Schlagwort: crypto business

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Stellar trade neutral after price struggle to extend bearish rally

Key points

  • The market lack volatility after oversold price stabilisation

  • $0.25 and $0.14 maintain demand and supply levels

  • Stellar approach smart contract incorporation into its network 

According to the recent announcement from the official Stellar Twitter handle, it seems the stellar coin will present room for innovation in 2022, as the company aims to incorporate smart contracts into the stellar network.

While this could leave a positive impact on the value of the asset. However, Stellar is known for its rapid rise in price towards the close of Q1 and its swift fall in the middle of Q2 in 2021.

And ever since the market crash in May, XLM/USD expanded „swing channel“ price movement below the $0.9 ATH value.

Though there is no significant evidence if the asset will maintain this bearish momentum for long-duration. After $0.14 and $0.25 have been labelled as the initial near-term support and resistance of the market.

With an optimistic viewpoint on the XLM/USD price chart. It should be noted that if the value of Stellar should find its way above the $0.25 near-term resistance, gaining bullish attractions will be the next event that will be recorded in the market. As the bulls are waiting for the price to cross above the $0.25 near-term resistance.

Technical analysis outlook for XLM/USD price action

To explain XLM/USD technical analysis into a simplified term. That will give the trading decision a profitable entry point. Below is the breakdown of stellar price action from the daily time frame.

Source – TradingView

Amidst the recent oversold condition the market has undergone in the last six days. From the daily price chart, XLM/USD extends short-term sideways price action along the middle of the supply and demand levels.

With a small body candlestick pattern printed on the daily price chart, the market volatility was put on a halt after the Average True Range indicator pointed to the south.

Final thought

While we might be in haste to trade XLM/USD, however, market players should take into consideration the exit and entry points that need to be respected before market orders can be executed.

At the moment, $0.25 is acting as near-term resistance, meaning a break above that level will change the entire ecosystem of XLM/USD into a bullish bias. On the other hand, if the price should dip below $0.149 near-term support, the value of the asset will resume a bearish trend to the south.

The post Stellar trade neutral after price struggle to extend bearish rally appeared first on Coin Journal.

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Gal Yosef launches Meta Eagle Club NFT collection

Globally respected 3D artist Gal Yosef is excited to launch his Meta Eagle Club NFT collection, which will be backed by the internationally acclaimed Eden Gallery.

About Gal Yosef

Gal Yosef is well-known in the 3D art and NFT community. He created the swiftly sold out Crypto Bulls Society collection, which earned over $50 million from primary sales and market auctions. He has worked with celebrities like Justin Bieber and DJ Steve Aoki. 

One of his unique NFTs, created through such a collaboration, fetched $214,000 at Sotheby’s. The upcoming Meta Eagle Club NFT collection will feature his lifelike cartoon-style avatars, which are universally adored.

A critical turning point

The collaboration between Gal Yosef and Eden Gallery is a critical turning point in the NFT industry. Projects from accredited artists are emerging front and center.

Through their combined skills and the NFT collection, Gal Yosef and Eden Gallery will bring a new vision to NFT art.

Collection features art world with 12K eagle avatars

The NFT collection, which is the first installment of a series of Gal Yosef’s own collections, features a digital art world named Galyverse. The first collection in this digital world is comprised of 12,000 captivating eagle avatars. Gal Yosef explains the choice of the eagle:

I was searching for a character that could help portray a charismatic avatar, but also one that’s warm and inspiring to others. Depicted as a symbol of freedom in so many different cultures, Eagles, out of the entire animal kingdom, also represent the strong and brave-hearted. Working on the wings and feathers allowed me to soar and explore new heights in 3D art.

Merging art and community

The Meta Eagle Club wants to merge community building with upscale art, an evolving vision, and exclusive physical gallery events. 

It will bring physical artwork to Eagle avatar owners to support NFT collectors. Eden Gallery and RNSNC, its cutting-edge NFT studio, will help make this possible. Collectors will also enjoy additional benefits, including VIP flights around the world.

 

The post Gal Yosef launches Meta Eagle Club NFT collection appeared first on Coin Journal.

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Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today

While crypto markets have been trading sideways over the week, several metaverse coins have seen significant price gain, with CryptoSword (SWD) gaining over 400% today as others see only a double-digit percentage price increase.

At the time of writing, it was $0.1421; up 453% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.3158 and a low of $0.02447 in the last 24 hours.

But why is the SWD coin rallying? Here is a deep dive into the behind-the-scenes of the current CryptoSword bullish trend.

What Is CryptoSword?

Before we look into the current CryptoSword bullish trend, it is important that we first explain what CryptoSword is for the sake of those who do not know what it is.

In a nutshell, CryptoSword is a Metaverse-based Game-Fi project on Binance Smart Chain that allows gamers to play games and also earn as they play. Its native cryptocurrency is SWD.

The CryptoSword players must have more than one sword in their wallet to start playing the sword battle. A sword costs $50+ 0.04 BNB, which is a reasonable price to start with.

There are different swords with different styles and levels. The swords include Legendary, Mythical, Common, Unique, Epic, and Rare.

The game also has Rounds that reset once a day, however, the number of times a sword can enter the fight and last time corresponds to the Rounds.

Players challenge mysterious enemies depending on the sword level after minting their swords. The players then receive rewards depending on the fight level difficulty. Players receive a base reward of 5USDT worth of SWD tokens.

