Kategorie: Crypto News

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Waves fast recovery could push the token towards $12

As the crypto market starts to rally, several major coins have reported modest gains. However, Waves appears to be outperforming the entire market by huge margins. The coin is seeing rapid recovery and a trend reversal that could deliver immense gains in the near term. Here are the highlights:

  • WAVES has surged by around 60% in the last 24 hours

  • The coin has managed to reclaim two important support zones in this bull run

  • The momentum will likely push WAVES towards $12 in the coming weeks.

Data Source: TradingView 

WAVES price analysis and prediction

In 2022, the broader crypto market has seen major weakness. But despite this, WAVES has remained one of the most stand-out performers. The coin however saw one of its worst sell-offs of the year in May. The step decline pushed it towards a bottom price of $4.18. It seemed at the time that all the momentum and the gains WAVES had built this year were all gone. 

But we are now seeing a stunning recovery. In fact, WAVES has surged by nearly 120% from its lowest price in May. The coin is now testing the crucial overhead resistance of $9.2. 

If indeed WAVES is able to cross above this, it will surge towards $12 in the coming days. This will represent gains of around 50% from the current price. It will also mean that WAVES would have delivered nearly 3x gains in barely weeks.

Can WAVES keep the uptrend going?

It’s not the first time WAVES has rallied impeccably this year. However, in almost all these instances, the coin has retreated sharply from highs. The key in this bull run will be to see how long the price will stay above $12.

If there is consolidation there for a few days, then a retreat will be less severe. But in the short term, WAVES offers incredible upswing potential.

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Soros Fund CEO says crypto is mainstream and ‘here to stay’

Soros Fund Management CEO and CIO Dawn Fitzpatrick says crypto is going nowhere given its already mainstream. 

The Soros’ executive made the comments during an interview with Bloomberg, noting that the entry of major mainstream players like Fidelity Investments was a key development.

In her response on what she thought of crypto in terms of “taking off” or being hindered by government regulation, Fitzpatrick said “it’s here to stay.”

“I think it’s gone mainstream,” she added, noting that “Fidelity just announced you can put it in your 401(k).”

Soros Fund Management is a top investment management firm founded by investor George Soros. The family office confirmed it held some bitcoin in October last year.

On Bitcoin and Ethereum

Regarding the future of the top two cryptocurrencies by market cap today (Bitcoin and Ethereum), Fitzpatrick thinks the smart contracts platform is set to see more traction than Bitcoin. 

According to her, the issue of climate change could be the difference that pushes Ethereum above the pioneer cryptocurrency.

She told Bloomberg:

“The one caveat I would say is, first of all, climate impact is going to become increasingly in focus. So, in that context, I think Ethereum is likely to gain some more traction over Bitcoin.”

Bitcoin is a proof-of-work (PoW) blockchain network that uses a lot of energy to process transactions and maintain network security. Notably, Ethereum is inching closer to fully transitioning from PoW to proof-of-stake (PoS), a network mechanism that’s deemed more eco-friendly. 

Blockchain applications

In other comments, Fitzpatrick noted that so many companies entering the crypto and blockchain space hold “massive Treasury accounts” with loads of different coins, which she thinks could expose them to near term vulnerability.

“But that said, I think blockchain technology is going to have some great applications and crypto is here – today,” she concluded.

Fitzpatrick’s comments come at a time when crypto is battling a bear market that has seen Bitcoin and Ethereum lose over half of their market value. However, industry figures continue to bet on the sector’s future, noting that a ‘crypto winter’ is the best time to build.

Recently, venture fund Andreessen Horowitz announced plans to invest billions in projects within the crypto and Web3 space.

But Terra (LUNA)’s debacle, including the collapse of its algorithmic stablecoin TerraUSD (UST), has the regulatory antennae firmly fixed on the sector. 

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Crypto is ‘overdue a rebound’, Celsius CEO says

The crypto market saw decent rebound on Monday as Bitcoin (BTC) pushed above $30k, with a multi-week high above $32,000 seeing the cryptocurrency turn positive on the weekly chart after nine consecutive red candles.

The rest of the market also saw nice bumps as Ethereum shot above $2k and several other top coins rose to push the total crypto market capitalization up by nearly 4%.

Bitcoin is ‘overdue a rebound’

While bulls are not out of the woods yet given the bear market, Celsius CEO Alex Mashinsky believes the crypto market is “due a rebound.”

