Kategorie: Crypto News

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Crypto price prediction: MATIC, FLOKI and DIONE

  • Polygon (MATIC) price has a robust support base at around $0.918.
  • FLOKI price could rise further as the memecoin begins trading on Binance.US.
  • Dione (DIONE) price hit a new all-time high on 24 April 2023 and could make new upward moves amid price discovery.

Bitcoin (BTC) price began Monday with bulls battling to hold onto recent gains above the $27k level, with analysts predicting the benchmark cryptocurrency risks a retest of support at $26,500.  With the gains made following the rally to $31k over the past few days quickly evaporating, traders could look for potential trades in the altcoin market.

But what is likely to happen if markets continue to dump? Here is a crypto price prediction outlook for Polygon (MATIC) Floki (FLOKI) and Dione (DIONE).

MATIC price prediction: Polygon major support at $0.91

The price of Polygon (MATIC) dipped below $1 on Monday as selling pressure for the 10th ranked crypto by market cap saw 140 million MATIC transferred to crypto exchange Binance. Whale Alert highligted one such transaction.

MATIC price also fell as total liquidations for crypto rose 107% to over $89 million in 24 hours, with about $744,000 of this for Polygon.

While MATIC/USD has moved back to near $1 at the time of writing, on-chain data suggests robust support lies around $0.918. A dip to these levels is possible, although a sentiment flip at this major demand reload zone will aid MATIC’s new bullish momentum.

Market data and intelligence platform IntoTheBlock shared the details below about Polygon’s on-chain activity.

“MATIC is back under $1. Let’s take a look at the on-chain activity: 32.56k addresses purchased MATIC at an average price of $0.918. This suggests that if prices return to those levels, investor interest may pick up once again.”

FLOKI price prediction: Floki rips as Binance.US lists FLOKI

FLOKI (FLOKI) price was up more than 33% at the time of writing, trading around $0.000038 as intraday trading volume jumped over 500% to $56 million.

Amid the sharp rise in FLOKI price and market activity has been a major Floki news development. On Monday, crypto exchange Binance.US opened deposits for FLOKI ahead of trading on Tuesday. The reaction to the news was FLOKI price jumping towards highs seen on 17 April 2023.

FLOKI deposits are now open on the Binance.US exchange, with trading in the FLOKI/USD and FLOKI/USDT pairs set to begin on 25 April 2023 at 12:00 pm UTC.

As for FLOKI price prediction, the $0.000040 area remains a major resistance zone. Breaking past this could see buyers target February highs. The road to the long term target of $0.1 remains tough given price is 88% off the all-time high of $0.00033 reached on 4 November, 2021.

Dione price prediction: DIONE hits new all-time high

Dione is a L1 blockchain in development and designed to enable renewable energy trade. The coin is developed by top crypto minds and is tapping into Starlink technology to help increase decentralistion of blockchain nodes.

Dione (DIONE) is trading around $0.0045 as of 12.50 pm ET on Monday 24 April 2023, the price being about 4% up in the last 24 hours. DIONE/USD is up nearly 300% in the past month and 78% in the past seven days.

However, DIONE has retreated roughly 14% from its all-time high above $0.0052 hit earlier today.

Dione has recorded a daily trading volume of over $1 million in the past 24 hours, with a rise in market activity represented by the 289% increase in daily volume. DIONE price is likely to continue in price discovery mode, with possible moves to $0.01 in coming weeks. 

On the flipside, profit taking deals can see sellers push DIONE/USD back to February lows.

The post Crypto price prediction: MATIC, FLOKI and DIONE appeared first on CoinJournal.

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Zimbabwe to issue gold-backed digital currency to save local currency

  • The Zimbabwe dollar has been depreciating against the US dollar.
  • The country has been struggling with inflation for more than a decade now.
  • The Reserve Bank of Zimbabwe (RBZ) has announced plans to launch a gold-backed digital currency.

While countries work on central bank digital currencies (CBDCs) and others like El Salvador embrace Bitcoin as their legal tender, Zimbabwe has announced a plan to launch a gold-backed digital currency.

The Reserve Bank of Zimbabwe (RBZ) towards the end of last week announced that it was working on a gold-backed digital currency that will become legal tender in the country. The move is part of the Zimbabwean government’s strategy to keep the local currency from depreciating further against the US dollar.

Hedging against currency instability

According to reports from local media, the gold-backed digital currency will allow the Zimbamweans to trade tiny sums of Zimbabwean dollars for the digital gold token. This will allow Zimbabweans to hedge against their local currency instability.

According to the governor of the Reserve Bank, John Mangudya, the objective of the digital currency is to “leave no one and no place behind.” The governor however added that they expect the “parallel market currency rate to stabilize once tobacco growers receive their payments in USD in the coming weeks.”

Mangudya claims that the current Zimbabwean dollar exchange rate volatility is a result of expectations of increased foreign currency supply in the market because of the tobacco season. Currently, the Zimbabwean dollar is trading at 1,001 ZWL per $1 and is routinely traded at 1,750 ZWL per $1 on the streets of the national capital, Harare.

The post Zimbabwe to issue gold-backed digital currency to save local currency appeared first on CoinJournal.

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Ethereum ICO account that bought ETH at $0.31 wakes up after 7 years

  • Ethereum (ETH) ICO price was $0.31 when the address received coins on 30 July 2015.
  • The addresses’ wealth has jumped from $733 to over $4.4 million at the time of the single transaction on 23 April 2023.
  • Last week a Satoshi era wallet woke up after over 10 years.

An Ethereum wallet that participated in the coin’s initial coin offering (ICO) has transacted for the first time, on-chain data shows.

