Schlagwort: crypto business

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VeChain (VET) faces strong resistance in its road to recovery – How long should you wait?

VeChain (VET) has dropped for the last 4 days in a row in what appears to be a bloodbath. But contrary to what you’d believe, VeChain has actually been more resilient. Although it’s fallen, it has not been as much as other crypto assets. So, what does the road to recovery look like?

  • VeChain (VET) will face major resistance at $0.06 as it looks for its next bull run.

  • The coin is currently trading at $0.045, down around 3% for the day.

  • Any bullish breakout will only come if VET clears $0.06.

Data Source: Tradingview 

VeChain (VET) – Price prediction and analysis

The resilience that VET continues to show has been quite commendable. But despite this, the coin still remains on a bearish long-term trend. However, there are signs that the coin is trying to consolidate. The key will be to watch the $0.06 resistance. 

While VET has tested that price in recent weeks, it has been rejected almost every time. As sentiment in the crypto market improves, VET bulls will target another stab at $0.06. If they are able to pull above it, then we could see a rally that takes the coin well towards $0.08.

This will be nearly 45% higher than the current price. But if VET is rejected again at $0.06, it could slide back down to $0.03 before it tries to consolidate once more.

Why buy VeChain (VET) now?

As noted above, the long-term trend for VET has been bearish. The coin has fallen substantively from its all-time highs and continues to struggle to find any demand. 

But the underlying fundamentals of the VeChain network have always been stellar. Also, the long-term outlook for VET is very positive. The recent downtrend offers investors the chance to buy into the project at a smaller price than they would have under different circumstances.

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Ripple (XRP) is looking poised to rally towards $1 – How realistic is that?

Ripple (XRP) has had a lot of negative press in recent weeks with the SEC lawsuit. As a result, many investors appeared to be steering away from the coin. But at the start of March, XRP started to gain some momentum. Analysts are looking at a rally above $1, but how feasible is that? Here are some highlights first:

  • Ripple (XRP) is winning the SEC suit, and investor confidence is returning.

  • The coin has however been rejected strongly at $0.85.

  • Any run towards $1 must overcome the $0.85 resistance.

Data Source: Tradingview 

Ripple (XRP) – is $1 realistic?

Well, to be fair, it won’t be the first time Ripple (XRP) surges above $1. The coin is coming out strongly after positive news in the SEC suit. But in previous trading sessions, XRP has been firmly rejected at $0.85. The resistance has in fact proven quite hard for bulls to overcome in recent weeks.

We believe that any rally above $1 can only come if XRP is able to sustain gains above that threshold. At the time of writing this post, the coin was trading at $0.75. Also, surging above $1 will now mean that XRP has risen above its 200-day EMA, which could trigger a decisive bullish run. 

But with a lot of selling pressure and short-term speculative trading right now, it will take a lot of persistence by bulls to edge above the $1 mark.

Are investors buying Ripple (XRP)?

For a long time, we have always known that Ripple (XRP) is a decent asset to buy. But the SEC issue was affecting investor sentiment towards the coin in a big way. 

Now that these issues have started to clear out, it is likely that investors are also returning to XRP. After all, this is a big crypto project with the promise of superb long-term gains. It makes sense to own it as part of your investment strategy.

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Disney Pixar Pals NFTs launched on Veve sells out shortly after launch fetching $3.3M

Disney Pixar Pals NFTs collectibles launched on March 13 on the digital collectibles marketplace Veve, sold out within 24 hours. Crypto enthusiasts bought all the 54,995 NFTs.

The NFTs consisted of memorable moments and iconic characters created by Pixar Animation Studios. Examples of the NFT characters included Sherrif Woody, Lightning McQueen, Mike Wazowski, Edna Mode, and The House from Up.

Blind box

Users were collecting their NFTs from a blind box, meaning they purchased randomly without knowing what they purchased. They would only know what they collected/purchased after making payment.

Each Pixar piece was going for 60 gems (equivalent to $60).

Multiplying the number of collectibles by their unit prices, it is estimated that the total value of all the purchased NFTs was about $3.3 million.

Hours after the NFTs drop sold out, items on in the Pixar drop were selling for over 350 gems on the secondary market.

Veve NFTs marketplace

First, the Veve marketplace is a product of the ECOMI blockchain whose native token is OMI.

