Will There Be A Meme Coin Rally This Weekend? SHIB And DOGE Prices Are On The Verge Of A Bullish Rally
In recent weeks, the crypto market has seen a surge in the popularity of meme coins as popular cryptocurrencies like Shiba Inu and Dogecoin are leading the meme coin rally this year. The price action of SHIB and DOGE has created a buzz amid the bullish market trend and has gained investors’ attention to accumulate enough buying pressure in the price chart.
Shiba Inu And Dogecoin Prices To Surge Above These Levels
As meme coins are less affected than significant crypto assets like Bitcoin and Ethereum from the ongoing macroeconomic factors, investors gain more confidence to invest in this asset category.
Shiba Inu Price Analysis
Shiba Inu is on the cusp of a game-changing moment as it heads toward its key resistance level. Though the recent interest rate hike by the Fed has brought some uncertainty in the crypto market, it hasn’t demotivated big players from grabbing massive amounts of SHIB tokens. If the token manages to break above this resistance, a wild ride in the North may be witnessed with intense volatility.
As of writing, the SHIB token trades at $0.00001234 with an uptrend of nearly 2% from yesterday’s performance. A well-known altcoin trader, Bizmark, noted that Shiba Inu had formed a triangle pattern in the price chart. He predicts that SHIB’s price may gear up for a bullish trend continuation if it breaks above the level of $0.0000128, which may push SHIB’s price to a short-term bullish goal of $0.00001386.
Dogecoin Price Analysis
After a solid bullish trading session, the DOGE price has been rejected from its critical resistance level and is currently hovering in a red region. Moreover, the accumulation rate from DOGE investors witnessed a downturn as the meme coin failed to spark any promising upward journey.
According to CoinMarketCap, Dogecoin’s price trades at $0.092 with a minor uptick. Looking at the daily price chart, Dogecoin hovers around a crucial price zone as it can build up two scenarios. First: if the DOGE price moves above the 23.6% Fib level and breaks its immediate resistance of $0.098, it can test its crucial price level at $0.111, above which it may confirm a clear uptrend.
Second: the DOGE market may see domination from bears if bulls fail to maintain its price above the EMA-100 trend line at $0.085. A breakout below $0.078 may plunge the meme coin by 16% and force it to trade below $0.065.
Altcoin Market Closer to a Breakout, Will BTC Rally be Sluggish
Bitcoin bulls appear to have become extremely passive as they are unable to mount the buying pressure required to rise & sustain above $24,000. Meanwhile, the top altcoin Ethereum has been displaying immense strength by trading close to the crucial resistance at $1650.
The market cap of the second-largest crypto has surged beyond $200 billion despite the global market capitalization witnessing a minor pullback of nearly 1.19% in the past 24 hours.
As the BTC prices appear to have stuck within narrow ranges, the market capitalization of the altcoins is approaching crucial levels. The possibilities of a bullish breakout are constantly flashing that may begin a fresh bullish wave of several altcoins in the short term.
The altcoin market cap maintained a descending trend for the past 6 months and faced constant rejection from the trend line. Presently, the levels are again testing the crucial resistance, displaying a higher probability of a breakout.
Previously, the levels faced rejection as the resistance collided with the crucial 200-day MA, but presently, the market cap has surged beyond these levels and hence points towards a bullish breakout in the coming days.
Therefore, once the daily close is recorded above the trend line, then a significant upswing may kick in. This may ignite another 7% to 17% growth in the total altcoin market cap securing the levels above $700 billion. If the rally materializes, then the global market capitalization excluding Bitcoin may hit $1 trillion, validating the peak of the Altseason 2023.
Polygon Tumbles Near Crucial Resistance Level! Will MATIC Price End Up With A Death Rally?
Polygon investors enjoyed this month as its native token MATIC made overwhelming price momentum since the start of the new year. MATIC price has brought an ROI of over 40% in just two weeks, awakening bullish expectations among traders after a prolonged bearish trend.
Moreover, several analysts believe that MATIC’s price will astonish investors with a surprising breakout upward; on the other hand, some believe that the MATIC token may witness increased selling pressure if it fails to hold its price near the resistance level, resulting in a downturn in the trend.
Polygon Gets Support From The Community
Polygon price has been rallying upward continuously, with a staggering gain of 40% in January, becoming a rising star in the altcoin market with the most significant gain. Moreover, altcoin traders switched their attention to the Polygon network as it recently announced the entry of leading global investment firm Hamilton Lane.
According to the announcement, the NASDAQ-listed firm with nearly $829 billion assets under management (AUM) reveals its $2.1 billion funds on the Securitize platform, a Polygon-based tokenization vehicle. With this initiative from the Polygon network, MATIC’s price is expected to push its limit upward and accomplish its short-term bullish goals in February.
On-chain analyst firm, Jarvis Labs, noted that funding rates on the MATIC price remain neutral, and long-positions witness a significant spike over short positions, hinting at investors’ bet on long-term gain. Additionally, the number of addresses holding the MATIC token has witnessed a spike in January which signifies solid interest from the crypto community.
MATIC Price May Kick Off A Bearish Bloodbath
MATIC price is waiting for a major test as the ongoing market conditions, including the 25-bps interest rate hike, may loosen investors’ confidence. However, the MATIC token seems to get less impact as it continues its upward journey with great partnerships, including Mastercard.
As of writing, MATIC’s price trades at $1.23, with an uptrend above 12% in the last 24 hours. A well-known altcoin trader, TradingStat, predicts that MATIC may prepare for a downward correction as it fluctuates near its fundamental resistance level at $1.27. The analyst stated that a failure to trade above $1.27 might plunge the MATIC token below the 31.8% Fib retracement level to $1.12.
However, a bullish trend above the resistance level may gain investors’ trust in registering a further uptrend with intense buying pressure. A consolidation above $1.28 may take the MATIC token upward with a stable rise and form a next resistance at $1.5.
Will MATIC Price Initiate Fresh Rally in February?
Ethereum’s layer 2 scaling solution Polygon (MATIC) has rallied by more than 56 percent since the calendar flipped in January. Trading at $1.22 Today, up approximately 11.6 percent in the past 24 hours, Polygon (MATIC) is just a few steps away from regaining its pre-FTX momentum. However, analysts expect MATIC to experience high resistance around $1.3, which will act as a crucial decision point.
According to on-chain analytics firm Jarvis Labs, Polygon (MATIC) will have to convert the $1.3 psychological resistance to strong support for the bull case scenario to extend in the coming weeks.
“Breakout of such a long consolidation range should not be taken lightly, although there are warning signs of a pullback as well. With the ZK2023 Mainnet announcement and release coming up, Matic might surprise us,” Jarvis Lab noted.
Polygon (MATIC) Market Outlook
The polygon ecosystem is a great beneficiary of Ethereum’s high network congestion and DeFi growth. More decentralized applications and institutional investors entering the crypto market are opting to tap on Polygon’s scalable and secure network to build DeFi protocols.
According to aggregate data provided by defillama, the Polygon network has a total value locked (TVL) of about $1.23 billion. Among the top protocols that have locked assets on the Polygon network include AAVE, Quickswap, and Balancer with $335M, $180M, and $170M respectively.
With the MATIC price recording high volatility on the daily time frame, Jarvis Labs has cautioned traders to be careful.
“When 30d price volatility goes up on Matic, it does not typically end well for the price action in short term. Right now, we see both price and volatility metric up on the 30d frame,” the analytics firm indicated.
Meanwhile, institutional investors including global investment manager Hamilton Lane Inc. are bullish on Polygon’s future outlook.
Crypto Market Analysis: Bitcoin Bull Market is Back-Did the FOMC Rates Intensify the Rally?
Bitcoin price after recovering from the bearish engulfing in the past few days has now surged above the consolidation to reach the next milestone at around $24,000. The trading volume of the asset spiked by more than 36% to mark levels beyond $30 billion. The current trade set-up displays immense possibilities of a bullish breakout in the coming days that may even rise beyond the crucial levels of around $24,400.
