Schlagwort: crypto analysis

• Shiba Memu token has raised over $1.64 million from investors.

• It is one of the most popular upcoming crypto tokens in the world.

• It combines key industries like AI and meme coins.

Cryptocurrency prices moved sideways even as American equities jumped. Bitcoin remained slightly above $29,000 while the total market cap dropped by 0.42% to $1.16 trillin. The Dow Jones and the Nasdaq 100 indices jumped by over 0.65% as investors embraced a risk-on sentiment. This article will look at the forecast for key cryptocurrencies like Bitcoin Cash, Algorand, and Shiba Memu.

Shiba Memu prediction

Shiba Memu is an upcoming cryptocurrency that is aiming to combine key technologies like artificial intelligence and meme coins. Its goal is to take advantage of the most hyped industries this year.

In AI, some of the best-performing companies and cryptocurrencies have been in the industry. Some of these firms are Nvidia, Microsoft, and C3.ai while the most popular crypto AI platforms are SingularityNET and Fetch.Ai.

Shiba Memu aims to be a better alternative to other popular cryptocurrencies like Shiba Inu, Dogecoin, and Pepe. It is also taking advantage of AI technology by self-marketing. It will do that by self-responding to user inquiries and grow from their feedback.

Shiba Memu will have several technologies, including Natural Language Processing (NLP), Sentiment analysis, predictive analysis, and personalization among others. 

Shiba Memu’s token sale has gained traction in the past few weeks. It has already raised over $1.6 million from global investors. The price of the token is rising on a daily basis. You can buy the Shiba Memu token here.

Bitcoin Cash price prediction

The 4H chart shows that the BCH price has moved sideways in the past few days. This price action has mirrored that of Bitcoin, which has also dropped from the year-to-date high of $31,388 to $29,000. BCH price has moved slightly above the 25-period and 50-period moving averages.

The price was also slightly above the 38.2% Fibonacci Retracement level. At the same time, the Relative Strength Index (RSI) has moved slightly above the neutral point at 60. Therefore, Bitcoin Cash price will likely remain in this range for a while. The key support and resistance levels to watch will be at $219 and $260.

Algorand price prediction

Algorand has been under pressure in the past few months. This pressure intensified recently when AlgoFi, the biggest DeFi platform in the ecosystem collapsed. ALGO price is consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) drifted upwards.

The Average True Range (ATR) has drifted downwards while the price is above the key support level at $0.1043. Volume has been constrained in the past few weeks. Therefore, the token will likely remain in a tight range in the coming days. The key support and resistance levels to watch will be at $0.10 and $0.12.

The post Crypto price prediction: Shiba Memu, Bitcoin Cash, Algorand appeared first on CoinJournal.

WorldCoin, the new blockchain project started by Sam Altman, is going through major headwinds as regulators remain concerned about data privacy. As a result, the WLD token price has plunged by more than 72% from the highest level this year. The total volume of the tokn traded in exchanges has dropped.

Headwinds continue

WorldCoin was recently launched with a lot of hype, mostly because of its founder, who was the creator of ChatGPT. The key challenge for the network is the data collection part of its operations. 

As part of the strategy, the developers are collecting user data by scanning their iris using the Orb device. Many countries, especially in Europe, have warned the company against collecting its users data.

Authorities in Kenya last week suspended the data collection as thousands of people participated in the process. These people were promised to receive tokens worth about $50. That was a high figure in a country where the youth unemployment rate stands at a record high.

Now, authorities in Kenya have raided a warehouse belonging to WorldCoin. A report by a Kenyan media company said:

“The officers backed by multi-agency officials went to the offices along Mombasa Road armed with a search warrant and broke in Saturday before leaving with machines they believe stores data gathered by the firm.”

In a recent statement, authorities in the UK warned that the company must work in line with the Data Protection Impact Assessment (DPIA) before collecting user data.

“Organisations must conduct a Data Protection Impact Assessment (DPIA) before starting any processing that is likely to result in high risk, such as processing special category biometric data. Where they identify high risks that they cannot mitigate, they must consult the ICO.”

WLD price has lost steam

WorldCoin’s token, WLD, has been in a tight range in the past few days. On the 30-minute chart, we see that the token has formed a double-bottom pattern, which is usually a bullish sign. The token remains below the important resistance level at $2.20, the lowest point on August 1.

Therefore, the token will likely remain in a consolidation phase in the coming days. A bullish breakout will likely see it rise to about $2.20. A break below the support at $2 will invalidate the bullish view.

The post WorldCoin faces renewed headwinds as WLD price retreats appeared first on CoinJournal.

• The July NFP report was more bearish than bullish for the US dollar
• Ethereum keeps failing at  $2,000, but the series of higher lows remains intact
• Only a break below $1,300 would invalidate the bullish setup 

Market participants view the July NFP report released last Friday as neutral. On expectations of 205k new jobs in July, the US economy delivered 187k – an impressive number, close to the estimate. 

Moreover, the unemployment rate declined to 3.5% from 3.6%, indicating that the labor market remains resilient. 

However, details in the report do not offer such an optimistic perspective. For example, most jobs were created in three sectors alone (government, health, and education). Also, the AHE (Average  Hourly Earnings) increased MoM, suggesting that the Fed’s fight against inflation is far from over. 

