Stacks price relentless bull run gains steam: is it still a buy?

  • Stacks is a leading blockchain project that seeks to grow Bitcoin’s utility.

  • STX price has surged hard after the successful launch of Ordinals.

  • It has become extremely overbought signaling a pullback is imminent.

Stacks, a small but fast-growing blockchain project, has become one of the best-performing cryptocurrencies in March. STX, its token, has soared to a high of $0.9800, the highest point since May 2022. It has jumped in the past three straight weeks and by 372% from its lowest point this year.

The main reason for the recent Stacks price surge is the ongoing bets of Ordinals, a Bitcoin NFT platform. Its launch, which has been highly successful, has led many analysts to predict that Bitcoin use case will become more pronounced in the coming years.

For many years, Bitcoin has always had little utility, unlike other blockchains like Ethereum and Internet Computer. This happened simply because Bitcoin does not have smart contract features. As such, it is not possible to build on top of Bitcoin. 

Stacks is one of the biggest blockchains that seeks to provide more utility for Bitcoin. Its technology makes it possible for developers to build dApps in all industries, including DeFi and Non-Fungible Tokens (NFTs). 

Stacks uses the proof-of-transfer mechanism that connects it and Bitcoin. It also has other features that make Bitcoin more programmable and productive. So, how high can STX price jump?

Stacks price prediction

STX chart by TradingView

The daily chart shows that the STX price has been in a strong bullish trend in the past few months. It managed to cross the important resistance point at $0.5237, the highest point on August 8. 

It has jumped to the highest point since May last year and moved above the 50-day and 100-day moving averages while the Relative Strength Index (RSI) has moved to the extreme overbought level. The Stochastic Oscillator has also become extremely overbought. Stacks has also moved to the important resistance point at $1.

Therefore, it seems like STX has more bullish upside in the near term. However, with its price being extremely overbought, there is a possibility that a pullback will happen soon. If this happens, the coin will retreat to the next key support to watch will be at $0.5237, which is about 46% below the current level.

Such a retreat will be part of a break and retest pattern. In price action analysis, such a pattern is usually more bullish in the near term. 

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Amp price prediction: technical analysis points to a brief pullback

Amp price bullish momentum continued on Thursday as the bullish momentum continued. It rose to a high of $0.0067, the highest point since September 11 last year. Like most crypto tokens, it has jumped by more than 121% from the lowest level last year.

It is unclear why Amp token is rising even as its on-chain metrics continue deteriorating. On-chain metrics show that the number of people using and holding Amp was relatively negligible. For starters, Amp is a blockchain that helps people provide collateral of their assets in a relatively easy process. 

There have been no major Amp-related news in the past few days. The most relevant is the decision by New York prosecutors to sue CoinEx, a small crypto exchange. In a statement, New York’s attorney general said that the company offered securities in its platform. It cited tokens like Amp, Luna, and RLY. The statement added that:

“The Tokens are also securities under the Martin Act because they represent investments of money in common enterprises with profits to be derived primarily from the efforts of others.”

Amp price prediction (daily chart)

The daily chart shows that the Amp crypto price has made a strong recovery in the past few days. It has managed to move above the key resistance level at $0.0059, the highest point on January 17th. The coin has also jumped above the psychological level at $0.0050. 

Further, it has moved above the 25-day and 50-day moving averages while oscillators like the Relative Strength Index (RSI) and the MACD have kept rising. Notably, these gains are happening at a period of high volume. 

Therefore, I suspect that Amp has some more upside to go. If this happens, the next level to watch will be at $0.008. However, a drop below the support at $0.0060 will invalidate the bullish view.

Amp crypto forecast (4H chart)

On the four-hour chart, we see that the Amp price has been in a bullish trend as well. It has managed to cross several levels, including the resistance point at $0.0053 and $0.0059, the highest points on Feb 8 and Jan 7, respectively. Like in the daily chart, the token remains above all moving averages. The only difference is that volume has started moving downwards. 

Therefore, with other coins like Bitcoin and ETH retreating, there is a likelihood that Amp will also decline and retest the support at $0.0060.

