ETH/USD technical analysis and why the market may still rally


ETH/USD technical analysis and why the market may still rally

  • $1000 acted as solid support for Ethereum
  • A triangle as a reversal pattern reveals a bullish medium-term perspective
  • The rally on the small timeframes might continue

The cryptocurrency market rebounded in 2023 after a bearish market in 2022. Bitcoin led the decline, and other cryptocurrencies, such as Ethereum, followed. 

The US dollar’s strength is part of the reasons investors fled the cryptocurrency market. But other factors also contributed to the so-called “crypto winter” from last year. For example, the FTX scandal left many investors without funds. 

But against all odds, the crypto market rebounded in 2023. Bitcoin is up close to 50%, and Ethereum followed. 

So here is a technical analysis based on the long, medium, and short-term perspectives for the ETH/USD. Where will Ethereum go next?

ETH/USD long-term view

The one thing that strikes the eye on the monthly chart (besides the huge drop in 2022) is the strong support offered by the $1000 level. Often, the round numbers offer support or resistance, and it appears to be the case here. 

The larger the timeframe, the stronger the support or resistance is. This being the monthly chart, we should not be surprised that Ethereum bounced from support.

ETHUSD chart by TradingView

The medium-term perspective

Coming down to the daily chart, the bullish bias remains. Ethereum consolidated above the support level mentioned earlier and formed a contracting triangle. 

This triangle acted as a reversal pattern, as the price broke above the upper trendline. Therefore, the end of the triangle should act as an invalidation level for any long trade. 

ETHUSD chart by TradingView

The short-term view

From a short-term perspective, the market appears to form a pennant. This is a short-term consolidation pattern usually followed by another rally. 

ETHUSD chart by TradingView

However, until the price breaks higher, it is difficult to anticipate the market’s direction on such a small timeframe. 

Nevertheless, Ethereum formed an inverse head and shoulder pattern around $1,500. The lowest point on the pattern should act as a warning signal for bulls, should the price reach it. 

All in all, the positive momentum in the cryptocurrency market continues. As a result, Ethereum’s technical analysis has a bullish bias. 

The post ETH/USD technical analysis and why the market may still rally appeared first on CoinJournal.

Is it safe to buy Bitcoin now that it has made a new high for the year?

  • Bitcoin rallied close to $25k
  • The current rally diverges from the US dollar’s strength 
  • More upside is possible, should the EUR/USD regains 1.10

Bitcoin investors must be thrilled as the leading cryptocurrency trades close to $25k. It is a new high for the year and a significant development for Bitcoin for at least three reasons. 

First, with the recent movement, Bitcoin returns for the year are close to 50%. Considering that we are only in the middle of February, that is no small achievement. 

Second, Bitcoin broke the previous high while maintaining a series of higher lows. That is indicative of further strength.

Third, the recent upside came in a total divergence with the US dollar. The dollar gained after the inflation report released last Tuesday, as seen by the USD/JPY trading above 134 or the EUR/USD trading below 1.07. But Bitcoin did not follow the same path, diverged, and the price exploded higher. 

All these put the recent  Bitcoin rally in a positive light. Moreover, if we add that climbing close to $25k Bitcoin invalidated a head and shoulders pattern, the picture is even more bullish. 

BTCUSD chart by TradingView

What needs to happen for Bitcoin’s rally to continue? 

The chart above shows Bitcoin’s performance compared to the EUR/USD. While Bitcoin gained 49% YTD, the EUR/USD is almost flat. 

Bitcoin’s rally might continue if the EUR/USD reverses its recent losses. When the EUR/USD dropped from 1.10 to 1.07, Bitcoin dropped from $24k to $21.5k. Now that Bitcoin rallied while EUR/USD did not, it might be indicative of Bitcoin leading the US dollar weakness. 

Therefore, Bitcoin investors may see some more gains should the EUR/USD reverse the recent losses and move back to 1.10, which is the high for the year. If that happens, one should not be surprised to see Bitcoin trading close to or above $30k. 

The post Is it safe to buy Bitcoin now that it has made a new high for the year? appeared first on CoinJournal.

Metacade (MCADE)’s Price Explodes As Ripple (XRP) Price Predictions Falter

It’s no secret that Ripple has been under pressure over recent years. While some have made bold predictions for XRP to soar in the coming months, more realistic assessments suggest that its performance may not meet those expectations. In this article, you’ll find out why Ripple XRP price predictions have taken a hit recently and why demand has exploded for the Metacade token in its ongoing presale.

