Kategorie: Crypto Analysis

• Polkadot price plunged hard in 2022.

• The decline was caused by both internal and external factors.

• It will only recover if the Fed shifts its tone and its ecosystem rebounds.

Polkadot price plunged by more than 84% in 2022m capping its worst year on record. DOT slipped to a low of $4.2, which was lower than its record high of $55. This performance was due to the overall weakness of cryptocurrencies, high-interest rates, and the collapse of key players in the crypto industry. 

Polkadot parachain challenges

Polkadot price had its worst year on record due to multiple factors. First, it suffered from the biggest crypto news during the year following the collapse of FTX and Alameda Research. This collapse led to major challenges in the industry as exchanges like Binance and Coinbase recorded remarkable outflows. 

Polkadot also plunged following the collapse of Terra and its ecosystem, which led to over $40 billion in total losses. The collapse pushed more people to lose faith in crypto tokens. 

Further, an extremely hawkish Federal Reserve had an impact on Polkadot and other cryptocurrencies. The Fed hiked rates by 450 basis points and pointed towards more in 2023. This happened as inflation jumped to a 40-year high.

Internally. Polkadot’s ecosystem faced issues of its own. The most significant was the de-pegging of Acala Dollar, an algorithmic stablecoin developed by Acala Network. The stablecoin is yet to regain its peg. 

Other Polkadot parachains also had major challenges. For example, Enjin’s Efinity saw little traction as demand for Non-Fungible Tokens (NFT) collapsed. Total NFTs sold dropped by more than 90% from January. 

Meanwhile, Moonriver and Moonbeam have also struggled to gain traction in the DeFi and other industries like the metaverse. 

Looking forward, the main driver for Polkadot price in 2023 will be the actions of the Federal Reserve. A dovish shift by the Fed will lead to more growth for the stock. DOT and other coins will not recover until the Fed shifts its tone and its ecosystem rebounds.

Polkadot price outlook

Turning to the daily chart, we see that the DOT price sell-off caught no breather in 2022. The coin continued falling as risks in the industry rose. As it crashed, it managed to move below all moving averages. It also moved to the lower side of the Bollinger Bands. 

Therefore, the coin will likely continue falling as bears target the next key support level at $2. A rebound to about $20 will only happen if the Fed suddenly becomes dovish.

How to buy Polkadot

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.

Buy DOT with eToro today Disclaimer

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 DOT with OKX today Disclaimer

The post Polkadot price will not recover in 2023 until this happens appeared first on CoinJournal.

Cryptocurrency prices drifted downwards on the final week of the year as concerns about a global recession coincided with those of high interest rates. Bitcoin darted lower and reached a low of $16,485. Other coins like XRP, ETH, and ADA dropped as well. Here is the crypto price prediction from the last week of the year.

Mirror Protocol (MIR)

Mirror Protocol, a dead cryptocurrency, was one of the best-performing cryptocurrencies in the final week of the year. It spiked to a high of $0.24, which was about 173% above the lowest level this year. It has now pulled back to $0.14. 

Mirror Protocol was an important part of Terra’s ecosystem, as I wrote here. It used its technology to make it possible for people to buy and sell financial assets in a tokenized manner. For example, it was possible for people to buy Apple shares in a token form. The benefit of this was that users could trade these tokens on a 24-hour basis.

Mirror went obsolete following the collapse of Terra Protocol and the Terra USD stablecoin. Now, the price has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral point at 50. Therefore, I suspect that MIR price will remain under pressure as sellers target the key support at $0.1225.

MIR/USD chart by TradingView

How to buy Mirror Protocol

As MIR is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MIR using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MIR right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for MIR

Now that you’re connected, you’ll be able to swap for 100s of coins including MIR.

Serum (SRM)

Serum is another dead cryptocurrency. It was a leading player in Solana’s ecosystem, where it had a total value locked (TVL) of more than $1.5 billion. Serum’s problem was that its personal key was held by FTX, which led to a loss of confidence in the ecosystem. Today, Serum’s total value locked has slumped to less than $395k.

