Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time
Game Space announces the launch of industry’s first major Web3 gaming tournament, – the Player One Tournament with industry leading on-chain games, Splinterlands, Gods Unchained and Big Time. The tournament has gained a lot of great interest, support and sponsorship from over 24 partners, including major public chains such as BNB Chain and KCC chain, Web3 communities Metaverse Space, Web3 Space, Meta Galaxy etc., gaming guilds such as Planet League, Dux Guild, Metamony, Web3 credential data networks include Galxe and Link3.
Together with partners, more than a $20,000 USDT worth of prize pool will be allocated to all participants, welcoming everyone to Web3 gaming regardless of their skill levels. Tencent Cloud International, as one of the sponsors of this tournament, provided $30,000 worth of Cloud Credits for the gaming partners and will continue to invest in each tournament in the future to support the GameFi industry.
Michael Cameron, CEO of Game Space said: “While many companies currently have launched gaming tournaments, most of them only involve a single game. We want to team up with some of the most influential games in the industry to bring GameFi back to attention. The goal of this tournament is to use it as an opportunity to increase the conversion rate and appeal to Web2 gamers to enter Web3. The tournament will also be focused on gameplay where we want to help to increase user engagement to each of our partners’ games”.
According to GameFi industry forecasts, the global GameFi market is expected to touch USD 38 billion by 2028. The trend indicates that GameFi is one of the most resilient compared to other sectors, even under the bear market, which gives game developers a lot of room for development and inspiration to enter Web3. For gamers, games built on blockchain technology can provide gamers with true asset ownership, financial opportunity, creative feedback loops and community driven development.
At the current stage, we can see that most GameFi projects generate tokens and NFTs independently, and the whole Web3 gaming ecosystem is still independent and fragmented. Therefore, in the long run, Web3 gaming will allow assets to be interchangeable with each other. For instance, props from game A can interchange with game B in some way, and users from game A can enter game B, resulting in a seamless gaming experience for players. The implementation of this path requires GameFi project owners and users to balance each other’s revenue, which will essentially be a new paradigm of underlying economic logic for GameFi, and Player One Tourment organised by Game Space represents an attempt at this new paradigm. This is also the reason why Player One Tournament has been positively received by many partners. At the same time, the tournament will also increase the DAU of Web3 players.
The Player One Tournament will have a pre-warm up starting from February 3rd at 20:00 (UTC+8) by signing up on Galxe. The tournament will be a total of 9 days with 3 days dedicated to 1 gaming partner. For each game, Game Space has invited influential streamers to play in order to gain excitement and competition. 90% of the prize pool will allocated to gamers and 10% to all partners, streamers influeners and media.
For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3 communities, etc. to continuously hold Web3 gaming tournaments to attract attention to various GameFi projects and expand the base of Web3 gamers, so as to better promote the development of the entire GameFi and NFT ecology. As an underlying infrastructure of the GameFi industry and the first company in the industry to provide GameFi-as-a-service, Game Space will not only provide a one-stop SDK solution for AAA games, but will also develop a series of casual mini-games on its own and explore the asset interoperability model combining NFT and Token in these casual mini-games to create a true metaverse for gaming.
About Game Space
Game Space releases games on their GameFi-as-a-Service Platform. It can help AAA gaming companies and titles to release on-chain functionality in a matter of days through integrated SDK, as well as an NFT transaction engine that can be embedded in games, which can help GameFi projects shorten the launch time by half a year and greatly reduce the threshold for gaming companies to enter Web3.
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Ethereum price has been maintaining a significant strength and consolidating heavily along the interim resistance. The trend currently appears to remain capped below $1650 but also flashes bullish signals that may uplift the rally in the coming days. The price slipped below $1600 after the fresh trend reversal and is failing to reclaim the position at the moment.
The volume has dropped significantly, which appears to have kept the price compressed. Moreover, the possibility of some bearish divergence is flashing due to which the price could further drop below $1500. This could be the trigger of a massive upswing fueled by the bulls and the whale who may enter at the interim bottoms.
Ethereum price is trading within a falling wedge which is largely considered bullish. The price was expected to face rejection and drop below $1500 as it holds these levels tightly, it indicates the price may revamp with a significant bullish trend soon.
However, the bearish divergence in RSI may be a little concerning which may loosen the grip of the rally. Unless MACD is hovering within the positive range, the possibility of a notable upswing may not be eliminated.
The ETH price is trading at $1575.29 with a slight jump of 0.23% in the past 24 hours. The trading volume has dropped extensively by more than 23%, while the market cap is advancing towards $193 billion at the moment. The levels at $1650 can be considered pivotal that may determine the direction of the impending rally.
At the time of publication, the price of bitcoin remained relatively stable at roughly $23,100. The number of positive predictions for the cryptocurrency that is considered to be the king of cryptocurrencies is growing.
Bitcoin to Hit $50k by May
Aaron Arnold, a crypto analyst and the founder of the YouTube channel dedicated to the cryptocurrency space known as Altcoin Daily, recently had a conversation with Bitcoin tech analyst Carl Runefelt, who said that Bitcoin now has a clear bullish divergence.
Runefelt has expressed his strong belief that it is feasible for BTC to reach 50,000 over the next four months, despite the fact that this could seem a little bit odd to some people.
The analyst says Bitcoin will hit $26,000 to $30,000 in February, $33,000 to $37,000 in March, $39,000 to $43,000 in April, and definitely $50,000 by the end of May. And while Runefelt seems quite sure of his prediction, it would seem that the comment section does not agree with him.
A significant number of people are emphasizing the fact that his forecasts are never accurate. For example, he anticipated that Bitcoin would be worth $300,000 in 2022, but instead, the token fell to $14,000.
Some even went so far as to compare him to Jim Cramer, claiming that whatever he forecasts for Bitcoin, the token will move in the opposite way. For instance, if he claims that Bitcoin will reach $50,000, then it is possible that BTC could fall to $20,000 in value.
If Bitcoin manages to break out of its current trading range and close over $23,250, it might trigger a new wave of buying. Under these conditions, it’s possible that the price would climb to about $23,650. The $24,000 mark may represent the next point of difficulty. Continuing the current upward trend would push Bitcoin’s price to the $25,000 area.
One of the top Ethereum (ETH) whales, Justin Sun, with approximately 223,780.577 Ethers in one wallet, has transferred 10k units to his backed crypto exchange, Poloniex. Sun, the Tron Foundation founder and the Permanent Representative of Grenada to the WTO, made the transfer to Poloniex as Ethereum retested $1,610.94 in the past 24 hours.
The last time Sun made a huge ETH transfer was 44 days ago, after sending 6,500 ethers to Poloniex. Coincidentally, Ethereum price dropped from $1,350 to about $1,151 in the subsequent days.
With Ethereum price forming a falling divergence in relation to the RDI daily indicator, market analysts speculate a looming crypto correction.
Nevertheless, the 10k ether transfer by Sun could be more of a routine derisking strategy as a long-term holder. Additionally, the crypto entrepreneur could be supporting Poloniex with liquidity amid heightened volatility across the board.
Sun Pushes Crypto Adoption Via Tron Network
The crypto billionaire has used his influence to push for crypto adoption at the state level. Recently, Sun announced that TRON is set to be made a legal tender in St Maarten after a member of parliament initiated a legal framework.