The NFTs dropped on the Veve NFTs marketplace are currently minted on GoChain blockchain, which developers claim to be fast, environmentally friendly, and completely compatible with Ethereum (ETH).

NFTs on Veve are traded using Gems, which are Veve’s in-app tokens. Gems are exchangeable for digital assets on a ratio of 1:1 to the dollar. Currently, it is not possible to directly convert Gems into fiat but the possibility of doing so is in the testing phase.

Since Veve is a product of ECOMI Gems are somehow connected to the OMI token. Whenever an NFT is bought using Gems, 100% of the equivalent value of OMI tokens is burnt while the purchased NFT is transferred to the account of the new owner.

It is important to note that OMI tokens can be converted into Gems but Gems cannot be converted into OMI tokens mainly because doing so would reduce the price of OMI.

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NFTs will shape the future of sports, PwC says

  • PwC foresees three major shifts in ticket sales, media rights, and sponsorships. 
  • NFTs and digital assets will be at the center of fan engagement and sports industry revenue streams.
  • Metaverse and Web3 integration also holds huge promise for the industry, the firm said in a report.

NFTs have vast potential and are likely to become “the future of digital assets in sports,” Big Four auditor PwC has said in a new report.

The firm’s Sports Industry Outlook 2022 report highlights non-fungible tokens as one of the top ten trends that could significantly boost the sports sector.

According to PwC, the growth in NFTs and overall adoption of digital assets is a development likely to “shape fan experience” and boost revenue opportunities.

Per the report, collectible NFT sales, season ticket member NFTs and virtual access tokens are likely to play a big role in revolutionising fan engagement. But more than that, as is with ticket sales, media rights and sponsorships, the fast-growing NFT space could open up new revenue streams for teams and leagues.

“For sponsors, tokenization presents a great way to align themselves with a team or league and create unique activations that build equity for both brands,” the firm noted.

Sports organisations and teams can explore collectible NFTs, moving into tokenised tickets, team memorabilia and even match highlights.

These can become key collectible NFT series, with their sale and trading an avenue that can bring in new revenue on a level not seen before. The same concept could apply to season ticket members (STM) and virtual access tokens.

The metaverse and Web3 are also going to be major “shifts” in coming years, with growth around these seeing “a reimagination of so much of how fans consume sports.”

As teams and organisations look to integrate and benefit from this technology, PwC advises investments in the infrastructure and talent key to its realisation. It’s also important to work towards legal and tax compliance.

NFT sales amounted to over $17.7 billion in 2021, growing two hundredfold from a total of about $8.5 million in 2020. Profits from reselling and buying also increased exponentially, reaching over $5.4 billion in 2021 from $12 million a year earlier.

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Tesla CEO Elon Musk: I won’t sell my Bitcoin, Ethereum and Dogecoin

The Tesla and SpaceX CEO, however, feels rising inflation makes “physical things” like homes and stocks in companies „with good products“ better investment choices.

Elon Musk has said he isn’t going to sell his crypto holdings in Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).

Musk, whose first purchases of Bitcoin coincided with the onset of the 2020-2021 bull market, however, does appear to favour investments in “physical things” amid rising inflation.

The Tesla and SpaceX CEO noted this on Monday, tweeting that real estate or stocks of companies making „good products“ could be better than dollars given the high inflation.

US inflation has paced at its fastest rate year-over-year, with February’s data pointing to a 7.9% reading. It’s the highest level at which prices have risen in 40 years, with pandemic-era monetary and fiscal stimulus a key driver that has only been exacerbated by the war in Ukraine.

„As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high,“ Musk noted in the Twitter thread.

„I still own  and won’t sell my Bitcoin, Ethereum or Doge fwiw,“ he added.

His comments come as the global markets face significant selling pressure amid sanctions against Russia for invading Ukraine.

Bitcoin slipped alongside in the days after the invasion, while a ban on Russian oil exports pushed oil prices to multi-year highs. Prices of gold, palladium, copper also rose significantly.

Bitcoin is up 1.3% over the past week, currently near $38,200, while Ethereum (ETH) is just under 1% and Dogecoin has declined 5% this past week. 

Meanwhile, European shares are trending higher in early deals amid optimism over talks between Ukraine and Russia. 

Oil is down about 5% after last week’s ban on Russian exports and a major lockdown in China due to a new surge in Covid infections.

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