Crypto News

MANA Price Gets 2.5% Weekly Boost As Bulls Charge For Reversal

This week, MANA showcased a slew of 2.5% gains. EMAs are also moving above Decentraland’s token’s price. MANA price tallies 2.5% gains MACD looks flat and not showing any bullish sign Decentraland market cap at $1.29 billion At this point, MANA’s price is close to its lowest for 2022. The bears are eyeing a new low for the year while also trying to get on top of the costs below the range of $1.0. Sometime in August, MANA’s price plunged which negatively impacted buyer expectations especially as the coin is still getting massive rejections resulting from the trend reversal. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? MANA Price Down In Market Value  According to CoinMarktCap, MANA price has nosedived by 3.04% or trading at $0.6949 as of press time. MANA price has depreciated in market value, prompting the bulls to wait for the next big wave or a confirmation of a trend reversal before moving to consolidate into long positions. From July to August, MANA appeared to have allowed the bulls’ entry but has failed to offshoot above the $1.0 price level. With that being said, the key resistance level has been marked at $1.0 while the support zone is at $0.64. Evidently, MANA/BTC has also dropped by 2.9%. After MANA’s price dipped below the 200-day EMA as seen on April 5, 2022, MANA has retreated further since then. On the other hand, all the other EMAs such as 20, 50, 100, and 200 are doing great as they sprint above the current price. The buyers are trying to push the price near the 20-EMA. MANA’s RSI shows a spike from the lower regions. This climb validates the optimistic outlook for the token. Meanwhile, the MACD is looking flat into the negative range as seen in the daily price chart. MACD Shows No Trace Of Bullish Momentum The MACD is not demonstrating any bullish momentum as both the trendlines are moving over the neutral range. RSI is looking bullish as the MANA bulls shoot for a slight bounce above the 20 EMAs. On the other hand, the key support level is near the current levels which means the bears can attempt to short-cover at the earliest possible time. Decentraland is said to be one of the few cryptos that buyers and traders should have on their active wallets, with its huge market cap of over $1.29 billion as of this writing and circulating supply that surpasses that of Bitcoin by at most 100 times. Many blockchain-based or NFT games have aspired for decentralization but it seems Decentraland remains to be one of the few that are ambitious enough to make it happen.  Related Reading: BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate? BTCUSD pair breaks past $19K border, trading at $19,445 on the daily chart | Source: TradingView.com Featured image from Smart Valor, Chart: TradingView.com

Bitcoin Crypto News

Bitcoin (BTC) Price To Reach In Millions By 2030, Says Analyst

A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one.  Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law.  If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030.  The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies.  Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price.  Crypto Market Cycles  Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle.  The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown.  Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action  Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com

Crypto News

Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days

In only the past week, ALGO has grown by a whopping 30%. Some may not be surprised by this development, as Algorand collaborated with FIFA to create FIFA+ Collect, a platform where fans can buy digital collectibles in the form of NFTs. There has been a dramatic impact on the environment as a result of this alliance. A tweet from @intotheblack shows that the number of unique addresses that have completed their first transaction for ALGO has increased from 5,000 to 20,000. There has been an increase in the cost of ALGO because to the increased number of transactions using unique addresses. As of this writing, the price of one coin is somewhere between the 23.60 and 38.20 Fibonacci retracement levels, or about $0.3949 and $0.3724. There is no denying the ripple impact that this collaboration has on all of Algorand. But will the agreement lead to additional price increases, or is this simply a temporary boost? Image: NFTgators ALGO Gets Boost From FIFA+ Collect The price of ALGO increased by 31.18% in a matter of hours on the press day of the FIFA+ Collect release. To sum up, the coin is up 27.54% from September 22nd when trading began till today, September 26th. As of this writing, ALGO is trading at $0.3662, down 5.8 percent in the last 24 hours, data from Coingecko show, Monday Information provided by Santiment suggests that the cooperation has an impact beyond only the pricing. Algorand’s NFT sector has witnessed a dramatic increase in activity. From September 21 to September 22, the total volume of NFT trades surged from $186,000 to a staggering $606,000. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit This is not the only positive development for the ALGO token and the Algorand ecosystem in general. The TVL of ALGO observed an increase in staked tokens. From September 22-24, the TVL increased from $234 million to $263.69 million. The Algorand ecosystem also had a significant overhaul. Additionally, the ecosystem implemented the State Proof procedure. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand to other blockchains. ALGO Bullish Momentum Subsiding? At the time of writing, the coin’s price has already reached above the double-bottom support level at $0.3687. This may indicate that the bullish momentum has waned and the bears are currently taking the driver’s seat. Considering this, ALGO can fall to a relatively secure position near the 50 Fib level. This level will serve as the token’s support. However, it cannot fall below the indicated Fibonacci level, as this would indicate a bottom on September 22. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why ALGO total market cap at $2.25 billion on the daily chart | Source: TradingView.com Featured image from Forkast, Chart: TradingView.com