SRM dropped to a low of $0.115 this week and then zoomed higher to $0.15. It has managed to move above the moving averages but it has also gotten overbought. Therefore, I believe that the bearish momentum will resume during the weekend. If this happens, it will likely retest the important support point at $0.12.

SRM/USD chart by TradingView

How to buy Serum

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 SRM with OKX today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy SRM with Binance today

Solana (SOL)

Solana had one of the hardest downfalls in 2022. It plunged from an all-time high of $260 to $10. The most recent sell-off was due to its close affiliation to FTX and Alameda, which were its key funders. Therefore, the collapse of FTX led to a major liquidation, which pushed the price significantly lower. 

On the daily chart, Solana remains below all moving averages and the psychological level of $10. The Relative Strength Index (RSI) has moved below the oversold level. Therefore, Solana will likely continue falling as sellers target the next key support point at $5.

SOL/USD chart by TradingView

How to buy Solana

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.

Buy SOL with eToro today Disclaimer

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 SOL with OKX today Disclaimer

The post Crypto price prediction: Mirror (MIR), Serum (SRM), Solana appeared first on CoinJournal.

Crypto is famous for producing insane returns, and getting in on crypto presales is the easiest way to ensure the highest potential for gains. This high potential for earning, followed by a decrease, is caused by an economic principle called the law of diminishing returns, which states that an asset’s value growth will begin to slow down over time.

One presale that has proven to be a significant success is Metacade (MCADE). Metacade is building a major GameFi platform to rival some of the biggest names in the space, so it’s worth investigating before the price rises even further.

The Metacade presale is a big investment opportunity

Crypto presales are extremely popular, especially for projects with strong fundamentals like Metacade. Case in point, the beta phase of the MCADE presale attracted over $1.3 million worth of investment in just four weeks, reflecting the project’s long-term potential.

Metacade launched its MCADE token at $0.008 at the beginning of its crypto presale, but now the price is rising. The price will continue growing until it reaches $0.02 at the end of the presale. For investors looking to get a good deal, the sooner you pick up tokens the better.

MCADE price prediction: 2023 and beyond

After reaching $0.02 at the end of its presale, MCADE will be launched on decentralized exchanges (DEXs), and the team will start to form partnerships to expand the reach of the token. Aside from this, the MCADE token will gain utility once it opens the comprehensive gaming experience planned for the Metacade platform.

The long-term potential of Metacade is very promising as a result. Experts predict explosive price action during 2023, which could see gains of up to 50x. This price explosion would give the MCADE token a value of $1 – a significant increase from its final crypto presale value of $0.02.

After 2023, analysts expect the crypto market to begin its next bull run once Bitcoin’s halving event ends during 2024. Bull markets usually produce major gains across the board, which could push the MCADE token up in value even further. By this time, MCADE could reach over $5, a massive 250x increase between the crypto presale and 2025.

What is Metacade?

Metacade is creating the biggest arcade on the blockchain, bringing advanced gaming capabilities to the world of Web3. GameFi enthusiasts can play a wide range of arcade-style games that each offer crypto rewards and participate in paid entry tournaments to win MCADE prizes.

Several additional features truly make Metacade stand out as a prime investment opportunity during its crypto presale. First, the project aims to serve Web3 users directly by providing a central location for gamers to get together and access valuable information about the space.

Over time, Metacade aims to become a decentralized autonomous organization (DAO). This shift will give complete control over the platform to the Metacade community, as all MCADE token holders will be able to vote in governance proposals and help drive the project’s future progress.

How does Metacade work?

Blockchain gamers can access endless challenges across many play-to-earn (P2E) games. Whether looking to play casually or competitively, Metacade offers players the chance to enjoy various addictive arcade games while earning MCADE tokens for their efforts.

In the Metacade, gamers also earn crypto tokens for contributing useful information to the community. These contributions can include the latest tips and tricks and anything else to help other gamers make the most out of their blockchain gaming experience.

Another key feature offered by Metacade is the chance to test out brand-new blockchain games before they officially launch. These beta-testing roles allow players to provide feedback to game developers, who can implement any improvements suggested by the Metacade community, including bug fixes and gameplay optimizations.

