Crypto price prediction: The Graph, BitTorrent, Toncoin

Bitcoin price has pulled back in the past few days as the recent bullish momentum faded. The shake-up has seen the coin retreat in the past three straight days to reach a low of April 9. This decline led to a sharp decline in other coins. In this crypto price prediction, we will focus on The Graph (GRT), Toncoin (TON), and BitTorrent (BTT)

The Graph price prediction

The Graph’s GRT price jumped to a high of $0.23 in February as traction of AI tokens jumped. It has now pulled back in the past few months as it fell by more than 37%. This week, GRT dropped below the key resistance point at $0.1586, the highest point on August 8 of this year.

The Graph has moved slightly below the 25-day and 50-day exponential moving averages while the MACD has moved slightly below the neutral point at zero. A closer look shows that it has formed a small triple-top pattern, which is usually a bearish sign. The neckline of this pattern is at $0.1044.

Therefore, the outlook of the token is bearish, with the next key support level to watch being at the $0.1044, which is about 26% below the current level. On the flip side, a move above the key resistance point at $0.17 will signal that there are more buyers, which will push it to the next resistance point at $0.2315.

How to buy The Graph token

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 GRT 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 GRT with Bitstamp today

Toncoin price prediction

Toncoin is a cryptocurrency that was created by Telegram, the giant social media company. On the four-hour chart, we see that the TON price has been in a bullish trend in the past few weeks. Along the way, it has formed an ascending channel that is shown in green. It is between this ascending channel.

Toncoin has moved to the 25-period moving average while the MACD has moved below the neutral point. Therefore, there is a likelihood that the coin will remain in this range during the weekend. The key support and resistance points to watch will be at $2.20 and $2.37, respectively.

How to buy Ton

As TON is such a new asset, it’s yet to be listed on major exchanges. You can still purchase TON using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy TON right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for TON

Now that you’re connected, you’ll be able to swap for 100s of coins including TON.

BitTorrent price prediction

BitTorrent price jumped sharply this week and then quickly retreated. It jumped to a high of $0.00000091 and then fell to a low of $0.00000063. On the 4H chart, we see that the token has moved below the key support at $0.00000070, the highest point on March 14th.

BitTorrent has moved slightly below the 25-period and 50-period moving averages while the MACD has moved below the neutral point. Therefore, there is a likelihood that the token will continue falling as sellers target the key support at $0.00000060.

How to buy BitTorrent

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BTT with Binance today

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy BTT with Skilling today

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21. April 2023

Polymesh price trending after onboarding Binance as node operator

Polymesh Network yesterday announced that Binance has become a node operator.
The price of POLYX has been skyrocketing since the news broke.
At press time, POLYX was trading at $0.2493, up 15.82% in the last 24 hours.

Polymesh price has been surging since yesterday night after Polymesh Network announced that Binance had become a node operator on its layer 1 blockchain.

POLYX price surged to a daily high of $0.3013 a few hours after the announcement setting in place a Bull Run despite the fact that the token has since retraced to its current price.

What Binance becoming a node operator means

Binance is currently the world’s largest cryptocurrency exchange by trading volume. After becoming a Polymesh Network node operator, POLYX holders will be able to stake their tokens through Binance by the end of the week.

The exchange joins Polymesh’s 17 existing node operators.

As a node operator, Binance will help in running the Polymesh blockchain, certifying transactions before adding the new blocks on the blockchain. It will directly provide staking services to POLYX holders letting them reap rewards on their tokens.

Graeme Moore, the head of tokenization at Polymesh, in a press release on Thursday while announcing the partnership with Binance said:

“Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security.”

According to Polymesh’s leadership, the aim of Binance’s partnership is to advance Polymesh’s mission of making regulated asset trading more accessible to more clients.

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21. April 2023

ETH on exchanges at 5-year low as capital continues to flee crypto

Key Takeaways

Only 15% of ETH is on exchanges, the lowest number in 5 years
Drop has been swift since staking opened up in late 2020
Bitcoin and stablecoins have also fled exchanges, meaning liqudiity is thin
Volatility has risen as a result, with aggressive moves to the downside also possible, despite bullish first quarter for market as a whole

Ethereum has had an eventful few years.

Obviously, it was tossed around violently in line with the rest of the crypto market. Bouncing around the $100 or $200 levels for a lot of 2018 to 2020, it suddenly thrust upwards during the pandemic, getting close to $5,0000 in late 2021 before crashing back down below $1,000.

Crypto is fleeing exchanges

While price is all there is to talk about for the vast majority of crypto projects, I don’t want to focus on that here. Let’s look at the supply of ETH on the market.

I published a deep dive recently looking at how capital has fled the crypto markets at large, with 45% of the stablecoin balance on exchanges exiting in the last four months, the toal balance now the lowest since October 2021.

This pattern is being followed with cryptocurrencies across the board. Bitcoin has only 11.8% of its supply on exchanges, the lowest since the bull market top five years ago. Looking at Ethereum, there has been a rapid decline in the supply on exchanges, now the lowest in 5 years at 18.1 million ETH.

