Kategorie: Crypto Analysis

• LTC has been in a strong bullish trend since June last year.

• Its correlation with Bitcoin has moved from negative to 0.88.

Litecoin price has had a remarkable bull run in the past few months. Starting from June last year, Litecoin has jumped by more than 90% while BTC has risen by just 1%. The spread between the prices of the two popular proof-of-work coins has continued widening. It rose to a high of $93 this month, the highest point since jyMay 9. It has soared by more than 100% from the lowest point in 2022.

Bitcoin and Litecoin correlation

It is not clear why Litecoin and Bitcoin’s correlation has divorced in the past few months. In the past, the two, together with Bitcoin Cash, had one of the closest correlations. This means that they all tracked each other. 

According to Into the Block, the correlation between the two dropped from 0.92 to a low of -0.17 on November 7. Recently, however, it seems that this correlation figure is getting close since it stands at 0.88. A correlation coefficient near of 1 is usually a sign that the two assets are moving in the same direction.

A likely reason for Litecoin price outperformance is that on-chain numbers have been relatively strong in the past few months. Mining activity, in particular, has been quite strong, with the hash rate surging to its highest level on record. Hash rate is an important number that measures the health of a network. A higher figure is a sign that activity is doing well.

Another on-chain metric is that its historical volatility has been slumping in the past few days. It peaked at 106% in November and then plunged to the current 42.6%. In fact, a closer look at the chart shows that this volatility slump started as the coin started gaining momentum. A lower volatility figure is usually a bullish signal for an asset. 

Litecoin price prediction

LTC chart by TradingView

The daily chart reveals that the LTC price has been in a strong bullish trend in the past few months. As it rose, the coin formed an ascending triangle pattern whose upper side was at $67.12. It managed to cruise above that level in November, December, and January. The coin has also moved above the 25-day and 50-day moving averages.

A closer look shows that it has also retested the support at $84.60, which was the highest point on December 6. Therefore, the coin will likely have a bullish breakout as buyers target the key level at $100, as we wrote here.

How to buy Litecoin

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The post Litecoin price steadies as correlation with Bitcoin hits 0.88 appeared first on CoinJournal.

With an ongoing crypto winter leaving many investors dissatisfied with subpar gains (if any) in 2022, 2023 is expected to bring greener pastures. While many tokens are predicted to make a roaring comeback, there’s one in particular that many have recently placed big bets on. It’s called Metacade, and the hype surrounding the project has led to continuous sellouts during its token presale. Read on to find out why.

The Ongoing Crypto Winter Has Left Many Investors Feeling Frosty

Following rising inflation, interest rate hikes, and the downfall of some of crypto’s most prominent players in 2022, many projects are down significantly from their 2021 highs during the current crypto winter. Bitcoin – often regarded as the benchmark for crypto performance – fell 77.5% from its $69,000 high in November 2021 to a low of $15,476 roughly a year later. 

Altcoins like DOT plummeted over -92% in the same period, while others have shown a little more resilience. TRX, for example, has roughly matched BTC’s performance, falling -74.9% from its 2021 high to its 2022 low. While prices have made a slight resurgence in early 2023, some still consider the crypto winter woes to be far from over. Despite this ongoing bearishness, one token has been attracting millions in investment: Metacade.

What is Metacade (MCADE)?

Metacade is a play-to-earn (P2E) community hub that’s aiming to be an early leader in the GameFi revolution. Its goal is to be the number one place in Web3 to explore, learn, and make the most of P2E gaming. Metacade gives players all the tools they need to get ahead in this fast-growing space, like dedicated forums, reviews, game leaderboards, and leading GameFi alpha shared by P2E veterans. 

Moreover, it fosters a loyal community by giving players as much value as possible. Alongside regular tournaments, prize draws, and competitions, Metacade is using the power of decentralization and crypto for good, rewarding players for their contributions and giving them a say in the games they’ll be playing. There are even plans for a job board and for the project to transition into a decentralized autonomous organization (DAO).

A Deep Dive Into Metacade’s (MCADE) Key Features

Traditionally, gamers are invited to share reviews and tips with others without receiving anything for their efforts. Who benefits from this? Primarily the platform hosting these reviews and tips. 

Metacade realizes this, and instead of benefiting and giving nothing back, it’s paying users directly with the MCADE token for their role in growing the community. That means even if you’re just getting started in P2E, you can earn by simply sharing your opinions on a new game you’ve been playing or posting tips that other players can use to get ahead. 