Furthermore, the previous NFP number was revised down – again. This was the sixth consecutive month when the jobs number was revised down. 

Therefore,  the July NFP report was more bearish than bullish for the US dollar. Yet, the markets did not react on Friday but might do so in the week ahead. 

Ethereum chart by TradingView

Unless ETH/USD breaks below $1,300 the bullish bias continues

The technical picture looks bullish despite Ethereum being in a consolidation area for the last twelve months. More precisely, it looks like the market builds energy to break higher. 

Therefore, the path of least resistance is to break above $2,000. 

However, the market needs to keep the series of higher lows intact to remain bullish. In other words, the bullish bias would quickly turn bearish if the ETH/USD price drops below $1,300. Until then, expect bulls to keep bidding for a break above the $2,000 resistance level. 

The post ETH/USD unable to break $2000 despite a bearish July NFP report appeared first on CoinJournal.

• Cryptocurrencies remained in a consolidation phase this week.

• Trader Joe, GMX, and Casper Network were among the top movers on Friday.

Cryptocurrencies reacted mildly to the latest US jobs numbers published on Friday. Bitcoin is still loitering at the $20,000 level while the volume traded in exchanges has dropped. This article will look at some of the top cryptocurrencies that made some strong moves on Friday, including GMX, Trader Joe, and Casper.

Trader Joe price prediction

Trader Joe is a leading decentralized exchange that was started operations in Avalanche, one of the top chains in the world. The token rose slightly on Friday after the network launched on Ethereum, the biggest player in the industry. This means that the platform is also in Arbitrum and BNB Chain. 

Trader Joe’s JOE token has been in a strong bearish trend in the past few weeks. In this period, it has dropped by more than 29% from the highest point in June. The token has remained below the 25-period and 50-period moving averages (MA). It has formed a falling wedge pattern, which is usually a bullish sign.

JOE price will likely remain in this range during the weekend since the integration of Ethereum will not have an impact on the network. As such, it will remain between the support and resistance levels at $0.30 and $0.32.

GMX price prediction

GMX is a leading decentralized exchange (DEX) that provides perpetual futures products. It is the biggest DEX in Arbitrum, the biggest layer-2 network in the world. The GMX token rose after the developers launched its V2 on Thursday. This new version will introduce more coins like Dogecoin at lower fees.

GMX token has made a strong bullish comeback in the past few days. This recovery started after the token settled at $49.03, the lowest level since June 19th. It has moved above the 25-day moving average.

At the same time, it has formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the token will likely resume the bearish trend and retest the support at $49.03.

How to buy GMX token

Casper price prediction

Casper price has made a strong comeback in the past few days. On the four-hour chart, the pair has risen in the past four straight hours. It has moved above the important resistance level at $0.040, the highest level on July 28th.  It then moved to the key resistance point at June 22nd.

Casper token has jumped above the 50-day and 25-day moving averages. The outlook for Casper’s CSPR is bullish, with the next level to watch being at $0.043. This view will be confirmed if the token jumps above the key resistance at $0.041

How to buy Casper

The post Crypto Price Predictions: GMX, Trader Joe (JOE), Casper (CSPR) appeared first on CoinJournal.

• The July NFP report is due today, and the US dollar’s volatility is set to increase
• Bitcoin holds close to its yearly highs
• The bias for Bitcoin remains bullish while the market holds above the rising trendline 

The Non-Farm Payrolls (NFP) report is released on the first Friday of each month. It shows the change in the number of workers in the US economy – the largest economy in the world. 

Because of that, the economic report directly impacts financial markets. The dollar fluctuates widely on the NFP report’s release, and even the cryptocurrency market participants are interested in trading the report. 

Bitcoin’s correlation with the dollar’s strength or weakness increased since more institutional investors included Bitcoin in their portfolios. This year, the dollar declined, as reflected by the EUR/USD exchange rate that reached a new high for the year less than two weeks ago. 

Therefore, it is unsurprising that Bitcoin holds close to its yearly highs ahead of the July NFP report. Also, the bias remains bias as Bitcoin holds above the upward trendline that marks the 2023 bullish trend. 

Bitcoin chart by TradingView

The bias remains bullish while Bitcoin holds above the rising trendline

The technical picture favors more upside for Bitcoin for at least three reasons. 

First, since the 2022 lows, Bitcoin formed a series of higher highs and higher lows. Such formation is typical in bullish trends, and while in place, the bias remains bullish. 

Second, one can properly identify the bullish trend by connecting the lower highs. Bulls will keep buying the dips as long as the price action holds above it. 

Third, a possible bullish flag, marked in blue on the chart above, has a target of $35k for Bitcoin, as indicated by its measured move. 

Therefore, today’s NFP report can be the one to make or break the trend. On a better-than-expected report, Bitcoin might test the trendline as the dollar should strengthen. On the other hand, if the US economy added fewer jobs in July than the market expects, Bitcoin might go for the bullish flag’s measured move in the days to come. 

The post Should you buy or sell Bitcoin ahead of the July NFP report? appeared first on CoinJournal.