The star crypto, after rising above a deep bearish trend, secures nearly 6 preliminary targets and now appears to be prepared to test the updated long-term targets. In the coming days, more upswing may be expected and higher targets could be reached that converge at $25,000 along with other indicators.
A huge convergence is witnessed at $25,000 where-in, the interim resistance, the 200-day MA and the 50-day MA levels collide, flashing the updated target for the BTC price rally. The recent FOMC meeting did add up to the prevailing bullish market sentiments that also assisted the current price rise.
The fresh FOMC rates were released that were raised by 25 bps to 4.75% after which the BTC price soared high, breaking the barriers at $23,800. Moreover, another 25 bps raise has been predicted for the coming month that could easily push the prices beyond $25,000.
Over the past few months, the US economic conditions, CPI or the GDP forecast, etc have shown positive dynamics. Interestingly, the prevailing conditions also have driven the traditional markets higher.
In the coming days, FOMC is committed to slashing the inflation rates to 2% from the current 6.5% and ensuring stability. Moreover, it believes that these rates can be achieved without a recession, while the economy will continue to grow along with Bitcoin & the entire crypto space.
Expert Who Nailed 2018 Bitcoin Forecast Predicts Epic Rally, Reveals Target Price!
The recent surge in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bull run. Currently, Bitcoin has risen by 50% from its bottom, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted the 2018 Bitcoin surge believes that the reigning cryptocurrency is still in a bull run. He supports this with the use of Elliott Wave theory, a complex technical analysis tool for predicting price behavior based on the psychology of crowds in waves.
According to the theory, there will be five upswings in asset prices, with the five-wave increase in the expert’s graph reaching a maximum of $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the top smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. Ethereum’s price is $1,583 at the moment.
To summarize the analyst outlook on the asset class, both BTC and ETH are in an accumulation phase, and a rally is evident. This means that an “echo bubble,” which is a market recovery that occurs too soon after a previous bubble has burst, isn’t necessarily a bad thing. Investors can profit from echo bubbles, which also boosts market confidence after a big drop. However, it’s important to do your own research and only invest what you can afford to lose.
Expert Who Nailed 2018 Bitcoin Forecast Predicts Epic Rally, Reveals Target Price!
The recent surge in Bitcoin prices is causing excitement among investors, who are comparing it to the second quarter of 2019, when Bitcoin rose from $3,000 to $13,000 in just four months, repeating its two-year bull run. Currently, Bitcoin has risen by 50% from its bottom, leading to growing anticipation of a similar bubble.
A successful crypto strategist who accurately predicted the 2018 Bitcoin surge believes that the reigning cryptocurrency is still in a bull run. He supports this with the use of Elliott Wave theory, a complex technical analysis tool for predicting price behavior based on the psychology of crowds in waves.
According to the theory, there will be five upswings in asset prices, with the five-wave increase in the expert’s graph reaching a maximum of $28,000. The current value of Bitcoin is $23,165.
The expert also has a positive outlook on Ethereum (ETH), the top smart contract protocol. He believes that ETH will break out of a symmetrical triangle pattern and reach $1,900. Ethereum’s price is $1,583 at the moment.
To summarize the analyst outlook on the asset class, both BTC and ETH are in an accumulation phase, and a rally is evident. This means that an “echo bubble,” which is a market recovery that occurs too soon after a previous bubble has burst, isn’t necessarily a bad thing. Investors can profit from echo bubbles, which also boosts market confidence after a big drop. However, it’s important to do your own research and only invest what you can afford to lose.
Rally or Bust? How Bitcoin Will React to Today’s FOMC Meeting
The FOMC meeting is quickly approaching; therefore, analysts have begun making their forecasts for Bitcoin’s price movement when the meeting concludes. Is it going to have a bounce back, or will it crash?
Expert Pitches In
Famous crypto analyst and YouTuber George Tung predicts a Bitcoin rise based on the king coin’s stability over the previous four weeks and the expectation that interest rates would be set at 25 basis points.
He said that well-known cryptocurrency skeptic Jim Cramer has declared a bull market, which makes him (Tung) a little nervous since it is common knowledge in the cryptocurrency industry that whatever Cramer predicts will not come to pass. If he claims the market is bullish, it should raise some red flags.
Bitcoin, in Tung’s opinion, will have a very positive month in February. Over the previous several years, February has consistently been a positive month for the market.
He stated:
“The market has a lot of similarities to 2019. If we’re at the breaking point like in 2019, that means there will be a tremendous increase soon.”
Tung claims that we are following the trend of the 2019 rebound that saw Bitcoin’s price rise from under $4,000 to over $12,000. By that measure, Bitcoin’s price should reach $35,000 within the next six weeks.
Since the beginning of the year, the price of Bitcoin (BTC) has continued to rise despite several warnings to the contrary across various time periods. In the last 24 hours, the value of a king coin has increased by 1.2% to $23,100.
Both $23,200 and the 100 hourly simple moving average are near-term resistance to price advancement. The following significant barrier to buyer power is located close to the $23,300 zone. It’s not far from the 50% Fibonacci retracement level of the decline from the high of $23,951 to the low of $22,519. But all signals continue to be bullish, so hopefully, there will no low.
Litecoin (LTC) Price To Rally In Coming Days! Will it Hit $100?
Litecoin (LTC) has rallied about 33 percent in the past 30 days to trade around $93.66 on Tuesday. The proof-of-work (PoW) secured digital asset enjoys over 7,365,212 holders who have made a total of 142,360,884 transactions since inception. In the past 24 hours, the Litecoin network has reported a total of 48,552 transactions with over 2.4 million blocks already mined.
However, the underlying value of Litecoin continues to trade below 2018’s ATH. On the weekly timeframe, Litecoin bulls are eyeing to push beyond $100 to retest a psychological trend line that has acted as a resistance level. If the Litecoin price bounces back to the upper side of the trend line, the multi-week bear market will be exacerbated.
However, a breakout above the trend line will see the bulls rejuvenated to revisit the ATH and possibly rally to price discovery.
Closer Look at Litecoin (LTC) Fundamentals
The PoW-secured blockchain has a total hash rate of about 667.32 TH/s and a mining difficulty of around 24.05 million. With a programmatic halving of around four years, similar to Bitcoin, the Litecoin community is expecting the next halving to take place on August 03, 2023. After the 2023 halving, Litecoin’s block reward will be reduced from 12.5 to 6.25 LTC.
As a top-traded digital asset, Litecoin could rally further fueled by a short squeeze as shown by daily liquidations. According to data provided by Coinglass, the Litecoin market has recorded a total of $1.67 million in liquidation in the past 24 hours.
Over, the Litecoin ecosystem is lagging in terms of DeFi development compared to projects like Ethereum that launched at a similar time. As such, the Litecoin long-term bulls may lack much fuel to rally more compared to other top digital assets like Cardano and Solana which have active developers.
Apots (APT) Price Rally About To End – New Lows On Horizon
The price of Aptos has increased by up to 400% over the course of the last month, making it the cryptocurrency that has performed the best so far in January. The spike has gained the distinction of being Twitter’s most reviled cryptocurrency pump.
Experts Weigh In
The price of the token has been influenced by Asian traders, according to the opinions of experts who have spoken on the matter. Ran Neuner, a cryptocurrency expert, and influencer, argues that the manipulated nature of the APT trading volume on the South Korean exchange Upbit is a clear indicator that traders are manipulating the market.
According to data provided by Coingecko, the APT/KRW trading pair on Upbit is responsible for more than 73% of the total amount of trading activity involving the coin.
While the APT/USDT pair on Binance is staying at $327 million, the trading volume on Upbit has crossed $611 million. On the other hand, Upbit’s trade volume has topped $611 million. Crypto specialists have thus formed the opinion that trading activity should not be trusted.
