Schlagwort: crypto analysis

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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

The post Crypto price prediction: The Graph, BitTorrent, Toncoin appeared first on CoinJournal.

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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. 

The post ETH on exchanges at 5-year low as capital continues to flee crypto appeared first on CoinJournal.

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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 9th 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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Crypto Market News: Hong Kong Plans for Massive Crypto Investment. Could This Push Metacade’s Token Sales Further on Uniswap and Other Crypto Exchanges?

Hong Kong has received a massive boost in its bid to overtake Singapore to become the world’s leading crypto hub. The government hit crypto market news headlines with its plans to let retail investors in Hong Kong City trade digital tokens such as Bitcoin and Ether. Also, this follows hot on the heels of the crypto market news that more than 20 crypto companies are outlining their intentions to move operations to Hong Kong in response to increasing levels of regulation from US authorities.

Market analysts are speculating whether this huge crypto investment in Hong Kong could push the token sales of the pioneering GameFi platform, Metacade, even higher after successfully listing its new token MCADE on Uniswap earlier this month. Bitmart and MEXC are due to list MCADE in the next few weeks, which begs the question, just how high can MCADE go?

How high can MCADE go in 2023?

Crypto market news outlets were captured when the MCADE token presale raised $16.35 million in record time. Also noteworthy, MCADE listed on Uniswap at $0.022 after its beta presale phase started at just $0.008, providing significant returns for early investors. Experts believe that MCADE will continue to make ground as it reaches a broader audience through its imminent listings on Bitsmart and MEXC, respectively, during April and May 2023.

In addition, Metacade has just announced an exciting partnership with MetaStudio, which, in combination with the platform’s exciting road map, extensive token utility, and transition toward becoming a decentralized autonomous organization (DAO) already in motion, looks set to push MCADE beyond the $0.50 barrier by the end of 2023. Reaching these potential price targets would represent gains of more than 20x for investors purchasing tokens in the early stages of its public listings.

What is Metacade?

Metacade has made no secret of its ambitions to be a leading light in revolutionizing the GameFi landscape by building the world’s largest play-to-earn (P2E) gaming arcade, allowing users to earn while pursuing their passion for gaming. To achieve this, Metacade will create a thriving community of gaming enthusiasts, developers, and crypto fans while catering to a vast range of gaming interests to maximize the platform’s total addressable market (TAM).

To this end, Metacade has set itself the task of building the world’s largest selection of gaming titles to help the project gain greater recognition within the crypto mainstream and grow its user base. To use Metacade, all users will require the MCADE token to access the platform’s various features while delivering outstanding utility to coin holders. This utility is a significant reason for building excitement regarding the platform, making it such an exciting crypto investment opportunity that it is making headlines among crypto market news outlets.

Metacade’s whitepaper has gained plenty of praise from GameFi experts thanks to its comprehensive project plans, which underline the outstanding decision-making skills provided by the expert and verified Metacade project team. Part of the strategic plan that makes MCADE such an enticing crypto investment is the devolution of power to the community, which will see Metacade become a DAO by the end of 2024.

This community-led governance will add value to MCADE, which already has plenty of utility inbuilt, such as that provided by the platform’s comprehensive rewards system that goes beyond the norm in the GameFi sector. For example, users will be incentivized to build community by receiving rewards for posting social content, such as game reviews, to the platform.

How does MCADE work?

The native MCADE coin is the currency to drive Metacade’s ecosystem, from powering the rewards system to providing the medium of exchange for transactions on the platform. Another advantage is that the total supply of MCADE tokens is limited to just 2 billion, which experts predict will increase buying pressure as the platform’s user base grows.

Most excitingly, MCADE provides the stimulus for one of Metacade’s most innovative programs that encourages the creation of new games exclusively on the platform, driving user retention to unprecedented levels and increasing the user base. Also, the Metagrants scheme offers crypto funding to game developers who want support to create new games. Each concept enters into a pool before being voted on by the MCADE coin-holding community, illustrating a crucial part of Metacade’s move toward community-led governance. The most popular ideas receive a grant from the platform’s central treasury, helping the concept become a reality.

Is MCADE a good crypto investment?

MCADE has captured the imagination of several experts within crypto market news outlets, with all signs pointing toward it being an excellent crypto investment for the intelligent investor in the short, medium, and long term. Moreover, even in its early guise, Metacade outstrips many GameFi competitors with its multi-game library and gaming experiences, placing it well to become a potential leader in the burgeoning crypto-gaming sector.

Metacade is in its infancy and has many exciting features to roll out in the coming months. The exciting crypto market news, such as the support for crypto investment in Hong Kong, gives MCADE an optimum chance to establish itself as one of the best crypto investment choices for 2023.

Stay informed about when MCADE lists on Bitmart and MEXC exchanges by following Metacade’s Twitter page.

You can find more information, including on how to buy MCADE, here.

The post Crypto Market News: Hong Kong Plans for Massive Crypto Investment. Could This Push Metacade’s Token Sales Further on Uniswap and Other Crypto Exchanges? appeared first on CoinJournal.

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Solana price prediction as the cryptocurrency market rallies

  • Solana’s price action remains bearish while below $40
  • A series of lower highs is still valid
  • Only a bullish break above $40 invalidates the bearish sentiment

Designed to support smart projects and decentralized apps, Solana was launched in the first quarter of 2020. What followed was one of the most impressive rallies in the cryptocurrency market’s history. 

Sure enough, the pandemic did help, as people were literally throwing money into any project that had something to do with online businesses. Also, governments and central banks flooded the financial system with cheap money, so speculation reached extreme levels in the cryptocurrency market and the stock market. 

As such, at its peak in November 2021, Solana’s performance against the US dollar has reached 18640.78%. It traded above $225, but the drop was as impressive as the rise. 

It now trades around $20, well below its all-time highs. However, in terms of performance since inception, it delivered remarkable results, as even at the current levels the price is up over 1500% since launch. 

Solana chart by TradingView

Bearish sentiment remains while below $40

In 2023, the cryptocurrency market bounced from its recent lows. Led by Bitcoin, other cryptocurrencies followed. 

Solana bounced from the lows when other cryptocurrencies bounced – at the end of 2022. Since then, it rallied sharply, but nevertheless, the bearish bias persists while below $40. 

Traders should focus on the series of lower lows that remains intact. Therefore, while below $40, the chances are that the 2023 rally is nothing but a bear market rally. Such rallies are known to be aggressive and misleading. 

Summing up, bulls may want to wait for Solana to trade above $40 again before establishing a long position. Otherwise, the risk is that the lows will be tested sooner rather than later, as bears will keep pressuring the market. 

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