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Ethereum price prediction: Will ETH top the $2k level soon?

Key takeaways

  • Ether has been trading around the $1,800 region over the past few weeks.

  • The crypto market is slowly recovering from its recent slump and ETH could target the $2k psychological level soon.

  • Ether is yet to test the 11-month high of $2,141 since it reached that level after the Shanghai update.

Ether could test the $2k level soon

Ether, the second-largest cryptocurrency by market cap, has been underperforming in recent weeks. The cryptocurrency has been trading between the $1,750 and $1,850 level over the past few weeks.

The performance coincides with a stagnant performance from the broader cryptocurrency market. The total cryptocurrency market cap has stood around the $1.1 trillion region during that period.

At press time, the price of Ethereum stands at $1,852, up by more than 2% over the last 24 hours. The positive performance comes as the sentiment in the broader crypto market improves.

Investors continue to observe the ongoing debt ceiling talks in the United States, with some of them leaning towards cryptocurrencies as hedge against a possible US debt default. 

Ether, as the second-largest cryptocurrency by market cap, could be one of the biggest winners if the market attracts more investors.

Key levels to watch

The ETH/USD 4-hour chart is looking bullish as Ethereum has been performing well over the past 24 hours. The technical indicators show that ETH could rally higher in the near term.

ETH/USD Chart By TradingView

 

The MACD line is now within the positive zone, indicating that the bulls are currently in charge of the Ether market. The 14-day RSI of 64 also shows that Ether could soon enter the overbought region if the rally continues.

If the current market conditions persist, ETH could test the first major resistance level at $1,921 before the end of the day. However, ETH could need the support of the broader crypto market to reach the second major resistance level at $2,008 in the near term. 

Where to buy Ethereum now

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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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Ethereum price prediction: Will ETH top the $2k level soon? appeared first on CoinJournal.

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bemo launches first liquid staking protocol on TON blockchain

  • bemo says DWF Labs will be the first liquidity provider to stake TON.
  • TON holders will deposit TON on bemo and receive staked TON (stTON).
  • Users can start staking with as low as 1 TON.

bemo, one of the leading decentralised finance (DeFi) platforms and liquid staking provider, has announced the launch of the first ever liquid staking protocol on the The Open Network (TON) blockchain.

The launch follows a partnership between the DeFi platform and DWF Labs, a leading digital assets market maker and top Web3 investment firm.

TON liquid staking- how it works

According to details on the bemo website, TON holders can earn passively from their tokens when they deposit TON on bemo. In return, they receive staked TON (stTON) that can be transferred or traded or put to work in the DeFi ecosystem.

Users can start staking with as low as 1 TON, which is significantly lower compared to the widely required minimum stake of 10,000 TONs on other platforms.

DWF Labs becomes first LP to stake TON

bemo noted that liquid staking services are witnessing rising investor interest as the DeFi ecosystem expands. 

Per details the bemo team shared with CoinJournal, the partnership with DWF Labs demonstrates both the commitment the teams have towards developing the TON ecosystem and the massive investment potential TON offers.

As part of its growth plans, bemo is eyeing more institutional investors and private clients. It aims to reach $100 million in TVL by the end of the year. 

Major rivals in the growing liquid staking environment are Lido (stETH), Coinbase Wrapped Staked Ether (CBETH) and Rocket Pool (rETH). The platforms each account for more than $1 billion worth of staked coins.

DWF Labs becomes the first liquidity provider to stake the Toncoin (TON) tokens on the TON network, the announcement stated.

The post bemo launches first liquid staking protocol on TON blockchain appeared first on CoinJournal.

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Cardano price prediction as volatility slips to January lows

  • Cardano’s ADA price volatility has dropped to the lowest level since January.

  • The coin’s volume has been in a strong downward trend since January 9.

Cardano price moved sideways on Tuesday as the coin’s volume retreated and volatility dropped to the lowest level since January. ADA dropped to a low of $0.3705, where it has been at in the past few days. This price gas crashed by more than 20% from the highest point this year.

Volatility and volume slips

Cardano, like other cryptocurrencies, has been in a tight range in the past few days as investors focus on the debt ceiling issues. Democrats and Republicans have disagreed on how to raise the debt ceiling ahead of the June 1 deadline.

As we wrote in this article, interest in Bitcoin and other cryptocurrencies has fallen to the lowest level in two years. Additional data shows that the volume of cryptocurrencies traded in most centralized and decentralized exchanges has been falling.

On a positive sign, the total value locked (TVL) in Cardano’s ecosystem has been growing. Data compiled by DeFi Llama shows that the TVL has jumped to $197 million, the highest level since May last year. This level is much higher than last year’s low of about $70 million.

