WOO Network saw increased sell-off after rejecting at $0.35.
Crypto analyst says WOO could decline to $0.20.
The losses for WOO came as Bitcoin price retreated to around $27,400 on Sunday.
WOO Network price fell double digits on Sunday as the crypto market continued to see weakness among the bulls following key downward moves for Bitcoin, Ethereum and other major cryptocurrencies.
At the time of writing, WOO was trading around $0.24, more than 10% down in the past 24 hours and nearly 26% down in the past 7 days. Bitcoin on the other hand, broke below major support at $27,800 to hover near $27,400.
What is WOO?
WOO is the native token of WOO Network, a blockchain-based decentralised finance (DeFi) and centralised finance (CeFi) platform. Users on the trading platform can trade BTC, ETH and other coins and benefit from one of the best liquidity and low cost trade executions.
Users have access to zero fee trades on the CEX platform dubbed WOO X, while the DEX platform WOOFi offers cross-chain swaps and single-sided yields. Both platforms are powered by WOO.
The WOO token, which has a circulating supply of 1.7 billion WOO and trades on the world’s leading crypto exchange Binance, had seen a massive uptick in daily volume as sell-off mounted. Data from CoinGecko showed a total of over $55 million as of 4pm ET on Sunday, more than $19 million of which was in the WOO/USDT pair on Binance.
WOO price: analyst predicts decline to $0.20
The price of WOO Network moved from highs of $0.28 earlier in the day, and crypto trader and analyst TraderSZ has shared the technical set up for the cryptocurrency.
According to the trader, WOO did a trendline deviation on the weekly chart. With invalidation clearly above the trendline, the price prediction is that bears might extend their push to last week’s low.
The area the analyst highlights around $0.20 marked the zone from which WOO recently bounced to highs near $0.35. The rejection from the psychological level and potential weakness at $0.20 could see WOO price decline to the $0.14 level.
Have you ever thought about how the cryptocurrency market influences your preferred online gambling games? This virtual form of currency, introduced in 2009, has taken over the gaming industry with its potential to make deposits and withdrawals faster and more securely without any associated cost.
As cryptos continue advancing on their path, they are also transforming all aspects of iGaming. Below are all the details regarding this meteoric phenomenon that is revolutionizing digital casino entertainment as we know it.
The Emergence of Crypto-Based Online Casinos
As the crypto revolution doesn’t seem to be stopping anytime soon, more online operators like Joe Fortune Bitcoin Casino are seeing its potential and various benefits. This is why a lot of iGaming sites choose specifically Bitcoin as their only acceptable form of payment or introduce other digital coins such as Ethereum, Litecoin, Tron, Ripple, etc.
There are several reasons why these casinos are gaining in popularity:
Anonymity. Bitcoin payments don’t require players to divulge any private or personal details, making it a great way for gamers who value their privacy. As crypto gambling sites don’t save the sensitive financial information of their players this also adds an extra layer of security.
Speed & lower fees. This is one advantage that attracted many casino customers in the first place since cryptocurrencies allow instant transfers with relatively low fees compared to traditional online payment methods such as Visa and Mastercard credit/debit cards or e-wallets like PayPal.
Global accessibility. Bitcoin transactions lack geographical limitations because cryptocurrency sends across jurisdictional boundaries. It makes it a really attractive choice for those who live far away or are residing in countries whose legal system restricts regular iGaming activities.
Provably fair games. Online casinos using cryptos tend to offer provable fairness games meaning that gamers can verify whether results were generated randomly after each bet by comparing server seed hashes (which must be accessible). That being said, playing on these platforms allows members peace of mind knowing they will get fair outcomes based on the implemented algorithms.
While these features make crypto-based gaming sites attractive, their novelty means that the selection of games is limited and, in many cases, still doesn’t offer top titles such as live dealer roulette or slots jackpot.
However, there are more and more sites focused on crypto gambling that come with a wider range of choices.
Blockchain-Based Gaming Platforms
We have discussed digital coins influencing the industry, but blockchain technology is also entering iGaming. Several platforms use this innovation to focus on games based on the distributed ledger for an enhanced gaming experience with numerous features such as immutable transactions, increased transparency for users, and more secure data records.
The most significant advantages are:
Transparency. As blockchain processing is transparent with regard to asset verification and authentication of all the entities involved in a transaction (from both sides), gamers can rest assured that everything takes place in a secure and transparent manner.
Ownership & tradeability. Blockchain-based platforms such as popular Ethereum casinos offer their players ownership of in-game assets (avatars, weapons, etc) which can be further exchanged and traded privately or sold on the open market.