However, the price of Aptos is difficult to forecast since there are currently no stable fundamentals supporting the currency, and the coin has an extremely limited quantity that is in circulation.
When investing in APT, traders should proceed with caution since its price may be subject to sudden and significant increases and decreases before it reaches its true worth.
Why APT Price is Surging?
The little amount of APT in circulation, coupled with the huge rate of trades, has led to extreme price swings, as noted by Neuner. After doing an on-chain analysis, he could identify the wallet address that got 128,627 APT from Binance when the price of Aptos was $7.82. When the price of APT increased to $17.72, the wallet’s owner moved 60,100 APT to cash out. As of Jan. 31, the wallet has $1.2 million worth of APT.
The same pattern of wallets sending APT to Binance and cashing out was seen. The analyst warned that there might be a slowdown in the APT price surge if selling pressure increases and more Aptos are stored in exchange wallets.
DOGE Price Rally – Will Dogecoin Hit $0.1 in the Next 48 Hours?
While most top digital assets faced declines over the past two days, Dogecoin (DOGE) bucked the trend with a 6% increase in the past 24 hours. The meme-inspired cryptocurrency experienced a surge in the daily traded volume of over 173%, reaching $1.28 billion on Tuesday, indicating strong demand.
However, high liquidation levels, with $4.01 million recorded in the past 24 hours, suggest caution for intraday DOGE traders as sudden price drops due to stop hunts may occur. It’s worth noting that the performance of most altcoins is closely tied to that of Bitcoin.
Dogecoin Price Predictions
The Dogecoin market appears to have emerged from the 2022 bear market, fueled by Elon Musk’s Twitter announcement which triggered a relief rally in late 2022. The bullish sentiment is expected to drive the DOGE price towards a retest of its December 2022 high at $0.11, followed by a correction and a possible rally to $0.155.
However, the ongoing consolidation period suggests that a parabolic rise in price discovery is unlikely. Therefore, a near-term price correction could cause DOGE to revisit lower levels, possibly below $0.9 by the end of 2023.
The Dogecoin community believes that DOGE’s upward price trend will persist as long as Elon Musk continues to support the cryptocurrency. With Twitter reported to have applied for payment licenses in the US, the Dogecoin community eagerly awaits Musk’s integration of the meme-inspired cryptocurrency as a form of payment.
Musk has demonstrated his support for Dogecoin in his other ventures and is advocating for McDonald’s to accept it as payment.
Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium?
The post Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium? appeared first on Coinpedia Fintech News
The crypto market is rising today as the global market capitalization gained more than 2% and attempting to reach $1.1 trillion at the earliest. The trading volume also spikes by 25% to mark levels close to $50 billion at the moment.
The total value locked in DeFi is also surging as they approach $50 billion with a jump of 1.49%. Moreover, Bitcoin’s dominance is also surging which stands at around 42.25% with a rise of 0.17%, for the first time in the past 6 months.
But What Changes the Market Sentiments? Why the Crypto Market Is Rising Today?
Bitcoin and the traditional markets have been impacted by external events and FOMC is at the top of the list. Each time, the agenda for the next meeting is discussed, markets react notably and with the announcement of the fresh rates, BTC prices jump, uplifting the entire crypto space. Presently, the crypto space is surging but may be impacted any moment-says a popular analyst Rager.
FOMC this week
Be open to understanding that things can change regardless of how good things look
Unfortunately, Bitcoin price movement can still be impacted by the Fed, hopefully it's good
— Rager
(@Rager) January 29, 2023
Meanwhile, the BTC price is expected to be impacted positively by the upcoming Fed announcement where-in the possibility of a massive upswing emerges. Along with this, the traditional markets are also believed to rise as both S&P 500 and Bitcoin are testing one of the crucial levels along the trend line.
Apple’s Rumored AR Headset Adds Fuel to the Metaverse Rally – AXS, SAND, MANA, and MEMAG are Raging
Apple is ready to take its leap into the metaverse if rumors around the launch of a mixed-reality headset are to be believed. The excitement has permeated the crypto side of the market too. The demand for AXS, SAND, MANA, and FGHT is growing, as both crypto and non-crypto investors pile in.
According to industry experts, metaverse tokens are one of the most profitable crypto investments in 2023. The ongoing developments in the crypto-metaverse sector look promising, with many projects ready to explore beyond gaming and entertainment to real-world use cases. The release of some much-awaited VR devices is expected to fuel the hype, generously rewarding investors who bought the dips.
Here’s an analysis of the crypto metaverse mania and whether it is here to stay.
Apple’s AR Dream is Ambitious
Apple has been playing around with the idea of augmented reality for some time now. With the rumors around the launch of an AR headset gaining strength, it looks like the company is joining Google, Meta, Microsoft, and other tech giants in the venture toward the virtual world. The long-due mixed-reality headset is expected to go live in the second half of 2023, while the actual dates of announcement and release remain blurry.
According to some reports, the company is planning to unveil the product this spring, before the annual Worldwide Developers Conference in June. Over the years, Apple has been dropping clues about its metaverse dreams with some primitive to simple AR features on iPhones and iPads. The headset will join a long list of contenders, including PlayStation VR 2 and Meta Quest 3.
It is likely to feature a high-end experience with a focus on work, mixed reality and eye tracking onboard, bearing similarities to Meta’s Quest Pro. The first version would be designed with a focus on gaming, media and communication, keeping in line with the ongoing developments on crypto metaverse platforms. AR FaceTime is one of the much-awaited features, which may allow users to interact with each other in their 3D avatars. The functionality would be compatible with most metaverse platforms. The device might be lightweight in comparison to existing VR headsets, while heavier than a normal pair of glasses. In fact, some reports say that Apple plans to replace the iPhone with AR in 10 years.
Advanced processors, likely based on Apple’s recent M2 chips, will give the project a competitive edge against peers. But the possibilities of a stand-alone device can’t be ruled out either. It will be compatible with (most of the) other devices from the brand, enhancing their user experience.
The metaverse hype began toward the end of 2021 with NFTs coming to the forefront with a unique model of virtual-world ownership. The tokenization of virtual assets into NFTs ensures that their transactions are recorded on the blockchain, overseen by a predefined smart contract. Nobody can manipulate these data without the knowledge of everyone else involved.
The breakthrough garnered a lot of attention in the crypto-metaverse space, urging prominent brands and celebrities to take their metaverse plunge. Leading companies like Nike, Adidas, Gucci, and J.P. Morgan marked their entry into the metaverse, and soon more followed the path. While some bought virtual real estate assets and flaunted their metaverse presence on popular platforms like The Sandbox and Decentraland, others launched metaverse NFTs.
The price of the crypto and NFT assets on these metaverse platforms skyrocketed, as a result. The news around Facebook’s dedicated entry to the metaverse with a drastic rebranding further fuelled the hype, rendering them unfeasible for actual users. By the end of last year, some metaverse assets had lost up to 95% of their market cap. Lack of user acquisition and retention, combined with the broader market downturn, worsened the plight.
Stepping into 2023, we’re witnessing a much-needed price correction in the crypto market. The biggest gainers of the recent bull run are metaverse tokens. Given that they have lost a large share of their value last year, the surge is likely to continue for a few more weeks till the market saturates for the time being.
The enduring crypto winter, however, didn’t stop the crypto market from experimenting with metaverse concepts. Established platforms like The Sandbox, Decentraland, Axie Infinity, Bloktopia, Theta Network, Illuvium, and Alien Worlds continued to introduce new features in line with the rising demands from the gaming and entertainment sectors. But we have also seen new projects with bold business models that explore real-world use cases emerge in the crypto metaverse arena.
Metaverse tokens are one of the most promising crypto assets to buy in 2023. No doubt about that. But a closer look at the market reveals that many of these tokens are standing on pure speculation, with no robust technology or business model supporting their value. If metaverse tokens have to sustain the value gained by the ongoing bull run, they need to amass a decent user base.