In ADA terms, the TVL in the ecosystem has jumped to A$187 million. Most dApps in the ecosystem have seen their TVL jump in the past few weeks. They include the likes of MinSwap, Indigo, WingRiders, Liquid, and MuesliSwap among others.

There are otherr positives in Cardano, according to data compiled by IntoTheBlock. In a note, the analytics company said that the number of transactions in the ecosystem has jumped. Transaction volume rose by 205% between January and this week. Most of the users mostly engaged in Cardano are small traders with between $10 and $50.

Cardano price prediction

The daily chart shows that Cardano has been moving downwards in the past few days. It has fallen below the year-to-date high of $0.4628 to the current $0.3725. It has crossed the 50-day moving average, signaling that bears are taking over.

Most importantly, we see that the Average true Range (ATR) has crashed to the lowest level since January 8th of this year. ATR is one of the most popular indicators that measures volatility. Another important indicator shows that volume has been falling since January 9.

Therefore, the outlook of Cardano is neutral with a bearish bias. If there is a bearish breakout, the next level to watch will be at $0.2990, the lowest point on March 10.

How to buy Cardano

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

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ADA with Bitstamp today

The post Cardano price prediction as volatility slips to January lows appeared first on CoinJournal.

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Interest in Bitcoin down to two-year low – Google


Key Takeaways

  • Google search data for Bitcoin is at a two-year low
  • Search volume is close to the levels last seen before the crypto boom of 2021
  • Despite rising prices in 2023, crypto industry continues to suffer from dwindling volumes 
  • This trend is backed up when looking at liquidity and trade volume, which have also fallen drastically since the hysteria of the pandemic

We have covered the dropoff in crypto liquidity previously, while the freefalling prices of the 2022 bear market need no recap. However, despite a rebound prices thus far in 2023, general interest in crypto remains significantly down compared to the pandemic hysteria – and the trend does not appear to be slowing. 

This week, another milestone was hit conveying just how far the sector has fallen when assessing it on a macro scale. Looking at search interest for the term “Bitcoin” worldwide, volume is now at the lowest point since 2020.  

To recap, following three years in the abyss, the cryptocurrency sector surged in the latter half of 2020. This came after it weathered the initial storm in March 2020, when the COVID pandemic struck markets harshly, both within and outside of crypto. 

But it was Q1 of 2021 when the sector truly jumped onto the mainstream stage. Dinner conversation was alive with talk of mysterious Internet money, newspapers were talking about blockchain and everybody wanted in, as the price of one Bitcoin retook its previous highs from the 2017 bull market peak…and just kept going. 

While the above chart shows that search volume dropped off since that lofty Q1, as is natural, the scale of the slide since betrays the struggles of the industry. As prices plummeted throughout 2022, interest in the sector bled off. 

There were three notable exceptions, however, when we saw brief spikes in interest. May 2022, when the Terra ecosystem collapsed, was one. Then there was June 2022, when a slew of bankruptcies struck the space, highlighted by lending firm Celsius. And finally, interest jumped again in November 2022, when FTX imploded. 

Unfortunately, none of these episodes were positive, setting the stage for further decline in interest once the dust settled on the various scandals. And that is what has happened – right into 2023, even as prices have begun to rebound. 

US climate worsening for crypto

Focusing on the US, the financial centre of the world, shows the exact same trend – in fact, a slightly steeper one. With the regulatory clampdown worsening in the country, it is also becoming harder for crypto companies to operate in the space. Should this result in much of crypto activity being pushed overseas as some speculate, this trend may only worsen going forward. 

However, to present this as a US problem would be erroneous. While the regulatory climate in the US is certainly not helping things over the last few months, this downward trend in interest has been ongoing since before the 2022 bear market kicked off. The regulatory issues may impact the US side more going forward, but to date, similar drop-offs in interest are being seen in nations around the world. 

The below shows this using Singapore as an example, one of Asia’s hottest crypto centres, presented against the US and displaying the same trend. 

“Anyone remotely in tune to the crypto markets will be able to tell you that interest is not as high as it was. Nonetheless, to see the extent to which Google search volume has fallen off is jarring. Even with prices rising in 2023, many who have lost interest in crypto are not returning. Not only this, but volume continues to fall, as crypto companies and other industry stakeholders fight a number of headwinds”, said Max Coupland, director of CoinJournal. 

In truth, most of this is not surprising. Bitcoin traded at $68,000 in 2021. Since then, it careened down to $15,500 as a number of scandals hit the space, putting many off the sector and causing institutional and retail money alike to flee. We have done several reports into this capital flight, showing how capital has departed the space at a relentless pace. 