Metacade is expanding the reach of blockchain-based gaming

Metacade also aims to provide a critical service that can help the wider GameFi industry to grow. Its Metagrants program will provide funding for the most in-demand blockchain games, as the Metacade community will be able to vote for the titles that they most want to play in the future.

Blockchain is a technological advancement hub, and Metacade supports continuing progress in this area. Early-stage funding is critical in the process, as creating and launching new games requires a high level of support. Through connecting developers with its community of gamers, Metacade is directly helping to expand the scope and scale of innovation in blockchain.

Is Metacade worth buying in 2023?

The Metacade presale is a significant buying opportunity for crypto investors. Luckily, $0.008 is a meagre price for a project that offers real promise for the future, and it’s no surprise that the beta phase sold out quickly.

The presale will see the MCADE token rise to $0.02, so investors still have time to make some bear market gains. However, Metacade is undoubtedly a great addition to any investment portfolio, and it will be fascinating to see if it will reach the $1 mark during 2023.

You can participate in the MCADE presale here.

The post Metacade’s Presale Set To Explode in 2023 – Get In Cheap Before It’s Too Late appeared first on CoinJournal.

Curious about the future of the metaverse and which projects will dominate? This article will discuss through The Sandbox, Metacade, and Decentraland price forecasts for 2025 and give you an idea of what you might expect in the long-term.

What is The Sandbox (SAND)?

The Sandbox is a decentralized 3D world that allows users to create, share, and monetize in-game experiences. The Sandbox lets players build whatever they like using voxels, the blocks that are characteristic of the game’s design. This isn’t just an aesthetic choice, however; they’re designed to be easy to manipulate and allow players to create intricate and detailed objects, like cars, buildings, sculptures, and more.

To build in The Sandbox, players first need to own LAND. LAND tokens are non-fungible, allowing them to be bought and sold with SAND tokens. Once they own LAND, players can choose to buy ASSETs (objects designed by other players) or build items in VoxEdit and use them in the Game Maker to create immersive games and experiences. Companies like Forbes, Gucci, and Warner Music Group have all used these tools to take their first steps in the metaverse, and many more are likely to come. 

The Sandbox (SAND) Price Forecast 2025

With metaverse adoption growing, it’s likely that The Sandbox will live up to its namesake and act as a testing ground for brands looking to join this new digital frontier. Adding more names to its already-growing list of high-profile companies using The Sandbox will likely spur a flood of investment and could push SAND much higher than its current price of $0.42. At the least, $2.50 is definitely achievable, while somewhere between $4.50 and $5 is more likely. 

What is Metacade (MCADE)?

Metacade is a community-based platform built for metaverse and play-to-earn (P2E) gaming. It’s a hub where gamers go to discover the latest P2E games, explore the rapidly-expanding metaverse space alongside like-minded peers, and make a direct impact on the future of GameFi. At its core, Metacade has everything you’ll need to make the most out of metaverse and P2E gaming, like reviews, leaderboards, alpha, forums, and chat rooms, where you can make friends and earn for your contributions to the community.

That’s right: every time you post a review, some game-winning tips, or other useful content, you’re rewarded with MCADE tokens for your part in growing the platform. You’ll also discover regular prize draws and tournaments where you’ll go head-to-head against other Metacade users for a chance to win big. There are even plans for a job board in 2024, where you’ll find gigs, part-time roles, and salaried positions working with some of the biggest names in Web3. 

By 2025, two of Metacade’s most attractive features will be live. The first is its decentralised autonomous organisation (DAO), where users will be able to participate in shaping the world’s first player-owned virtual arcade. The second is the Metagrant. Metagrants are a funding tool that lets Metacade users vote on the development of P2E games. Developers present their ideas to the community, and the one that receives the most votes is awarded funding from the Metacade treasury to help bring their game to life.

Metacade (MCADE) Price Forecast 2025

With a host of innovative features, a focus on community ownership, and the potential to rapidly attract thousands of players, Metacade is likely to be ahead of the curve by 2025. The MCADE token is currently in presale and is expected to launch to the public at $0.02 per token. 

