Kategorie: Crypto Analysis

• Ripple’s XRP has gained by 4% in 24 hours.

• Most cryptocurrencies are having relief rallies.

• Technical indicators suggest that the XRP relief rally could continue in the short term.

After staging a bear market for a week, Ripple’s RP/USD is making a comeback. As of the time of writing, the cryptocurrency had returned more than 4% in the past 24 hours. There is no immediate trigger for the gains in XRP. However, a quick look into the crypto sector showed most cryptocurrencies are gaining. Bitcoin was up 6.28%, while Ethereum had returned at least 10%. So, was Tuesday’s gains a relief or a lasting rally?

Cryptocurrencies are known for their high volatility. Of late, they have become pegged to macro-events, including policy actions by central banks. We do not view the current macro-events as positive yet. It then follows that the gains posted in the last 24 hours are merely speculative. They do not indicate a long-term comeback in cryptocurrencies. Investors could still be looking for short-term opportunities in a beaten-down market. We believe that XRP is one of the cryptocurrencies that can offer short-term returns.

XRP stages a relief rally at a key support zone

Source – TradingView

From the technical outlook, XRP is bullish after retesting the support of $0.31. The 14-day and 21-day moving averages have joined the support, suggesting a short-term bull run. The MACD line crossed above the moving average line, confirming a bullish push. We believe XRP is set for further gains in the next few days. Investors should still monitor the trade as the market remains largely bearish. The potential targets are $0.34, a short-term resistance, and an established level of $0.38. 

Summary

XRP is gaining as sentiment improves in the crypto sector. The longer trend is still bearish. The cryptocurrency could continue rising but will find resistance at $0.34 and $0.38.

The post XRP turns bullish and has up to 18% potential upsurge appeared first on CoinJournal.

• BNB is the native token of the world’s largest crypto exchange Binance

• The token has witnessed a double-digit jump in trading volume as the price rallied.

• BNB eyes a breakout from an ascending triangle pattern on the 4-hour chart

BNB/USD is the native token of the world’s largest crypto exchange Binance. Being a utility coin of a crypto exchange of Binance magnitude makes BNB a key token. Investors could be looking at possible bottoms to buy BNB. 

Binance is ranked as the fifth cryptocurrency, just behind two stablecoins, Tether and USD Coin. The coin’s 24-hour trading volume is $1.26 billion, an increase of 77.40%. The trading volume is positive for the token despite the overall trend remaining a downtrend. The token has also risen by more than 8% in the same period. There is no significant driver for the gains, albeit the improving crypto sentiment. 

BNB maintains an uptrend along an ascending triangle pattern

Source – TradingView

BNB has an established resistance at $240. Since bottoming at $185, the token has been moving in a system of higher highs and higher lows. The price crashed each time it hit the resistance, forming an ascending triangle with the uptrend. At the current $228 price, BNB is retreating after hitting resistance. The RSI reading points to overbought conditions. However, moving averages reinforce a bullish view.

Two scenarios for BNB are likely in the coming days. The first is a breakout above the ascending triangle structure. We view this as the most likely outcome if crypto sentiment improves. The second potential outcome is a break below. The outcome is true if BNB breaks below the ascending trendline and fails resistance breakout. Investors should watch the two possible outcomes.

Summary

BNB is bullish but needs to break above the $240 resistance to go higher. Investors should watch the ascending triangle structure to evaluate the potential direction.

The post BNB eyes breakout in ascending triangle as price suddenly turns bullish appeared first on CoinJournal.

Key Takeaways

• Within about a year, NFT games are now on the brink of overtaking PC games in popularity

• Compared to conventional PC games, only 10 games are more popular than top NFT editions

• $2.5 billion raised by blockchain games in Q1 of 2022, on course for $10 billion this year compared to $4 billion for 2021

• While prices of gaming tokens have been in freefall alongside wider market, user growth and investment has been stout

With NFTs crumbling as the market continues in full risk-off mode, I decided to dive into the statistics behind a sector I believe is one of the most intriguing use cases for this novel technology. 

Sure, lots of NFTs are overpriced and can be attributed to bear market hysteria, but I have always felt that the marriage between gaming and NFTs is a natural one. Players pour so much time into playing certain games, as well as money into in-game additions, that defining ownership and maintaining a historical record on-chain seems to make sense. 

So what do the numbers say about NFT gaming adoption compared to conventional gaming, and do they paint a more bullish picture than the freefalling token prices? 

One year growth

In terms of active users, the growth in the last year has been meteoric for NFT games. A report from DappRadar calculated the growth in blockchain gaming as 2000% since Q1 of last year. 

Also in Q1 of this year, $2.5 billion was raised for blockchain games and other metaverse projects. While this came before the ugly downturn of recent months, it’s still promising given $4 billion was raised in all of 2021, a period when the bull market was in full swing. That puts gaming and metaverse projects on course to raise $10 billion through 2022. So, even a hugely conservative 60% cut to funding would place it above 2021 levels. 

NFT gaming users

The funding is stout, but so too are the users. A look at the below graph showing the top 10 NFT games confirms that the sector is starting to gain mainstream appeal and capture more and more unique users per month.

To put the above numbers in context, a neat current benchmark for NFT games is that of PC games. The below graph shows the top 10 most played PC games on the Steam platform. While the data for total users in a month is more challenging to obtain, the below graph presents the average number of concurrent players over the last 30 days (rather than total unique users per month as per the above graph). 