TRON coin, which trades around $0.061599 today, has a market capitalization of about $5,650,645,170 and 89,107,526 holders, according to data provided by token view.
Notably, the Tron foundation has partnered with several exchanges including Huobi to introduce crypto to the mainstream market.
Notably, Sun is a holder of more than 210 tokens, according to on-chain data, which include USDC and others with minimal liquidity on global crypto exchanges.
Expert Warns: Bitcoin Forming a Dangerous Bull Trap as Recession Looms – Is it Time to Sell Your BTC?
Bitcoin price could drop further in double digits percentage soon despite rallying about 40 percent in the past two weeks. These are sentiments made by popular crypto economist Nicholas Merten, the host of the DataDash YouTube channel with over 500k subscribers.
Merten noted that crypto and equity prices have been rallying in the past few months despite the lack of a positive economic outlook. As such, the analyst attributed the crypto rally to macroeconomic aspects including the global central bank’s liquidity which is not shrinking.
With minimal inflows of cash into the Bitcoin market caused by recession fears, Merten cautioned crypto investors that the relief rally is exhausted and a reversal is imminent. However, the analyst highlighted that Bitcoin price could rally further as it did in previous bear markets.
With Bitcoin price at the highest daily RSI overbought level in two years, Merten noted that bulls are exhausted and the bears are about to take control once again. Moreover, the analyst attributed the equities buybacks that were rampant in 2022 to a looming recession that will eventually crush Bitcoin prices.
“When it comes to the overall performance of equities and [how] it will have an effect on crypto, do not doubt it if global equities are in a major outflow. If we’re going into a recession and equity valuations start to go down towards lower levels, we continue having lower highs and lower lows which signify a downtrend, it would likely have the same effect on crypto. Until we see a break in that correlation, we got to think in that mindset,” Merten said.
Notably, Merten is warning crypto traders who think the recent rally is a sign of a looming major breakout. Moreover, on-chain analytics firms have identified a higher appetite for risky assets in the recent past.
Shiba Inu seems to be on the cusp of another bullish breakthrough as investors are stoked after a relief rally around the New Year. At the time of this writing, one meme token is worth $0.00000962, reflecting an increase of 1.9% over the course of the previous twenty-four hours and 14.6% over the course of the previous seven days.
SHIB Still In Hot Water
However, the on-chain data provided by InTheBlock demonstrates that Shiba Inu remains rather gloomy. In addition, 56 percent of people who are holding SHIB are submerged, while just 25 percent are keeping their heads above water.
The on-chain bear signals are more powerful than the bull and neutral signals, as can be seen in the screenshot that is presented above. In addition to this, the signals from the exchange are negative. The overall direction of the signals for SHIB is bearish.
Contrarily, data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model indicates a bullish outlook in Shiba Inu price, at least until the big selling congestion zone around $0.000011 has been labeled.
Although notably, during the last several weeks, investors have moved their focus to alternative cryptocurrencies, with a particular emphasis on meme coins such as Dogecoin and Shiba Inu.
According to data that was only just made available by WhaleStats, a cryptocurrency platform that keeps track of huge transactions, SHIB is once again one of the smart contracts that are used the most often by the top 500 Ethereum (ETH) whales.
On January 13th, the coin was also included amongst smart contracts for the top 1,000 largest Ethereum whales. The Shiba Inu contract had the lowest volume in the top ten, behind WETH, BOBA, NMR, ETH, USDT, and USDT. Also, among the top 5,000 Ethereum whales, SHIB is the coin that has seen the highest trading activity.
SHIB Price Analysis
The Moving Average Convergence Divergence (MACD) indicator and the candlestick chart for Shiba Inu both point to the buyers being in the driver’s seat. After the 50-day Exponential Moving Average (ETH) passes over the 100-day EMA, investors who have been betting on long positions in the Shiba Inu price may choose to maintain their bets. Shiba Inu longs may rest easy as long as they stay just over $0.00001, its imminent resistance.
Traders and investors should use caution since Shiba Inu does not have widespread support on the IOMAP. However, given the increasing trade volume, shorting SHIB is not a good idea.
The largest cryptocurrency by market capitalization, Bitcoin, extended its winning streak to nine days and hit an intraday high of almost $18,078. The second-most valuable cryptocurrency, Ethereum, rose over 4% to $1,384 as a result of the increase in Bitcoin.
In a recent tweet, Bitcoin critic Peter Schiff requested Bitcoin hodlers to sell before the release of the CPI data, suggesting that a rise in the price of Bitcoin beyond $18,000 would be a great time to sell their holdings.
“Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for HOLDers to sell ahead of the release of the Dec. CPI. Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin,” Schiff wrote in a tweet.
Cantering Clark, a pseudonymous crypto expert, noted in a tweet that BTC and CPI now have an intriguing relationship.
He wrote, “The way I see it, maybe CPI offers a better entry, but if not and we pop up further, I think it is enough to say momentum and trend systems will begin to shift heavily.That 20 week moving average is really important to me.Big ships turn slowly.”
Some cryptocurrency analysts are still unsure about what to make of the CPI figures, though. CryptoGodJohn advised market participants to be cautious when using the “bull posting.” While acknowledging that inflation may push BTC up to $19–$20k, he pointed out that if expectations are off, traders may suffer significant losses.
In December 2022 (from 7.1% in November), inflation in the US is predicted to have dropped for the sixth consecutive month, reaching 6.5%, its lowest level since October 2021.
The CPI is anticipated to level out in the upcoming months after climbing for four straight months and by 0.1% in November.
The crypto space is curiously waiting for the Consumer Price Index (CPI) data which is scheduled to be released today, Jan 12 2023. The crypto market sentiment ahead of CPI release seems to be quite positive as the world’s largest cryptocurrency by market cap, Bitcoin has surged beyond $18,000 levels. Bitcoin price rally has influenced other currencies like Ethereum, XRP, Cardano, Solana among other altcoins.
At the time of publication, Bitcoin is selling at $18,237 after a rise of 4.61% over the last 24hrs.
Meanwhile, most of the industry experts are of the opinion that today’s CPI data will have a positive impact on the crypto market. One of the well-known crypto analysts, Michael van de Poppe claims that the CPI for December will most probably fall around 6.5% from last month’s 7.1%. However, Van de Poppe also warns that the crypto market may witness some corrections before the bulls are back.
Bitcoin Price To Hit ABove $19k ?
Also the reports, in December the annual inflation rate in the US has plunged to 6.5% which is the lowest since October 2021. As per Michael van de Poppe’s earlier claim he had predicted that if Bitcoin holds on to $17.3k, there will be a bull run. Hence, as the King currency has moved beyond the said target, BTC might move past $18.5K.
On the other hand, it’s just not crypto experts, even Wall Street banks and Economists have portrayed their bullish stance towards a fall in CPI data for December. The reason for their positive approach is the reduced energy price seen during December for example, Gasoline which has dropped by 12% from November to December.
However, today’s Bitcoin price movement is mostly dependent on today’s CPI report which could either make or break its movement towards $19k. The same is predicted by Altcoin Sherpa where he claims that after CPI data is out Bitcoin might be pulled down towards $16,800.
Hence, it’s important for traders and investors to wait for the CPI report before making any further decision.
