Kategorie: Crypto Analysis

• Shiba Inu price went parabolic on Wednesday as it reached a high of November.

• The developers wrote about the upcoming Shibarium launch.

Shiba Inu (SHIB/USD) price went parabolic as investors reacted to the latest developments on Shibarium launch. The SHIB token jumped by more than 20% in the past 24 hours. It has soared by over 57% from the lowest level in December 2022. Other top-performing cryptocurrencies are STEEM, LOKA, and HIVE. 

Shibarium launch ahead

Shiba Inu is a leading cryptocurrency that was started as a joke in 2021 during the crypto mania. It was created to be a better alternative to Dogecoin, which was having its best time as its price surged. But the two are different. Dogecoin is a coin that is similar to Bitcoin while Shiba Inu is an Ethereum token.

Shiba Inu price has done well in the past few days as investors wait for the upcoming Shibarium launch. Shibarum is a layer-2 network that will solve some of the existing challenges in the network. Some of these challenges are on speed, scalability, and costs.

Shibarium will join other popular layer-2 networks like Polygon, Arbitrum, and Optimism. After launch, it means that other developers will be able to build applications on top of it. In a statement, the developers said that Shibarium will mostly focus on gaming, the metaverse, and non-fungible tokens (NFT). Analysts believe that the Shibarium launch will be one of the biggest crypto news of the year.

In addition to Shiba Inu, other Shiba Inu tokens will also benefit. They include leash (LEASH) and bone (BONE). According to CoinMarketCap, the two have a combined market cap of more than $5 billion. Shibarium validators will need to lock up bone to run the Heimdall validator software.

The developers also noted that Shibarium will lead to more SHIB being burned since each transaction will lead to several tokens being burned. They added that:

“The development team is currently evaluating potential gas fee rates for the blockchain network. The network’s gas fees are expected to be lower than the current fees on the Ethereum mainnet.”

Shiba Inu price prediction

SHIB/USD chart by TradingView

The daily chart shows that the SHIB price has been in a strong bullish trend in the past few days. It moved above the important resistance level at $0.000010, the highest point on December 6. The token has surged above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved to the overbought level. Therefore, the SHIB crypto price will likely retreat slightly and then resume the bullish trend. If this happens, it will likely retest the key support level at $0.000010.

How to buy Shiba Inu

eToro

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post Shiba Inu price prediction ahead of Shibarium launch appeared first on CoinJournal.

Key Takeaways

• 2023 has started hot in the crypto markets, with meme coins printing significant gains
• Softer macro climate has fuelled gains
• Shiba Inu has spiked 50% , with hype also around the launch of a Layer-2 ecosystem
• Our Analyst warns investors that all may not be what it seems, however

 

It feels a little crazy to be writing this, but here we are anyway. 2023 is off to a flyer in the crypto markets, with optimism abounding that softer inflation data will lead to a loosening of monetary policy sooner than the market previously anticipated.

And one such “asset class” to benefit is that of memes. Doggy coins are printing returns that are straight out of Q1 of 2021, a time when Reddit was going to war with Wall Street over GameStop, Elon Musk was tweeting daily about fluffy dogs and, well, the money printer was firmly switched on.

The king and queen of the space, that is Dogecoin and Shiba Inu, are currently up 22% and 49% respectively this year.

Bonk the latest meme to join the party

Perhaps the curious case of Bonk sums up this bizarre resurgence best. The meme coin, inspired by Shiba Inu, was launched on Christmas Day on Solana. You know,  that same Solana which was firmly in the wars, suffering from its close ties with Sam Bankman-Fried, repeated outages shutting down the network and seeing several of its top projects flee for rival blockchains.

Objectively, launching on Solana – and in the depths of the bear market, no less – was an objectively strange decision. And yet, what is logic in the crypto meme market? The coin was up 2500% within ten days, exploding upwards past a $200 million market cap. It has since fallen back to Earth a little but is still trading at a $50 million market cap.

Why are memes doing so well?

But why are meme coins doing so well? Well, the first answer is that the entire crypto market is. When looking at even the biggest cryptos, they are all printing impressive returns. Memes don’t look so dizzying in comparison.