Given that metaverse and GameFi adoption is expected to accelerate by 2025, achieving $0.20 – a 10x increase – is a reasonable forecast. If things work out as planned for Metacade, reaching anywhere from $0.50 to $1 is a strong possibility. In other words, a $1,000 investment made at the end of presale could be worth as much as $25,000 to $50,000 by 2025!

What is Decentraland (MANA)?

Decentraland, like The Sandbox, is a 3D world where players can own in-game property (also known as LAND), create experiences, and explore others’ creations. Whereas The Sandbox places a greater emphasis on games, however, Decentraland’s purpose is more general, focusing on user-generated content and art. Decentraland also allows users to discover the world around them in VR – something The Sandbox is yet to offer.

Since its inception in 2017, Decentraland has grown to host art galleries, museums, casinos, nightclubs, hotels, and more. It also regularly hosts events, like concerts, conferences, and social meetups for the community to enjoy. As part of its DAO structure, Decentraland allows users to attend a virtual town hall meeting and vote to determine the future of the platform.

Decentraland (MANA) Price Forecast 2025

While Decentraland doesn’t have partnerships with as many brands as The Sandbox, its status as one of the oldest metaverse projects is likely to give it an edge. As more players join the metaverse revolution, MANA could see a new wave of investment and pick-up traction, sending it much higher than today’s price of $0.32. 

The most optimistic Decentraland price prediction for 2025 would be for MANA to return back to its November 2021 highs, or somewhere between $5 and $6. The more realistic Decentraland price prediction for 2025 would be around $3.50 to $4. 

Metacade (MCADE) is an Immensely Undervalued Metaverse Project

The Sandbox, Metacade, and Decentraland are all likely to do well over the next few years as more users join the metaverse. But while the ship has probably already sailed for massive gains in SAND or MANA, MCADE has everything to gain. With the token still in stage 1 of presale, there couldn’t be a better time to get in. Already, Metacade has sold over $1.55m in MCADE, and this number is expected to reach at least $20 million by the end of presale. Don’t wait – grab your share of MCADE before it’s too late!

You can buy Sandbox and Decentraland at eToro here.

You can participate in the Metacade presale here.

The post Sandbox, Metacade and Decentraland Price Forecast 2025: Main Players in the Metaverse appeared first on CoinJournal.

• Cardano lost 3.22% on Wednesday to hit the lowest in the year at $0.25

• Santiment data holds that bears are decreasing in numbers and losing control

• ADA price action is extremely bearish, and lower prices are possible

Cardano (ADA/USD) looked headed for a new low on Wednesday as the price lost 3.22% to trade at $0.25. The price was the lowest in the year, with ADA still likely falling further. However, Santiment data could revive hopes, although ADA bulls would be disappointed that the price action isn’t positive. 

According to Santiment, ADA sellers are getting exhausted, while the cryptocurrency is “severely undervalued.” As ADA trades on a system of lower lows and lower highs, Santiment points out that there is falling selling power. The insights platform shows that as the token makes one downward movement, fewer coins are marked with a loss on the network. This has been interpreted as the strongest reversal sign as bears are gradually losing power. 

Besides, whale accumulation has been on the rise for Cardano in the last six weeks. But as you are too aware, Cardano has seen whale activity for a larger part of 2021. That has been interpreted to mean that whales are attracted to the low valuation of Cardano. However, this does not tell about the short-term price action since whales are believed to accumulate for the longer term.

ADA on a new low as price weakens on a descending channel

ADA/USD Chart by TradingView

On the daily chart, Cardano has maintained the descending channel with limited price surges. The price has mainly traded at the bottom of the descending channel range, indicating that bulls are keeping off. The RSI shows that ADA is currently oversold. 

Which way, Cardano?

It could be premature to buy ADA, despite Santiment data suggesting bear exhaustion. There is no clear bullish reversal, and we maintain a downtrend bias. From a technical point of view, a clearance of the descending channel is the needed confirmation for a bullish reversal.

Where to buy ADA

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.

Buy ADA with eToro today Disclaimer

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 ADA with OKX today Disclaimer

The post Santiment says Cardano sellers are getting exhausted but does price action show it? appeared first on CoinJournal.