Kategorie: Crypto Analysis

Key Takeaways

• Dogecoin’s price surged 30% off the back of Elon Musk changing the Twitter logo to the Dogecoin dog
• Meme season may be over, however, our Analyst writes
• Open interest surged to its highest level since November
• Musk is unfazed by a $258 million lawsuit accusing him of racketeering by pumping and dumping the Dogecoin price

It’s beginning to feel like 2021 again. 

A year that was filled with facemasks and restrictions on how close you could stand to somebody may be banished to the depths of our memories for many, but for Dogecoin investors, that was a happy time. 

The meme coin exploded onto the scene, returning over 3500% for investors as it surged from $0.004 as high as $0.73. 

The only problem is that meme coins don’t exactly offer a lot of value. Predictably, Dogecoin therefore collapsed as the bear market ravaged the crypto world in 2022. 

The days of Robinhood investors blindly punting obscure tokens with doggy logos were over, and Dogecoin careened down, the party over as soon as it began. 

Elon revives Dogecoin

But it’s 2023 now. And after just over a quarter of price action, Dogecoin has printed a 39% gain. 

This was aided, by Elon Musk rolling back the clock with a good old-fashioned Dogecoin joke. He changed the logo of Twitter to the Dogecoin dog Monday, of course announcing it on the platform itself. 

As promised pic.twitter.com/Jc1TnAqxAV

— Elon Musk (@elonmusk) April 3, 2023

Immediately, the price jumped 30%. Prior to the endorsement, Dogecoin had been lagging the rest of the market badly. While its price was up 13% on the year, Bitcoin and other coins have printed enormous gains off the back of expectations around interest rates shifting to a more dovish forecast. 

Looking at derivatives markets, the Elon effect was tangible here too. Open interest soared to its highest level since the FTX collapse last November, according to data from Coinglass. Open interest measures the amount of open contracts that traders have opened on the underlying asset. 

What happens next?

Trying to predict the short-term value of any meme coin is a fool’s endeavour, but I do wonder whether the meme craze is over. 

Despite events of the last couple of days, this is a very different market climate than the hysteria of the stimmy-cheque-Robinhood era of 2020 and 2021. Interest rates have been hiked faster than any point in history, tech and crypto have been pillaged, and inflation is spiralling while recession fears abound. 

It’s a different world. Not only that, but the novelty of memes, and crypto in general, has worn off. The Dogecoin story is not a new one, the pumps and dumps now familiar to all, perhaps inciting less FOMO while certainly attracting less mainstream attention than years past. 

Numerous scandals have rocked Crypto over the last year and its reputation has undoubtedly taken a hit. With the scale of the bear market so fresh in investors’ minds, it is hard to envision a scenario whereby Dogecoin ramps up as it previously did. 

Then again, this is a meme, and memes don’t obey rhyme or reason. I have never “invested” in memes, something which my wallet did not appreciate in 2020 and 2021, but perhaps I just don’t get it. 

Who knows with Elon anyway? Perhaps he really does have plans to incorporate Dogecoin into Twitter properly. Or maybe he’s just trolling, and Dogecoin is getting a quick day in the sun before yet another inevitable crash. 

Either way, the latest Dogecoin pump by Musk shows the billionaire is not fazed by a $258 million lawsuit currently levelled at him. 

A Dogecoin investor accused him of running a pyramid scheme to support the Dogecoin price. Musk has been accused of racketeering to pump up the Dogecoin price before letting it crash. 

Musk’s lawyers seem confident the case will be thrown out, however. 

Am considering taking Tesla private at $420. Funding secured.

— Elon Musk (@elonmusk) August 7, 2018

The term market manipulation is thrown around a lot in crypto. It seems hard to conclude that what is happening here is not in that bracket, regardless of that lawsuit, as frivolous as it may be. 

I wonder how close we are to seeing a tweet saying “taking considering taking Dogecoin private at $1 a token. Funding secured” from the big man myself?

The post Dogecoin surge rolls back the years, but it won’t last long appeared first on CoinJournal.

• Ethereum breaks out of a bullish continuation pattern
• An attempt to the pivotal $2,000 level is the path of least resistance 
• A short squeeze might follow should the market trips the stops above the pivotal level 

Ethereum’s bullish momentum continues as the price breaks out of a bullish continuation pattern – an ascending triangle or a pennant formation. In both cases, the implications are that the market will try its hand at the $2000 level (again) after failing to overcome resistance late last summer.