Or, looking at the percentage of the total supply, there is now only 15% of ETH on exchanges.

Ethereum staking could change all this

With Ethereum, however, there is an elephant in the room. Namely, the ETH staking contract that was opened up in November 2020. This allowed users to lock up their ETH in anticipation of the Merge, Ethereum’s transition to a proof-of-stake network, which eventually went live last September.

Stakers only got access to their tokens last week, however, as the Shanghai upgrade went live. And when you plot the amount of ETH locked up in the staking contract compared to the ETH on exchanges, it is a clear factor.

Nonetheless, that ETH is now live again. Or at least, stakers can choose to withdraw it if they like. The early diagnosis is that there hasn’t been any extra selling pressure, with ETH leading the crypto market post-Shanghai and breaking past the $2,000 barrier for the first time since May 2022, the month the infamous UST collapsed and sent the crypto market into a tailspin.

Lack of supply ramping up volatility

The thin amount of ETH on exchanges, in addition to the sparse amount of Bitcoin and stablecoins, is kicking up crypto volatility so much higher.

This is part of the reason that the market has bounced so sharply in the first quarter of the year. The more optimistic forecast on the Federal Reserve’s interest policy provided the impetus, and with so little capital in the market, it hasn’t been hard to move prices.

At the end of the day, a price is just a bid finding an ask. And with much fewer bids and asks out there, it’s easy to see why prices have been so sensitive.

It is tempting to conclude that the stingy supply is bullish for holders of these coins (and in the short-term, while the market is rising, it is – as we have seen with prices so easy to move recently). But on a bigger picture, this is not a good thing.

Firstly, the opposite is also true – thin liquidity exacerbates moves to the downside as well as the upside, so if the market turns, there is far less to absorb the selling pressure, meaning the surge we have seen in the past couple of months can be reversed easier than normal.

But overall, crypto needs liquidity. The asset class is aiming to establish itself as a reputable brach of the financial economy. It needs a liquid market to buy and sell, and capital moving out of the space is not a good thing.

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21. April 2023

Dogecoin price prediction amid a new rejection at $0.1

Dogecoin is unable to break above the $0.1 resistance level
It failed to rally in 2023
If Bitcoin gives up some of its 2023 gains, Dogecoin should retest the lows

Dogecoin is the 9^th cryptocurrency in terms of market capitalization, and it had quite a day yesterday. It jumped 5% as Elon Musk, CEO of Tesla and SpaceX, tweeted that the Starship launch may take place on Doge Day.

But that spike was not enough for a sustained bullish run. In fact, Dogecoin is down over 8% in the last 24h, as the $0.1 level still provides stiff resistance.

So what to expect from Dogecoin price moving forward? What does technical analysis say?

Dogecoin chart by TradingView

Dogecoin remains bearish while below $0.1

Dogecoin price soared 23,000% in 2021 in what appeared to be a rally that will never stop. But the market formed a contracting triangle that acted as a reversal pattern.

By the end of the same year, Dogecoin had given up most of its gains. However, as it turned out to be, it was only the beginning of a bear market that lasted into 2022 and beyond.

Since the start of 2023, leading cryptocurrencies like Bitcoin saw their price surging. Unfortunately, it was not the case with Dogecoin, which still finds stiff resistance at $0.1.

Therefore, while below resistance, the bias remains bearish. What if Bitcoin corrects from the 2023 highs? If it does so, then Dogecoin will eye a new test at the all-important $0.05 support level.

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20. April 2023

Dogecoin gains as ‘Doge Day’ helps sentiment: buy into the strength?

Dogecoin is in green today because April 20th is ‘Doge Day’.
The meme coin’s technicals indicate bullish momentum.
Billionaire CEO Elon Musk continues to support Dogecoin.

Cryptocurrencies at large haven’t done all so well over the past 24 hours. But there’s one that seems to be bucking the trend – and that’s Dogecoin.

Dogecoin technicals indicate upward momentum

Dogecoin is in the green this morning as April 20^th – the “Doge Day” influenced the overall investor sentiment.

Nonetheless, a brief look at the technicals indicate that there may be more upside to unravel in this meme coin moving forward.

To begin with, Dogecoin has just had its 30-day moving average climb above the 200-day that typically signals bullish momentum. On top of that, its RSI or the Relative Strength Index has crossed 60 suggesting a further increase in price is likely.

Year-to-date, Dogecoin is up roughly 30% at writing.

Elon Musk continues to support Dogecoin

Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Remember that the billionaire recently partnered Twitter with eToro to enable crypto trading on the platform.

More importantly, it could be a significant tailwind for the meme coin if it ends up finding a spot in the digital payments plans that Twitter disclosed in January.

Earlier this month, Musk also replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog that stimulated a debate around his plans for Dogecoin.

Could today – the “Doge Day” be the day that he reveals any such plans? That remains to be known for now!

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