The address received 2,365 ETH on 30 July 2015 and remained dormant until Sunday, 23 April 2023 when it transferred 1 ETH. The address received the ETH at block 0 and transferred the single ETH at prices of $1,868 at block 17110898.

With the ICO price having been $0.31 in 2015, the wallet‘s wealth has grown from around $733 to over $4.4 million.

“An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address. He received 2,365 $ETH ($4.42M currently) at Ethereum Genesis, the ETH ICO price [was] ~$0.31,” on-chain data tracker Lookonchain tweeted.

Ethereum price traded at an all-time above $4,800 in 2021 and hit year-to-date highs above $2,100 this month after the Shapella upgrade.

Bitcoin wallet woke up after 10 years

Last week another mega-dormant wallet address woke up, this time a Satoshi era Bitcoin wallet address that remained inactive for over 10 years. 

As highlighted by CoinJournal, the wallet was created in 2012 and held 1,128 BTC for over 10 years. On 21 April 2023, the wallet transferred 279 BTC worth about $7.8 million to three new addresses. 

Bitcoin price at the time of the wallet’s creation 10+years ago was between $12 and $95.

The post Ethereum ICO account that bought ETH at $0.31 wakes up after 7 years appeared first on CoinJournal.

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Ethereum price prediction: ripe for a 37% jump to $2,500

Ethereum price has pulled back in the past few days as the recent rally took a breather. ETH dropped to a low of $1,851, which was 14% lower than the year-to-date high of $2,131. This means that the coin has moved to the correction zone, which happens when an asset drops by 10% from its peak.

Is this the end of the crypto rally?

Ethereum price has declined sharply in the past few days as investors focus on the state of the crypto industry. This decline has been led by Bitcoin, which has dropped from the year-to-date high of $31,000 to about $27,000. 

There are several reasons why cryptocurrency prices have pulled back in the past few days. First, the sell-off is mostly because of profit-taking after they crossed key milestones. Bitcoin recently rose above the key milestone of $30,000. Similarly, Ethereum price recently rose above $2,000. In most cases, cryptocurrencies tend to decline after hitting a key level.

Second, Ethereum price is dropping because of the so-called ‘buy the rumour, sell the fact.’ Ethereum jumped recently jumped as investors waited to the Shanghai upgrade. The upgrade means that investors in key platforms like exchanges can now start withdrawing their coins. 

Further, ETH price is also plunging because of the uncertainty about the Federal Reserve. In a statement, Fed’s Christopher Waller said the Fed should continue hiking interest rates in the coming months. Analysts now expect that the Fed will continue hiking interest rates in May and then have a prolonged pause.

Ethereum price prediction

On the daily chart, we see that the ETH price has been in a strong bullish trend in the past few months. It has jumped from ~$1,080 to a high of $2,040. The coin has formed a cup and handle pattern, which is a bullish sign. As such, the ongoing decline is part of the handle section. 

Most importantly, the coin has remained above the 50-day exponential moving average. The Relative Strength Index (RSI) has moved below the neutral point. Therefore, there is a likelihood that the coin will bounce back in the coming weeks. If this happens, the next key level to watch will be at $2,500, which is about 37% above the current level.

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The post Ethereum price prediction: ripe for a 37% jump to $2,500 appeared first on CoinJournal.

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DAI whales have added 6.4% of stablecoin’s supply since mid-March

  • DAI stablecoin holders are adding to positions as crypto prices range.
  • Addresses with 100k-10 million DAI added 6.4% of supply in the past six weeks. 
  • The overall holdings for this cohort had dropped significantly as Bitcoin and Ethereum prices pumped in mid-March, Santiment data shows.

On-chain data shows large investors, the sharks and whale addresses with $100,000 to $10,000,000 worth of DAI have recently added to their positions. Addresses with 100,000-1 million DAI hold over 13% of supply while those with 1 million- 10 million DAI currently hold over 25% of supply.

Whales buy DAI stablecoin as markets range

As the crypto markets see fresh volatility, market data provider Santiment has highlighted that after the rotation that followed Bitcoin and Ethereum prices pumping in mid-March, sharks and whales have added 6.4% of DAI.

“Even with crypto markets rollercoastering in April, top stablecoins like $DAI are being accumulated by sharks & whales. Since $DAI was exchanged for pumping $BTC & $ETH in mid-March, $100k-$10m DAI addresses have added 6.4% of the supply back since,” Santiment noted.

As of 23 April 2023, addresses with $100k- $1 million in DAI held 13.43% of the stablecoin’s supply, while addresses with $1 million-$10 million of DAI held about 25.53% of current supply. These cohorts have increased their buying power since their holdings bottomed out around mid-March, on-chain data showed.

The chart below that Santiment shared on Twitter indicates the above scenario.

Dai stablecoin whale and sharks holdings. Chart courtesy of Santiment on Twitter 

What is Dai (DAI)?

DAI is the native stablecoin for major lending protocol Maker, whose governance token MKR currently trades around $688. Dai is the first decentralised, crypto-collateralised stablecoin, with its value pegged 1:1 to the US Dollar.

One of the benefits of Dai is with its use in mitigating price volatility in a crypto market where digital asset prices can swing wildly at any given time.  The token is also highly composable with dApps, including DeFi industry’s leading projects Uniswap and Compound.

What does whales’ buying of DAI mean for crypto prices?

Typically, large whale transactions involving stablecoins has preceded major accumulation of crypto tokens such as Bitcoin and Ethereum. This is so because buying of stablecoins such as DAI, Tether and USD Coin have usually indicated whales positioning of money in readiness for buying.

BTC and ETH prices have recently retreated from highs above $31k and $2.1k respectively as those who bought at the top seemingly sell.

The post DAI whales have added 6.4% of stablecoin’s supply since mid-March appeared first on CoinJournal.