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Crypto Price Predictions: GMX, Trader Joe (JOE), Casper (CSPR)

  • Cryptocurrencies remained in a consolidation phase this week.

  • Trader Joe, GMX, and Casper Network were among the top movers on Friday.

Cryptocurrencies reacted mildly to the latest US jobs numbers published on Friday. Bitcoin is still loitering at the $20,000 level while the volume traded in exchanges has dropped. This article will look at some of the top cryptocurrencies that made some strong moves on Friday, including GMX, Trader Joe, and Casper.

Trader Joe price prediction

Trader Joe is a leading decentralized exchange that was started operations in Avalanche, one of the top chains in the world. The token rose slightly on Friday after the network launched on Ethereum, the biggest player in the industry. This means that the platform is also in Arbitrum and BNB Chain. 

Trader Joe’s JOE token has been in a strong bearish trend in the past few weeks. In this period, it has dropped by more than 29% from the highest point in June. The token has remained below the 25-period and 50-period moving averages (MA). It has formed a falling wedge pattern, which is usually a bullish sign.

JOE price will likely remain in this range during the weekend since the integration of Ethereum will not have an impact on the network. As such, it will remain between the support and resistance levels at $0.30 and $0.32.

GMX price prediction

GMX is a leading decentralized exchange (DEX) that provides perpetual futures products. It is the biggest DEX in Arbitrum, the biggest layer-2 network in the world. The GMX token rose after the developers launched its V2 on Thursday. This new version will introduce more coins like Dogecoin at lower fees.

GMX token has made a strong bullish comeback in the past few days. This recovery started after the token settled at $49.03, the lowest level since June 19th. It has moved above the 25-day moving average.

At the same time, it has formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the token will likely resume the bearish trend and retest the support at $49.03.

How to buy GMX token

Casper price prediction

Casper price has made a strong comeback in the past few days. On the four-hour chart, the pair has risen in the past four straight hours. It has moved above the important resistance level at $0.040, the highest level on July 28th.  It then moved to the key resistance point at June 22nd.

Casper token has jumped above the 50-day and 25-day moving averages. The outlook for Casper’s CSPR is bullish, with the next level to watch being at $0.043. This view will be confirmed if the token jumps above the key resistance at $0.041

How to buy Casper

BKEX

BKEX is a centralized cryptocurrency exchange located in British Virgin Islands. There are 254 coins and 415 trading pairs on the exchange.

Buy CSPR with BKEX today

Huobi

Start Your Cryptocurrency Journey Today. Huobi Global has a variety of features that make it an ideal place to buy and sell digital asset.

Buy CSPR with Huobi today

The post Crypto Price Predictions: GMX, Trader Joe (JOE), Casper (CSPR) appeared first on CoinJournal.

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Revolut to terminate US crypto services due to regulatory challenges

Key takeaways

  • Fintech firm Revolut is set to terminate its cryptocurrency services to users in the United States.

  • The firm cited the current regulatory environment as the reason behind its exit.

Revolut to halt crypto services in the US

UK fintech firm Revolut has revealed that it would no longer provide cryptocurrency services to its users in the United States. 

The firm said it made this decision due to the regulatory environment in the US. starting September 2nd, Revolut’s customers in the US will no longer be able to purchase cryptocurrencies.

The company informed its US users via email a few hours ago. However, its users will still be able to sell their crypto assets until October 2nd. Starting from October 3rd, users will no longer be able to buy, sell, or hold crypto assets on Revolut. 

While commenting on this latest cryptocurrency news, a Revolut spokesperson said;

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.” 

Metropolitan Commercial Bank is Revolut’s banking partner in the United States.

Non-US customers will continue to enjoy crypto services

Revolut said the decision doesn’t affect its users outside the United States. Its users in other parts of the world can register and use Revolut’s cryptocurrency services. 

This latest development comes roughly a month after Revolut delisted Polygon (MATIC), Solana (SOL) and Cardano (ADA) in the United States. These tokens are regarded as unregistered securities by the U.S. Securities and Exchange Commission (SEC).

US users that fail to sell their crypto holdings before October 2nd will see their assets get liquidated on October 3rd. Users will receive the same market price for each token at that time, the company confirmed. 

The post Revolut to terminate US crypto services due to regulatory challenges appeared first on CoinJournal.

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Chancer seizes the moment as meme trading volume dips

  • Currently, one CHNACER toke is going for $0.011.
  • The price is expected to rise to $0.012 in the next presale stage.
  • The trading volume of the top meme coins on August 4 dropped by about 8%.

The new decentralized predictive market-making platform is seizing the moment with its CHANCER presale while a majority of popular meme coins struggle to gain traction. At the time of writing, the presale had raised $1,129,584 confirming the excitement that the new betting platform is causing among bettors and crypto investors.

Betting fans are rushing to own the CHANCER tokens for fear of being left out when the platform launched in Q1, 2024 allowing token holders to create, participate in and profit from their very own predictive markets based on their interests, expertise and social opportunities. If interested, you can visit Chancer’s official website to purchase CHANCER tokens.

Meme coins price performance 

A majority of popular meme coins like Dogecoin (DOGE), PEPE, FLOKI, and others have been struggling to turn bullish. The once very popular PEPE, for example, has lost 10% in value in the past week while Dogecoin has dropped by 3% in the same timeframe.

