Kategorie: Crypto Analysis

• Alchemy Pay surged to the highest point since July 2022.

• Twitter is looking to build a payment platform with crypto features.

Alchemy Pay’s (ACH) price surged to the highest point since July 2022 as the small-cap token continued its recovery process. ACH jumped to a high of $0.018, which was about 131% above the lowest level in 2022. According to CoinMarketCap, Alchemy has a market cap of over $78 million.

Twitter looking for crypto payments

Alchemy Pay is a leading company that provides crypto payment solutions. It works as the middleman who helps companies from around the world. Instead of building their own payment infrastructure, these companies use its technology easily. 

Alchemy has partnerships with some of the biggest companies in the world like Shopify, which is one of the top e-commerce providers. Shopify hosts millions of e-commerce stores in its ecosystem. Shop owners can then easily implement Alchemy by using its marketplace plugin. 

Alchemy Pay also has a platform where users can easily buy cryptocurrencies. It is also a Visa partner, meaning that users can use their cards to pay with crypto, as we wrote here.

ACH price is rising after the Financial Times reported that Elon Musk was still pushing forward with his Twitter payment options. He wants the social media company to become a leading player in an industry that is seen as highly competitive.

The report also noted that crypto is part of that payment option. As such, investors hope that Musk could turn to Alchemy for this service. Alchemy itself sent a tweet making the case of integrating with its platform. It is still unclear whether Musk will turn to the company.

Great that #ElonMusk is pushing on with #TwitterPayments! We 💕 payment innovation e have a headstart on Twitter with our fiat-crypto payment gateway…and we’d be happy to support you @Twitter 😊

Try our on & off ramp here: https://t.co/gSlSdmcp2L #AlchemyPay $ACH #Payments pic.twitter.com/6P757k2Mfj

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) January 31, 2023

Alchemy Pay price prediction

ACH/USD chart by TradingView

Turning to the daily chart, we see that the ACH price has been in a strong bullish trend in the past few days. It has risen in the past five straight days. And as it rose, the token moved above the important resistance point at $0.015, the upper wick on January 16 and October 25 last year. The coin has moved above all moving averages and is below the 50% Fibonacci Retracement level.

Therefore, Alchemy seems to have a bullish momentum, which could see it soar to the next psychological level at $0.02. This view will be confirmed if it manages to rise above the intraday high of $0.018. However, a drop below the support at $0.012 will invalidate the bullish view.

How to buy Alchemy

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ACH with Coinbase today Disclaimer

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.

Buy ACH with Swapzone today

The post Here’s why Alchemy Pay (ACH) price surged to a July high appeared first on CoinJournal.

• Bitcoin consolidates ahead of key US dollar data
• All eyes are on the Federal Reserve
• January jobs report to offer more clues about a possible recession in the United States

Bitcoin hovers around $23k after rallying in January. It currently consolidates, mostly because investors await news from the United States economy. 

Today is the month’s last trading day, but the trading week is still young. Starting with tomorrow, three major economic events may move Bitcoin and, with  it, the entire cryptocurrency market: 

• Federal Reserve’s decision
• Non-Farm Payrolls
• Average Hourly Earnings

Federal Reserve’s monetary policy decision

This is a big week for the US dollar, thus, a big week for Bitcoin too. On Wednesday, the Federal Reserve of the United States presents its monetary policy decision, which keeps markets in tight ranges. 

No one wants to take a bet ahead of such an important economic event, even though the market seems to expect a 25bp rate hike. But it is more about nuances and the message that the Fed sends rather than what it actually does. 

Therefore, the press conference following the FOMC Statement is more important for financial markets than the actual interest rate decision. 

Non-Farm Payrolls

Two days later, the Non-Farm Payrolls data for January will be published. The degree of the upcoming recession in the United States is still unclear, or if there will be one. In any case, the jobs data will make it clear what to expect in the months ahead from the largest economy in the world. 

Average Hourly Earnings

Inflation may have peaked, but do not expect to ease rapidly. Yesterday’s data from Europe showed renewed upside pressures, and one should not be surprised to see something similar in the United States

Together with the jobs data, the Average Hourly Earnings (AHE) will shed light on the trend for US wages. Upside pressures should translate into higher inflation in the months ahead, thus potentially moving the dollar and the overall financial markets.

The post 3 events to move the cryptocurrency market by Friday appeared first on CoinJournal.

• Ripple gained over 16% YTD
• While the momentum is positive, it has yet to overcome resistance
• $0.3 – $0.5 are pivotal levels for XRP/USD

This is the first important trading week of the year as three central banks (Federal Reserve, European Central Bank, and Bank of England) prepare to release their monetary policy decisions. Out of the three, the Fed’s decision is critical, as it affects the US economy and has indirect effects worldwide.

The consensus is that the Fed will increase the funds rate by 25bp this time. The risk is that it will be more aggressive – either by hiking 50bp or by delivering a hawkish message. Because markets are forward-looking, the impact of what the Fed does/says will be on the spot.