Ripple (XRP) – High Centralization and SEC Case Could Be XRP’s Downfall

Ripple is a cryptocurrency created in 2012 with the goal of providing a faster and cheaper alternative to traditional cross-border payment systems like SWIFT. Despite being the fourth most valuable project on the market (excluding stablecoins), Ripple has failed to meet investors’ expectations in recent years.

Besides the huge SEC-shaped elephant in the room, Ripple is one of the most centralized cryptocurrencies. Significant portions of XRP are owned and controlled by its parent company, Ripple Labs. Even Ethereum co-founder Vitalik Buterin seems to think so, stating in late 2022 that XRP is “still completely centralized.” This runs contrary to the principles of decentralization that underpin the entire idea of cryptocurrency. 

Additionally, the ongoing lawsuit with the SEC has suppressed XRP’s price for some time, and the outcome of the case is still anyone’s guess. The SEC alleges that XRP is an unregistered security, creating uncertainty and legal risks for XRP holders. With regulators seeking more control of crypto following FTX’s collapse, XRP could be the first domino to fall. As a result, many investors have been hesitant to buy XRP, which has caused many analysts to downgrade their Ripple XRP price predictions. 

Ripple (XRP) Price Prediction

While Ripple has arguably been one of the more stable coins in the recent bear market, Ripple XRP price predictions for 2023 aren’t looking too fresh. Many have set maximum targets for $1.18 by the end of the year, just shy of tripling its current price of $0.41. However, more realistic Ripple XRP price predictions are between $0.59 and $0.81. As a consequence, many investors have started turning their attention to projects with much more profit potential in 2023, such as Metacade.  

Metacade (MCADE) Storms Ahead in Presale 

In stark contrast to Ripple, Metacade has been gaining traction at a record pace in 2023. Its presale, now in stage 4, has reached over $6.2m, with $5 million alone raised in the first 10 weeks. Subsequently, the price of its native MCADE token has rocketed from $0.008 to $0.014 since the launch. 

So what exactly is Metacade? It’s a community-based platform for playing, learning about, and earning more from the latest play-to-earn (P2E) games. Gamers and crypto fanatics can come together in Metacade to connect and collaborate, take advantage of multiple earning opportunities, and even have the chance to directly influence the trajectory of the GameFi industry. 

The platform itself is an all-in-one solution for P2E gaming. With reviews, forums, leaderboards, live chats, and the hottest GameFi alpha shared by P2E veterans, players have everything they need to get ahead of the competition. These invaluable features offer a wealth of information on games and strategies, as well as a community of play-to-earn enthusiasts to connect with.

Moreover, Metacade is launching multiple initiatives to help players maximize their income in the P2E revolution through its initiatives: Create2Earn, Compete2Earn, and Work2Earn. Create2Earn rewards players for their contributions to the platform. It pays them MCADE for sharing reviews, offering game-beating alpha, and interacting with other members. Meanwhile, users can enter competitive gaming tournaments and win big prizes under the Compete2Earn program.

The Work2Earn initiative will see players using Metacade’s job and gig board to find roles in the Web3 and gaming industries. Launching in 2024, this board will host jobs ranging from casual testing positions to full-time salaried positions working with some of the biggest names in Web3.

Finally, the Metagrants program has been a massive hit with investors. Metagrants allow the community to leverage the platform’s funds to finance game developers. Developers simply submit their game proposals to the Metagrants competitions for MCADE holders to vote on. 

The winning proposals receive funding to bring their ideas to life, with the finished game being added to Metacade’s virtual arcade. This poses an incredible opportunity for the Metacade community to play a role in producing some of the very best P2E games and solidify the platform’s position as a leader in the GameFi industry. 

Metacade (MCADE) Price Prediction

Given the potential for Metacade to quickly become the de-facto home for P2E gamers, the MCADE token has seen some unbelievable price predictions. It launches to the public at $0.02, but many expect it to reach as high as $0.50 by the end of 2023 – 25x returns in under a year. Some of the more conservative estimates place it at a minimum of $0.22, which is still an outstanding 1,000% return on investment. 

Metacade (MCADE) Is the Better Investment

Overall, it seems like XRP holders are playing a risky game. The Ripple XRP price predictions given don’t bode well for Ripple investors, despite it being one of the more stable coins in the current bear market. Ultimately, XRP’s fate is in the hands of the US courts, which should be enough to deter anyone from investing in it. 

