Kategorie: Crypto Analysis

• 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.

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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/

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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.

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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.

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The cryptocurrency market has continued its excellent start to the new week, with most coins up by more than 4% in the last 24 hours.

The new week is shaping out to be a positive one for the broader cryptocurrency market. The market has added nearly 6% to its value in the last 24 hours, and the total market cap now stands above $915 billion. 

Bitcoin finally crossed the $20k psychological level after adding more than 6% to its value. Ether is closing in on the $1,200 resistance level and is up by more than 10% in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC has added more than 15% to its value in the last 24 hours and currently trades above $0.530 per coin.

The rally can be attributed to the talks on Web3 adoption by Polygon co-founder Mihailo Bjelic on Monday. According to Bjelic, mass adoption of Web3 will happen on mobile, and Polygon is preparing to play a crucial role in this development.

Mass adoption of Web3 will happen on mobile and @0xPolygon is preparing for it.

Our strategy is not to make our own devices. Instead, we will integrate with existing manufacturers.

Today, we are proud to announce the first major integration.

Onwards. 🔥https://t.co/sGCfTm6v7P

— Mihailo Bjelic (@MihailoBjelic) July 4, 2022

The tweet was accompanied by a link to the announcement that HTC had launched a metaverse phone with Polygon and Ethereum support.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as MATIC has been performing well over the past 48 hours.

The MACD line crossed into the positive zone a few hours ago, indicating bullish momentum. The 14-day RSI of 64 shows that MATIC could soon enter the overbought region if the rally continues.

MATIC could surge past the first major resistance level at $0.629 before the end of the day. In the event of extended bullish performance, MATIC could target the $0.70 level for the first time this month. 

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