Bitcoin

Veritaseum Sued Coinbase Over Patent Infringement, Seeks $350 M For Settlement

Coinbase gets into trouble with another lawsuit of patent infringement, among its other legal issues. A blockchain-based fintech software company in New York, Varitaseum Capital LLC, sued the crypto exchange for infringing its patent transfer technology for several exchange services. Reggie Middleton, the founder of Veritaseum, filed the patent infringement case against Coinbase in Delaware […]

Bitcoin Crypto News

U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?

The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com

Crypto News Ethereum

Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works

Ethereum funding rates had taken a beating after the Merge was completed. This event was the single most anticipated upgrade in the history of the network, and it had affected both price and funding rates in adverse ways. However, as the market begins to settle into the new normal of Ethereum being a proof of stake network, things are beginning to stabilize. One of those is funding rates returning to pre-Merge levels. Funding Rates Stabilizing The days leading up to the Ethereum Merge had been extremely volatile for the crypto market. Ethereum itself had borne the brunt of this, and even though the days leading up to the upgrade were filled with positive movement, it had quickly changed. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Ethereum funding rates nosedived on the back of the Merge. It fell from trending just below neutral levels at around negative 0.02% to negative 0.35% by the time the upgrade was final. It also follows the sell-offs that rocked the market at the same time. In the days leading up to the Merge, FTX longs had seen a total of 9.92% paid by shorts to hedge their positions on the exchange. ETH funding rates recover | Source: Arcane Research However, not long after the Merge was finalized, the market began to see recovery. This recovery was just as sharp as the decline, returning from negative 0.35% to around negative 0.02% by September 16th. This sharp uptrend was shown in the price of the digital asset, which maintained most of its value through this time. This shows that despite the sell-offs, there are still a significant number of Ethereum holders who maintain long exposure to the digital asset. Ethereum Might Recover With funding rates recovering back to pre-Merge levels, it shows that there is still bullish sentiment among investors. This sustained bullish sentiment continues to prop up the price of the digital asset even through the bear market.  Since most of the sell-offs happened due to the hype around the Merge, it is only normal that Ethereum has begun to stabilize once most of that hype has now worn off. It leaves the accumulators at a point where they are able to purchase the digital asset without sacrificing too much of their previous value. ETH price drops below $1,300 | Source: ETHUSD on TradingView.com Even now, with the FOMC-inspired volatility in the market, support for ETH continues to ramp up. Exchange outflows over the last 24 hours show this growing accumulation trend. Outflows were about 40% higher than inflows for ETH for the day, according to data from Glassnode. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? If ETH is able to maintain its support level at $1,250, this point will serve as a bounce-off point for the digital asset. If ETH successfully breaks through the $1,300 resistance, a retest of the $1,500 level is possible in the next week.  Featured image from Currency.com, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…