Crypto metaverses should have gripping utilities that lure in users. It can be games, virtual concerts, business events, or something new and unexplored. In addition, the technical foundation should be compatible with the ongoing developments in the traditional side of the world. Whether it’s the hardware or the software, the features should be futuristic with room for upgrades.
Moreover, they should not be discriminative towards users with lower initial capital. The entry barriers should be low, if not free, making the metaverse concept universal. Since metaverse hardware is expected to be expensive, crypto platforms have to ensure access without AR/VR gear as well. NFTs and crypto tokens should be within the reach of everyday users. That is critical to the mass adoption of the concept.
So it is important to analyze the underlying projects in detail before investing in any metaverse asset. We will give you a hand. Listed below are five metaverse tokens anchored by utility-rich and technically-sound projects.
1. Decentraland (MANA) – The most established metaverse to invest in 2023
There are few crypto metaverses that have done justice to the label “metaverse,” and Decentraland is the best among them. It is centered around a virtual reality platform where you can create, experience, and monetize content. The metaverse allows you to build truly virtual experiences.
According to the Decentraland 2023 Manifesto, this year will be a year of the creators.
If Decentraland focused on building an open protocol last year, it aims to become the most popular publishing medium for spatial content this year. This will be realized through monetizable, user-generated content with improvements to the Avatars, Emotes system and smart wearables. It will also experiment with a new publishing system called ‘Worlds’ in 2023. But there is more underway.
- Making Decentraland more fun: The goal is to make the metaverse the go-to hub for safe, intuitive, and fun immersive social connections. It will feature an enhanced identity system (Profile, Badges), an enhanced communications system (Chat features & improved Voice-chat), a new and improved onboarding experience (Quests), and an integrated camera for screenshots and video recording (Camera Mode).
- Improve Performance: The new updates will feature a smooth and immersive experience in Decentraland, even on low-budget devices. It will come with Improvements on desktop and web browser clients’ performance and support the community in the creation of new ways to use Decentraland’s protocol and infrastructure.
- DAO refurbishing: The team will assess the different aspects of the DAO, including the robustness and integrity of its policies. The focus will be on enhancing distributed decision-making.
The consistent upgrades in Decentraland can sustain the value of MANA tokens, even after the bull run dies down. In addition, the platform has some vibrant events coming in 2023:
2. The Sandbox (SAND) – The fastest-growing metaverse
Next on our list is The Sandbox, of course. The project, which started as a 2D game for mobile phones, was acquired by Animoca Brands in 2018. On November 29, 2021, the game launched a blockchain-based 3D open-world game of the same name and went on to become a rage in the community. Although 2022 has been a lackluster year for the project in terms of asset prices, the consistent value built in the ecosystem is likely to pay off this year. We’re already seeing signs of it.
SAND has charted 64.8% growth in the last thirty days.
The 2023 roadmap has resonated with the audience, as proven by the double-digit price surge in the last few days. The primary goal this year for The Sandbox is to support the partners’ ecosystem.
- Helping drive more business through the launch of the Partners resources HUB, help agencies & studios get all the information they need, and the launch of the Partners Directory to match brands’ needs with agencies’ expertise.
- More fun, social and immersive experiences possibilities for builders through the Game Marker V0.8 while making the creation more accessible with tools localization in new languages. The launches of new content series are expected to inspire brands & IPs to join The Sandbox.
The platform’s Web3 strategy, asset and experience creation, and marketing activations will undergo improvement to keep pace with time. Another important goal is to activate high-value NFT communities by empowering brands to take back control of their most loyal audience.
By the looks of it, The Sandbox will be at the forefront of the crypto metaverse mania this year, too.
3. Illuvium (ILV) – Open-world metaverse auto-battler game
Illuvium is an open-world metaverse that features a graphically-rich sci-fi adventure. In the NFT creature collector and auto-battler game, you need to conquer the wilderness to help your crash-landed crew flourish and earn rewards. The virtual world has seven alien landscapes, each of which will unveil the cataclysmic events that destroyed it.
As you can tell, the theme is addictive for all sci-fi fans. Illuvium is ruled by the deadly beasts called Illuvials, who possess hybrid synergies and unique abilities which can make or break your gameplay. You can prove your worth and increase your earning potential by discovering, hunting, and capturing over 100+ Illuvials. They can be then trained and fused to build a team of your own. Illuvium’s reward system is based on ILV tokens.
How to earn ILV tokens?
You can collect ILV tokens by playing, completing PVE quests, securing special achievements, and winning prizes in contests and tournaments. Illuvium hosts tournaments in the Leviathan Arena, a PVP Battle Arena. Another highlight of the platform is IlluviDEX – an NFT marketplace that facilitates instant peer-to-peer transactions at zero gas fees using Immutable X.
4. Meta Masters Guild (MEMAG) – The world’s first mobile-based blockchain gaming guild
Despite the hype around metaverse projects, they have high entry barriers that regular players can’t break through. Meta Masters Guild (MMG) aims to solve this. It is the world’s first mobile-based gaming guild dedicated to building high-end mobile games with play-and-earn integrations.
The first three titles in the guild show promise in terms of gameplay and user acquisition:
- Meta Kart Racers – a mobile-first PVP racing game where you must compete against other players in the Meta Kart Championship.
- Raid NFT – a turn-based fantasy fighting game where you should choose between several warrior classes
- Meta Masters World – a metaverse where members can explore games and experiences, collect resources, enter competitions, and more.
But there are more features that underline the project’s relevance in the crowded metaverse gaming market. To begin with, MMG’s first principle is to never lose sight of the fun. It is a play-and-earn project rather than a play-to-earn project. That essentially means it shifts the attention back to the gameplay, integral to the long-term growth of a game. We have seen how gripping gaming mechanics are integral to bringing traditional gamers aboard and strengthening the foothold of blockchain games.
The rewards in MMG are distributed in Gems, which can be converted to $MEMAG tokens. The cryptocurrencies can be then staked or reinvested in the ecosystem through upgrades or cashed out in open marketplaces. It has the potential to give Sandbox and Decentraland a run for their money in the next months, as revealed by the widespread reception of the $MEMAG presale. It is the best early investment gateway to the project.
What makes MEMAG a compelling buy this metaverse season?
- MEMAG is now in the presale stage, which gives it large room for growth in the coming months when compared to established tokens like SAND and MANA.
- The MMG titles are high-end, designed to match traditional games.
- The MMG metaverse has lower entry barriers. The guild system ensures a free flow of assets between investors and gamers, thus nurturing a large user base for the platform.
5. Fight Out (FGHT) – A move-to-earn fitness metaverse & gym-chain
As you can see, all the projects discussed above revolve around gaming. Blockchain gaming holds large potential, but the increasing number of projects spawned into the market renders it saturated. Emerging metaverse gaming projects without unique themes and gameplay are unlikely to stand the test of time.
We need metaverse concepts with real-world utilities to take the concept to every household. Fight Out is a new metaverse project that introduces a blockchain fitness app and a high-end gym chain. The ecosystem will be anchored by advanced move-to-earn mechanisms. Although the project is new, you may have already seen it trending on social media platforms. The ongoing $FGHT presale is one of the biggest this year, having seen traction from both crypto and metaverse communities.
The market relevance of the project is emphasized by the fact that traditional fitness applications and gyms have failed to retain customers. Their poor performance makes it clear that we need more than just a gym membership and dozens of notifications to get out of the couch and sweat it out.
Fight Out puts forward an attractive alternative with the Fight Out Companion App. It helps you become fighting-fit in the real world and the metaverse, by giving workouts curated to your goals and ability. More importantly, it meticulously tracks your progress and achievements and then integrates them into your Fight Out soul-bound digital avatar. As the name hints, Fight Out soul-bound digital avatars can’t be transferred or resold. This is contrary to the popular narrative around NFTs that reduce them to cash grabs or absurd collectibles.