The Ethereum price hovered around the liquidity zone below $1220 for quite a long time and quickly dropped heavily below $1200 to mark the bottom. However, at the beginning of the year 2023, the price inflated significantly and soared high to mark the yearly high of $1344 within just a couple of days. Meanwhile, the bears have dragged the levels lower which appears to get intensified in the coming days.
It is worth noting that the trading volumes have dropped considerably and moreover, the bullish volume has slashed largely. Additionally, the deliverances for trend reversals have already formed. Therefore, even if the ETH price bounces back to the interim resistance may face a strong rejection that may drag the price lower below $1280 initially.
With the first leg down, the ETH price may drop notably to test the immediate support levels at $1284. If the bulls fail to hold at this level then the plunge may get intensified and reach below $1250 and maintain a horizontal trend for a while. Further, the possibility of re-entering the liquidity still prevails if the bears manage to take back control of the rally.
Such a steep plunge may occur only if the market undergoes a steep bearish pressure led by some events. However, to undertake a notable upswing, the price is required to undergo a notable descending trend. A popular analyst believes that the ETH price may retrace from $1283 to $1235 to get triggered towards $1600, as ETH meets resistance at the X-axis of an ascending triangle.
To do so, the Ethereum price which has been witnessing a slight pullback from the interim highs needs to rebound and reclaim the levels at $1355. The current rejection may certainly not be considered the end of the bullish trend, but a minor consolidation to propel high.
The Terra Classic community has approved Proposal 11111, which will reverse Proposal 10983 and support Binance, the crypto exchange that has contributed the most LUNC to burn. The proposal seeks to overturn Proposal 10983, which substituted 10% for on-chain development for additional revenue for the community pool at a rate of 50% of the 0.2% burn tax.
Instead of 50% remint, the plan would contribute 10% remint to the community pool from the 0.2% burn tax. Edward Kim, a core developer for Terra Classic, rejected Proposal 10983 because it would stop Binance’s LUNC burn mechanism. With roughly 82% in favor and 2% in opposition, proposition 11111 has received enough votes to pass the threshold.
The proposal has received support from over 39 validators, while only 3 are opposed. On December 26, All nodes tweeted their support for Proposal 11111. Furthermore, the validator thinks the community should reignite the 1.2% burn tax because the volume has not increased after the burning tax was reduced from 1.2% to 0.2%.
Why is Terra Classic’s price rising?
Ahead of the Christmas season, Terra Classic price got a push last week as the price saw a significant increase. The price of LUNC has increased by about 10% over the past 24 hours, and is currently trading at $0.0001575. The speculation that Coinbase would list LUNC has also helped the market surge. In the past 24 hours, the trade volume has increased by more than 110%.
Furthermore, the recent rise of LUNC might have been influenced by the proposal made public by the new Terra Classic Layer 1 team. The “Joint L1 Task Force” of the Terra Classic team published a proposal describing its work for the following three months. The team announced that it will be hired to complete the necessary changes during this time. The most well-known members of the new squad are Edward Kim and Zaradar.
XRP price is speculated to witness significant turbulence very soon which may hinder the progress of the rally towards the north
A notable drain is believed to drag the price lower in the coming days which may compel the token to record a bearish close for the year
The 2022-end is approaching very fast, meanwhile, the tokens maintain their consolidated trend as Bitcoin prices fail to slice through the crucial $17000 levels. The fine accumulation which has slaughtered the volatility also has prevented the traders to induce significant volume, much required to rise above the bearish captivity. While the beginning of 2023 was believed to be bullish, the possibility of XRP price marking new lows emerges.
The XRP price has been maintaining a significant trend since the beginning. Moreover, after the recent fallout, it maintained a significant upswing which was hindered during the recent fallout. Despite the bearish pressure, the XRP price is trying very hard to overcome the bearish action and reclaim its trades before the gigantic price drop.
- The XRP price in the larger perspective is stuck within a parallel channel wherein the bears appear to be in full control, while there are no signs of any reversals as no buy alerts by whales have been witnessed
- The head & shoulders pattern on the weekly chart is on the verge to experience a breakdown, as a fresh rejection may drag the price toward the lower support which is the neckline of the pattern
- With a fine rejection from the neckline, the price is believed to be halved and reach $0.1 which could be the last point of defense too. Here whales are believed to enter and uplift the price by 30% to 40%
Collectively, the XRP price remains within the bearish captivity regardless of the minor bounce, it is undergoing in the short term. As per the predictions of some analysts and influencers, the crypto markets may find their bottoms somewhere in Q1 2023 and XRP is no exception. Hence, a fine correction may be pre-programmed which may intensify the upcoming rally in the near future.
Bitcoin’s price hiked after the Federal Reserve announced a rate hike that was less significant than those seen at previous meetings and still indicated that continual hikes are possibly warranted. However, the king currency was pulled down as the dollar rallied with the return of risk aversion, which caused investors to have a sentiment that was relatively bearish.
On Wednesday, the Federal Reserve increased its target fed funds rate by 0.5%, bringing it up to a range of between 4.25% and 4.5%.
This move was in accordance with the expectations of Wall Street. According to reports, the members of the Federal Open Market Committee do not anticipate a change from rate rises to rate cuts until the year 2024.
Bitcoin is now trading in a bearish direction, despite having just broken over a crucial level of resistance located around $18,150 Bitcoin’s price, however, plummeted below the $18,000 level after the Fed’s statement that it will raise interest rates.
This points to the possibility that the current pattern of sales will continue. BTC is trading at $17,708 at the time of this writing, which represents a decrease of roughly 1% in the previous 24 hours.
What On-Chain Data is Suggesting?
According to on-chain data, the ‘Bitcoin (BTC) Spent Output Value Bands: All Exchanges’ measure suggests that the quantity of whale deposits on cryptocurrency exchanges is dropping.
Typically, the development of the bottom of the Bitcoin market is caused by whales selling their BTC holdings by transferring them to cryptocurrency exchanges.
After a bear market that lasted for a whole year and witnessed enormous sales by whales and miners, Bitcoin is now starting an accumulation cycle before the next halving.
In point of fact, it is anticipated that institutional investors would discreetly purchase the downturn in a manner similar to the accumulation cycle that occurred in 2019-2020.
Cryptoquant’s analysis says:
“In terms of spending, the continued high level of whale spending is contradictory with a sign that could lead to a market cycle change. An upward sustained price trend is typically accompanied by whales holding their bitcoins.”
In a related development, according to the findings of a survey conducted by a reputable crypto analytics platform, despite the fact that 2018 was a difficult year for the majority of the cryptocurrency market, there does not seem to be a shortage of believers that 2023 would give a chance for recovery.
The cryptocurrency monitoring website CoinMarketCap is now conducting an end-of-year wrap-up survey. Participants were asked to submit their votes according to whether or not they anticipated the next year would be bullish or bearish, and more than eighty percent of the respondents voted ‘bullish.’
Is Now a Good Time to Buy?
Bitcoin traded in a narrow band between $18,500 and $20,000 between September and October. However, after the stunning collapse of the crypto exchange FTX, bitcoin plunged 26% at one point.
For anyone wondering whether this is a good time to purchase Bitcoin, I wouldn’t recommend it. The overall macroeconomics for bitcoin is unfavorable. On-chain/flow numbers for bitcoin are quite bearish.
As a result, if you have a time horizon of two to four weeks, it is certain that now is not the greatest moment to purchase bitcoin. Unless you’re aiming for long-term gain.