Assuming that 5% of active players are online at any given time, the below graph then compares how NFT games stack up to the most popular PC games, with NFT games in blue and conventional PC games in orange. 

This shows that while NFT games are yet to overtake PC games, it is extremely close to occurring. Only the top 10 PC games are capturing more users than the top NFT game, Alien Worlds, and the margin is very narrow, with Alien Worlds only about 1,000 users off. 

Yet despite the bullish growth in numbers, these games are being brandished as fads due to the overall pullback in crypto markets. Additionally,  the below graph for two of the biggest tokens – Alien Worlds and Axie Infinity – show that the freefall has been stark after explosive run-ups last year. 

But in looking past the prices of such tokens (a large part of which would have been due to speculation) and instead digging into user growth and the investment being put into these platforms, the future still appears bright. 

It’s a reminder that despite the bearish sentiment in the markets, there is very real technology here that is making a difference and disrupting industries. To be on the brink of the top 10 PC games already is quite the achievement, given the nascent nature of the space. 

As for whether these tokens are good investments at current prices? Well, that’s an issue for another day. 

Sources

https://dappradar.com/blog/dappradar-x-bga-games-report-q1-2022

https://www.statista.com/statistics/1266486/blockchain-games-user-number/

The post NFT games on brink of overtaking PC games in popularity appeared first on CoinJournal.

The Basic Attention Token (BAT) price has been in a remarkable rally recently as investors buy the dip. The token is trading at $0.4270, which is about 66% above the lowest level in June. As a result, the token’s market cap has risen to more than $636 million.

Why is BAT rising?

Basic Attention Token is the native token for the Brave browser. Its primary role is to incentivize people to use the browser and its other features. Users can also decide to tip their favorite creators in the internet.

The concept behind BAT is relatively simple. The developers created a chromium browser that has some of the most advanced security features, As part of their growth, the developers partner with companies in all industries that want to reach millions of users.

These companies make their payment and then the ads are shown to its users. These users are then compensated for paying attention to these adverts. At the end of the month, these funds are transferred to their online wallet. Finally, users can decide to withdraw the funds to their accounts.

Brave has become a very popular browser with more than 55 million monthly users. Over 16 million of these people interact with it on a daily basis. 

In addition, the team has built more tools as it tries to compete with Google and Microsoft. They have built a search engine, a video communication app, and a cryptocurrency wallet.

Read our review of the Coinbase wallet.

At the same time, they have increased their partnerships. In June, they partnered with Filecoin and integrated its storage platform to the network. They also inked a major partnership with Near Protocol to integrate Aurora into the Brave wallet. 

Most importantly, the BAT token is being used to power Brave Swaps, a multi-chain DeFi platform. Still, the challenge for many users is that the BAT price is highly volatile. It has dropped by more than 80% from its all-time high.

BAT price prediction

The daily chart shows that the Basic Attention Token price has made a slow comeback in the past few days. Along the way, it remains above the ascending trendline that is shown in blue. It has also moved above the 25-day and 50-day moving averages. Notably, it has formed an inverted head and shoulders pattern.

Therefore, there is a likelihood that the BAT price will continue rising as bulls target the key resistance at $0.50. A drop below the support at $0.4 will invalidate the bullish view.

The post Basic Attention Token (BAT) price slowly makes a comeback appeared first on CoinJournal.

Navcoin price went parabolic on Tuesday as investors pumped the Bitcoin alternative. NAV jumped to a high of $0.1540, which was the highest level since May 5th of this year. This price is about 218% above the lowest level in June.

What is NAV and why is it rising?

Navcoin is a cryptocurrency that was developed by Navtech and launched in 2014. It is a relatively small cryptocurrency that seeks to become a viable alternative to Bitcoin. 

Navcoin works to solve some of the biggest challenges that Bitcoin has. For example, Bitcoin is not a private cryptocurrency, which explains why the FBI is able to track transactions in its network. 

Similarly, Bitcoin is not a cheap cryptocurrency to use considering that a single transaction can cost tens of dollars. Most importantly, Bitcoin is based on the proof-of-work technology that is usually inefficient.

Navcoin solves all this in a number of ways. It is a proof-of-stake cryptocurrency that has strong privacy features. The coin has some security features similar to that of Monero.

Read our exclusive eToro review.

As a proof-of-stake coin, Navcoin gives its holders the ability to earn interest by just holding it. In addition to the NAV token, there is the xNAV and wNAV. xNAV is a private currency that is created using Navcoin’s technology. It is used by people who want to hide their identity when sending and receiving money.

wNAV, on the other hand, is the wrapped version of NAV and xNAV. It is a coin that allows you to interact with dApps and NFTs. Some of the top apps built using Navcoin’s technology are NavAlias, NavPool, NavBridge, and NavExplorer.

The Navcoin price is rising as the number of addresses in the ecosystem bounce back. After falling sharply last week, the number of active addresses has risen steadily in the past few hours.

Navcoin price prediction

The daily chart shows that the NAV price has bounced back in the past few days. Precisely, it has jumped from last month’s low of $0.0475 to the current level of $0.1550. As a result, the coin’s 25-day and 50-day moving averages have made a bullish crossover pattern while the Relative Strength Index has kept rising.

Navcoin is also above the important resistance level at $0.1167, which was the highest point on May 20th. Therefore, I suspect that the coin will likely keep rising as bulls target the key resistance point at $0.20. A drop below the support at $0.115 will invalidate the bearish view.

The post Navcoin price has risen by 218% in 2 weeks. More upside? appeared first on CoinJournal.