In late 2023, Metacade will also be awarding its first Metagrant. Metagrants enable the community to direct the project’s funds toward selected game developers, intending to finance the next generation of community-backed P2E games. Developers enter their game proposals into one of the Metagrant competitions, and the idea that earns the most votes from MCADE holders is awarded funding from the treasury. 

The finished title is hosted in Metacade’s virtual arcade for anyone to log on and enjoy. All it would take is one groundbreaking game to be produced by the community, and Metacade could be thrust into the mainstream media spotlight, sending the MCADE token soaring. 

As mentioned, Metacade will also be launching a job board. Expected in 2024, this board will feature casual gigs, part-time roles, and full-time positions working with Web3 and GameFi titans. Whether you’re interested in testing games using Metacade’s testing environment for some extra income or looking to get your foot in the door as a game developer, you’re bound to find something that suits your skills. 

Finally, Metacade will fully transition to a DAO in late 2024. While the groundwork is expected to be laid as early as Q2 2023, this transition will see the core Metacade team stepping down and handing the reins over to elected Metacade members. From this point forward, MCADE holders will determine the future of the world’s first democratically-run virtual arcade.

Metacade (MCADE) Might Just Be One of the Best Performers of 2023

So just how well has Metacade been performing in presale, despite the ongoing crypto winter? In the first seven weeks of the MCADE presale, approximately $3.4m million has been raised by thousands of investors across the globe. 

The price of MCADE tokens has already risen from the starting price of $0.008 to $0.012, with prices expected to reach $0.02 by the end of its presale. However, many analysts believe MCADE has much more room to grow, with some setting targets of at least $0.20 by the end of 2023 if the crypto winter subsides as forecast. 

This is supported by the fact that GameFi is set to take off this year. Absolute Reports puts the industry’s annual growth rate at 20.4% between 2022 and 2028, while Crypto.com predicts that it will grow much faster, at a rate of 100% per year. Given how critical social hubs are to gamers and Metacade’s first-mover advantage, it could soon become the premier destination for all things P2E. 

If you think Metacade is on to something, then check out the MCADE presale as soon as possible. Time is quickly running out to grab MCADE tokens at $0.012 before it moves on to the next stage of presale!

You can participate in the Metacade presale here.

The post Metacade’s (MCADE) Presale Is Selling Out Amid the Crypto Winter – Here’s Why appeared first on CoinJournal.

• dYdX price has made a strong recovery recently.

• There will be a token unlock on February 3.

• The unlock will open up over 150 million tokens.

dYdX token price has joined other cryptocurrencies in a strong rally recently. It has managed to jump from last year’s low of $0.9922 to a high of $1.722. However, there are concerns that the token could have a major drawdown in the coming weeks as the dYdX token unlock nears.

dYdX token unlock

dYdX is one of the biggest decentralized crypto exchanges (DEX) in the world. It handled tokens worth over $953 million in the past 24 hours, second only to Uniswap, the DEX pioneer. The exchange is known for its advanced trading features that include perpetual futures contract and other derivatives. It is also well-known for its low fees for traders.

Like other DEXes, dYdX has its native token that has two primary roles. First, it allows holders to vote for key issues in the exchange. In this regard, it has a similar role to Uniswap’s UNI token. Second, the token provides holders with trading discounts in its ecosystem. Therefore, the rebound of cryptocurrencies has had a positive impact in its ecosystem as volume rises. 

dYdX, however, has a major negative catalyst in the coming weeks. The dYdX token unlock will take place on February 3 of this year. This unlock will see 150 million tokens unlocked to the market. As a result, it will increase the circulating supply to over 290 million tokens, which will dilute existing investors.

There are other unlocks that happen continually. For example, daily trading rewards happen every month while 1.1 million liquidity provider tokens open monthly. Liquidity and safety modules happen per month. It is estimated that 5.6 million of dYdX tokens are circulated in the market every month. As shown below, dYdX’s tokenomics has so many moving parts that tend to benefit insiders.

Is dYdX token a buy ahead of unlock

In theory, with so much liquidity coming in the market, one would expect that the dYdX price would continue falling. However, in some instances, this is usually not what happens. For example, in this article, I wrote that Axie Infinity’s AXS token surged even as the network unlocked its tokens on Monday. 