As such, you may purchase and then be ready to hold on for dear life for months, when ideally the situation would have become much better.
Bitcoin price is appearing towards the end of the correction phase as the bulls are managing to hold above the elevated support levels. While, the token is yet to overcome the loss incurred during the FTX fiasco, a couple of positive movements within the financial world have impacted the BTC price to some extent. Furthermore, the year 2022 is nearing completion, indicating a step closer to the Bitcoin halving event.
The very recent Bitcoin rise was fueled by the latest CPI rates which went lower than expected. Additionally, the Bitcoin fear and greed index rose to the pre-FTX level of 30. Moreover, one of the leading analytical platforms, Cryptoquant suggests, Bitcoin is entering a pre-halving accumulation phase after accomplishing a year-long bear market.
The BTC price formed a double top pattern cycle in 2021, and after experiencing massive sell-offs by whales & miners, BTC price has now reached the multi-year support and the confluence.
Moreover, the experts still believe the selling pressure could have been exhausted and hence only a significant amount of unprotected short positions.
Alongside this, the FOMC meeting is underway, where a slight increase of 50bps is expected. Moreover, the FED chair Jeremy Powell’s speech is also expected to be dovish which appears to be in favorable conditions for the bulls.
Hence a paradigm shift may drop into Strom for the short squeeze that may push the BTC price toward the upper resistance around $19,200 levels, very soon.
Dogecoin price bounce occurred out of the box as the bounce triggered an upswing over the entire crypto space. The token has been incremental and manifested an exceptional rally during the previous month by surging more than 165%. This induced significant bullish momentum that raised the BTC price close to $17,000, however, hindered by the FTX fallout.
Meanwhile, with the recent improvements in the price, many other altcoins are also struggling to rise under the influence of DOGE. The price currently hovers above $0.09 after rising above the crucial 50-day MA levels. Moreover, the FIB tool that surrounds the November highs and lows indicates that the price has just surged beyond the 0.236 FIB level but failed to sustain.
These FIB levels are often considered weak levels but may provide context for the hidden bullish strength within the crypto space. Furthermore, the DOGE price is expected to register a bullish daily candle beyond these levels to mark an upswing beyond 0.38 FIB levels at $1.054 during the weekend. If the bulls fail to hold at these levels, it may trigger a massive fallout targeting new monthly lows slicing through $0.05.
Meanwhile, the on-chain developments reveal the possibilities of a bullish breakout at the earliest. The daily active address count that records the user’s activity within the specified period has displayed a notable upswing in the past couple of days. This indicates the bulls are currently relaxed but have certainly not exited the platform and hence may jump into action at the earliest.
Collectively, the Dogecoin price requires to break and sustain above $0.095 to gain an opportunity to leap long beyond the $0.15 region. In case of a bearish reversal, the price may eventually slip back to hit $0.07 and may face multiple rejections thereon.
They call it the market bottom. For every bear cycle, a bull follows, that’s how it always was and how it will always be and the same is true for the reverse. Right now, we are in a bear market, which means the bull is there, bidding its time.
But one of the most popular question in all of cryptodome is this “wen bull?”
The truth of the matter is, BTC Bitcoin is one of the best cryptocurrency you can get. It is better than Etherium despite Etherium’s platform, it is better than Solana, Cardano, it is better than Polygon or many other tokens for one simple reason, okay, let’s make it two.
Reasons why Bitcoin is a good investment
Reason number one on why Bitcoin is a good investment is simply because it was first. Maybe someone can argue that digital coins have been around before Bitcoin but that doesn’t matter as Bitcoin unlike other cryptocurrencies like Etherium, was the first in the public’s sphere of consciousness.
IF the very first Bitcoin ever minted can be separated and sold individually, it would fetch MILLIONS of dollars if not for dozens of millions of dollars. Bitcoin is simply that ubiquitous.
This popularity among the masses can be a double edged sword as when something bad happens in the world of crypto, it is Bitcoin that is mentioned first despite the fact that Bitcoin remains a glorious example of decentralization and security.
The second reason why Bitcoin is a good investment is because there really isn’t a replacement for it. One can argue that any token can replace Bitcoin that it has multiple competitors, but not really. Bitcoin remains almost unchanging that it is simply too simple. When other tokens compete against BTC, they find themselves unmatched because you can’t really go much simpler than Bitcoin, so now there are two similar coins, with similar function, except that Bitcoin is popular and known to people even outside the crypto space while this new token has nothing to compete with.
But what is BTC Bitcoin?
What is Bitcoin and how does it work?
Bitcoin is a digital currency that isn’t under the control of any central bank or administrator. It can be sent directly from person to person on the peer-to-peer bitcoin network, without needing any intermediaries. Transactions are verified and recorded in a public ledger called a blockchain by nodes on the network.
Bitcoin is a decentralized digital currency that was invented in 2009 by an unknown person or group of people under the name Satoshi Nakamoto. Bitcoin is the largest cryptocurrency in terms of total market value.
Bitcoin is a commodity, like gold or oil, but it behaves more like a currency. There are only 21 million Bitcoins in existence.
What are altcoins like Toon Finance Tokens?
Toon Finance Token is an altcoin on the same vein as Etherium ETH or Binance’s BNB which allows users to interact with Toon Finance products like Toon Swap DEX in return for rewards.
For example, playing a game in Toon Swap’s Space Battleground could earn you tokens which could then be used to purchase in-game items.
In this way, games could potentially become their own economy powered by Toon Finance Token. There is a limited supply of Toon Finance Tokens and they cannot be created or destroyed, only earned through playing games or bought and sold on exchanges.
Unlike Bitcoin, Toon Finance Token was designed with the longevity and future proofing in mind and so far has been embraced by the crypto community. Who knows where Bitcoin or Toon Finance Token will end up in 10 years time, but one thing’s for sure, they’re both here to stay.
Is Bitcoin going to get lower?
USDT and BUSD are two stablecoins that are peg to the US dollar. USDT is issued by Tether, while BUSD is issued by Paxos. As of today, 1 USDT is worth $1.02, while 1 BUSD is worth $0.99. So USDT is pegged 2% higher than the dollar, while BUSD is pegged 1% lower.
Unlike stable coins, Bitcoin’s price can fluctuate wildly and have fluctuated wildly despite being relatively one of the most stable cryptocurrency there is.
The price of Bitcoin is determined by market sentiment and can go both up or down.
No one can predict the future, but it’s safe to say that the cryptocurrency markets are always volatile and so is Bitcoin. While there have been some dips in its value, Bitcoin has mostly increased in value over time.
Bitcoin’s lowest value, time to buy Bitcoin?
While Bitcoin has been successful overall, is it now time to buy Bitcoin? Bitcoin has been relatively safe as an investment while also doing pretty well for itself but it’s been predicted that the value of Bitcoin will crash before the market cycles back into a bull where it will be more expensive than ever.
If you buy now and now is the bottom then you are bound to make money, if you buy now and the prices goes lower and then you’ll have to wait for a couple of years for the bull to cycle back then you will have paper loss for a very long time.
Altcoins can be a better investment
An altcoin or alternative coin is a cryptocurrency that isn’t Bitcoin. Altcoins can be created by anyone and can be used to do anything that Bitcoin can do.
There are a lot of altcoins but not all altcoins are created equal, some simply stand out.