The strength in the cryptocurrency market is unsurprising, given how the US dollar performed against its G10 peers. For example, EUR/USD strengthened from 1.05 to 1.10 since March 15, as the US dollar’s momentum faded. GBP/USD is another example, as it currently trades around 1.25.

From a technical perspective, it is more likely that Ethereum will try to overcome resistance at $2,000 than not. So is it time to buy it in advance? If so, what are the proper levels to consider when setting the risk-reward parameters?

Ethereum chart by TradingView

More strength should lie ahead for Ethereum

In March, Ethereum ended the month on high heels. It formed a bullish continuation pattern that resembles an ascending triangle formation.

Such a pattern is made of consolidation below horizontal resistance. When the market breaks above resistance, the measured move equals the longest segment in the triangular formation.

But the continuation pattern could easily be interpreted as a pennant. If that is the case, then the measured move, seen in orange on the chart above, points to $2,300.

Under such a scenario, the market will trip stops above $2,000 and keep running high. Therefore, the best way to trade this setup is to place a pending buy-stop order just above $2,000 with a stop at $1,800 as the price action should not return to the consolidation area again. As for the target, the conservative trader should book half of the profits at $2,300 and trail the stop for the remaining half.

The post Should you buy Ethereum ahead of the $2,000 level? appeared first on CoinJournal.

• Shiba Inu is hovering near the highest level since March 14.

• It rose after the strong performance of Dogecoin after Twitter’s logo change.

Shiba Inu price made a strong comeback on Monday and Tuesday as investors reacted to the major Dogecoin comeback. It rose to a high of $0.000011, the highest point since March 14. The token has jumped by over 18% from the lowest point in March.

Dogecoin leads meme coin rally

The most important cryptocurrency news was the decision by Twitter to change its logo to a Shiba Inu logo. Shiba Inu is the logo of Dogecoin and is also the inspiration behind Shiba Inu’s token. 

The logo change brought more enthusiasm in the meme coin industry, with Dogecoin price surging by more than 30%. This was notable because most cryptocurrencies, including Bitcoin and Ethereum have been moving sideways in the past few days.

Historically, meme coins tend to have a close correlation with each other. This explains why other popular meme coins like Dogelon Mars, Baby Doge, and Floki Inu jumped.

However, it is unclear whether Twitter’s logo change will have an impact on Dogecoin and other meme coins in the long term. It is also unclear why Elon Musk, Twitter’s CEO, decided to change the logo. At the time of writing, the logo has gone back to the original one.

The other main catalyst for the Shiba Inu price is the latest developments on Shibarium. Shibarium is the next-generation layer-2 network that will improve Shiba Inu’s ecosystem. The developers launched the beta version of Shibarium in March and is now going through testing.

Data compiled in the Block Explorer showed that there are now over 100k wallet addresses. It has also handled over 828k transactions. While this is a good number, it is substantially smaller than the hype. At the same time, the number of blocks produced has risen to over 209k.

Shiba Inu price prediction

The 4H chart shows that the SHIB crypto price has been in a bullish trend in the past few days. The coin has moved above the ascending trendline shown in blue. It also moved above the 25-period and 50-period moving averages. 

It has also jumped above the 23.6% Fibonacci Retracement level and the resistance point at $0.000011, the highest point on March 18. Therefore, there is a likelihood that Shiba Inu price will likely have a bullish breakout as buyers targeted the next key resistance point at $0.00013, the 50% retracement point.

How to buy Shiba Inu

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The post Shiba Inu price prediction as Dogecoin goes vertical appeared first on CoinJournal.

The XRP price prediction suffered recently after its parent company, Ripple, was the subject of a high-profile lawsuit with US regulators. However, recent news has come to light that could boost the long-term prospects of Ripple and XRP.

Elsewhere in Web3, Metacades’ (MCADE) announced that it will launch on several digital asset exchanges after seeing major success during the MCADE token presale. Investors are bullish on the future of both XRP and MCADE – but which token is the best buy right now? 

Bullish developments for Ripple and Metacade

Ripple (XRP) has received positive news regarding its ongoing court case with the Securities and Exchange Commission (SEC). The SEC filed charges against Ripple in 2020 on the grounds that XRP, the digital asset that was created by Ripple, is an unregistered security as opposed to a cryptocurrency.

Monica Long, president of Ripple, told CNBC that she is “very hopeful” that there will be a positive outcome from the SEC trial later in 2023. The positive news caused a surge in the price of XRP, as the token climbed over 30% in a single day.