He told Kitco News in an interview ahead of Monday’s bounce that more room for upside looks likely given the market outlook over the past few weeks. The Celsius CEO also pointed to Wall Street’s performance last week, where the major indexes snapped a losing streak, including the S&P 500 that had edged +6% by Friday’s close.

Mashinsky also notes that analysts at JPMorgan recently released a research report suggesting the sell-off in crypto was “overdone.” The report suggested a rebound was likely to push Bitcoin price to around $38,000.

Also, with $1.8 billion worth of crypto expirations on, a bullish reversal is highly likely. On the overall bearish pressure still present amid extreme fear among investors, the Celsius exec added:

“You can press a spring as hard as you want but the harder you press it the harder it rebounds and here we’re overdue for a rebound.”

Bitcoin currently trades around $31,780 while Ethereum is hovering near $1,960 as US markets open after Monday’s holiday close.

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Cardano (ADA) jumps by over 25%: here are the reasons why ADA is rallying

The Cardano (ADA) price has rallied by over 20% today bringing relief to traders and investors after weeks of crypto market clash gloom. ADA has surpassed XRP after its transaction volume jumped 3 times those of Ethereum to become the 6th largest crypto by market cap.

At the time of writing, ADA was trading $0.6347, up 21.41% after retracing from a daily high of $0.6823.

ADA price surge has been influenced by the following factors: ADA Price Rebounding from the bottom levels, GitHub development activity Lagon’s Cardono-Ethereum bridge launch for USDC, and Vasil Hard Fork launch.

ADA Price Rebounding from the bottom levels

ADA price rebound from a bottom level of $0.45 to a high of $0.68 brought whales and investors to purchase the dip. Additionally, the total value locked (TVL) and the number of transactions also increased pushing the price rally.

GitHub development activity

As the prices continued the dip, the Cardano team continued working on several innovative projects. GitHub development activity hit an all-time high causing the price to rally after a loss was witnessed on the Cardano network in the past weeks.

Yesterday Santiment tweeted:

“Cardano is one of many altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit All-Time High levels, as ADA‘s team worked on innovating while prices were suppressed.”

Lagon’s Cardono-Ethereum bridge launch for USDC

Another reason for the rally is the launch of lagon’s Cardano-Ethereum bridge that will enable the second-largest stablecoin (USDC) to be moved from the Ethereum blockchain to the Cardano blockchain. This is a great interoperability milestone for Cardano as the team also aims at introducing other tokens.

Vasil Hard Fork launch

As Cardano continues to make progressive moves and attract more users to its network, the Cardano community is eagerly waiting for the launch of Vasil Hard Fork, an upgrade to the Cardano network, at the end of June.

Charles Hoskinson, the founder of Cardano blockchain, said that once the hard fork is implemented, more developers will shift to the Cardano blockchain and this will cause the price of ADA to rally.

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Highlights May 31: Bitcoin breaks out, crypto market higher

The crypto market was higher this morning, with the majority of top 10 cryptos registering gains.

Top cryptos

Bitcoin was up around 4% at time of writing, trading above $31,000. Ethereum climbed around 6%, and XRP registered gains of around 5%. Cardano showed the most significant gains, jumping around 25% as the Vasil hard fork approaches. 

Top movers

Most top 100 coins were in the green at the time of writing. Notable standouts were Waves, Axie Infinity, and Aave with gains of 57%, 24%, and 14% respectively.   

Waves has been rallying after announcing its master plan to restore full functioning of its ecosystem’s DeFi Protocols. This was disrupted due to an ecosystem liquidity crisis caused by Vires Finance, a Waves-based lending protocol. 

According to a current promotion, it’s possible to earn big with Axie Infinity Original. 

Yesterday, Yahoo Finance reported that London-based cryptocurrency payments firm Merge raised a $9.5 million seed round led by Octopus Ventures. 

Among the investors were Coinbase Ventures, the founders of Aave, Alameda Research, Hashed, the founders of Polygon, and the CEO of Ledger. 

On the losing end, Tezos is down around 4% and Elrond and ApeCoin are both down around 3%.     

Trending

The biggest trender today is the token of The Realm Defenders, a Free to Play & Play to Earn RPG strategy game running on Polygon. In the game, you defend your kingdom against demons. 

You can upgrade characters and trade heroes on an NFT marketplace. You can earn rewards in the native TRD token, which gained 261% today, and unique NFT cards. There are also treasure chests and monthly boss fights.

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