Etherium is an altcoin
Altcoins like Etherium, BNB, and Toon Finance Token are a good examples of altcoins that are worth looking into or buying. These are altcoins that much like Bitcoin, have a use-case, a strong project behind it, and strong community support.
Investing in something like TFT or Toon Finance Token means that while you won’t get as much stability in the beginning with Bitcoin, that same instability also means that you can make millions of dollars on a single day.
Altcoins like DOGE and SHIB are both called meme coins and Toon Finance, while also a meme coin, it is unique where it has high value.
The risks of investing in Bitcoin
For the uninitiated, Bitcoin can seem like a confusing and risky investment. After all, it’s a digital currency that isn’t backed by any government or central bank. However, there are actually a number of reasons why investing in Bitcoin and altcoins like TFT can be a smart move.
For one thing, cryptocurrency is incredibly versatile and can be used to purchase goods and services online or use it to use a service like Toon Swap. Additionally, it’s a relatively new asset class, which means that there’s still huge potential for growth.
Potential for growth with Bitcoin, Etherium, and Toon Finance Token
Of course, as with any investment, there are also risks involved. The price of Bitcoin is notoriously volatile, and investors could lose money if they don’t know what they’re doing. However, as long as you’re aware of the risks and are willing to take them on, investing in Bitcoin could be a great way to boost your portfolio.
Apart from this, while the prices are volatile, it is also true that eventually it always goes higher.
Etherium went high, BNB went high, and Toon Finance despite having been out for only a couple of weeks is already at nearly double the price it started with.
The future of Bitcoin and altcoins like Etherium and Toon Finance Token
The future of Bitcoin and altcoins like BNB and ADA is shrouded in uncertainty. Will Bitcoin continue to dominate the market, or will altcoins like Etherium and Toon Finance Token eventually take the lead? Only time will tell.
However, one thing is certain: the cryptocurrency market is here to stay. Thanks to the advent of blockchain technology, cryptocurrencies are now more accessible than ever before. In addition, the increasing use of cryptocurrencies by businesses and countries around the world is helping to legitimize the market.
With more people investing in cryptocurrencies every day, trading fiat to Tether USDT or BUSD stable coin, it’s clear that the future of Bitcoin, Etherium, and Toon Finance Token is bright.
Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Celsius Network, a bankrupt crypto lender has filed an appeal to increase the exclusivity timeframe to submit the reorganization plan. This is the time when Celsius Network claims the right to submit the proper plan to reorganize the firm. Celsius is currently hit with numerous lawsuits along with its bankruptcy case.
On the other hand, the judge has asked Celsius not to pay retention bonus to a few of its employees which accounts to around $3 million. As per Celsius lawyers, this reorganization plan is an important one to stop its employees from moving which will divide the $3 million among 62 of the 274 employees.
Oryen has already been on the move since its debut, it has already brought around 100% profits to early investors, yet, there is still more room for more investors to enjoy these gains and profits! ORY still has plenty of room to grow according to Youtuber, Darryl Boo.
The Oryen Network is a crypto project that concentrates on innovation, creates rewards and offers value for Oryen token holders through the OAT (Oryen Autostaking Technic). Oryen is a staking token which is Easy and Safe, and gives you a fixed 90% APY (Annual Percentage Yield). According to one of the best crypto publications, ORY seems to be the most anticipated presale right now, with accelerating numbers of investors joining the project daily due to its innovative OAT.
The AutoStake feature: How does it work?
By simply buying $ORY and keeping the token in your wallet, you earn rebase rewards to your wallet, and tokens will increase every 60 minutes. Oryen allows distribution directly proportional to the daily rebase rewards that is worth 0.177% of the amount of tokens you hold in your wallet, which means that without moving your tokens by using a staking contract, Oryen holders receive an annual compounded interest of 90%.
What About Big Eyes Coin (BIG)?
As interesting and profitable as ORY might be, Big Eyes Coin (BIG) is currently among interesting new meme coins as well, BIG has strong eco-friendly credentials and gives a small percentage (5%) of its value to charity. BIG and ORY have strong futures if what analysts are saying is taken into consideration, but it’s ORY that they think has the strongest and could be the best new crypto investment one can make right now.
The long-term goal at Oryen’s Network is to make $ORY a recognised digital currency, which is used within different platforms and network chains.
Find out more here:
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Tesla’s CEO Elon Musk’s respect for Dogecoin has been evident in the price chart as it continues to be the most aggressive meme coin in the crypto market.
Dogecoin has gained over 250% in its value since Elon Musk acquired Twitter on 25 October, and it continues to pump due to high buying pressure and demand.
The current price movement of DOGE has already grabbed the attention of multiple crypto analysts to give their predictions on its future price movement.
According to an analyst, Dogecoin may witness an enormous rise in the next five years, making it a good investment option in the long term.
Dogecoin Paves Its Way To Moon!
Elon Musk has greatly impacted the price of Dogecoin and contributed an immense rise to the meme coin amid the crypto winter.
Dogecoin now seems to change the fortune of investors and map portfolios once again, as it has generated a great ROI in the last few days.
Recently, a famous crypto strategist, AltstreetBet, predicted that Dogecoin might attain a maximum price range of $2-$5 in the next few years.
According to AltstreetBet, Dogecoin may continue its current market trend by following Doge-father’s further movements in the market.
As a result, Dogecoin may touch a resistance level of $0.3 in 2024 and then face rejection before kicking off a significant bearish trend to $0.03 by the beginning of 2026, indicated as wave 4. The analyst further predicted that DOGE might form a wave 5 after completing wave 4.
In wave 5, Dogecoin is projected to experience incredible growth in the price chart as it can touch a maximum price range of $2-$5. However, wave 5 may be shortened as wave 1, and wave 3 were extended.
Dogecoin Forms A Bearish Candle
The Twitter-inspired upward rally has put a stop to the DOGE price as it faces rejection at $0.15 and forms a long bearish candle on the daily price chart. Dogecoin fell from a high of $0.158 to a low of $0.124 yesterday, as whale investors continue to create selling pressure.
Looking at the daily price chart, the hype of the meme coin may soon come to an end as investors are now looking to liquidate their holdings after booking a significant profit due to ‘sell the news’ (Musk’s Twitter acquisition).
The RSI level also does not support Dogecoin’s current trend, as it has dropped from a level of 91 to 79.
The Bollinger band’s lower limit is at $0.11, an immediate support level for DOGE. If Dogecoin drops below this support level, it can have a sharp decline to its fundamental support level of $0.07.
Conversely, the MACD indicator favors Dogecoin’s bullish momentum as it trades upward. Moreover, SMA-200 or Mayer Multiple trades at 1.83, the highest since June 2021. As a result, Dogecoin may slightly make an upward correction before dropping rapidly in the price chart.
Katie Stockton, the founder of Fairlead Strategies, said, “Dogecoin rallied over 100% last week on speculation of integration with Twitter. The surge is meaningful on its chart, noting the breakout above the 200-day MA and former peaks.”
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The Bitcoin price, after marking recent highs beyond $21,000, has yet again dropped due to the intensifying bearish action
Meanwhile, the crypto markets appear to be preparing for a massive run ahead as the fractals are rising above the bearish captivity
The crypto market cap has risen above $1 trillion amid the recent price action that propelled the levels after a prolonged consolidation. Meanwhile, the Bitcoin price is slashing notably and dropping below $20.500 but sustaining firmly along the pivotal support zone, indicating the revival of the bulls very soon.