Reduced fraud. As all of the members’ interaction data and proof are stored on publicly distributed ledgers, it makes it impossible to edit them after a bet has been placed or money deposited in an account, reducing cases of fraudulent activities almost completely.
Many things that seemed impossible in the past can now be achieved thanks to iGaming blockchain developments. We can expect to see huge technological advances in the coming years using computer processing power, AI, and machine learning, so users can have access to never-seen experiences.
The Adoption of Tokenization and Initial Coin Offerings (ICOs) in iGaming
Tokenization and the issuance of ICOs have gained immense traction in various industries. As part of this new ecosystem, iGaming companies have started recognizing its potential by issuing their own tokens.
Nowadays, it’s not uncommon to come across a new online casino created with an Initial Coin Offering (ICO). These sites issue their coins and insist on exclusive transactions made in those cryptos. Such casinos have the benefit for operators since they can easily monetize their platform through coin sales as well as increased customer loyalty via buybacks and other buyer rewards.
The main advantage, from a player’s point of view, is that these tokens are liquid and aren’t tied to any third-party service or payment processor. This basically means one could easily convert their coins into different cryptos like Bitcoin, Ethereum, etc., or even cash them out to their bank account.
For gaming platforms, it means access to a global pool of investors – an advantage that could potentially lead to more funds and yields for projects instead of relying on venture capitalists or angel investors. For instance, the most successful ICOs can raise millions in minutes.
Conclusion
The crypto market has significantly impacted the iGaming industry, from the emergence of crypto-based online casinos to integrating cryptocurrencies into traditional iGaming platforms. Developing blockchain-based gaming platforms and adopting tokenization and ICOs for fundraising have also shaped the industry’s landscape.
While regulatory challenges remain, the potential for further innovation and growth in the iGaming sector through the continued influence of the crypto market is undeniable.
GameFi is an area of innovation within the blockchain gaming space that generates a lot of buzz and excitement, and none more so than for newcomer Metacade. GameFi, short for gaming finance, combines the world of gaming with decentralized finance (DeFi) to create a new type of gaming experience, allowing gamers to earn crypto while playing games — creating a new revenue stream for the gaming community and a new way to profit from the gaming industry for investors.
The potential for GameFi is immense, with the global gaming industry expected to be valued at over $250 billion by 2025. The combination of gaming and finance is a natural fit, as both rely heavily on community engagement and user adoption. The GameFi market is still in its infancy. Still, it is expected to proliferate in the coming years, attracting more gamers from the traditional gaming sector and putting Metacade in a fantastic position for growth.
Could crypto regulation help Metacade’s price growth?
While clarity on crypto regulation is still lacking in the crypto space, the SEC is expected to provide more guidance in the coming months. This crypto regulation uncertainty has caused some concern for investors. Still, the hope is that more explicit guidelines will ultimately lead to a more stable and mature crypto market that will benefit innovative projects like Metacade.
Metacade is forging ahead with its plans for the future of GameFi. The platform’s comprehensive offering, which includes several earning mechanisms beyond the game zone, is reported to have caught the attention of many crypto whales in the space. With its recent exchange listings and growing gaming community, Metacade is well-positioned to become a leading name in the GameFi space and could gain a boost from any forthcoming regulatory transparency.
What is Metacade?
Metacade is the first community-centered play-to-earn (P2E) gaming arcade built on blockchain. It will offer various games covering a wide range of genres and styles, all specifically developed for the platform with integrated earning potential for users. Metacade also plans to become a central hub for Web3 users, offering competitive gaming, job opportunities, and rewards for content creators.
This approach gives Metacade a strong chance of putting itself at the heart of the GameFi movement and, in doing so, offers investors a fantastic opportunity to capitalize on the high potential of the project in a burgeoning market.
How does MCADE work?
The MCADE token powers the rewards system and is the platform’s currency. It also offers staking opportunities (although currently fully subscribed), allowing investors to earn a passive yield and also vote in governance proposals for the project. The platform offers both casual and competitive gameplay, with users able to play solo while earning MCADE tokens or join paid entry tournaments to win substantial prizes.
Metacade’s innovative features go beyond its online arcade. It bestows content creators with MCADE token rewards for contributing to the community hub, which can include posting game reviews, sharing alpha, or engaging with the community — guaranteeing a high level of user retention.
Another prominent feature is the Metagrants program, which provides early-stage funding to promising new game developments on the blockchain. The community can vote to decide which new games shine before Metacade provides a Metagrant to help bring the idea to life. This feature is expected to drive innovation in the blockchain gaming sector while helping to support developers during their early stages.
Can MCADE shoot for the moon?