The move-to-earn mechanism on the platform rewards you based on your stats. The rewards are accumulated in REPS, which you can convert to buy gym passes, merch, private sessions, and NFT cosmetics for your avatar. But the metaverse token of the Fight Out ecosystem is FGHT, which you need to compete in leagues, tournaments, or special game modes. It will be the sole cryptocurrency of the platform.
What gives Fight Out an edge against other move-to-earn applications?
- Fight Out comes with a large ecosystem, which goes beyond a fitness app. It supports both metaverse and real-world exercises. In fact, Fight Out will open the world’s first major Web3-integrated gyms that maximize move-to-earn earnings opportunities and nurture deeper community bonds. The Gyms will house health bars that serve nutritious meals, smoothies, coffee, and snacks. It is also designed to be a leisurely space for socialization, coworking, and community events. They are scheduled to open to the public in Q4 after the presale ends.
- As odd as it is, the goal of fitness goes beyond maintaining health. We want to flaunt our abs among friends as much as we would like to complete an enduring trek. Thanks to Fight Out’s emphasis on peer recognition, you can share your newly acquired cosmetics, badges, challenge completions, and physical achievements. It also hosts local and custom Fight Out leaderboard challenges to build a sense of friendly competition.
- You can use the REPS rewards you earn from the platform to buy training equipment, supplements, and fitness apparel. They can also be redeemed for in-person benefits like access to Fight Out gyms, products at the on-site health bar, and access to co-working space.
An analysis of the Fight Out metaverse validates the ongoing presale, which is moving toward an early sell-out after seeing large traffic. The influx is also expedited by the early 50% bonus. If the metaverse succeeds in realizing its whitepaper vision and roadmap, the $FGHT token can fetch up to 20X returns for early investors by the second half of 2023.
Dogecoin Bulls Are Ready; This Is When They Might Spark a Bull Rally to $0.2
Dogecoin price appears to be preparing to go to the moon as the Tesla & Twitter CEO, Elon Musk is yet again promoting DOGE adoption. While most of the altcoins are rallying by more than 100%, the Dogecoin rally has been restricted below 40%. As the rally has been trading flat for nearly 10 days, the bulls appear to have been accumulating strength.
The DOGE price is always boosted by Elon Musk’s mentions, and a similar effect is expected in the coming days. Musk earlier had offered McD, the world’s largest food giant to accept payments in DOGE, and in turn, he would enjoy a Happy Meal on TV. Undoubtedly, this has a minor impact on the DOGE price as the bulls are preparing for a giant move ahead.
After DOGE/USDT price marked the lows somewhere in June 2022, it continued to produce higher highs. The price has accomplished its second cycle and after marking the lower bottom is believed to rise significantly by more than 150% over the next couple of months. The technical indicators like MACD, and RSI are slowly turning bearish in the daily time frame and hence a minor pullback could be feasible.
However, unless and until the DOGE price sustains above $0.066 which is the bottom marked in the last few days of 2022, the hope for a notable upswing could prevail.
BTC Price Rally: Expert Economist Predicts Massive 50% Surge for Bitcoin
Bitcoin price has hit a psychological resistance level at $23k after breaking through last week’s roof around $21k. On one hand, short-term traders and miners are taking profit from the relief rally after the painstaking bearish sentiment last year. On the other hand, long-term holders have been identified as taking the opportunity to stash more coins in the past few weeks.
As such, popular crypto economist Alex Kruger has highlighted that Bitcoin hitting $30k to $35k this year is very doable. However, Kruger cautioned traders that a retrace to the $19k to $23k is also likely as the market stabilizes.
Bitcoin Price Action Outlook
In his remarks, the longtime crypto economist highlighted that risk-averse traders will have a chance to enter the Bitcoin market after the price dips from $32k to $28k later this year.
In the comment section, one of the followers asked if a fall in market equities this year will affect the crypto market. Moreover, a lot of institutional investors have directly exposed themselves to the crypto market including Tesla which just reported a $184 million Bitcoin bag. In his response, Kruger noted that the correlation between Bitcoin and the market is insignificant to account for huge price actions.
“A drop from earnings is not my base case and look at most big moves in crypto they are not in tandem with equities any longer … correlation is still there but accounts for a small fraction of PA. A very hawkish FOMC could do it but next FOMC looks like a cointoss to me,” Kruger noted.
Kruger‘a remarks in Bitcoin price action have been reiterated by crypto analyst Altcoin Sherpa who thinks Bitcoin will repeat a similar move in 2019 but with lesser volatility.
Dogecoin (DOGE) Might See Massive Rally; Are the Bulls Fully in Control?
World’s largest meme token Dogecoin (DOGE) is seeing some huge bullish action right now. The Elon Musk-loved token has increased by about 9% in the past seven days at the time of writing and 2% in the past twenty-four hours.
It should be noted that even before the current surges in prices, DOGE had been seeing a pretty decent increase. However, it took a brief break and tumbled by over 5%, then quickly, the bulls regained control.
Tesla Quarterly Earnings Report On the Horizon
This recent price activity occurs at a time when Elon Musk’s Tesla is ready to publish its quarterly earnings report for the fourth quarter of 2022.
It is interesting to note that Elon Musk said that Tesla did not sell any of the DOGE holdings on the results call for the second quarter.
Moreover, it is a well-known fact that both Tesla and Elon Musk adore Dogecoin. The crypto advocate even made it possible for people to purchase electric vehicles using the meme token. Also, his other company Twitter is eventually going to integrate the token as a payment method for its Twitter Blue subscription.
Dogecoin Short-Term Price Prediction
The current price of one dogecoin is $0.0088. A possible indication that the uptrend in DOGE has finished may be seen in the Relative Strength Index (RSI), which compares recent price levels to those of the past to foretell when a market may change direction.
A break over the $0.095 liquidity barrier might render the current downtrend null and void. If the price makes a new high, the current uptrend may continue for a little longer. The $0.10 threshold represents a significant psychological barrier and is thus likely to be the next point of resistance. If the bullish scenario comes to pass, the price of Dogecoin would see a rise of 20% before the middle of 2023.
Notably, DOGE’s on-chain signals are mostly bullish, as shown by data from IntoTheBlock.
Massive Whale Transactions Spotted on Litecoin and dYdX? Massive Rally On Horizon?
The total crypto market cap has regained the pre-FTX level after Bitcoin topped $23k earlier this week. The altcoin market has recorded more gains in the past few weeks as it is customary for them to record higher volatility in both bull and bear markets.
Altcoins with supporting fundamentals like Litecoin (LTC), dYdX (DYDX), and Aptos (APT) have recorded better results and analysts expect even better performance in the coming weeks.
Litecoin (LTC) Whales On the Hunt
The Litecoin (LTC) market is one of the oldest in the industry, having forked from Bitcoin during the early years. According to our latest crypto price oracles, Litecoin is trading around $89.13, up 26 percent in the past 30 days. The upcoming Litecoin halving which is characterized by increased volatility both before and after the event has attracted significant attention from whale investors.
“Litecoin’s large whale transactions have exploded with activity, indicating a resurgence of transactions that are valued at $1 million or more. On the tail end of the last two similarly sized whale spikes, prices jumped +37% and +33% at their peaks,” Santiment noted.
Notably, the $6.42 billion valued digital asset is currently trading above pre-FTX levels and made an eight-month ATH.
The PoW-secured blockchain is poised to rally further with a global support base of about 7,315,237 holders according to on-chain data.
Positive Fundamentals Pushes DYDX Price Higher
The dYdX cryptocurrency exchange has over 25k traders who clocked approximately $1,417,512,035 in 24-hour trading volume. Backed by some of the industry-leading ventures – including a16z, Paradigm, Polychain, and DeFiance Capital, among others – the governance token DYDX is well-positioned to rally further.
Moreover, the dYdX foundation has postponed the lock-up period of DYDX tokens to December 1, 2023, which will mean more strong holders and liquidity in the long haul.
