Kategorie: Crypto News

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Bitcoin Price Prediction: Can Bitcoin breach resistance?

  • Bitcoin has made a V-shaped recovery in the last 48-hours
  • Bitcoin is now trading at a key resistance level of around $38,165.
  • f the $38,165 level is broken, $40k BTC is a possibility in the next 24-hours

Bitcoin (BTC/USD) is in a rebound after making a V-shaped recovery at $32800 on January 24, 2022. Buying volumes have been rising as Bitcoin continues to price in the potential interest rates hike in the U.S, which has been the key reason behind its recent decline.

Bitcoin makes a rebound

Bitcoin is the first decentralised digital currency that allows people to transfer money without relying on third-party intermediaries like banks, credit card companies, and so on. Think of it as an electronic form of cash, and you can send Bitcoin from one person’s wallet (a phone app or online account) directly into another individual’s spending portal just by knowing their address.

Over the past year, Bitcoin has attracted a lot of institutional investors, a factor that played a role in its recent rally to $69k. Besides hedge funds and other institutionalised investors, individual corporations have also added Bitcoin to their balance sheets. Some of the more notable ones are Tesla and Microstrategy.

According to Cathie Wood of Ark Invest, if all S&P 500 companies apportion just 5% of their balance sheets to Bitcoin, BTC could be worth upwards of $500k within the decade.

Bitcoin remains highly volatile in the short term, though. At the moment, it is bouncing off a key support level. Investors were fearful that if it had kept going lower and breached $30k, BTC could easily have fallen below $20k.

Bitcoin price prediction

Source: TradingView

In the past 24-hours, Bitcoin has been in the green and managed to push through the 38.2% Fibonacci resistance at $36,989.61. At the moment, Bitcoin is testing the 50.0% Fibonacci resistance at $38,165.27 but is yet to break through it.

If Bitcoin manages to push through $38165.27, it could easily test $40k within the next 24 to 48-hours. However, if Bitcoin fails at $38,165.27, it is highly likely to fall back below $35k.

The post Bitcoin Price Prediction: Can Bitcoin breach resistance? appeared first on Coin Journal.

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Internet Computer price prediction: Is ICP stalling at key resistance?

ICP volumes even as the broader market turns bullish

Key points:

  •  ICP rebounds but volumes are lower than most major cryptos

  •  ICP needs to break 38.2% Fib resistance at $23.15 for trend confirmation.

  •  Broader market momentum is still a major factor.

Internet Computer (ICP/USD) has been on an uptrend for the last 48-hours. This is pretty much in line with the broader market, which has been in the green since Bitcoin bounced off lows of $32,800.

However, unlike most major cryptocurrencies, ICP’s rebound has not been strong. For most of the last 48-hours, ICP has been range-bound below the 23.6% Fibonacci resistance at $21.18.

Internet Computer yet to gain traction

With the Internet Computer, blockchain finally becomes what it was always meant to be – an open and distributed medium for applications. The revolutionary design unlocking smart contracts‘ full potential proves that this technology has so much more in store than just financial transactions or storing data securely. Internet Computer aims to create entire decentralised economies.

While it has a powerful value proposition, Internet Computer has not had the best of runs since it launched. Issues touching on its decentralisation came up a few months after it launched. What followed was a value collapse from over $400 to under $30.

Internet Computer is currently trading at $21.64 and has been gaining for the past 48-hours. This is in-line with the price action in the broader cryptocurrency market.

ICP price prediction

Source: TradingView

On the 1-hour chart, ICP has been gaining momentum for the last 48-hours. However, for most of that time, volumes have been low, and ICP has been consolidating below the 23.6% Fibonacci resistance at $21.18.

It is only in the last 6-hours that it has managed to push through the 23.6% Fibonacci resistance, but volumes are low. If volumes remain low, there is a risk that ICP could fall back below the $21.18 price level. In such a case, ICP could easily dip below $20.

However, if the broader market remains strongly bullish, ICP could not only hold above $21.18, but also possibly break the 38.2% Fibonacci resistance at $23.15. In such a case, ICP could easily trade above $25 in the course of the week.

The post Internet Computer price prediction: Is ICP stalling at key resistance? appeared first on Coin Journal.

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Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today

While crypto markets have been trading sideways over the week, several metaverse coins have seen significant price gain, with CryptoSword (SWD) gaining over 400% today as others see only a double-digit percentage price increase.

At the time of writing, it was $0.1421; up 453% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.3158 and a low of $0.02447 in the last 24 hours.

But why is the SWD coin rallying? Here is a deep dive into the behind-the-scenes of the current CryptoSword bullish trend.

What Is CryptoSword?