The long-term XRP price prediction has improved due to recent rumors. Meanwhile, Metacade continues to make great strides as the project has announced that the MCADE token will be released on UniSwap on 6th April.

Metacade is fresh from a highly successful presale event in which $16.35m was raised from early-stage crypto investors. The UniSwap IDO will be followed by two CEX listings: Bitmart in April and MEXC in early May. 

What is XRP?

XRP is a digital asset that was created by a US-based FinTech company called Ripple Labs. The token was designed to act as a bridge for international transactions, offering a high-speed and low-cost alternative to traditional payment methods.

XRP is built on a decentralized network that is not controlled by any one entity. While it can be used by financial institutions to provide instant liquidity for cross-border transactions, XRP is also the native currency of the XRP Ledger. This decentralized blockchain network can support the development of decentralized applications (dApps).

XRP price prediction: Can XRP reach $1 in 2023?

Any positive outcome from Ripple’s court case with the SEC is widely considered to produce a massive amount of buy pressure for the XRP token. The cryptocurrency has real-world utility, and its network has been adopted by major financial institutions already, including The Bank of England and Santander.

The long-term XRP price prediction places XRP at $4.20 as long as the SEC case reaches a positive conclusion in the near future. In 2023, investors can expect significant price action as the short-term XRP price prediction targets the $1 resistance level.

What is Metacade?

Metacade is a comprehensive GameFi platform offering the largest collection of play-to-earn (P2E) arcade games found on the blockchain. While most GameFi platforms offer only a single gameplay experience, Metacade offers a vast selection to gamers alongside generous cryptocurrency reward potential.

Metacade also aims to become a central hub for Web3 users by introducing several unique earning mechanics to the metaverse. The project takes the P2E mechanic to the next level and can serve investors, entrepreneurs, and gamers alike through its broad blockchain offering.

How does MCADE work?

The MCADE token is used to reward gamers in the metaverse arcade. Token holders can also stake MCADE on the platform to earn a passive yield and vote in governance proposals to help achieve consensus in the community-led project.

The metaverse arcade will offer both casual and competitive gameplay to blockchain gaming enthusiasts. Players can play solo and earn rewards while trying to beat their high score or join paid entry tournaments for the chance to win significant crypto prizes.

Metacade will also reward content creators with community contributions through the Create2Earn feature. This element of the platform will reward users with MCADE tokens as they post game reviews, share alpha, and interact with other community members’ posts.

The project will advertise open positions through a crypto jobs board as part of the Work2Earn feature. Work2Earn will connect blockchain users to paid roles at some of Web3’s hottest start-ups and can even include one-time gigs, such as testing out new P2E games before they are officially released.

Can MCADE reach $0.50 in 2023?

The MCADE token presale has generated significant momentum for the new project, which is expected to produce significant returns from the current price level. MCADE will soon launch on various digital asset exchanges after the presale saw the token’s price rise from $0.008 to $0.02.

By the end of 2023, MCADE is expected to reach the $0.50 price level – a 22x gain from the end of the token presale. Speculators are overwhelmingly bullish about the project’s future prospects, as it has a unique value offering within the GameFi movement and extensive utility for the native token.

MCADE vs. XRP price prediction: Which token is worth buying?

As the SEC trial nears an end, the XRP price prediction could explode over the coming months and years. On the other hand, MCADE is one of the most exciting new projects in the GameFi space, a highly disruptive development for the wider gaming industry.

Both the MCADE and XRP price predictions forecast significant returns from the current price level. Metacade is likely to produce a higher percentage return due to the project being in its early phase. The upcoming exchange listings could be the perfect time to add MCADE to a long-term investment portfolio. 

You can buy Metacade here.

The post Could Ripple Rally After a Positive SEC Ruling? Comparing Metacade and XRP Price Predictions for 2023-2030. appeared first on CoinJournal.

Many investors are looking for the next big opportunity, with the crypto market looking bullish in recent weeks. Cosmos and AltSignals are two names that keep cropping up, but which one is the better investment? In this article, you’ll read some expert Cosmos price predictions and determine whether AltSignals could outperform ATOM in 2023.

Cosmos (ATOM) Has Gone From Strength to Strength

Cosmos, termed the “Internet of Blockchains,” is a revolutionary ecosystem designed to address the issues of interoperability, scalability, and security that have long plagued the cryptocurrency space. It effectively allows unrelated blockchains, like Bitcoin and Ethereum, to interact and exchange information with one another, opening up an entire world of new use cases and functionality. 