In the middle of the bearish clouds continue to prevail, bullish flags continue to flatter over the crypto space. The market capitalization has been forming a double bottom pattern which is largely considered as bullish and hence a remarkable price action is speculated to be fast approaching.
A well-known analyst, Micheal van de Poppe points the market cap has never been below the 200-Week MA while the Bitcoin & Ethereum prices did. While the market capitalization continued to hover around the 200-Week MA and the markets dropped by more than 70%. Now when the levels are trying to reclaim their positions above these levels, then a remarkable upswing may be fast approaching.
However, the crucial resistance lies around $1.193 trillion, clearing which may lead to a significant upswing towards $2 trillion as predicted by the analyst. Therefore, if the market cap begins its bull run, Bitcoin price & Ethereum prices are also expected to explode very soon. Hence a firm upswing beyond their respective resistance appears to be imminent.
The recent acquisition of Twitter by Tesla CEO Elon Musk is sparking surges in his favourite cryptocurrency Dogecoin.
According to CoinMarketCap, Dogecoin has become highly traded in the crypto market as it gained over 70% in its value in the last few days and nearly 30% in the last 24 hours.
Starting as a joke, it now seems that investors are gaining trust in Dogecoin as Elon Musk successfully established himself on Dogecoin to be a reason for investment.
DOGE Gains Traction
The ongoing crypto winter is now fading away as several cryptocurrencies, including leading digital assets and altcoins, are now benefiting from the rally- surges that are led by Bitcoin, Ethereum and Dogecoin.
The current interest rate hikes to control unexpected inflation rates have brought the worst price levels to leading altcoins like Dogecoin.
However, there are some key factors pushing the community-favourite meme coin to the North. Dogecoin supporter Elon Musk’s recent acquisition of Twitter worth $44 billion sent Dogecoin to double-digit gains today.
Furthermore, the billionaire Musk also made a proposal previously to digitize the payments on Twitter with crypto by adding Dogecoin as a payment method.
Since then, whale investors have started accumulating Dogecoin in their investment portfolio with the hope of making lucrative profits.
According to the Dogecoin whale alert, the top 20 wallets of Dogecoin have moved over 400 million Doge tokens to crypto exchanges as DOGE price hits monthly highs.
Dogecoin has also introduced ‘The Great Burn’ event to burn 80% of the total supply to stabilize the price movement with solid liquidity.
Dogecoin Takes The Lead
The popular meme coin is currently taking the lead in forming continuous bullish candles in the price chart. Dogecoin’s price currently trades at $0.114 with a market cap of $14 billion.
Looking at the daily price chart, Dogecoin has broken its crucial support level at $0.088 and successfully trades above $0.1 as per our previous analysis.
Our technical analysis reveals the Bollinger band’s upper limit is at $0.13; if the DOGE price breaks the resistance at $0.13, we can see its price extend its bullish momentum further to $0.181.
The RSI is trading at an extremely high level of 90, which indicates the complete domination of DOGE bulls.
The MACD line is also rising exponentially as Dogecoin trades above the EMA-200 trend line.
However, we may expect a slight bearish candle soon as DOGE may make a minor downward retracement at a price of $0.119. SMA-14 (simple moving average) is trading at 57, indicating a smooth bull run for Dogecoin.
DOGE may hold its bullish momentum further as the current market sentiments are positive and can be an excellent investment option for long-term holders.
However, Coinpedia advises investors to do their own research and consult the opinions of the experts before investing in volatile crypto assets like Dogecoin, which can erase all your funds.
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Dogecoin has been dominating the memecoin sector as it has shown an excellent price potential in the last 24 hours. Dogecoin is currently flying over the crypto space as the Twitter acquisition deal worth $44 billion proposed by Dogecoin influencer elon musk elon musk founder, ceo at tesla, spacex Elon Musk is an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
He graduated from the University of Pennsylvania, earning a bachelor’s degree in Arts and physics, and the Wharton School, earning a bachelor’s degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.
In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.
On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion. [email protected] EntrepreneurInvestorChief Executive Officer Followers : 0 View profile is on the verge, and it may make a final call on Friday. This memecoin has made over 20% gain in the last 24 hours as it recently broke its crucial resistance level at $0.066.
Dogecoin To Witness New Highs!
Dogecoin is currently outperforming in the crypto market as its market capitalization made an exponential rise to nearly 14%. The memecoin has gathered a wide range of investors due to the bullish news of Elon Musk’s acquisition of Twitter as the Dogecoin enthusiast has entered the Twitter headquarter.
The last few weeks have been quite dull for DOGE as it traded in a range-bound area between $0.063 and 0.059 with less volatility. However, it gained a significant number of holders as it rose to 4,456,459 from 4,365,551 in the last three months. Elon Musk has been a huge supporter of Dogecoin, and his influence is quite impactful in bringing a noticeable price change in this cryptocurrency.
Edul Patel, the CEO and co-founder of Mudrex mentioned that the bullish rally of dogecoin dogecoin Cryptocurrencies Followers : 0 View profile came after Elon Musk’s Twitter acquisition which drew the attention of investors to buy in the dip.
He added, “Markets tend to react more to speculations and hype when a particular event is nearing than during the actual event. A significant rally in the bluechip tokens and altcoins space gives more impetus to the memecoin momentum.”
DOGE Price May Trade Above $0.1
Dogecoin is skyrocketing, and the bull run does not seem to stop here as its green candles continue to register massive spikes in the price chart. According to CoinMarketCap, Dogecoin is currently trading at $0.076 with a market cap of $10.2 billion.
The daily price chart of DOGE reveals that the memecoin initiated a fresh bullish rally from a low of $0.059 to an intraday high of $0.08150 today. The RSI-14 graph is rising vertically and trading near the level of 80, hinting at an overbought zone that may soon crash if the hype ends. The Bollinger band’s upper limit is $0.08, which is near the EMA-200 trend line. If DOGE maintains its price above $0.08, we can expect a further upward rally to $0.1.
Conversely, the Bollinger band’s lower limit is $0.056, which is a crucial support level in the DOGE price chart. If Dogecoin drops below its support level, it can plunge hard to the bottom and may trade at $0.0488.
However, the bullish rally is expected to continue as there is ample positive news from the community and its social dominance keeps rising. Dogecoin is relying on rumors as its price jump took place after Elon Musk’s Twitter crypto wallet news and the price may slump hard if it fails to maintain the same hype in the future.
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While other risk assets are still under pressure as a result of this week’s CPI result, Bitcoin and Ethereum are still trading within well defined bands. On Saturday and Sunday, the cryptocurrency markets experienced a resurgence of bearishness as Bitcoin fell once again.
After the pre-market sell-off on Thursday morning, Bitcoin found buyers on a dip into the support area over $18000 and after surging to $20,000, the largest token in the world started the weekend lower. Ethereum had a decline today as well, dropping under $1,300.
Bitcoin to hit $27,000?
A popular cryptocurrency strategist and trader expects rallies for Bitcoin and Ethereum that will astound doubters. The diagonal resistance, a trendline that has kept the market bearish since November 2021, has been successfully broken above, according to analyst Justin Bennett.
“BTC reversed today right from the linear trend line from the all-time high.”
Bennett said that now that the diagonal barrier has been overcome, Bitcoin is poised to rebound by around 40% to his goal price of about $27,000.