Further, at times, fundamentals in cryptocurrencies rarely make sense. This explains why the FTX Token, Voyager Digital Token, and Celsius Network are still trading. The three have a combined market cap of almost $1 billion. In fact, I will not be surprised to see the dYdX token price rising ahead of the token unlock. One reason is that the developers could make a big announcement towards the unlock to tilt the balance.

How to buy dYdX token

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The post dYdX token unlock date: How will it affect the price? appeared first on CoinJournal.

There has been a great deal of criticism of top meme coin projects such as Dogecoin (DOGE) and Shiba Inu since their high-energy communities built up so much momentum and rocketed the projects up the crypto charts.

However, both projects have been able to weather the bear market of 2022. So holders will be looking at Shiba Inu price predictions for 2023 to come to a conclusion about the investment potential of the token.

Many SHIB investors are being drawn to a new and exciting project, Metacade, that looks set to deliver much more dramatic gains in 2023. With the challenges that face SHIB and the high potential of the Metacade project, we’re likely to see more and more SHIB holders look to capitalize on MCADE’s likely rise above SHIB over the coming months.

What is Metacade?

Metacade is an innovative new project that is planning to provide its users with an incredible and diverse play-to-earn (P2E) arcade. By building around this flagship P2E arcade, Metacade is set to redefine GameFi by creating a community hub that puts gamers first.

Although the P2E arcade is already attracting a lot of attention from savvy investors who can see its potential, the Metacade ecosystem is supported by a host of other complementary features.

An ingenious rewards system is in place throughout the project, with rewards for playing games and winning competitive tournaments hosted on the Metacade platform, and contributing to the community through actions like writing game reviews. This incentivizes users to contribute to the project and is a strategic masterstroke in ensuring the project can build huge momentum.

How does it work?

The project uses a utility and governance token, MCADE, to power the rewards system and as a medium of exchange across the platform. MCADE tokens can also be staked, allowing token holders to earn a passive income, with rewards even provided in stablecoins so as not to increase the circulating supply of MCADE.

Metacade has another innovative mechanism that furthers the success of the platform — Metagrants. Metagrants will allow game developers to pitch ideas within the Metacade ecosystem, with MCADE token holders able to decide where funding should be allocated. This will help drive engagement and adoption of the platform, as the community gets to give the funds to the projects they are most excited about.  

The Metacade team has understood the importance of the project becoming self-sustaining, so there are a number of different revenue streams set up to support the project on an ongoing basis. This includes on-platform advertising, a gaming launchpad, and competitive tournaments, to name but a few. 

Metacade (MCADE) Price Prediction: The sky is the limit

Metacade boasts a clear strategic plan that has considered all elements of ensuring the success of the project. With the GameFi space already showing its robustness, it’s well understood that it’s a part of Web3 that is set to explode. There’s no surprise, then, that the outlook for Metacade is much brighter than the Shiba Inu price prediction.

With the MCADE token selling out fast during its red-hot presale, there’s no doubt that the price of MCADE looks very likely to see some dramatic increases over the coming months. With GameFi predicted by many to see a surge in adoption, MCADE could reach as much as $0.50 in 2023 and seems likely to get to $5 before 2025. 

Shiba Inu Price Prediction: Can it hold on?

A challenge that meme coins face is that they rely heavily on the hype built by the community and need momentum to keep rising. While SHIB undoubtedly still has a significant community of supporters, with little real-world utility from the project, it seems unlikely that the project will be able to see the levels of hype it achieved back in 2021.

The Shiba Inu price prediction takes this into account, with SHIB needing to focus on holding on to its current price, meaning that if SHIB were to hold $0.000008 by the end of 2023, it would be considered a successful year for the project. Barring any dramatic changes in utility, the token seems likely to begin a slow decline over the next year while the community desperately tries to generate more interest.

Metacade (MCADE) v Shiba Inu (SHIB): Which is better?

There can be no doubt that MCADE represents a significant opportunity to all investors, and this is likely the driver of huge interest seen thus far in the presale. While SHIB might be able to hang on for a while longer, any serious investor looking for big returns on their investment should be jumping into MCADE and leaving the Shiba Inu community well alone. With this in mind, Metacade seems very likely to surpass SHIB over the coming months.

You can participate in the Metacade presale here.

The post Shiba Inu (SHIB) Price Prediction – Metacade Could Surpass SHIB in the Upcoming Months appeared first on CoinJournal.