If stocks bounce, will Bitcoin follow?

  • Bitcoin and the S&P 500 move in a direct correlation 
  • The recent corrections look like an Elliott Waves a-b-c
  • If stocks make a new high for the year, Bitcoin will follow

US stocks rallied in 2023, and so did Bitcoin. One may ask what market is leading, and the answer is the stock market.

The S&P 500 index appears to have made a double top this month, but if the correlation with Bitcoin holds, then the double top would be invalidated by stocks making a new high.

So far, the 4,150 area proved to be resistance, but it might just be that the market forms an ascending triangle. If we look at how Bitcoin reacted to the S&P 500 rally, the recent correction is just part of an a-b-c structure, familiar to those using the Elliott Waves theory to trade financial markets.

S&P500 chart by TradingView

Flat patterns point to more upside

A flat pattern is a corrective wave labeled as an a-b-c. Elliott traders use letters to count corrective structures.

Only in this case, the flat pattern has two corrective waves of a lower degree (i.e., waves a and b), and one impulsive (i.e., the c-wave).

In other words, it means that the next wave of the same degree will fully retrace the stock market’s decline from this year’s highs. Given the direct correlation between the S&P 500 and Bitcoin, it means that Bitcoin will do the same and make a new high for the year.

To answer this article’s question, Bitcoin would follow the stocks lead if the S&P 500 bounces from the current lows.

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Liquity surges 64% in 24h – will it make a new all-time high?

  • Liquity surged more than 60% in the last 24h
  • Parity plays a pivotal level 
  • A move above $3 should not be ruled out

The top gainer in the last 24h in the cryptocurrency market is Liquity – a decentralized borrowing protocol that allows drawing interest-free loans against Ether. It gained over 60% against the US dollar and now threatens to break the all-time high.

According to the official Liquity documentation, investors get access to an immutable, capital-efficient, and fully decentralized protocol.

So does it make sense to buy Liquity after this rally? Or is the 2022 bear market still in place?

LQTUSD chart by TradingView

Parity turned out to be a pivotal level

Since its inception, Liquity has suffered from the overall bearishness seen in the cryptocurrency market. From $3, the price dropped to below $0.6 as each rally was met with further selling.

But one thing is worth mentioning just after having a simple look at the chart above. That is, the effect the parity level had on the price action.

More precisely, parity played a pivotal role. While below, it offered resistance. While above, the price met support.

Therefore, the breakout above parity seen in the last several days led to the surge that made headlines. $2.8 capped the price so far, but Liquity’s rally may continue while above parity.

All in all, the technical picture is bullish while Liquity trades above parity. On a move below, the narrative changes dramatically.

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Uniswap technical analysis – bullish price action to continue

  • $7.5 is a pivotal level for Uniswap
  • A move above should trigger more strength 
  • Bulls may target $14 if the price action holds above $5

Uniswap had a terrible 2022. It dropped like a rock.

But technical analysis suggests that a bottom might be in place. During the second half of 2022, Uniswap consolidated in what appears to be a contracting triangle.

The bullish breakout happened in 2023 when Uniswap rallied in the first two months together with the rest of the cryptocurrency market. As the price overcomes the upper edge of the contracting triangle, where will Uniswap go next?

UNIUSD chart by TradingView

A move above $7.5 pivotal area should trigger more strength

The cryptocurrency’s market rally in the first two months of 2023 is a relief to many crypto investors. Faith in the market succumbed to very low levels after the FTX saga as investors fled the market.

But buyers stepped in, as reflected by the Uniswap daily chart. For more than six months, the market had formed a contracting triangle that acted as a reversal pattern.

Now that the triangle broke to the upside during the 2023 rally, where can the price go?

Technical analysis suggests more strength ahead. While the $7.5 area offered strong resistance, a move above it is pivotal.

Therefore, bulls may want to place a buy-stop order at $8 with a stop at $5. The take-profit level should exceed the previous lower high belonging to the 2022 bearish trend. Also, it should exceed the longest segment of the triangular pattern. Hence, a take-profit order in the $14 area would make sense.

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EOS Price Making Slow Gains While Metacade Set to 100x in 2023

Despite being one of crypto’s oldest and most well-known projects, EOS has lagged behind the rest of the market in recent months. But what does the future hold for EOS? In this article, you’ll discover EOS price predictions for 2023, 2024, and 2025, and find out why some are predicting Metacade’s MCADE token could rocket 100x in 2023.

EOS (EOS) Was One of 2022’s Worst Performers

EOS is a smart contract-enabled blockchain launched in 2017. Touted as one of the leading “Ethereum killers”, EOS rose through the ranks to become one of the most valuable cryptocurrencies. However, despite remaining in the top 50 most valuable projects during the crypto winter, EOS’s performance has been underwhelming recently to say the least. 

One just needs to look at EOS’s market cap to determine that most crypto investors feel the same. In 2018, its market cap peaked at $17.5 billion, more than Cardano’s current market cap (CoinGecko). However, despite the tremendous bull run in 2021, it briefly peaked at $13.5 billion in May before plummeting to $3.5 billion a month later.

So why has EOS’s growth been so lackluster? Many investors seem concerned that EOS offers nothing different from the dozens of layer-1 solutions on the market. Moreover, many have cited high centralization among validators and several damaging hacks as reasons to stay away from the project. 

