Schlagwort: crypto business

• Riot Platform’s share price has surged to the highest point since April 2022.

• This rally is happening as Bitcoin remains at $30,000.

Riot Platforms stock price has made a bullish breakout even as Bitcoin remains in a deep consolidation phase. The stock has risen in the past three straight days and is now trading at the highest level since April last year. In all, the shares have jumped by more than 430% from the lowest level last year.

Mining stock is doing well

Riot Platforms, formerly known as Riot Blockchain, is one of the biggest Bitcoin mining companies in the world. Therefore, like other mining companies, the firm makes money when BTC is doing well.

Bitcoin has done well this year as its price jumped by more than 90% this year. Recently, however, demand for Bitcoin has eased while its price has remained above the important point at $30,000. Bitcoin liquidations have also dropped sharply in the past few days.

Therefore, the Riot Platforms stock price is rising for two main reasons. First, some analysts are still bullish on Bitcoin. I wrote that analysts at Standard Chartered see BTC hitting $120,000 by 2024. In a separate report, Tim Draper, a billionaire investor, said that he expects that BTC will surge to over $325k in the coming years.

Second, investors believe that Riot will increase its mining capacity in the coming months. The company recently acquired 33k Bitcoin miners for $163 million. So, how high can RIOT stock rise?

Riot Platforms stock price forecast

Turning to the daily chart, we see that the RIOT share price has been in a strong bullish trend in the past few months. This rally culminated in the shares jumping above the key resistance level at $14.37, the previous YTD high. 

Riot Platform’s share price ha also moved above the 25-day and 50-day moving averages while the Average Directional Index (ADX) has moved to 26.50 An ADX figure above 20 is a sign that the bullish trend will continue. 

Therefore, while a pullback is possible, there is a likelihood that the RIOT share price will continue rising as buyers target the resistance level at $20. A move above $20 will open the possibility of the shares moving to $23.60 (March 22 high).

The post Riot Platforms stock price is defying gravity as Bitcoin sleeps appeared first on CoinJournal.

• Shiba Menu is a new crypto that is at the intersection of meme coins and AI.

• The developers have raised over $450k in less than two weeks.

Memecoins and artificial intelligence have been some of the most popular themes this year. New meme tokens like Pepe and Keke have grown from nothing into some multi-million dollar cryptocurrencies. On the other hand, AI companies like Nvidia and C3.ai have seen their shares jump by double digits. Shiba Menu, a new meme coin that is at the intersection of meme coins and AI, has also raised over $449k in the past few days.

What is Shiba Menu?

Meme coins are unique cryptocurrencies that started to boom in 2021. Their performance did well after the success of Dogecoin, a proof-of-work coin that was promoted heavily by Elon Musk, the richest man on the planet. Since then, many meme tokens have come up, with the most popular ones being Shiba Inu, Floki Inu, and Dogelon Mars.

Several meme coins have come up this year, with the most successful ones being Pepe and Keke. Pepe has gone from nothing to becoming a meme coin valued at over $500 million. It has created many millionaires along the way.

Shiba Menu (SHMU) is a new meme coin that is seeking to capitalize on the ongoing success of meme coins and artificial intelligence. According to its white paper, Shiba Menu is an AI-powered, self-marketing cryptocurrency. It will use AI to come up with marketing strategies, including writing its own PR. 

Unlike many other meme coins that have no meaningful utility, Shiba Menu will create its utility over time. For example, it will be the only meme coin that can create its own marketing materials like PR and multi-platform marketing materials.

Potential catalysts for Shiba Menu

There are three main potential catalysts for Shiba Menu. First, there is a likelihood that cryptocurrencies will do well this year. This probability will increase if Bitcoin manages to move above the important resistance at $31,200. If this breakout happens, there is a likelihood that other tokens will rise as well. 

As I wrote in this article on Tuesday, analysts at Standard Chartered expect that Bitcoin could jump to $120k. If this happens, there is a likelihood that other coins and tokens, including Shiba Menu will rise as well.

Second, Shiba Menu could rally because of the meme coin hype. After the success of key tokens like Pepe and Shiba Inu, many traders are constantly in search of the next big thing. After raising over $400k in a few weeks, there is a likelihood that the token will generate hype.

Finally, Shiba Menu is taking advantage of two hyped industries like AI and meme coins. Traders love such assets, as evidenced by the recent performance of key assets like Nvidia. You can buy Shiba Menu using this link.

Is Shiba Menu a good buy?

Investing in token presales and Initial Coin Offerings (ICO) is always risky and calls for caution. As such, while I expect Shiba Menu to thrive, I recommend caution. This means that you should only invest a small portion of your funds into the token. Doing this will give you exposure to the upside while limiting your potential risks.

The post Shiba Menu prediction: Is SHMU a good meme coin to buy? appeared first on CoinJournal.

• Bitcoin forms a possible pennant formation ahead of the US inflation report
• The disinflationary process in the US is set to continue
• If the dollar takes a hit, Bitcoin may rise above horizontal resistance

Summer trading is usually slow and tricky. Even the cryptocurrency market often consolidates levels longer than the norm.

It is the case with Bitcoin lately. The good news for cryptocurrency fans is that Bitcoin price holds close to the year’s high.

Therefore, one could only ask if this consolidation is a continuation pattern before another leg higher or if sellers put pressure here ahead of the key US inflation report to be released tomorrow.

Like it or not, Bitcoin’s performance is linked to the way the US dollar moves. As such, US economic data is critical for the digital asset’s performance, especially data directly impacting the Federal Reserve’s monetary policy decisions.

June US CPI is expected to show further declines

It should be obvious by now that inflation is cooling in the Western Hemisphere. Not all countries have seen similar trends, but the disinflationary process is in full force.

That is why traders expect the June US CPI report, due for release tomorrow, to show that the annual inflation in the United States dropped to 3.1% from 4% previously. If matched by the actual data, the US dollar will take a hit as the bets of further increases from the Fed will decline dramatically.

Hence, Bitcoin should pop above the horizontal resistance seen at $32k.

Bitcoin chart by TradingView

A possible pennant keeps Bitcoin hodlers optimistic

A pennant is a bullish technical analysis pattern. The market typically rallies after a bullish breakout and travels a distance equal to the distance prior to the pennant’s formation.

In Bitcoin’s case, this is about $6k on top of $31k, so $37k is the logical target.

But that won’t happen unless the US inflation report delivers a positive surprise. More precisely, if the inflation cools down more than expected, the Fed is less likely to raise rates, and so the US dollar should weaken.

The post Bitcoin consolidation continues ahead of the US inflation report appeared first on CoinJournal.