This incredible utility has put Cosmos ahead of the pack regarding price performance. While much of the crypto market has lagged behind in recent months, ATOM has posted plenty of bullish price action. From its June 2022 low of $5.55, it increased over 200% to $17.2 in September. Similarly, in mid-March, ATOM rose 31% from $10.29 to $13.48 over the course of four days.

A number of bullish developments on the chain will likely support ATOM’s future price performance. Independent blockchains can now purchase security from validators of the Cosmos hub, which will boost staking rewards for ATOM holders and bring more value to the ecosystem. 

Moreover, the Inter Blockchain Communication (IBC) protocol, which enables interoperability across Cosmos’ native blockchains, saw the number of projects built using its technology grow from 32 in Q4 2021 to 53 in Q4 2022. This is a sign that Cosmos’ adoption is picking up, and could drive future price growth.

Cosmos (ATOM) Price Prediction

Due to the bullishness surrounding ATOM, Cosmos price predictions for 2023 have been rising in recent weeks. ATOM is currently worth around $12, but many see it reaching at least $22 before the year ends. More optimistic Cosmos price predictions have been set in the $27 to $33 range, which seems possible given recent developments on the network. 

In a best-case scenario, some experts have even placed Cosmos price predictions at $39. If this occurs, then today’s investors could be up approximately 225%!

AltSignals (ASI) Is Paving the Way for AI-Based Trading Solutions

AltSignals is a highly regarded trading signals provider founded in 2017, catering to crypto, forex, and stock market traders. Over the years, AltSignals has built up a solid reputation and amassed a community of over 50,000 free subscribers and 1,400 VIP members. It has issued over 1,500 highly-accurate trading calls, achieving a 64% average win rate and producing some phenomenal returns. 

For example, AltSignals returned its Binance Futures subscribers 4,643% across 23 Binance Futures trades in January and February, achieving an average 91% win rate. These results are supported by the platform’s Trustpilot page, which boasts a 4.9/5 star rating over nearly 500 positive reviews. 

AltSignals’ success can be attributed to the proprietary AltAlgo™ indicator, which scans the markets to identify real-time trading opportunities using over 34 different strategies and filters. This indicator is coupled with AltSignals’ team of pro traders, who are now looking to take their next step with the ASI token and ActualizeAI algorithm. 

This algorithm will leverage various leading AI technologies, including predictive modeling and sentiment analysis, to refine the existing AltAlgo system and deliver unparalleled trading signals. ASI token holders gain exclusive access to this state-of-the-art AI-driven algorithm, ActualizeAI, allowing them to stay ahead of the market and optimize their trading performance. 

Owning the ASI token also grants investors entry into the AI Members Club, where they can participate in product testing, contribute ideas, and be the first to try new updates made to the ActualizeAI algorithm. Not only does this help to create an engaged community with a stake in AltSignals’ development, but it also offers investors opportunities to earn additional ASI tokens as a reward for their efforts. 

These extra ASI tokens can then be accumulated to unlock more advanced features of the ActualizeAI ecosystem, providing users with enhanced trading insights and tools. Alongside other valuable features, like entry into trading tournaments and a say in the platform’s governance, ASI offers holders outstanding utility. This could lead to substantial price appreciation in 2023, according to analysts. 

AltSignals (ASI) Price Prediction

While AltSignals’ ASI token will finish presale at $0.02274, many 2023 forecasts see it reaching much higher. Some consider this price exceptionally undervalued, given AltSignals’ proven track record and potential to transform the trading signals industry. As a result, predictions have been made for ASI to hit $0.40 by the end of 2023.

Even bolder projections put ASI as high as $0.70, which isn’t impossible. If this level is reached, then even the latest presale investors could be seeing gains of almost 3,000%.

Which One Should You Invest In?

While Cosmos’s price predictions are undoubtedly optimistic, its profit potential for 2023 has nothing on AltSignals. With the ASI token’s introduction and the ActualizeAI algorithm’s development, AltSignals has the potential to leverage its already sizeable community to create significant demand for its token.

Investors getting involved today can look forward to potentially even more profit. That’s because ASI is still in its launch phase of the presale, worth $0.012. You won’t want to miss out on the ASI token presale – it could just be one of the best-returning tokens of 2023. 

You can participate in the ASI presale here.

The post Cosmos Price Predictions For 2023. Could AltSignals’ ASI Token Outperform ATOM? appeared first on CoinJournal.