key level to watch will be at $0.00000070. A move below the support level at $0.00000044 will invalidate the bullish view.

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• Bitcoin moves the cryptocurrency market 
• Its dependency on the US dollar increased 
• Bitcoin holders better believe that the US dollar is in a bearish market

Investing in the cryptocurrency market is not for everyone. Volatility, for example, is much higher than in other markets. 

Sometimes, for no apparent reason, the prices of various cryptocurrencies bounce or decline aggressively, leading to speculation that the market is rigged. Lack of regulation might explain the moves, but surely investors wonder what moves the cryptocurrency market. 

The one and the only answer is Bitcoin. Its share of the total cryptocurrency market capitalization nears 50%. 

In other words, if Bitcoin’s price is rising, Ethereum or other cryptocurrencies can’t decline. And the other way around is true – if Bitcoin enters a bearish market, the other cryptocurrencies will follow. 

Therefore, the right question is not what moves the cryptocurrency market but what moves Bitcoin? 

Lately, Bitcoin moves following developments in the traditional currency market. More precisely, it follows the dollar. 

Bitcoin chart by TradingView

Bitcoin follows the dollar’s strength or weakness

The chart above shows Bitcoin’s performance from late 2021 to the present. Above, in orange, is the dollar index (DXY). 

It shows clearly that during the bear market of 2022, Bitcoin declined while the dollar strengthened. EUR/USD dropped below parity in 2022, trading as low as 0.96 at one point. The euro is the main component of the DXY, and thus the EUR/USD currency pair is the relevant one to consider. 

Bitcoin dropped, too, trading well below $20k. 

But then, in October 2022, the dollar bottomed. EUR/USD bounced above parity and rallied into the year’s end. 

It took Bitcoin until the end of the year to catch up with the dollar’s weakness. Eventually, it bounced too, rallying in 2023 and gaining over 75% in four months. 

To sum up, Bitcoin holders better believe that the US dollar will weaken lies ahead. Otherwise, it is difficult to hold Bitcoin if the dollar enters a bull market. 

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• Bitcoin makes up about 48% of the total cryptocurrency market capitalization
• The share rises to 75% if we include Ethereum and Tether
• Other cryptocurrencies’ share declined despite the latest cryptocurrency market rally

The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months. 

Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion. 

It means that investors regain confidence in the crypto space after the FTX scandal and other frauds. 

But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether. 

Ethereum and Tether keep pace with Bitcoin

The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%. 

Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently. 

The chart shows that only two cryptocurrencies keep pace with Bitcoin – Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether. 

The three comprise about 75% of the total cryptocurrency market capitalization – a good statistic to consider next time when investing in cryptocurrency. 

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• H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.
• He explained his constructive view in a research note on Friday.
• Bitfarms stock has already nearly tripled since the start of 2023.

Shares of Bitfarms Ltd have already nearly tripled since the start of the year but an H.C. Wainwright analyst is convinced that rally is far from over just yet.

Bitfarms stock could climb to $2.0

On Friday, Kevin Dede reiterated his “buy” rating on the bitcoin miner and said its shares could climb to $2.0 – up another 80% from here.

The bullish call on Bitfarms stock arrives only hours after the company expanded operations in Argentina that increased its fleet hash to 5 EH/s.

Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH/s – a level he’s confident the miner will hit in its September quarter.

This fleet expansion also came without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners.

Bitfarms Ltd is generating cash

The H.C. Wainwright analyst remains constructive on Bitfarms Ltd also because it did not slip into negative EBITDA even in the fourth quarter when thing went haywire for the crypto space at large.

Other reasons cited for the constructive view on Bitfarms stock include its gross mining margin that declined sharply (year-over-year) in 2022 but still stood at a healthy 33% nonetheless. Dede said in his research note:

We understand potential upside in Argentina. With greater financial flexibility via stronger balance sheet, Bitfarms has options to consider additional business development opportunities.

Expansion in Quebec, Paraguay, and Washington State will help the share price as well, he concluded.

