Schlagwort: crypto business

Shiba Inu (SHIB/USD) trades at merely $0.000010 after losing more than 10% in the week. That comes as investors develop a risk-off attitude towards volatile assets. The current level is a make-or-break point for SHIB, going by the current technical indicators.

The absence of a price catalyst in cryptocurrencies has been fueling a bear market for SHIB. First, the general mood in crypto remains bearish. As of press time, leading cryptocurrencies Bitcoin and Ethereum had fallen by more than 4% and 3%, respectively. The declines happen as investors exercise caution ahead of the US inflation data on Thursday.

Aside from the macro events, the SHIB fall happens amid delayed projects. That includes the much-anticipated metaverse. The utility of the meme token remains low, and most of its movements have been somewhat speculative. However, whales continue to hold the token on expectations of a price pump. Data by Whalestats shows that SHIB is the most-held cryptocurrency by Ethereum whales. The rank excludes stablecoins, USDC, USDT, and stETH.

Shiba Inu price movement and prediction

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Source – TradingView

Shiba Inu trades at crucial support on the daily chart. We call it a make-or-break level because if bulls do not hold it, the price could crash back to the yearly lows. Turning to the MACD indicator, a bearish crossover occurred as the price hit $0.000010.

The momentum is weak at the crucial support. The trading volume is down 49%, highlighting a decline in investors trying to scoop the meme token at the support. 

Should you buy Shiba Inu?

SHIB is not yet a buy. Although a reversal could occur at the current level, sentiment remains weak, and momentum is low. Thus, there are greater chances that SHIB will fall below $0.000010. The probable next support for the cryptocurrency lies at $0.0000080.

The post Shiba Inu slides 9% to find support. What are the odds of a reversal? appeared first on CoinJournal.

Huobi Token (HT/USD) rose another 25% on Wednesday, capping a solid weekly 58% gain. The surge happens amid positive developments for the crypto exchange.

Well, Huobi is trying to redeem itself after a challenging time in the cryptocurrency market. Peers such as Voyager and Celsius have been facing liquidity challenges. That sent panic that other crypto exchanges like Huobi could follow suit. Consequently, the Huobi native token crashed to trade at below $4 earlier this month. That is ten times less than its May 2021 high of almost $40.

As of press time, the Huobi token traded at $6.4 as enthusiasm returned. CoinJournal had reported that About Capital was injecting funds in the crypto exchange. In a press release on October 8, Huobi said its founder Leon Li Lin will sell his stake in the exchange to About Capital. The Hong-Kong based asset manager is expected to inject “sufficient” capital to fund the exchange’s global expansion. 

On October 9 again, Huobi announced a new Global Advisory Board. The board consists of leading blockchain and non-blockchain business leaders. These include Tron founder Justin Sun, one among those speculated to be eyeing the purchase of the crypto exchange. The board will spearhead Huobi’s global expansion. 

Huobi token posts double-digit gains on key developments

Below, the Huobi token is making parabolic moves following positive developments. However, the token has met resistance at $6.8.

Source – TradingView

On the daily chart, the Huobi token is retreating from an overbought resistance at $6.8. With the positive sentiment, the token could break the resistance barrier. However, due to oversold conditions, we urge buying lower after a correction. The potential support lies at $5.55. Alternatively, the token could correct to the 20-day or 50-day MA.

Concluding thoughts

Huobi token could continue to claim higher levels due to positive developments. However, the current valuation of the cryptocurrency is too high for an outright buy. Investors should consider buying lower.

The post Huobi token jumps another 25%. How far can it go? appeared first on CoinJournal.

Meta honcho Mark Zuckerburg is a pantomime villain.

When Facebook announced last year that they were rebranding as “Meta”, in a signal of intent about where they believed the industry at large was heading, it disappointed some.

“How dare they take the metaverse name”, many decried. Yet with the nebulous concept of metaverse now being referred to more as Web3, this chatter has died down a bit.

Meta vision struggling

But what exactly is going on with Meta, and their push to kick off the new age of social media?

Zuckerburg’s announcement did nothing to quell the slew of selling, as Facebook’s share price today trades at $129, a nasty 59% plunge since the rebrand announcement.

Nearly a year to the day of the Meta rebrand, Zuckerburg’s utopian vision of some Ready Player One type of virtual reality world has never seemed so far off.

Thousands of employees are working on this goal, but the results thus far have been underwhelming, to say the least. This week, internal memos were leaked, which the Verge reported on.

They were, I’m sure you agree, sombre in tone.

“Why don’t we love the product we’ve built so much that we use it all the time”? Meta’s VP of Metaverse, Vishal Shah, asked.

“The simple truth is, if we don’t love it, how can we expect our users to love it?” he added.

“The aggregate weight of papercuts, stability issues, and bugs is making it too hard for our community to experience the magic of Horizon” another quote read, referring to Meta’s virtual reality game.

Metaverse tokens lagging market-wide

The fall in metaverse tokens in the year since is stark. Of course, cryptocurrency tokens market-wide have fallen off a cliff, but the scale at which metaverse-related tokens have dropped is nonetheless worrying.

Looking at the nine tokens within the CoinMarketCap top 100 which are classified as “metaverse” related, the average decline since Meta’s rebrand is daunting. I plotted them in the graph below:

Even more concerning is the dropoff in users of these games. While there appeared to be misreporting around the active users on Decentraland – with alarming data suggesting 38 daily active users turning out to be exaggerated – the fact of the matter is that engagement in these metaverse games has collapsed in line with token prices.  

Lately, there has been a lot of misinformation on the number of active users of Decentraland. Some websites are tracking only specific smart contract transactions but reporting them as daily active users DAU, which is inaccurate.

— Decentraland (@decentraland) October 7, 2022

What happens now?

For Zuck, it’s been a tough time. He even fell out of the top 10 richest people in the US this week, yet another bitter pill to swallow.

In all seriousness, the struggles of the vague but seductive metaverse are concerning. Games are struggling to be made with the standard of conventional non-blockchain games. With token prices through the floor, the play-to-earn model has suffered as a result, as without the potential for large earnings, these games are just…less fun.

It will be interesting to see how Zuck and Meta build from here. But for the time being, their metaverse bet thus far has been ill-advised.

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