The surge is due to inflation data coming in below expectations. While figures are still extreme, and well north of the 2% target of the Fed, there are perceptible signs that it has peaked. Investors have taken this as a sign that the death sentence for risk assets, that is high interest rates, may peel off sooner as a result.

Shiba Inu, for its part, is surging off more than just positive macro factors. It has jumped 20% after news that it will be listed on Upbit, the most popular South Korean exchange. This comes amid hype around the upcoming and much-anticipated Shibarium Beta launch.

Shibarium Beta will be a layer-2 network built on top of Ethereum, the same way Polygon and Arbitum work.

Is this sustainable?

Personally, I can’t put too much weight into this (still mysterious) Layer-2 project from Shiba. Memes are exactly that – memes – and these were never a fundamental play. It would take a lot more than blind speculation about Sihbarium to convince me that Shiba will ever be used for anything other than trying to buy it with the hope of selling it on a greater price.

But that is the thing with memes. There has never been an argument here that there is any value. They’ve always been a sort of middle finger to prudent investing, a misbehaving younger sibling to the “responsibility” of actual investing.

However, this is all fun and games in a climate printing more cash than at any point in history. It’s all great when interest rates are zero and cheap capital is ubiquitous. And it’s amazing when a pandemic strikes the world, with millions of people locked down with nothing to spend their stimulus cheques on.

Unfortunately, that is not the world we live in any longer. I’ve said it before and I’ll say it again – the joke is over with memes. They no longer present as a chance to strike retirement gains. They were always a reckless gamble, and that is fine. But now they are no longer this novel source of endless entertainment, they’re just kind of sitting there as the world deals with the worst economy since crypto was launched when Bitcoin went live back in 2009.

Things may be more optimistic than they were a month or two ago. But inflation is still crippling, despite the fact it has slightly fallen. Rates are still high and there are a million variables that could make this volatile economy a lot worse in a very short space of time.

It’s hardly jaw-dropping to say, but be careful with the doggy tokens. When the music stops – and it always does – it’s not a fun place to be.  

The post Are meme coins back, as Shiba and Doge rocket upwards? Eh…no appeared first on CoinJournal.

Bitcoin hodlers felt a bit of relief recently. After making a new all-time high in 2021, Bitcoin entered the bearish market territory and declined throughout 2022. 

Everything last year was bearish Bitcoin, starting with the negative sentiment surrounding the crypto industry and ending with the general US dollar strength. 

But those looking at small details, especially technical ones, noticed some encouraging facts in the last months. First, the market formed a falling wedge pattern in the last several months – a bullish reversal pattern. 

Second, the Relative Strength Index, one of the most powerful technical oscillators, showed a bullish divergence since the last quarter of 2022. Third, the current rally eyes key resistance level, one that might turn out being a pivotal one. 

BTCUSD chart by TradingView

Falling wedge confirms the reversal

On its way up, Bitcoin climbed above $20k for the first time since last November. In doing so, it triggered massive crypto short liquidations, that topped $100 million in last week’s trading. 

In other words, the upward move has caught shorts by surprise. 

Technical traders have spotted the potential falling wedge pattern seen above. However, until the market broke its upper edge, it was difficult to call for a reversal to be in place. 

Now that it did, Bitcoin remains bullish as long as the lows hold. 

RSI bullish divergence has been in place for several months

Another bullish sign came from the RSI. A bullish divergence in red on the chart above warned about a possible reversal. Coupled with the falling wedge pattern, it was just another bullish clue to watch in the last months.

$30k looms large for Bitcoin bulls

The big question now is – what comes next? The technical dynamics are quite simple for Bitcoin at this point. 

If it holds above the lowest point in the falling wedge pattern, it can test the resistance seen at $30k. Judging by how strong support was in the past, the level should be pivotal, meaning that a break above should trigger more upside. 

The post Is it safe to buy Bitcoin amid trading above 20k for the first time since November? appeared first on CoinJournal.