Before we look into the current CryptoSword bullish trend, it is important that we first explain what CryptoSword is for the sake of those who do not know what it is.

In a nutshell, CryptoSword is a Metaverse-based Game-Fi project on Binance Smart Chain that allows gamers to play games and also earn as they play. Its native cryptocurrency is SWD.

The CryptoSword players must have more than one sword in their wallet to start playing the sword battle. A sword costs $50+ 0.04 BNB, which is a reasonable price to start with.

There are different swords with different styles and levels. The swords include Legendary, Mythical, Common, Unique, Epic, and Rare.

The game also has Rounds that reset once a day, however, the number of times a sword can enter the fight and last time corresponds to the Rounds.

Players challenge mysterious enemies depending on the sword level after minting their swords. The players then receive rewards depending on the fight level difficulty. Players receive a base reward of 5USDT worth of SWD tokens.

The game is looking forward to developing a complete Metaverse experience where players can go to battle mode and fight unknown bosses after practicing and training their skills, the skill level of the player will be related directly to the number of rewards to earn. However, some features are not yet available since the game is still under development

Why Is Crypto Sword (SWD) price rallying?

CryptoSword (SWD) coin has been bearish since it was listed on CoinMarketCap on 10th January 2022; something that changed today after the coin surged by more than 400%.

Today on their Twitter handle, CryptoSword announced that their V2 metaverse Battle Mode is fully complete ready to open for the public.

The announcement about the new features has excited crypto traders resulting in a significant trading amount volume of $ 4.3 million and a fully diluted market cap of $762,771.

The post Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today appeared first on Coin Journal.

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IMF wants El Salvador to drop Bitcoin as legal tender

  • El Salvador adopted Bitcoin as legal tender in September 2021 and wants to build a ‘Bitcoin city’.

  • The IMF says the cryptocurrency poses threats to the country’s financial stability and consumer protection.

The International Monetary Fund (IMF) has advised El Salvador to reconsider its decision on Bitcoin as legal tender, citing several risks it says are associated with the use of the cryptocurrency.

El Salvador became the first sovereign state to pass a law adopting Bitcoin as legal tender in May 2021. The Bitcoin Law became effective in September, making the cryptocurrency money and mandating its use across the country.

The government distributed $30 (roughly £22) worth of Bitcoin to every citizen with a Chivo wallet account, with over 200 Bitcoin ATMs installed to aid in the adoption across businesses.

Although the move faced several challenges earlier on, President Nayib Bukele has maintained the country will ensure the use of Bitcoin works.

But the IMF has never warmed up to this idea, with the latest comment one among many it has issued since last year.

In a statement published on Tuesday, the global lender’s directors said making Bitcoin legal tender posed large risks. They pointed out that apart from the potential impact on financial stability, the cryptocurrency could also put the country’s “financial integrity and consumer protection,” at risk.

The IMF thus “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the statement continued.

President Bukele has previously touted the construction of a Bitcoin City, with the project hinged on profits from price increases and a $1 billion cash injection via Bitcoin bonds.

But the global financial institution also took issue with that, saying El Salvador’s plans for Bitcoin-backed bonds were another concern. According to the IMF report, these plans also posed risks to the country’s financial integrity.

Despite the reservations, the IMF was positive about the potential for growth in digital payments as promoted via El Salvador’s Chivo e-wallet. Speaking at the end of a consultative forum with the Central American country, IMF directors noted the digital wallet could “boost financial inclusion.”

However, they urged that the country needed to adopt stricter regulations in the quest to have the ecosystem properly supervised.

Last week, he announced the country had added another 410 bitcoins to its treasury as they took advantage of the digital asset’s price decline.

Bitcoin’s price rose to around $69,000 in November 2021 before correcting heavily to lows of $33,000 in January. At the time of writing, the cryptocurrency had recouped some of the losses and was trading around $38,200.

The post IMF wants El Salvador to drop Bitcoin as legal tender appeared first on Coin Journal.

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Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst

Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Capriole founder Charles Edwards says Fantom is still massively undervalued and has huge potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by total value locked, behind top dogs Ethereum (ETH), Terra (LUNA), and Binance Smart Chain (BSC).

Fantom (FTM) in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11.01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom chain, a layer 1 protocol that boasts of very high scalability and cheap transactions, briefly overtook BSC last weekend before a drawdown in TVL took it back into fourth. 

FTM prices

Fantom tokens continue to attract even more investors looking for higher yields and speed of transactions, keeping the layer 1 blockchain ahead of rivals such as Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. The FTM/USD pair is trading around $2.36, about 20% down over the past week and nearly 33% off its all-time high of $3.46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.

The post Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst appeared first on Coin Journal.