For the cryptocurrency market, the US dollar’s direction has mattered a lot lately. As the greenback weakened at the start of the trading year against its peers, it also lost ground against leading cryptocurrencies.

Take Ripple, for example. It gained +16.21% YTD, much of it on behalf of the dollar’s weakness.

What does technical analysis say about where the price might go next?

XRPUSD chart by TradingView

Ripple remains bearish while below resistance

Ripple followed Bitcoin in January and bounced from the lows. However, the bias remains bearish unless it can climb above resistance.

Three things support the bearish case.

First, the price action for the past several months is bearish, in the sense that it remained below resistance, despite the recent recovery in cryptocurrency assets.

Second, the horizontal support around $0.3 looms large. A break there puts a descending triangle in focus, and technical traders will hunt the measured move pointing to much lower levels.

Finally, since its inception, Ripple has only made a series of lower highs. No matter what the fundamentals showed, Ripple wasn’t able to climb above the previous lower high. This is bearish from a technical standpoint and deserves more attention from crypto bulls as it may signal more downside down the road.

Both for Ripple and the other leading cryptocurrencies.

The post Ripple price prediction ahead of the Fed meeting appeared first on CoinJournal.

• Leading cryptocurrencies started 2023 with positive momentum
• Bitcoin, Doge, Ripple, and Ethereum move in a direct correlation
• Ethereum has more room to rally

The cryptocurrency market started  2023 with positive momentum. As a result, all leading cryptocurrencies gained against the US dollar, and the so-called “crypto winter” from 2022 vanished.

Bitcoin is clearly the leader. It bounced strongly from the 2022 lows after losing about -65% of its value. The direct correlation between Bitcoin and the rest of the cryptocurrency market is well known, but something interesting has happened since the start of 2022.

More precisely, the correlation weakened. Sure enough, other cryptocurrencies follow when Bitcoin enters a bullish or bearish market. Only this time, the extent is different.

ETHUSD chart by TradingView

Ethereum lags behind

The chart above shows the four leading cryptocurrencies and how they performed against the US dollar – Bitcoin, Doge, Ripple, and Ethereum. The correlation is obvious, but Ethereum lags.

In 2022, Ethereum fell by the most. It lost over -70% of its value before the recent rally.

While it did rally in 2023, following Bitcoin’s lead, it lags behind. More precisely, while Bitcoin, Doge, and Ripple moved more or less in a synchronized fashion, Ethereum bulls fell behind.

The recent rally reduced the cryptocurrencies’ losses against the US dollar, but not to the same extent. For instance, BTC/USD is now -49.86% lower than it was in January 2022. However, ETH/USD did not recover as much, and it is down -57.85% over the same period.

In other words, if one believes that the US dollar’s weakness continues, then it might be appropriate to bet on Ethereum’s rallying more than Bitcoin, Doge, or Ripple.

On Wednesday, the Federal Reserve of the United States is about to announce its interest rate decision for the first time in 2023. A press conference will follow the announcement, and the US dollar’s volatility will reach extreme levels.

The post Should you buy Ethereum amid lagging behind Bitcoin in 2023? appeared first on CoinJournal.

• The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar
• Bitcoin might give up some of its 2023 gains on a hawkish Fed
• All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening

The Federal Reserve’s monetary policy decision is scheduled this week. It is the first time the FOMC (Federal Open Market Committee) meets in 2023, and the stakes are high for the US dollar.

Bitcoin has strengthened against the US dollar in January so far, in sync with other fiat currencies. Therefore, whatever the Fed decides on Wednesday will affect Bitcoin price too.

A hawkish Fed may turn up being bearish for Bitcoin. These are the four areas where the Fed may express its hawkishness: inflation outlook, growth outlook, interest rates level, and quantitative tightening.

Inflation outlook

The Fed is committed to bringing inflation to its 2% target. This is why it has raised rates so aggressively, so if the Fed says that inflation is embedded and upside risks remain, then the US dollar should move higher.

In this scenario, the market will bet that the Fed sees ongoing rate hikes as appropriate.

Growth outlook

The currency stance is that a sustained period of below-trend growth is likely. If the Fed changed its view and sees recession required to have a material impact on the inflation outlook, that would also trigger a sharp move higher in the dollar.

Interest rates

Ultimately, it is all about the interest rate level. The funds rate range has reached 4.25%-4.50%, and all eyes are on what the Fed does and says on Wednesday.

The base case scenario is that the Fed will hike by 25bp and says that ongoing interest rate increases are appropriate. Therefore, anything more than that should be bullish for the dollar and bearish for Bitcoin.

For example, the Fed might hike 50bp. This is a risk going into the meeting, especially considering that inflation is not backing down as fast as initially thought.

Quantitative tightening

The Fed currently shrinks the balance sheet at a pace of $95 billion/month. A decision to accelerate the balance sheet reduction would be very hawkish for the dollar.

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.