Are Bitcoin Miners Taking Profits? Is the Crypto Rally Coming to an End?
Bitcoin miners, a crucial group in the growth and operation of the BTC network, have sprung up in different parts of the world in the past two years. According to aggregate data provided by hashrateindex, six ASIC financing deals were executed in 2020 worth $47.84 million. The following year saw 26 financing deals completed worth approximately $662.25 million. Come last year, crypto miners raised a total of $641.80 million in 18 deals.
However, the situation turned for the worst after crypto prices significantly shrunk by the end of last year. As such, several crypto mining firms have filed for bankruptcy protection with others selling rigs to pay off their debts. The situation has been worsened by the rising global inflation that has resulted in high electricity bills.
For instance, most updated Bitcoin mining rigs on average return a daily profit of about $5 depending on the location and difficulty.
Bitcoin Market in 2023
Fast forward to the fourth week of 2023, and Bitcoin price has gained about 34 percent to trade around $22.6k on Wednesday. As a result, most miners are offloading both old and newly minted coins to stay on top of their accumulated debts.
“The sentiment among miners is better than in a long time. For many bankruptcy threatened players, the sudden increase in the bitcoin price is a lifeline,” said Jaran Mellerud, an analyst at Hashrate Index.
Notably, the January 2023 Bitcoin rally has mostly been attributed to whale account accumulation in large quantities. According to on-chain analytics firm Santiment, Bitcoin whales have accumulated a total of 70k BTC in the past three weeks.
Can Solana (SOL) Rally Push Beyond Pre-FTX Levels or is It a Bear Trap?
Solana price has broken a three-week rising trend, thus questioning the momentum to push beyond pre-FTX levels. According to our latest crypto price oracles, Solana’s price has dropped approximately 5.4 percent in the past 24 hours to trade around $23.22 today. After rallying over 100 percent in the past three weeks, the Solana bears are slowly taking control.
Consequently, a possible retrace could push Solana’s price to around $15, where the digital asset may find temporary solace. Moreover, the 200 MA in 4-H has risen to this level. Additionally, the RSI shows an overbought asset with a falling divergence, which indicates an imminent price fall. Perhaps the asset is forming a head and shoulder on the lower time frames, which could lead to psychological sell pressure.
Whether the bulls defend the rising trend in the coming weeks or not, the ultimate decision is likely to be affected by the Bitcoin market sentiment. Moreover, the January 2023 cryptocurrency rally has significantly been affected by Bitcoin price.
Solana Fundamental Aspects Shows More Pain Ahead
The Solana ecosystem has grown to a top 20 project by market capitalization due to its huge backing from whale investors. However, the network activity has significantly declined in the past year fueled by the FTX collapse. According to statistics from the token terminal, as shown below, Solana’s weekly active users have been declining in each subsequent quarterly since 2022.
Additionally, the total value locked (TVL) in the Solana ecosystem has significantly reduced since late 2021. The Solana TVL has moved from over $11 billion to about $270 million today.
Nonetheless, the Solana developers are hard at work building DeFi projects to be shipped out through the Saga mobile App Store.
Top Altcoin to Watch: With a 50x rally, this Layer-1 Token May Soon Outperform Bitcoin and Ethereum!
As the markets are turning a little bullish some of the altcoins are gaining significant gains. Among them is Avalanche (AVAX) which is believed to explode in the coming days. Crypto Bull and CIO of Morgan Creek Capital, Mark Yusko says Avalance (AVAX) has the potential to skyrocket by 50x in the next bull market.
In an interview, the veteran says that the popular smart contract platform may even outperform the entire crypto space.
“The key to investing in this ecosystem is diversification. Don’t pull all your eggs in one basket. You want to have a big chunk in Bitcoin. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop.
Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today-even if you go to $4 trillion, that’s a 10-bagger. Ethereum is at almost $200 billion – if it gets to $4 trillion that’s almost twice as much.
But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum..it could be maybe 50x.”
Avalanche (AVAX) price is currently trading at $17.30 with a massive drop of 6.89% in the past 24 hours.
The AVAX price which was trading within a rising wedge, dropped down slicing through the lower support of the wedge. However, after undergoing a minor bearish action, the price has ignited a notable correction phase. As a result, the bearish influence is expected to fade quickly, but it may remain valid until the price rises above $18.
ETH Price Takes Charge To Bring Another Upward Rally! Will Ethereum Meet Its Bullish Expectation?
Ethereum has been giving tough competition to its rival, Bitcoin, as it witnesses an astronomical rise again after a steep decline in November. The ongoing upward rally in the ETH price chart has led investors to bet on an upcoming bull market.
As Ethereum’s price hovers on an upward trajectory after breaking above crucial resistance levels, it creates belief among investors that ETH is preparing to enter a bullish phase ahead. Moreover, several analysts predict that Ethereum may aim for a new all-time high as it becomes a rising star in the crypto market.
Ethereum’s Investors Eye For A Bull Market
The price trend of Ethereum is on fire as investors continue to invest in this asset heavily despite current bearish sentiments in the market. Ethereum is slowly climbing to the North with the growing interest from institutional investors and adoption in DeFi, promising another round of bullish trends.
Ethereum has gained much attention from whale investors to bring enough liquidity and volume to support its current uptrend. According to on-chain data provider, Glassnode, the number of millionaires in Ethereum continues to surge as addresses holding 1,000 ETH or more made a new high of 6,599 today. Hence, it can be concluded that the ETH price has more room to surge despite Bitcoin’s price flattening.
Additionally, Glassnode noted that Ethereum’s dominance over stablecoins has seen an exponential rise and touched the highest level in three months. As ETH’s price trades above $1,600, its dominance on USDT, USDC, BUSD and DAI has seen significant growth, signifying solid interest from traders.
ETH Price Soars To New Monthly Highs
Investors are optimistic about Ethereum’s upcoming price goals as it forms higher highs with bulls’ support. Ethereum prints long green candles in the price chart, which leads to speculation that a bullish rally may be on the horizon.
The second largest cryptocurrency by market capitalization is showing no sign of slowing down ahead of the anticipation of the Shanghai upgrade.
A well-known crypto trader, Jerry Manders, predicts that Ethereum’s price will soon surge over the $2K price level if it gets continuous support from investors. The analyst predicted that Ethereum might smoothly climb to the range of $1,749-$2,049.
However, he forecasts a slight downward correction as ETH price may face resistance at $2K and drops below 23.6% Fib retracement to $1,547. The analyst believes investors such as Ethereum may form an ascending pattern from $1.5K and aim for a high of $2,643 by mid-February.
However, Ethereum’s further price validation will solely depend on the market’s mood, and traders are eagerly waiting to see if ETH will continue its uptrend or make a fake breakout.
Bitcoin’s Price Rally Is Just the Beginning as Indicators Reveal Crypto Market Is Not Overheated
Cryptocurrency’s overall market capitalization has once again surpassed $1 trillion thanks to the market leaders Bitcoin and Ethereum, who emerged as overnight winners. After a significant bear market dip, the price of bitcoin has started to rise.
The uptrend started following a new year in 2023, but if Bitcoin can turn a particular level into a support floor, things can become interesting. Regardless, 2023 is off to a strong start as BTC is up almost 36% so far, and an overnight gain of 8% has lifted the price of Bitcoin above a significant threshold.
According to a verified author for CryptoQuant, Dan Lim spoke about on-chain data showing two indicators that might not be good for BTC. Dan Lim presents two indicators that lag behind the price of Bitcoin in a recent analysis that was featured by the staff of CryptoQuant.
“Looking at the open interest and leverage ratio, they have fallen sharply since the FTX incident, and despite the recent strong rally in #Bitcoin, these two indicators still haven’t overheated at all.”
Both metrics are still very close to multi-month lows, even if the Bitcoin price has now entirely recovered from the period of its fall brought on by the FTX/Alameda fiasco.
“It is necessary to have an active buying perspective if there is a strong drop of Bitcoin in the future or if it renews its low point.”