• ACH/USD jumped 50% in one trading day
• A falling wedge pattern supports the bullish case
• The risk of a false breakout remains

The cryptocurrency market suffered from the FTX scandal as investors fled away in light of yet another scam in the industry. But despite the numerous predictions that the industry will fail, the recent price action is encouraging for speculators.

Take, for instance, Alchemy Pay (ACH). It was the leading cryptocurrency yesterday, as it gained about 50% against the US dollar.

Alchemy Pay is the pioneer of the world’s first payment gateway solution to connect fiat currencies and crypto economies. In short, it aims at building a bridge between crypto and fiat worlds.

With a circulating supply of 4.9 billion, the cryptocurrency’s maximum supply will be 10 billion. At the current market price, Alchemy Pay has a market capitalization close to $60 million, and over 180 billion coins are traded daily.

ACH/USD chart by TradingView

A falling wedge points to more upside, but fears of false breakouts remain

Until recently, ACH/USD traded with a heavy tone – just like the overall cryptocurrency market. But the recent bounce in Bitcoin and other major cryptocurrencies led to small coins catching a bid.

As such, the price action broke out of a falling wedge pattern. Such a pattern signals a reversal; most of the time, the market retraces more than half of the pattern’s distance.

However, it does not mean that the market cannot make a new low.

Therefore, any long trade should have a stop-loss order at the lowest point in the falling wedge, while the take-profit should be placed around half the distance the market traveled on its way lower. In other words, 0.035 should be appropriate.

The fear is that yesterday’s bounce is yet another false breakout. A quick look at what happened in the past shows similar breakouts that turned out to be nothing but false ones as the market reversed and made a new low.

Summing up, if the recent lows hold, ACH/USD has more upside potential.

The post Alchemy Pay (ACH) price forecast after jumping 50% in one day appeared first on CoinJournal.

• GALA price has surged by over 250% from the lowest point in December.

• The developers are working on the Meow NFT Match.

Gala crypto price has been in a strong bullish trend in 2023, making it one of the best-performing cryptocurrencies in the industry. The token surged to a high of $0.054, which was about 250% from its lowest point in December. 

Why Gala token is soaring

There are several reasons why GALA crypto has surged in the past few weeks. First, the developers announced a deal that will see the network partner with The Rock to produce two films. This is notable since The Rock is one of the best-known actors in the industry. He is also known for appearing in some of the top-selling movies. However, as we wrote here, Gala deleted the tweet making the announcement.

Second, Gala developers announced that they will incorporate mobile gaming in their ecosystem. This means that developers will be able to create games that can be downloaded from Android and iOS stores. As a result, they will have a large market considering that there are more than 5 billion smartphone users internationally. 

Third, the most recent reason why Gala has surged is the new introduction of pay by burn approach. In a statement, the developers said that all purchases made in Gala’s ecosystem using the GALA token will see it get burned. When the Gala is burned it will be added to an emissions pool to be re-emitted through the Founders Nodes in the normal distribution. 

A quick update on pay-by-burn of all $GALA on the platform from our President of Blockchain, @BitBenderBrink!

Winter is for building, and we have been busy! pic.twitter.com/UDbsznAt68

— Gala Games (@GoGalaGames) January 12, 2023

According to the developers, burning these tokens will help to provide more utility to the ecosystem. Meanwhile, the developers are working on the Meow Match, which is a major upgrade to the network. In the first quarter, they will onboard Meow Match to the Gala Platform, launch Cat NFTs, and transform all earned in-game cats into claimable NFTs. In the second quarter, the Meow NFTs will be upgraded to utilize cat NFTs.

Gala price prediction

The 4h chart shows that GALA price has been in an unstoppable bull run in the past few weeks. As it rose, it managed to move above the important resistance level at $0.050, which was the highest point on Monday. Gala has moved above the ascending triangle pattern and the 25-day and 50-day moving averages. 

Notably, Gala is not yet in an overbought level. Therefore, there is a likelihood that the coin will continue soaring as buyers target the key resistance level at $0.060. A drop below the key support level at $0.050 will invalidate the bullish view

How to buy Gala

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy GALA with OKX today Disclaimer

The post GALA crypto price gains steam after new token burn news appeared first on CoinJournal.