The analyst is examining the inverted price chart for BTC, which traders occasionally use to see if their bias still holds under various circumstances. According to Bennett’s chart, Bitcoin will reach its target by December 2022.
However, for the short-term, the analyst believes Bitcoin might yet drop below $19,000 before beginning its rally. He estimates that there is a liquidity gap at $18,500. According to him, BTC is approaching the weekend while the markets are still trading sideways with lower wicks to fill leaving out the deviation over $19,540.
Bennett notes that Ethereum, the industry-leading platform for smart contracts, now appears positive after successfully regaining a crucial support level. “What a bullish reclaim from ETH. Bears in disbelief. Send it.”
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The crypto space is pondering within a very narrow range as Bitcoin price is constantly failing to sustain above $20,000. With slashed volatility, the markets are expected to remain consolidated for a longer time. However, BTC prices may get a wider push as unexpected volatility may chip in any time from now.
Additionally, the induced volatility may certainly not guarantee the direction of the upcoming movement as the major factors that impeded the BTC price earlier may reappear soon. Despite the happenings within the crypto space, the star crypto continues to be within a bullish range. Multiple factors are about to kick in, but analyst Micheal van de Poppe believes if the BTC price sustains above $19,500, then it may be the confirmation of an upcoming move.
The analyst here lists multiple events which are scheduled to occur in the week and that may impact the BTC price. Therefore, it is very important for Bitcoin to stabalize above the crucial levels presently, to offer a strong base for the altcoins to flourish.
Is AltSeason on the Way?
While Bitcoin price is trading sideways, the market participants’ focus has been shifted to the other tokens or the altcoins. Hence most of them are displaying significant strength and trading above their respective support levels. However, the altcoins are about to witness a major jump as the altcoin market cap is flashing bullish signals.
The altcoin market cap continues to trade along the lower trend line and is trying hard to regain the $600 billion mark. The levels are currently trading within the symmetrical triangle and are about to reach the apex of the consolidation ahead. Therefore, after a brief consolidation, the market cap may break out of the triangle and rise high to reach the immediate high of $700 billion.
This may be when the Altseason 2022 may begin, provided, the Bitcoin(BTC) price continues to trade above $19,000.
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Frontier (FRONT) Price Analysis
The current Frontier sentiment seems to be bearish. According to the analysis, Frontier saw 40% of lucrative days in the previous month, and the token will increase by 15% in the following week. The FRONT price prediction indicates that it is not wise to buy FRONT now.
- Early in August, the FRONT token fell by 91%, but it quickly recovered to hit its all-time high of $0.300.
- The Frontier token was trading at $0.233 until the bears drove the price down, and it remained there for three days.
- The FRONT prices started moving up the parallel channel and increased. The negative dominance caused them to fall below the average level of $0.231.
- The bulls attempted a rally once more, and although prices rose by 27%, they could not hold that level. As a result, the token fell to the parallel channel’s lower trend line.
- The FRONT price recovered and rose above the average level of $0.231 and consolidated there for a week.
- The bulls immediately intervened after the bears pushed prices below this level. As a result, the Frontier token broke the upper trend line, hitting a high of $0.29.
- Prices once more fell to the average level before the bulls drove them higher. The FRONT token is now stabilizing around $0.233 and does not show any impending movement.
Reaching the high at $0.240 and maintaining the rise could result in bullish price action for the FRONT. If not, the price could surpass the immediate support level of $0.219. This will result in bearish price action.
GMX (GMX) Price Analysis
The last month saw a 9% price increase for GMX and 47% of productive days. Within one week, the price of GMX could increase by 3%. Analysis indicates that now is an excellent time to buy GMX because of the neutral sentiment of the asset at present.
- The value of the GMX token dropped at the end of September due to a significant SELL volume.
- The bulls attempted a rally, and prices surged by 66%, surpassing the range 1 ($55.7) and reaching their highs at $61.8.
- Unable to sustain the level for a long time, the prices dropped massively to the current price of $44.12.
- The GMX token is consolidating at this level and does not indicate any movement.
- The last few days saw a significant volume decline on GMX, which hindered price hikes. As a result, the GMX token may find it challenging to maintain its current position.
- As a result, prices will drop below $38.13 and continue to plummet, turning the market bearish.
The downfall of the Tron Foundation in 2022 will mark a pivotal moment for TRON and could either lead to subpar performance or new heights. The analysis predicts that TRON will reach $0.13 before the end of this year, resulting in a price increase of 80% and a price increase of 1,100% in just a few years.
TRON to Soon Escape the Descending Triangle
Early in 2020, TRON prices fell sharply, but they eventually soared upward in March, retesting their all-time high of $0.18. Within a short period, the prices fell by 73%, then rose again by 117% to peak at $0.1184 before stabilizing for nearly two and a half months.
In two months, the prices fell by 59%, but the bulls persisted and raised the price to the present level of $0.062. Due to the bearish domination, TRX prices could not hold above this level and fell below it. After around three months of this pattern, TRX prices ultimately broke through the current price level and rose to their all-time highs of $0.093, resulting in a 58% price increase.
The TRX price again dropped to its present level, followed by a minor recovery. However, the bears took control and drove prices below the support level of the descending triangle at $0.046 to create the double-bottom formation.
The bulls made another attempt at a rally, but they could not maintain above the current price level and sank below $0.062 due to the bearish domination. It is clear that the bulls are determined to raise the prices above this level and are not giving up.
With the strengthening market circumstances, the upswing is anticipated to continue, and TRX prices are expected to soar to new highs of $0.071, representing a 15% increase from the current level.
On the contrary, a bearish breakthrough from the descending triangle, signaling a 60% downswing, will occur if the TRON confirms its weekly closing below the support level at $0.0581.
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The fluctuating price behavior of Bitcoin (BTC) continues to play havoc with traders’ and investors’ sentiments. Traders are still making predictions about what Bitcoin (BTC) will do in the upcoming month of October. According to a well-known crypto analyst, the fourth quarter of the year may see rallies in the cryptocurrency markets.
The host of InvestAnswers said that a lot of fundamental factors are currently lined up in favour of Bitcoin and crypto markets in a recent debate with fellow analysts Benjamin Cowen and Mike from Digital Asset News.
He said that inflation is falling, given the current state of demand destruction, it must be happening rather quickly. Over the next two to three months, we’re going to see some nice CPI (consumer price index) prints.
Markets are bottoming
He is observing how the credit markets are roiled just now following this week’s UK blink and after Germany printed.
He said that the DXY (US dollar index) will be under pressure due to China’s very obvious intention to unload the remaining trillion dollars in treasuries as soon as possible, which should support some of the other emerging market currencies.
“Markets are definitely bottoming. [For the S&P 500], 3,500 points base for a floor, upside 4,800 points within six to 12 months is my take. And there’s tons of cash on the sidelines. $3 trillion waiting to be deployed. If the war stopped [between Russia and Ukraine], that would be game on… In terms of the Fed, they talk a big game, they do a lot of jaw-boning, but do they have bite?”
The analyst also said that October is often known, like “Uptober” and “Moonvember.” He anticipates success, particularly now that individuals are seeking for a hedge after realizing how badly their native currencies are performing. Simply deploying 1% or 2% of assets has a significant impact on Bitcoin, thus I anticipate a strong fourth quarter from here.