Mid-December marked the bottom for aggregate OI, and the rebound is still in its early stages. The second indicator, the Estimated Leverage Ratio, which represents the level of leverage that traders of derivatives choose to use for their holdings, bottomed out this week but is still unable to reach levels seen in December 2022.
In anticipation of the U.S. Department of Justice’s statement regarding a “significant international cryptocurrency action,” the two market leaders had momentarily declined. Crypto investors might feel as though we’ve returned to the exhilarating times of the Bitcoin bull run, even though we’ve obviously come a long way from its peak in 2021.
Bitcoin Price Surge Above $23K ! Will The BTC Bull Rally Continue in Coming Week?
It is very evident that the bulls are continuing to exert their influence as Bitcoin’s surge continues. The on-chain signals for the king cryptocurrency reveal that the overall sentiment is optimistic.
At the time of this writing, Bitcoin price is equivalent to $23,035, an increase of 9.3% over the course of the previous 24 hours and 16% over the course of the previous seven days.
Although Bitcoin is getting closer and closer to recovering its 200-week moving average, investors and traders are still very wary of the bullish BTC price movement.
Is Bitcoin Aiming for $30k?
This level of resistance is formed by the intersection of the horizontal hurdle located at $23,384 and the 200-week Simple Moving Average (SMA), which is located at $24,645. The price of bitcoin has not fallen below this SMA since June 2022, with the exception of a short period in March 2020.
The bulls are probably going to go for this hurdle as their next objective. If the price of Bitcoin is able to overcome this juxtaposition, namely by transforming $24,645 into a support floor on a weekly timeline, then the route will be clear for it to attempt to break the $30,000 threshold.
The bullish action seems to be unshakeable; nevertheless, a rejection at the aforementioned 200-week simple moving average located at $24,645 would be an important indicator for a bearish outlook. In the event that the support level of $19,301 is breached, this will serve as an additional confirmation of the bears taking over.
But like I said, the bulls seem unwavering right now. Signals are pretty strong and all technicals point to Bitcoin breaking bullish. This could very well be the end of that prolonged bear market. It might tumble a little, as it tends to, but I genuinely believe the worst is over.
Crypto News Today: Is the Biggest Bull Trap Getting Bigger or the Resurgence of an Intrinsic Rally?
Crypto markets today have printed large green-bullish candles which have uplifted the sentiments from bearish to bullish. The star crypto, Bitcoin ranged high to recover the losses printed back in September 2022, indicating the possibility of laying down a significant upswing to reclaim the lost levels soon. Meanwhile, the altcoins also register double-digit gains which may also point toward an Altseason in the coming day.
But is this the largest bull trap ever or the end of the bearish trend? To decode this, first, let’s see why the Bitcoin price is going up.
The BTC prices underwent an extended narrow consolidation between $16,000 to $17,500 for nearly 2 months. Further, the prices quickly surged close to $21,500 by maintaining a firm upswing that began at the beginning of the year 2023. This upswing is said to have been fueled by the whales who accumulated more than 60,000 BTC.
As per the data from Santiment, the whales holding 1000 to 10,000 BTC, were dumped on Bitcoin throughout the year 2022, while they accumulated heavily over the past 15 days. They have accumulated 64,638 BTC worth nearly $1.46 billion which led to the largest spike since August 18, 2022.
It has to be noted that this surge is led by whales and not the retail traders who keep the markets active most of the time. The whales do cause a massive price change but it is restricted to just a short time frame, post to which the price remains consolidated within a very narrow range. Interestingly, despite a massive upward movement in the price, Bitcoin’s OBV or On-Balance Volume displays a bearish divergence.
On-Balance Volume(OBV) is a momentum indicator that considers the volume flow to predict changes in the value of the crypto. ‘The OBV is flashing some warnings on this move-up, says a known analyst, IncomeSharks referring to the above chart. All the previous moves displayed strength and surged along with a rise in OBV. But this time, it is displaying a bearish divergence and the retest of the resistance also failed.
The analyst here believes, the BTC price may undertake a violent move and plunge back to the lower support at $21,500 if the trend does not match with the OBV. Therefore, a significant correction may be expected during the weekend that may drag the Bitcoin (BTC) price slightly lower.
SOL Price Explodes: Solana’s Comeback From FTX Crash Lows, Is This the Start of a Massive Rally?
The Solana (SOL) cryptocurrency has seen its value more than double since reaching its lowest point following the FTX and Alameda incident. It has moved from trading below $9 in the last three weeks to as high as $24.75.
Market analysts are optimistic about the long-term potential of the Solana ecosystem, citing its vibrant global community and dedicated DeFi developers as reasons for this optimism.
As of today, the total value locked (TVL) in the Solana ecosystem stands at approximately $258 million, down from over $11 billion a year ago.
Despite the decline in TVL, the Solana ecosystem has seen an increase of approximately $50 million since the collapse of FTX and Alameda. Ethereum co-founder, Vitalik Buterin, believes that the Solana network has a promising future without the presence of bad actors. Riyad Carey, a research analyst at cryptocurrency data firm Kaiko, commented, “with Alameda gone, the protocol is in some sense free of that baggage and can become more community-centric.”
However, the Solana market is showing signs of bearish behavior following a strong two-week rally. One notable factor is the daily traded volume, which dropped by over 48% to $736,053,464 on Friday. Additionally, the Solana price in the 4-hour time frame is on the verge of breaking a three-week bullish trend line, which could potentially push the price to the next consolidation level of around $16.
The Solana ecosystem is supported by a dedicated team of DeFi developers and over 2,000 validators, which has led market analysts to remain optimistic about the network’s potential for growth. With the exit of FTX, the future of Solana looks promising as the network continues to gain traction.
As Messari Senior Research Analyst, Tom Dunleavy, notes “It is certainly an open question as to how sticky this new level of volume is; however, at the very least, a consistent level of volume with FTX exiting the ecosystem is a positive sign.”
Bitcoin Price Lacks Momentum To Rally Beyond $21,500 – Is it a Bear Trap? Here is Up Close Analysis
Bitcoin price has experienced a strong resistance of around $21k after rallying over 28 percent in the past 14 days. Over $26.60 million has been liquidated in the Bitcoin market during the past 24 hours and more coins observed leaving centralized exchanges. Market analysts believe the Bitcoin market is preparing to enter a correction phase after posting significant gains in the past few weeks. Moreover, meme coins – led by Shiba Inu and Dogecoin – have begun rallying, which is seen as the end of a crypto cycle.
However, all attention is on the pennant symmetrical triangle forming on the lower time intervals. Any strong breakout on either trend line of the pennant triangle will be used to extrapolate the next phase. For instance, should Bitcoin price rally beyond $21,500, and have a solid daily bar, traders will take it as a price continuation.
On the other hand, should Bitcoin price close the next few days below $21k, crypto traders will pick a correction in the making.
However, short-term traders should be aware of long daily winks that can stop hunts in either direction. Moreover, the cryptocurrency market is attributed to high volatility even in smaller time frames.
From the RSI indicator’s viewpoint on the smaller time frames, Bitcoin price could be preparing to reverse at current levels. Notably, while the Bitcoin pennant flag is on a rising trend, the RSI indicates overbought and a falling divergence.
On-chain data, however, indicates the Bitcoin price is responding to the open futures market that has recorded high liquidations in the last few weeks. Furthermore, the crypto sell pressure could significantly increase once FTX officials dump the $5 billion digital assets.
Bitcoin Price Rally Or A Trap ? Here Is What Peter Schiff Claims
The current crypto market is flashing a massive bull run yet it is nothing like the previous one as this time Bitcoin has managed to trade above $21,000 in just 90 days. Also the Glassnode states that currently Bitcoin has more realized profit on-chain which was never seen since June 2022.