Apart from Shiba Inu (SHIB) and its sister token Bone ShibaSwap (BONE) which have registered considerable gains among the old meme coin projects, a majority of the best-performing meme coins are the newly launched coins like Bald 2.0 (BALD2), 4-Chain (4CHAIN), and Turbo (TURBO) which have gained by 28%, 31%, and 17% respectively according to data on Coinmarketcap.

The rise and rise of new meme coins is a positive proposition for Chancer which is seeking to revolutionize the betting industry by using blockchain technology to give bettors the freedom of being their own wager market makers. And while some may argue the meme mania only lasts for a short period after a new project launches and then fades off, Chancer’s case could be different seeing that it is leveraging the multibillion betting industry.

Is Chancer a good investment opportunity?

The choice of investing in any new project is purely a discretion of an investor especially when it comes to cryptocurrency projects, which carry quite significant risks due to the volatile nature of the cryptocurrency market.

That said, new meme crypto projects have been stealing the show within the crypto sphere with the explosion of the value of their tokens. A good example is PEPE and KEKE which briefly surpassed the two leading meme coins, SHIB and DOGE, in popularity when they were launched. Interestingly, once a meme coin becomes popular, it remains a favourite among crypto traders and investors even after the popularity fades.

Chancer is riding on the meme coins frenzy and the rising betting industry and it is already stealing the show with its presale which has sold 21,660,036 CHANCER tokens so far. Besides offering holder opportunities in the Chancer platform once it launches, holders are excited about the price which has been constantly rising throughout the presale.

The post Chancer seizes the moment as meme trading volume dips appeared first on CoinJournal.

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Shiba Inu and IOTA become collateral assets on Binance

Key takeaways

  • Crypto exchange Binance has added SHIB, IOTA and other cryptocurrencies as collateral assets on its platform.

  • Binance also included 22 new cryptocurrencies as loanable assets. 

Binance Approves SHIB as a collateral asset

Binance, the world’s leading cryptocurrency exchange, announced on Friday, August 4th that it has approved SHIB, Shiba Inu’s native token, as a collateral asset on its lending platform.

While announcing this latest cryptocurrency news, Binance said it had added new loanable and collateral assets for its users.

In its blog post earlier today, Binance said that SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST are now collateral assets on its platform. This means users can borrow funds on the Binance lending platform and use these cryptocurrencies as collateral.

Furthermore, users can borrow new assets, including AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS, using the flexible loan option. Meanwhile, NKN, FARM, DIA, YGG, OGN, and ACA have been added to the VIP loan options.

Binance explained that its Flexible Loan is an isolated, over-collateralised, and open-term loan service that allows users to complete loan orders while collateralising cryptocurrencies in existing Simple Earn Flexible Products subscriptions. 

Meanwhile, the VIP Loan is designed as a large personal and institutional over-collateralised loan featuring competitive rates, terms, and services.

Binance could list the BONE token 

The cryptocurrency is also considering listing the BONE token on its platform. BONE is the governance token of ShibaSwap, Shiba Inu’s decentralised exchange. The token allows the Shiba Inu community to vote on upcoming proposals, submit proposals and access future NFTs.

The BONE token could also be an integral part of the upcoming Shibarium mainnet launch. The project’s lead developer, Shytoshi Kusama, has previously stated that the Shibarium mainnet launch could happen this month.

However, there is no specific launch date. SHIB, the native token of the Shiba Inu ecosystem, is currently up by more than 4% in the last 24 hours. At press time, the price of SHIB stands at $0.00000861.

The post Shiba Inu and IOTA become collateral assets on Binance appeared first on CoinJournal.

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Should you buy or sell Bitcoin ahead of the July NFP report?

  • The July NFP report is due today, and the US dollar’s volatility is set to increase
  • Bitcoin holds close to its yearly highs
  • The bias for Bitcoin remains bullish while the market holds above the rising trendline 

The Non-Farm Payrolls (NFP) report is released on the first Friday of each month. It shows the change in the number of workers in the US economy – the largest economy in the world. 

Because of that, the economic report directly impacts financial markets. The dollar fluctuates widely on the NFP report’s release, and even the cryptocurrency market participants are interested in trading the report. 

Bitcoin’s correlation with the dollar’s strength or weakness increased since more institutional investors included Bitcoin in their portfolios. This year, the dollar declined, as reflected by the EUR/USD exchange rate that reached a new high for the year less than two weeks ago. 

Therefore, it is unsurprising that Bitcoin holds close to its yearly highs ahead of the July NFP report. Also, the bias remains bias as Bitcoin holds above the upward trendline that marks the 2023 bullish trend. 

Bitcoin chart by TradingView

The bias remains bullish while Bitcoin holds above the rising trendline

The technical picture favors more upside for Bitcoin for at least three reasons. 

First, since the 2022 lows, Bitcoin formed a series of higher highs and higher lows. Such formation is typical in bullish trends, and while in place, the bias remains bullish. 

Second, one can properly identify the bullish trend by connecting the lower highs. Bulls will keep buying the dips as long as the price action holds above it. 

Third, a possible bullish flag, marked in blue on the chart above, has a target of $35k for Bitcoin, as indicated by its measured move. 

Therefore, today’s NFP report can be the one to make or break the trend. On a better-than-expected report, Bitcoin might test the trendline as the dollar should strengthen. On the other hand, if the US economy added fewer jobs in July than the market expects, Bitcoin might go for the bullish flag’s measured move in the days to come. 

The post Should you buy or sell Bitcoin ahead of the July NFP report? appeared first on CoinJournal.