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2023 is the year in which the crypto rebound hopefully gets into full swing following a disappointing 2022. One project arousing exceptional interest among investors and trading groups on Reddit and Telegram is AltSignals’ ASI presale. Already a market leader in trading signals, AltSignals has set itself up as arguably one of the best crypto projects to invest in this year due to an exciting adoption of AI technologies designed to turbocharge its trading capabilities.

Here’s why investors are scrambling to get their hands on this exciting new coin during its presale event.

AltSignals: Assisting crypto gains since 2017

AltSignals was launched in 2017 and has grown to become one of the leading providers of trading signals for a vast community numbering more than 50,000 members, 1,400 of whom enjoy all the perks of AltSignals’ VIP group. AltSignals has focused on setting itself apart from competitors by ensuring it produces the most accurate trading signals available in crypto, Forex, and stock markets via its market-leading AltAlgo™ trading tool.

This algorithmic trading indicator has operated in tandem with a team of leading expert traders to generate more than 1,500 signals for traders scattered across the globe. A Binance Spot signals program in January 2023 saw a 94% win rate across 17 trades, achieving returns of 175% in a single month. This success came hot on the heels of a whopping 384% return in December 2022. 

AltSignals’ performance is backed up by almost 500 positive reviews on Trustpilot, resulting in a 4.9/5 star rating, making it one of the most-trusted providers of trading signals. Now AltSignals is seeking to take its outstanding platform into another realm with the launch of the ActualizeAI trading stack and ASI coin.

What is the ASI token?

The ASI token underpins the entire AltSignals’ ecosystem, including the development of ActualizeAI, which will bring a pioneering AI capability to AltSignals. This looks likely to help AltSignals play a significant role in the crypto rebound by harnessing the power of machine learning, natural language processing (NLP), reinforcement learning, and predictive modeling to increase the frequency and accuracy of the platform’s signals.

Possession of the ASI coin will open up the actual value of AltSignals’ platform, beginning with the ActualizeAI trading stack and outputs. Community members holding more than 50,000 tokens will be granted lifetime access to ActualizeAI’s signals, while those holding fewer than 50,000 can enjoy a 1-year membership.

While this is a huge incentive to get involved in what looks like one of the best new crypto tokens of the year, holding the ASI coin unlocks several premium offers and opportunities for investors and traders to exploit.

For instance, ASI coin holders can join the AI Members Club, unlocking early access to some of the best presale opportunities with exciting new crypto projects from AltSignals’ affiliate partners or highlighted by ActualizeAI’s sentiment analysis feature. While opening up potentially rich opportunities to make serious profits, users can also boost their earnings by participating in regular online trading tournaments with lucrative prizes.

How high can ASI go in 2023?

The release of the ASI token has been deliberately timed to support the development of ActualizeAI’s trading stack, which will drive enormous levels of utility into the coin. In addition, ASI coin holders can vote on community-led initiatives that will govern the platform’s future direction, ensuring it continues to meet the needs of those it serves.

This alone would be enough to push the price of ASI higher once it’s released for public consumption. However, ASI has the fortune of being released as the crypto rebound continues to gather momentum, meaning it looks set to reap the full reward of being part of the next bull market in the coming months and years.

ASI’s presale will end at $0.02274 per token, which looks severely undervalued. As a result, analysts are predicting significant gains for early coin holders in 2023, with many forecasting that $0.50 is more than achievable by the end of the year. This would represent enormous returns of more than 20x for any investor that reserved their ASI token during the presale.

The ASI presale could be the best crypto to invest in this year

It’s easy to see why many professional crypto analysts are naming ASI as the best crypto to invest in this year. The ActualizeAI trading stack could put AltSignals squarely on the map as one of the most comprehensive trading signal providers on the markets, with a flurry of new customers scrambling to sign up for access to its turbocharged outputs.

Meanwhile, with community-led governance and a user-feedback system, all products will be fully peer-reviewed and tested by real traders, allowing AltSignals to fully optimize ActualizeAI’s algorithm and provide the best possible outputs to its community.

Interested investors are advised to act fast, with the stage 1 round selling out quickly at the lowest possible price of $0.015. ASI will never be this low again, meaning time is running out for investors to make the best potential returns with the crypto rebound squarely gathering pace.

You can participate in the AltSignals presale here.

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