At the time of writing, Bitcoin is changing hands at $21,136 after a surge of 1.48% in the last 24hrs
On the contrary, Peter Schiff, a Bitcoin opponent, has come with his criticism predicting Bitcoin’s downfall. As per the analyst, the King currency will be once again pulled back lower than $18K. This is not the first time that Schiff has claimed a negative target for Bitcoin.
Peter Schiff : Bitcoin Bears Ahead
As per the analyst, the star cryptocurrency is not meant for investment purpose nor it can be a store of value. This claim comes as he believes that Bitcoin is prone to extreme volatility. The analyst has always stated that Bitcoin’s price rally is only because of speculations.
Furthermore, he says that once the Bitcoin bubble bursts there won’t be any purchases made in regard to BTC and investors will be in massive profit. He compares Gold with Bitcoin and asserts that gold is much more reliable with its track record and hence will have a longer time span.
However, like every time even now Peter Schiff’s prediction has attracted some massive criticism and the reason being no proper evidence for his claim. Now, it all depends on Bitcoin bulls on which direction they want to lead the King currency.
Bitcoin’s Bullish Rally Might Be Short-Lived, Here’s Why
The post Bitcoin’s Bullish Rally Might Be Short-Lived, Here’s Why appeared first on Coinpedia Fintech News
The cryptocurrency experienced its largest weekly percentage rise since February 2021 as of January 13 when it closed the week with 20% gains. Since the collapse of the troubled cryptocurrency exchange FTX, the price of bitcoin, which is presently trading at $20,800, has had a significant run this week, reaching its highest level in more than two months.
The host of the YouTube channel Coin Bureau predicted that the cryptocurrency market slump will extend through 2023. Crypto expert Guy Turner claimed he keeps an eye on traditional markets due to their association with the cryptocurrency market. In light of the gloomy forecast for the property and equity sectors, Turner said he anticipates additional losses for crypto assets.
Even though Bitcoin soared beyond $20,000 from $16,581 on January 1st, Turner predicts that the boom in crypto assets won’t likely last.
“There’s a lot to look out for with what we see from the Fed and what decisions they make. That switch to QE [quantitative easing], if it happens, could be the indication that something’s already gone seriously wrong. I’m kind of keeping an eye on things like the housing market and the stock market as well because we’ve obviously got that correlation between stocks and crypto.”
Will We ‘Turn the Corner’?
He said that he believes a lot of people seem to be expecting the stock market to take the next leap lower, so he is preparing himself for that as well. He also added that he is anticipating sort of more lows. The market may take some time to recover, according to him, but there may be some positive news for some cryptocurrency initiatives. He also said that investors are still hesitant to invest in cryptocurrencies.
“We’ll hopefully see some signs that the macro environment is changing, and there’ll be that excitement that says, “Maybe we’ve turned the corner,” and maybe we have, but I still think that will take some time to manifest itself in the markets.”
ADA Price May Spark 60% Death Rally If Fails To Hold This Level! Analyst Maps Potential Bottom Range
Cardano, also known as the Ethereum-killer blockchain, initiated a fresh upward trajectory from the last week as the altcoin market witnessed a major explosion in the price chart since the beginning of the new year. Moreover, ADA’s price has been significantly blown with the current market conditions to mark a notable bullish rally as the network’s developing team, Input Output Global (IOG), reveals developmental enhancements this week.
According to Cardano’s co-founder, Charles Hoskinson, IOG released a toolkit for developers to build side chains of their projects on the Cardano blockchain, shaping a solid roadmap for the ADA token ahead. However, a skyrocketing rally in the ADA price chart may soon turn out to be bull’s trap, resulting in a sharp price slump in the next week with a market cooldown.
ADA Price Shows Signs Of Bearish Reversal!
ADA price has been impressively performing since the beginning of 2023 and has caught the attention of top market analysts and investors with continuous bullish trading sessions. Furthermore, the slowdown in the US inflation data provides solid strength to the altcoin market and pushes major altcoins like ADA to the North.
Though ADA has returned investors over 55% ROI since the price bottom in November, several crypto analysts believe this uptrend could be the beginning of a stretched downtrend, plunging ADA to its monthly lows.
A well-known crypto analyst, VF Investment, gives an eerie feeling for ADA with a bearish sentiment. According to the analysis, the ADA token is poised to retest its strong resistance at $0.405, from which ADA may validate further price movements.
The analyst further states that ADA has been forming a falling wedge pattern since September, and a breakout above $0.4 may be a crucial game-changer for the token to reject its current bearish predictions and head toward new highs.
However, the analyst warns traders of its consequence because a failure to hold ADA’s price near $0.4 may plunge the altcoin into trading below $0.165, bringing a 60% drop from its current price levels.
Is There A Turnaround Due For Cardano?
ADA price seems to stick with the current bullish market conditions as bulls are building great dominance and buying pressure in the price graph. Moreover, the correlation between Bitcoin and the altcoin market has been overwhelming as BTC’s trade above the $20K level may become a catalyst for ADA for a potential bull run and fill investors with bullish hopes.
According to CoinMarketCap, ADA price currently hovers around $0.35 with an uptrend of nearly 1%. Looking at the daily price chart, Cardano may flash strong bullish signals near its 23.6% Fib retracement if it successfully holds near $0.365.
However, the RSI-14 is trading on a parallel channel with stochastic RSI at the level of 76, signifying an overbought region that may thrash ADA downward if it continues to face rejection near the EMA-100 trend line. If the ADA token breaks below $0.33, it may trigger a bearish bloodbath and aim to trade below its Bollinger band’s lower limit of $0.28, where EMA-20 and EMA-50 coincide.
However, ADA may pave a smooth uptrend if it breaks above its weekly RSI level and trades above $0.36, after which the ADA token may skyrocket to break its Bollinger band’s upper limit near the EMA-200 line at 0.43.
Moreover, the MACD line continues to climb slowly above the signal line with SMA-14 trading in a bullish region at 65, forcing the ADA token to retest its resistance near $0.36. It is to be noted that a breach of its bullish analysis may bring Cardano to trade near its 2022’s lows and challenge November’s price trend.
Crypto Market Analysis: With the Biggest Bitcoin Rally in 9 Months, Here’s What to Expect with XRP Price!
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Bitcoin underwent a massive upswing, rising the entire crypto space beyond their respective multi-month resistance levels
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The bullish momentum prevailing within the space uplifted the XRP price close to the pivotal resistance at $0.4 and a clear breach beyond these levels may ignite a minor bull run soon
The crypto bulls are back with a bang as the global crypto market cap is an inch close to regaining levels beyond $1T. XRP price which was manifesting a sense of strength despite the bearish trap drag it to meet the lows below $0.3. However, the recent bullish divergence caused the price to rise significantly and mark the highs above $0.4 in a short while.
While the bears are attempting to restrict the progress of the rally, the bulls appear to be poised to keep up the momentum until the price reaches $0.5.
XRP Price Analysis – Short-Term (1D)
- XRP price has been bullish since the beginning of 2023 which was fueled by the rising market sentiments during the past weekend
- After a magnificent surge of more than 20% in the past week, the XRP bulls appear to have exhausted to some extent at the moment
- The bears are attempting very hard to strengthen the bearish influence but the mounted bullish pressure may not allow doing so
- However, the XRP bulls are required to rise the price levels above the price zone marked in blue to avoid any rejections in the near future
- A daily candle beyond $0.42 may certify the upcoming bullish trend, else a deep dive to $0.3 also appears prominent
XRP Price Analysis-Long Term (1W)
- The XRP price in the longer time frame has risen above the bearish pattern and tested one of the crucial resistance levels at $0.405
- Clearing the resistance of the descending triangle flashes extreme bullish signals that may elevate the price close to $0.5
- However, a minor bearish action may be expected at these levels but a significant bullish reversal could also knock-in later
- However, the monthly close of the XRP price is required to be beyond $0.6 may invalidate the bearish thesis
- On the contrary, a drop toward $0.32 may discard the bullish trajectory in case of a rejection which appears quite unlikely at the moment