How to buy Amp

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

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

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XRP/USD price forecast amid a +13.19% YTD performance

  • Ripple’s rally lags behind other cryptocurrencies’ rallies for 2023
  • A bullish flag pattern suggests more upside
  • Once the bullish flag is confirmed, a double bottom pattern projects the price even higher

Ripple rallied against the US dollar in 2023 as the entire cryptocurrency market bounced. However, unlike Bitcoin, Ripple rallied less.

One explanation may come from the current consolidation. The chart below shows the daily timeframe, and the recent price action reveals a tight range lasting several weeks.

So what does the technical picture says about XRP/USD?

XRPUSD chart by TradingView

Bullish technical setup for XRP/USD, providing the 2023 lows hold

A double top pattern may be spotted on the left side of the chart. Ripple failed twice at $0.9 before reversing sharply.

It declined in line with the overall cryptocurrency market as investors fled, scared of scams and after losing faith in various crypto projects.

A double top is a reversal pattern. The key to trading the pattern is waiting for the price to move below the neckline.

Then, projecting the measured move, one can determine the minimum distance the market should move to confirm the reversal.

After the reversal pattern was confirmed by the price action reaching the measured move, Ripple entered a long period of consolidation. Ripple trades in a tight range against the dollar for almost eight months now. That is, a tight range considering the cryptocurrency market standards.

Currently, one can spot two bullish factors for Ripple. First, a double bottom pattern might be in the makings. Still incomplete, it points to $0.7 should the price move above the neckline.

Second, the most recent price action looks like the flag of a bullish flag pattern. If it is confirmed by future price action, then the measured move points to a break above the double bottom’s neckline.

To sum up, the bullish flag’s measured move exceeds the double bottom’s neckline. Hence, bulls may want to buy on a daily close above $0.45 and place a take-profit at $0.7.

The invalidation point of this bullish setup is a move below $0.3.

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Cronos Price Rallies While Metacade Shoots for the Moon

2023 looks set to be a year when crypto markets begin to rebound after the long and varied struggles of 2022. Some altcoins, such as Cronos (CRO), are already showing signs of improvement, with price rallies in the early months of 2023, leading analysts to forecast better times across the board for cryptocurrencies.

One coin that looks set to exceed others as markets improve during 2023 is Metacade’s MCADE token. Here’s why Metacade is shooting for the moon and offering investors an exciting opportunity in 2023 and beyond.

What is Metacade?

Metacade is building the most prominent virtual gaming arcade in the metaverse with a vast array of classic and modern play-to-earn (P2E) games. Aimed at gaming enthusiasts and crypto fans, Metacade intends to attract a growing online community with the goal of driving the Web3 gaming world forward. Built on the Ethereum blockchain, Metacade offers casual gamers and the seasoned online tournament competitor a unique opportunity to play, earn and interact in real-time.

With Metacade’s powerful P2E infrastructure, users can receive crypto rewards for actively participating in and building up their community. The Create2Earn scheme encourages social engagements with the hub by offering incentives every time someone posts content on its various outlets. From engaging in live chats, contributing to Reddit-style subforums, writing game reviews, or providing gaming tips, there is no shortage of ways people can earn passive income from interacting with Metacade. 

Perhaps the most exciting of Metacade’s many varied features is their pioneering Metagrants scheme, which promises to push GameFi to new heights while incentivizing members to take full ownership of the hub’s direction.

From Q3 2023, developers can raise applications for funding in the form of a Metagrant to support the development of new games exclusive to Metacade. Each submission goes into a pool before undergoing a vote from MCADE token holders to determine the most popular ideas. Winning ideas will go into development with the backing of a Metagrant. The first title will hit Metacade’s virtual arcade in Q1 2024.

How does MCADE work?

The MCADE token is the governance and utility token behind Metacade’s exciting road map, underpinning all development and transactions on the platform. While revenue flows from several internal and external sources into the multi-signatory treasury wallet, a limited number of MCADE tokens will be in circulation in order to maintain the value of the coins.

Community members contribute to the platform’s upkeep and running through several routes. The Compete2Earn scheme is a token-staking program in which users stake MCADE coins to enter online tournaments and prize draws. Those who enter have the opportunity to share in significant prize pools. Meanwhile, MCADE tokens are also used by players wishing to experience the platform’s range of pay-to-play titles.