The game is looking forward to developing a complete Metaverse experience where players can go to battle mode and fight unknown bosses after practicing and training their skills, the skill level of the player will be related directly to the number of rewards to earn. However, some features are not yet available since the game is still under development

Why Is Crypto Sword (SWD) price rallying?

CryptoSword (SWD) coin has been bearish since it was listed on CoinMarketCap on 10th January 2022; something that changed today after the coin surged by more than 400%.

Today on their Twitter handle, CryptoSword announced that their V2 metaverse Battle Mode is fully complete ready to open for the public.

The announcement about the new features has excited crypto traders resulting in a significant trading amount volume of $ 4.3 million and a fully diluted market cap of $762,771.

The post Here is why recently launched BSC metaverse coin CryptoSword (SWD) is up over 400% today appeared first on Coin Journal.

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IMF wants El Salvador to drop Bitcoin as legal tender

  • El Salvador adopted Bitcoin as legal tender in September 2021 and wants to build a ‘Bitcoin city’.

  • The IMF says the cryptocurrency poses threats to the country’s financial stability and consumer protection.

The International Monetary Fund (IMF) has advised El Salvador to reconsider its decision on Bitcoin as legal tender, citing several risks it says are associated with the use of the cryptocurrency.

El Salvador became the first sovereign state to pass a law adopting Bitcoin as legal tender in May 2021. The Bitcoin Law became effective in September, making the cryptocurrency money and mandating its use across the country.

The government distributed $30 (roughly £22) worth of Bitcoin to every citizen with a Chivo wallet account, with over 200 Bitcoin ATMs installed to aid in the adoption across businesses.

Although the move faced several challenges earlier on, President Nayib Bukele has maintained the country will ensure the use of Bitcoin works.

But the IMF has never warmed up to this idea, with the latest comment one among many it has issued since last year.

In a statement published on Tuesday, the global lender’s directors said making Bitcoin legal tender posed large risks. They pointed out that apart from the potential impact on financial stability, the cryptocurrency could also put the country’s “financial integrity and consumer protection,” at risk.

The IMF thus “urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the statement continued.

President Bukele has previously touted the construction of a Bitcoin City, with the project hinged on profits from price increases and a $1 billion cash injection via Bitcoin bonds.

But the global financial institution also took issue with that, saying El Salvador’s plans for Bitcoin-backed bonds were another concern. According to the IMF report, these plans also posed risks to the country’s financial integrity.

Despite the reservations, the IMF was positive about the potential for growth in digital payments as promoted via El Salvador’s Chivo e-wallet. Speaking at the end of a consultative forum with the Central American country, IMF directors noted the digital wallet could “boost financial inclusion.”

However, they urged that the country needed to adopt stricter regulations in the quest to have the ecosystem properly supervised.

Last week, he announced the country had added another 410 bitcoins to its treasury as they took advantage of the digital asset’s price decline.

Bitcoin’s price rose to around $69,000 in November 2021 before correcting heavily to lows of $33,000 in January. At the time of writing, the cryptocurrency had recouped some of the losses and was trading around $38,200.

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Dogecoin spikes after Elon Musk ask McDonald’s to accept DOGE payments

After a sharp drop in the last two weeks, Dogecoin is now green. It jumped 10% yesterday and it’s still rising today.

At the time of writing, it was $0.1488; up 9.25% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.1511 and a low of $0.1383 in the last 24 hours.

Now let’s see what the hike is all about.

Elon Musk and McDonald’s Twitter feud that has Dogecoin’s price surge

The Dogecoin price surged after a Twitter feud between McDonald’s and Tesla and Space X CEO Elon Musk. Musk had Tweeted saying that he would eat a happy meal on live TV if the fast-food giant, McDonald’s, accepts Dogecoin (DOGE) as the official payment system.

A few minutes after the tweet, DOGE price hiked 7% from $0.135 to $0.145 and the bullish momentum continues today as the two continue exchanging in the to and forth tweets that have attracted the attention of other crypto bigwigs including the co-founder of Dogecoin.

Tweets from Musk have been having a great impact on the market prices since he started tweeting about the meme coin. Previously, he had tweeted announcing that Tesla had started accepting DOGE for its merchandise using; something that caused the DOGE price to jump by 25%. 

After the recent Tweet from Musk targeting MacDonald’s, McDonald’s responded ten hours later saying that it will only accept his offer if Tesla accepts Grimacecoin, a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. 

Crypto opportunists quickly responded to McDonald’s tweet involving Grimace coin saying that buying the coin would not be a wise financial move since it was created a few hours ago, although it was already minted on Binance Smart Chain.

The media mainstream is trying to cover Musk’s erratic online behavior by amplifying his crypto tweets causing him to jump on a bandwagon of McDonald’s crypto memes that have been recently gaining popularity on Twitter. 

The Salvadoran president, Nyib Bukele, whose government had recently bought BTC dip before adding an extra 410 bitcoins at $36000 each in the recent dip, joined the tweeting spree by uploading a poorly edited photo of Musk with a McDonald branded hat and a nametag on 23rd January

Musk seems to be comfortably pushing for Dogecoin despite Tesla ownership of more than 42000 Bitcoin with an average of $ 31,700 per coin. He recently said in Time Magazine:

 „Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

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