EOS (EOS) Price Prediction

While much of the market suffered during the ongoing crypto winter, EOS seemed to be one of the biggest losers. It fell almost 95% from its May 2021 peak to a low in November 2022, although it has risen 43.5% as the crypto winter began to thaw in January. 

Many EOS price predictions have benefitted from the projected bull run in 2023, but they still fall short of many others, like Metacade. Maximum EOS price predictions for 2023 lie around $1.80, up over 63% from its current price of $1.10. Beyond that, EOS price predictions for 2024 and 2025 stand at $2.93 and $5.09, respectively. While these returns aren’t awful, many projects are expected to offer much higher gains by the end of the year. One such project is Metacade. 

Metacade (MCADE) is Expected to Dominate Play-To-Earn

Metacade is a community hub designed to be a one-stop platform for all things play-to-earn (P2E) gaming. GameFi is set to hit the mainstream in 2023 as more players flock to join the P2E revolution, and Metacade will be the top spot for meeting like-minded gamers, learning how to get ahead in the latest P2E games, and even playing a direct role in determining the future of the industry. 

There’ll be forums for discussing the latest P2E games, real-time chats for discussing strategies and sharing tips, and spaces for reading the hottest GameFi alpha posted by P2E veterans. One feature attracting plenty of attention to Metacade during its ongoing presale is its reward system, where users can earn MCADE directly, for contributing to the platform and interacting with others.

Perhaps the biggest game-changer of all will be Metacade’s Metagrant initiative, launching later this year. This scheme allows developers to propose game ideas for the community to vote on. The project that earns the most votes is awarded funding from the Metacade treasury to bring the game to life, with the final game being added to Metacade’s virtual arcade. Developers even have the option to use the platform’s native testing environment to receive feedback on their games.

There are also plans for a decentralized autonomous organization (DAO), a pay-to-play virtual arcade, and regular community events to keep users engaged. Recently, Metacade gained Certik approval, one of the leaders in blockchain auditing and transparency, further boosting its reputation in the eyes of potential investors and users. 

Metacade (MCADE) Price Prediction

These aspects have led to thousands of investors rushing to pick up MCADE tokens in presale, with over $7.8m of investment flowing into the project in just 14 weeks after the launch. By the time presale finishes, MCADE will be worth $0.02, but some analysts have made bold predictions that it could reach $2 by the end of 2023 – 100x returns in just under a year!

In 2024 and 2025, many experts forecast that, as P2E gaming takes off, the price of MCADE could surge to at least $4.50 and $6, respectively. For unique projects like Metacade, achieving these kinds of returns is certainly not out of the question. 

Metacade (MCADE) may be a Much Better Investment 

In summary, EOS has suffered immensely during the recent crypto winter, and ultimately, doesn’t seem to have much going for it in terms of innovation or growth potential. Metacade, on the other hand, is effectively the opposite. It is positioning itself to become a leader of the P2E industry by offering some groundbreaking features that gamers are likely to find incredibly valuable.

Meanwhile, the expected growth of GameFi in 2023 and beyond could be a huge catalyst for Metacade’s user base to quickly expand, driving up the price of MCADE in the process. If you want to get in before this growth occurs, be fast. MCADE tokens are currently on sale for $0.0155, and time is running out to grab tokens this cheap before its price continues to climb. Forget EOS price predictions as Metacade could be a much better investment. 

You can buy EOS (EOS) at eToro here.

You can participate in the Metacade presale here.

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Robinhood is under investigation by the US SEC for its crypto activities

  • Robinhood Markets Inc. disclosed investigation by the SEC in its most recent 10-K filing with the SEC
  • Robinhood has listed a number of cryptocurrencies and also offers crypto custody and trading services.
  • It was issued with an investigative subpoena on December 22 just after the collapse of FTX.

The crypto industry is facing a major regulatory crackdown, especially in the United States of America as the US Securities and Exchanges Commission (SEC) take on several crypto projects. Robinhood recently confirmed through its recent 10-K filing with the SEC that the US SEC is also on its neck for its cryptocurrency activities.

Robinhood has revealed that it received an investigative subpoena from the SEC in December 2022, just weeks after the collapse of the FTX crypto exchange. The move by the SEC is the latest against a series of crackdowns against the cryptocurrency industry following the collapse of the FTX and the bankruptcy filing of several other crypto firms.

Potential risks to Robinhood’s business

Robinhood disclosed in the filing that the subpoena from the SEC regarding its “supported cryptocurrencies, custody of cryptocurrencies, and platform operations” is among potential risks to its business.

A subpoena normally requires the respondent to appear before a court and testify for an ongoing investigation.

Besides the SEC subpoena, Robinhood revealed that it also received another subpoena from the California Attorney General’s office regarding its trading platform, custody of customer assets, customer disclosures and cryptocurrency listing. The firm stated that it is cooperating with the California investigations.

At the moment, Robinhood lists 18 cryptocurrencies on its trading app including Ethereum (ETH), Bitcoin (BTC), and Dogecoin (DOGE) in addition to stocks. It went through rapid growth during the COVID-19 pandemic because it offers an easy way to start trading, low-interest rates, and stimulus checks.

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