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Since the middle of August, when the bears consolidated their power, TRX holders have experienced bad luck. Their fortune might be about to change, though. The cryptocurrency is currently trading at a substantial discount, and on top of that, the charts appear to be indicating that a bullish pivot may be imminent.
At the time of publication, TRX was seeking to recover from a $0.058 weekly low. The bottom range where the cryptocurrency found support between February and April of this year seems to be around this level. Given that it is now trading within the same zone, the chances of a bounce from the same level are solid.
TRX is now in relatively little demand on the market. Especially in the absence of a potent catalyst, this frequently happens when a cryptocurrency tries to reverse course from a bearish trend.
Why is observing the funding rate important
Observing the funding rate is something essential as it demonstrates the shift in market opinion toward derivatives. These observations typically support earlier ones and go hand in one with the demand on the spot market.
The stablecoin supply held by the whales increased according to observation as well as the development activity metric. Although whales have a collection of stablecoins to load up on TRX, the price movement indicates that whale activity is still insufficient. Investor optimism may be boosted this week by the positive development activity that has been seen.
The weighted sentiment index indicates that the current state of the market has not changed. The latter is still within its lower monthly range, which might be the reason why recent bullish attempts have not produced any upward movement over the weekend.
TRX has so far shown a number of signals pointing to a probable bullish pivot in the near future. However, the present FUD-filled market conditions that have ruled for the past few days are reflected in the market sentiment.
This indicates that TRX bulls are prepared for an improvement in the overall crypto market.
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SolSwipe protocol has announced the launch of its new decentralized debit card. The card is the first in the world to be loaded directly from cold and hot wallets, as well as the first Solana debit card to enable Web3 reloading with Phantom, a Solana-based wallet designed for decentralized finance (Defi) and non fungible tokens (NFTs).
The debit card is designed for simplicity and supports SOL/USDC as well as other major networks such as Ethereum (ETH) and Binance Smart Chain (BSC). It allows access to over 200 countries in the world with lower fees than most other crypto debit cards. SolSwipe’s groundbreaking card is accessible worldwide and can be used for digital purchases, at a physical point of sale (POS), or on any Visa-compatible ATM.
SolSwipe NFTs sold out within seconds of launch
SolSwap sold all of their NFTs collection (6666 NFTs) in a matter of seconds. Holders will be eligible for special bonuses generated out of a percentage (up to 20%) of the royalties and loading fees paid, as well as reduced transfer fees up to (5%) which will be claimed through the reward system. Other benefits for NFT holders include cryptocurrency or NFT airdrops and premium metal SolSwipe debit card redemption.
SolSwipe is expected to facilitate an airdrop this month that will solely benefit SolSwipe NFT holders.
The introduction of the SolSwipe card marks an excellent moment, as more and more individuals are seeking decentralized alternatives. The recent concerns about the stability of traditional financial institutions serve to underscore this fact. SolSwipe’s direct-load function and low fees make it a great choice for those who want to use cryptocurrency for everyday purchases.
SolSwipe & Its Solana Debit Card Expecting Large Adoption
The SolSwipe team is upbeat about the new card’s prospects, and they’ve outlined their future plans. In 1-2 months, debit cards will be available on a variety of networks. Additionally, debit cards will be able to connect directly with users’ MetaMask wallets, allowing them to load up from BNB and ETH chains with a few clicks. The team is also investigating the possibility of allowing users to stake their cryptocurrencies to earn rewards, which would be a first for debit cards.
The company predicts that by the end of their efforts to get mass adoption, which will last 6-12 months, they aim to accumulate between 50k and 200k card users. As part of a partnerships campaign, SolSwipe also intends to collaborate with market leaders to white-label their own brand of SolSwipe debit cards. All in all, it seems that the team is off to a great start and has ambitious plans for the future.
SolSwipe is not bound by legal or regulatory constraints because it provides debit cards, which are not subject to the same regulations as cryptocurrency exchanges. As a result, the platform sets out to accomplish what most exchanges cannot achieve. SolSwipe is also in collaboration with the Laos JDB Bank, which has one of six Crypto licences issued by the country’s regulator. The bank has been in operation since 1989
An additional benefit to using the SolSwipe card is that SolSwipe never has access to any of your funds- they are stored in a cold wallet under your own possession. This decreases the risk of hacking significantly. Furthermore, the assets are converted into USD and then loaded onto the debit card. The entire process is manual and takes 12-24 hours to reduce hacks and other vulnerabilities.
SolSwipe Protocol has three available tiers: black, silver, and gold. The black tier is a standard plastic card while the silver and gold tiers are manufactured metal cards. Metal cardholders (silver and gold tiers) are eligible for lower fees and higher load caps. All of these cards are supported by Visa and UnionPay.
The SolSwipe debit card is exclusively available through SolSwipe’s official website. To obtain the card, users must go through a KYC (know your customer) process with the bank. As soon as the user provides their personal information to the bank, it will be transmitted directly to the bank and SolSwipe will not have access to the information. After being verified, the cardholder will receive their new debit card in the mail at their specified address.
Instructions on obtaining a SolSwipe card can be found on the project’s website.
Jon, the project’s founder, and co-founder Jammy leads a group with substantial experience in standard finances, blockchain technology, and marketing. For 10 years now, Jon has been an entrepreneur and created various startups. Furthermore, he has fundraised and scaled multiple companies while also currently running a digital marketing agency focused on web 3 technologies enhanced by products like SolSwipe that operate within the Solana space.
The SolSwipe protocol marks the day cryptocurrency truly embraces decentralization. Solana users will finally have access to use their cryptocurrency, in the form of a debit card, without the hassle of sending cryptocurrency through major exchanges. SolSwipe users will receive their very own unique SolSwipe debit card. Users will connect their personal Solana/Ethereum wallet to SolSwipe and load their SolSwipe wallet. This enables instant usage of the debit card; anywhere at any time in over 200+ countries in the world. The SolSwipe debit card acts like any other debit card; use it for your bills, food, gas, and online shopping.
Jon – SolSwipe Founder
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Terra Classic Tumbles After Massive Surge! Is It the Right Time To Short LUNC? – Coinpedia – Fintech & Cryptocurreny News Media
Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months.
However, the release of the Consumer Price Index (CPI) flipped the scenario, and the bears have regained dominance.
It’s just not crypto, even the large tech stock, NASDAQ 100, ended the day in red, something which has not been seen in the last two years.
Meanwhile, Terra Classic (LUNC) has been seeing an increase in social activity. One of the Twitter users, “Light” has claimed that the Terra Classic (LUNC) team’s marketing and business strategy is moving against its supporting members, due to which there is an increase in its price.
LUNC Price Analysis
Interestingly, while the whole crypto market was facing bearish pressure, LUNC surged by more than 30% in just 24hrs, which gave investors some hope and confidence in the currency’s stability.
But did this surge indicate the reality? Probably not.
As per Light, this is just a strategy that LUNC had adopted to advertise the project during such high volatility. The team has opted to add liquidity and funding to push the asset’s price higher while other currencies are dropping.
However, at the time of reporting, Terra Classic (LUNC) is selling at $0.000298 with a drop of 18.67% in the last 24hrs, making the day very unproductive for the currency.
There has also been a proposal to implement a new burn strategy which will affect the a major reason why traders like Light are choosing to short the asset.