Instead, Metacade seems like a much wiser investment. After its remarkable presale success, it’s clear that Metacade is on the right track. With GameFi set to dominate the crypto space in 2023, the investors that have already gotten involved could see tremendous profits. If you think they’re on to something, check out the MCADE presale to grab tokens at $0.014 before its price increases further!

You can buy Ripple (XRP) at eToro here.

You can participate in the Metacade presale here.

The post Metacade (MCADE)’s Price Explodes As Ripple (XRP) Price Predictions Falter appeared first on CoinJournal.

Litecoin price is ripe for a 40% jump – technical analysis

  • Litecoin price has been in a strong bullish trend this week.

  • The daily chart analysis points to a 40% jump.

Litecoin price has made a strong comeback after the strong American consumer inflation data. LTC/USD jumped to a high of 97.56, the highest point since February 9. It has jumped by almost 10% from its lowest point this week and is closing in on the psychological point at $100.

Litecoin price prediction 

Turning to the daily chart, we see that the LTC price has been in a strong bullish trend after crashing to a low of $44 in June last year. It has outperformed most cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash. 

A close look at the chart shows that the coin has formed a rounded bottom pattern. This pattern has a close resemblance to a cup and handle and is a sign of a bullish continuation. It has also moved slightly above the 50-day and 200-day moving averages. 

Notably, it has moved slightly above the important resistance level at $92, which is the highest side of the cup and handle pattern. It has also made a break and retest pattern. Oscillators like the Relative Strength Index (RSI) and the MACD have continued rising.

Therefore, Litecoin will likely continue rising as buyers target the key resistance point at $134. This is a notable level since it was the highest point on March 30th last year. It is also about 40% above the current level.

LTC price forecast (4H chart)

On the 4H chart, we see that the LTC crypto price has bounced back after it collapsed to a low of $88.40. It is approaching the lower side of the ascending channel that is shown in black. The coin has moved above the 50-period moving average while the histogram of the MACD has moved above the neutral point. 

Therefore, Litecoin price will likely continue rising as buyers target the key level at $100. A move above that level will signal that there are still more buyers left in the market. If this happens, the next key level to watch will be at $105, the upper side of the channel.

However, this rebound could be a break-and-retest pattern. If this is the case, the coin will likely resume the bearish trend in the coming days. Therefore, buyers need to initially move above the lower side of the channel.

How to buy Litecoin

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.

Buy LTC with eToro today

Bitstamp

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.

Buy LTC with Bitstamp today

The post Litecoin price is ripe for a 40% jump – technical analysis appeared first on CoinJournal.

GRT rallies by 16% following The Graph’s launch on Arbitrum

  • GRT is one of the best performers amongst the top 100 cryptocurrencies by market cap today.

  • The coin rallied after The Graph Network launched on Arbitrum.

  • The broader crypto market has added $200 billion to its market cap in the last 24 hours.

GRT soars after The Graph’s launch on Arbitrum

GRT, the native token of The Graph Network, is one of the best performers amongst the top 100 cryptocurrencies by market cap today. 

The rally comes after The Graph team announced on Tuesday that The Graph Network can now be accessed via Arbitrum. 

According to the The Graph team, operating the protocol on Arbitrum One means lower gas fees, faster transactions and easier participation in The Graph Network.

This latest cryptocurrency news has led GRT, the native coin of The Graph network, to rally by 16% in the last 24 hours. At press time, the price of The Graph stands at $0.1701 and could rally higher over the next few hours.

The broader cryptocurrency market has also recovered from its earlier slump. The total cryptocurrency market cap now stands at $1.03 trillion, up by more than 2% in the last 24 hours.

Bitcoin and Ether are trading in the green zone once again after underperforming earlier this week.

Key levels to watch

The GRT/USD 4-hour chart has turned bullish as GRT has been performing well over the last 24 hours. The technical indicators show that GRT could rally even higher over the next few hours or days.

The MACD line crossed into the positive zone a few hours ago, indicating a strong bullish momentum for GRT. the 14-day relative strength index of 63.77 also shows that GRT could be heading into the overbought region in the near term.

If the positive momentum is maintained, GRT could rally toward the first major resistance level at $0.18875 before the end of the day. 

However, GRT would need the support of the broader crypto market to cross the $0.20 resistance level for the second time this month. 

Where to buy The Graph now

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.

Buy GRT with eToro today

Bitstamp

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.

Buy GRT with Bitstamp today

The post GRT rallies by 16% following The Graph’s launch on Arbitrum appeared first on CoinJournal.