External funding comes from companies wishing to buy advertising space on the platform, use Metacade’s launchpad tool to release their own titles, and post career opportunities on the jobs board from Q1 2024.

MCADE price prediction

After launching its presale beta phase at $0.008, the token price has now increased to $0.014 in stage 4 of presale. In just ten weeks, Metacade raised over $5 million – an investment that has rocketed to $7.2m in its current presale round. When the presale concludes and MCADE hits centralized and decentralized exchanges, the token value will be $0.02.

Predictions are that the value of MCADE will surge at this stage as the scramble for tokens intensifies. Analysts forecast that MCADE could reach $0.30 by the end of 2023 and $2 by the end of 2025, as Metacade is crucial in driving Web3 gaming forward. The long-term value for investors is apparent, with predictions of the coin reaching $5 by the end of 2023.

What is Cronos (CRO)?

Cronos is a decentralized open-source, public blockchain designed to produce energy-efficient blockchain transactions while guaranteeing low-cost and high-speed functionality. The platform aims to support creators of dApps, DeFi solutions, and GameFi titles on their way to producing an open metaverse.

The CRO coin began as the Crypto.com Coin, one of the biggest centralized crypto exchanges. The ecosystem is designed to protect users from fraudulent chargebacks while allowing investors to trade on Crypto.com at a discount by paying transaction fees with CRO tokens. 

Thanks to Crypto.com’s excellent trading, payment, and DeFi solutions, CRO token holders gain utility with their holding. At the same time, holders also have the opportunity to serve as a validator on Crypto’s blockchain, earning passive income for each transaction undertaken on the platform.

CRO price prediction

Cronos is currently trading at $0.0796, more than 90% lower than its all-time high of $0.96, which was recorded during the height of the bull market in November 2021. The excellent news for CRO token holders is that analysts predict significant growth between now and the end of the year.

Projections for CRO in 2023 suggest that the coin could reach $1.07 by the end of the year, growing to $1.44 by the end of 2025 and potentially threatening the $5 barrier by the end of 2030. This would represent enormous gains based on Cronos’ current value.

MCADE vs. CRO: Which is the best investment?

Metacade and Cronos both make compelling investment cases for investors in the short and longer-term, offering potentially rich rewards. The best investment choice looks to be MCADE due to its rich project roadmap that promises to keep the platform evolving while driving wider development and innovation in the wider blockchain gaming sector.

The presale is expected to sell out quickly, so investors should purchase MCADE tokens now to maximize their potential returns and avoid missing out on this outstanding opportunity.

You can participate in the Metacade presale here.

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Should crypto investors care about the US stock market?

  • Without the US stock market outperforming, the cryptocurrency market would have difficulty delivering a positive return in 2023
  • S&P 500 leads the cryptocurrency market
  • Crypto investors should watch US economic data closely

The cryptocurrency market had a strong start to the trading year. After suffering from a bearish market in 2022, the rally that started in 2023 brings much relief to investors in the cryptocurrency market.

The enthusiasm is understandable.

After all, Bitcoin, the leading cryptocurrency, is up +45.93% YTD. However, before getting too excited, long-term investors still look at the 1-year losses of -35.62%.

Therefore, once again, timing the markets is important. Those going long crypto at the start of 2023 enjoyed an impressive performance, while those that remained invested for one year still enjoy the so-called “crypto winter.”

But why did the crypto market bounce? The answer lies in the chart below – because of the US stock market rally.

S&P 500 chart by TradingView

S&P 500 leads the cryptocurrency market

The chart above shows the S&P 500’s performance since the top in late 2021. Since then, the main US stock market index lost -16.36%.

Below are the three leading cryptocurrencies – Bitcoin, Ethereum, and Ripple. While they peaked a bit earlier, they lost between -60% and -70% in value from their 2021 highs to the 2022 lows.

So the bounce in the cryptocurrency market may look as being in response to investors turning their attention to the industry again, but instead, it is all about the US stock market. The S&P 500 rallied in 2023 too.

However, the dimensions of the two movements are different because of the difference between the S&P 500 and the cryptocurrency’s volatility.

In other words, given the current context, it is hard to see the cryptocurrency market’s rally continue if the S&P 500 index does not perform. Hence, crypto investors should care about the US stock market because the S&P 500 leads the gains or losses in the cryptocurrency market.

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