Volumes, liquidity and general interest are all correlated. This is true anecdotally – how often have you heard of people discussing crypto in the last few months, compared to during the pandemic, when stimulus cheques and lockdowns were in full force, and Bitcoin was trading north of $50,000?

There is no denying that crypto has fallen from grace. The big question now is whether it can return to where it was. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

The post Interest in Bitcoin down to two-year low – Google appeared first on CoinJournal.

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Metacade price: MCADE signals bullish flip with bounce above key technical level

  • Metacade price has jumped 4% in the past 24 hour as bulls bounced off a key support level.
  • With Metacade building the ultimate Web3 hub, interest in MCADE could see its price rally in coming months.
  • The price prediction for Metacade however also takes into account potential headwinds around broader risk asset markets.

Metacade price has bounced off a key support level to give bulls some joy. The token is currently trading at $0.021, up 4% in the last 24 hours. MCADE/USD is up 20% in the past week, while the 24-hour trading volume is $226,368, up 57%.

Price has given up even more gains before, which means profit taking is likely to curtail bulls’ movement. But can buyers establish a footing and rebound even higher, especially with Metacade building the ultimate Web3 hub and MCADE available to the broader market after hitting major cryptocurrency exchanges?

Metacade price prediction

At current price levels, MCADE looks like a solid buy. The rally to the all-time high above $0.045 occurred just this month and a few days after the token’s successful presale. Since then, bulls have held impressively above $0.020.

Today’s bounce alongside the upside flip for Bitcoin price suggests a new bull run for the market could see MCADE surpass its peak. This Metacade price prediction means MCADE could see more than 50% in upside bounce to $0.045.

Aiding this short term view further is the daily RSI signaling a potential breakout from the neutral position. Also, the key support level that Metacade bounced off of is a horizontal line near $0.020 that has been a robust pillar for MCADE bulls.

If they can continue to push the price higher, the next target could be $0.026. However, the 20-day moving average line is currently slopping to suggest it might offer an area of crucial resistance at $0.022 and $0.025. Its possible MCADE could see a 50% surge to $0.045.

Overall, Metacade’s price is currently poised for a bullish flip. However, if the price rejects at the 20-day moving average, then it could fall to support levels beneath the psychological $0.020.

What is Metacade?

Metacade is a new community-driven gaming arcade powered by blockchain technology and Web3. The Ethereum-based game platform is being developed as the ultimate hub of play-to-earn (P2E) games. At its core is the objective of making Metacade the home of metaverse arcade games, bringing together game developers, players and crypto enthusiasts.

Designed to cater to all types of gamers, Metacade’s arcade platform will have everything from casual games to competitive tournaments.

The platform users will leverage the utility of the native MCADE token to tap into earning opportunities. Governance, staking and trading of MCADE all combine with an extensive array of games from different developers and studios to give token holders even more ways to benefit from their investment.

Will Metacade price reach $5 in 2024?

This is like asking: Is MCADE a buy still and what’s the long term outlook for Metacade’s price?

Like other altcoins and cyptocurrencies, Metacade price can be extremely volatile and thus difficult to predict with certainty where it trades next. However, as highlighted by the short term price prediction, price has the potential to rally to new highs in coming months.

For a long term outlook of Metacade price, it would be important to focus on the likely catalysts for further growth and demand of the token down the road. Having reached $0.045, the main targets in the short term are likely to be $0.1 and $0.5. These levels could be hit in 2023 or 2024 given the market cycles. 

The $5 price level is also achievable in 2024 or in the medium term given how tokens like Axie Infinity, The Sandbox and Decentraland raced to their all-time highs during the last bull market.

However, it might be unrealistic to expect MCADE to roar to $5 this year.

What could catalyse a new Metacade price rally?

MCADE is a relatively new token, but is showing a lot of potential given its growing community. What’s likely to catalyse fresh gains for the token include the overall bounce in crypto markets amid a new bull cycle, turbulence in traditional finance that sees risk appetite shift more to cryptocurrencies and a resurgence in investor interest in crypto gaming tokens.

Apart from a unique approach to the P2E gaming ecosystem, there are a few other strengths that could aid in MCADE demand.

Notably, Metacade is backed by a strong team that is focused on delivering the Web3 experience for users. It also has a clear roadmap – with key milestones such as the presale, exchange listings and platform development reached – as outlined in the project’s whitepaper.

The token is also designed to be used across a growing gaming ecosystem, which could see increased demand as its public launch approaches.

If you are considering buying MCADE, then do your own research. You can start by visiting the Metacade website for more information about the project, team and roadmap.

The post Metacade price: MCADE signals bullish flip with bounce above key technical level appeared first on CoinJournal.