Investors anticipate significant returns from buying in the early stages of the project. While the presale saw the price of MCADE rise from $0.008 to $0.022 over its quickly sold-out phases, many believe there is a tremendous amount of growth still to come. The Metacade platform has the potential to become a leading name in the blockchain gaming space thanks to its unique offering, and its embedded utility could push the price of its utility token continually upwards over the next few years.
Metacade has already launched on Uniswap and Bitmart in April and is due to list on MEXC in early May, while its recent addition to CoinMarketCap, the popular cryptocurrency market aggregator website, will likely drive an increasing awareness of the project moving forward.
All this has many market analysts predicting a considerable amount of future price growth for the token, and MCADE could even smash through the $1 barrier by the end of 2023.
Is MCADE worth buying?
With the success of its presale and upcoming further exchange listings, Metacade is entering an exciting phase of price discovery. The platform’s unique features and growth potential make it an attractive investment opportunity for those interested in Web3 blockchain gaming.
Investors can purchase MCADE on UniSwap and Bitmart, with the MEXC listing adding a further exchange option in May. With a growing community and increasing interest in P2E gaming, MCADE has the potential to be a profitable investment for those looking to diversify their portfolio ahead of improved crypto regulation, hopefully this year.
You can learn more about how to buy Metacade here.
The European Parliament’s approval of the Markets in Crypto Act, MiCA regulation continues to be hailed as a watershed moment for the crypto space, particularly for Europe.
Commenting on the development, Philipp Pieper, co-founder of Swarm, a regulated DeFi platform that’s a member of Germany’s Digital Finance Forum, says the legislation is a new beginning for crypto.
“A new era for global crypto has begun and Europe, for a change, has just become the leading innovator in the industry,” the Swarm co-founder noted in a statement shared with CoinJournal.
MiCA creates clear and unambiguous rules for crypto
As we reported on Thursday, EU lawmakers’ nod for MiCA saw the bloc become the first major global jurisdiction to have a comprehensive regulation framework for crypto.
Many within the digital assets space say the law offers a clear way forward for exchanges and other platforms, with investor protection measures clearly spelled out.
“The passing of the MiCA regulation has created clear and unambiguous guidelines for crypto companies across the European market… Most importantly, crypto investors now have far more security and won’t be left holding the bag when companies collapse due to dodgy business practices,” Pieper noted as he added his voice to the matter.
While the devil could be in the details, Pieper believes the legislation establishes Europe as the world’s blockchain hub. With the regulatory environment supportive of crypto innovation, it’s possible that Europe outpaces peers in markets still mired in regulatory uncertainty.
According to Pieper, MiCA’s implementation “shouldn’t be viewed as a bad thing,” but rather as a positive step for crypto companies within the EU bloc. Those with a clear framework within which to operate will march forward confidently, something that cannot be said for US-based counterparts.
It’s a “first-mover advantage” that companies like Swarm will certainly benefit from after having embraced regulation from the beginning. Swarm is regulated by Germany’s BaFin, and offers customers a chance to trade Real World Assets (RWAs) on-chain.
Regulation now a part of crypto
Looking ahead to MiCA implementation, Pieper says any pains likely to come from the new law will form part of the “growing” process for crypto. He opines that with things changing fast, regulation has become a necessary part of the industry’s growth.
“While some parts of crypto have an anti-government ethos, regulations are now a fact and resisting is no longer feasible,” he commented. “We know anecdotally there are roughly 300 organizations that are affected by this and need to register. The impending significant bottleneck and the potential of having to pause business operations is now very real for these organizations.”
The US is being left behind
As Pieper rightly pointed out, the US is seen to be lagging Europe when it comes to crypto regulation .In deed, as CoinJournal highlighted, a senior UK minister recently indicated it could release its own crypto rules within a year.
Across the Atlantic, this week’s fiasco that was SEC Chair Gary Gensler’s responses on the subject of crypto at a Congressional hearing left many unimpressed. The SEC chief’s lack of clarity when handling some of the questions has been heavily criticised.
Messari founder Ryan Selkis called the hearing a “train wreck” in relation to Gensler’s responses.
1/ It’s been 24 hours to reflect on Chair Gensler’s absolute train wreck of an oversight hearing yesterday.
Schadenfreude is satisfying, but here’s the substance of how ineffective, and out-of-touch the Biden admin’s financial regulators are right now.
Some of the other most scathing comments came from Congressional Republicans, who have pointed out that the SEC cannot ask exchanges, for instance, to “come in and register” when there are no clear guidelines on the process.
Coinbase CEO Brian Armstrong shared his frustration at the lack of clarity this week, noting the US-based crypto exchange could relocate its base if the American regulatory environment remained as it is.
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.
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.
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.
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.
