Month: April 2023

Casper price prediction: what next for CSPR after 60% rally in April?

Casper Network price rose over 60% in April, hitting a high of $0.060.
CSPR traded at around $0.059 at the time of writing, about 6% up in the past 24 hours.
While CSPR price is above key support level, here’s the price outlook for Casper Network going into May.

Casper Network price rose more than 60% in April as the value of the native CSPR rallied to above $0.060. The cryptocurrency’s price currently sits around $0.059, up 6% in the past 24 hours and nearly 16% higher in the past seven days.

However, while the Casper token is one of the standout performers of the last month, it remains off its peak of $1.33 by some huge distance. According to data from CoinGecko, CSPR reached its all-time low of $0.022 in June 2022, meaning traders who took positions at these levels are 164% up on their investment.

CSPR at current levels is -95% from the all-time high reached in May 2021.

What is Casper Network (CSPR)?

Casper Network, a layer 1 blockchain network targeted for enterprise adoption of the blockchain technology. CSPR is the governance token of the Casper blockchain, whose mainnet launched in 2021.

As a native token, CSPR has multiple roles in the Casper ecosystem, including network fees, staking rewards and payments as a medium of exchange.

The Casper Network has seen multiple projects built on top of its proof-of-stake blockchain. One of the projects on the smart contracts platform is layer 2 protocol Metis that migrated from Ethereum to Casper. Metis looks to boost development of Decentralized Autonomous Companies (DACs).

Another project is patent encryption platform IPwe, which targets the creation of a decentralised database system for patent management and licensing. There’s also ACDX, a digital assets exchange for structured products and derivatives trading.

Casper price prediction: What next for CSPR?

CSPR price 4-hour chart. Source: TradingView

Casper’s price could continue to rise into May and potentially break above $0.1. This outlook will materialise if CSPR price consolidates above $0.065, building new momentum for a breakout above $0.080. 

Above the $0.10 level, significant resistance will be around $0.13, with a bullish Casper price prediction of $0.20 in May.

On the downside, CSPR’s outperformance over the past month could see traders eye profit taking deals. Such a scenario will definitely dent the bullish momentum and result in downward action, with a potential slump to $0.025.

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Litecoin price prediction: can bulls pick up new momentum for LTC?

Litecoin price traded above $90 on Sunday, with LTC hitting intraday highs of $91.60.
While price has rejected twice above $100, the area remains a key target for bulls as Bitcoin retests the $30k level.
If it breaks above the hurdle, fresh momentum heading into the Litecoin halving in August could catapult LTC price towards its all-time peak.

Litecoin (LTC) is trading around the $90 level after bulls battled to regain some control following the sharp sell-off to lows of $84 this past week. The weakness in the price of LTC came after another dip in March that saw the price rejected at year-to-date highs of $106 in February.

The decline occurred at a key horizontal resistance area at the $100 zone, which remains the main hurdle as Litecoin enters the last few months before its halving in August.

Litecoin price: are bulls taking control?

The LTC price rejection in the past weeks at $100 meant a double top pattern appeared, which signals bearish strength and highlights the potential for downward continuation. As it happened, LTC price broke below an ascending trendline support after hitting $103 on 18 April and a significant drop a few days later had LTC/USD hugging lows of $84.

But despite the previous gains being wiped out by the decline, LTC is currently trying to maintain the $90 area after a critical daily close above it.  Bulls will need to confirm they are getting in control by pushing higher even as a potential rising channel appears on the daily chart.

A look at the Relative Strength Index (RSI) shows the momentum indicator is just below the 50 line. However, the indicator is looking to cross above the signal line to suggest further possible accumulation of the altcoin.

Litecoin price LTC/USD daily chart outlook. Source: TradingView

Litecoin price prediction ahead of halving

With approximately 100 days left before halving, the Litecoin price prediction for 2023 is bullish. The network has continued to see greater miner confidence, with the total hashrate for the blockchain recently hitting 760 terahashes per second(TH/s).

760,745,039,240,513 beautiful hashes = today’s combined computational strength, and security, of the #Litecoin blockchain! ⚡ pic.twitter.com/lWoO4eUqTC

— Litecoin (@litecoin) April 21, 2023

If the expected halving rally kicks in amid a broader market uptick, the two main targets above $100 will lie around $180 and then $300. The all-time high for LTC is around $410 reached in May 2021.

On the flipside, a bearish reversal could see the long term resistance-turned support area of $65 come into play. Below that, the main buffer for Litecoin price remains the multi-year base around $40.

The post Litecoin price prediction: can bulls pick up new momentum for LTC? appeared first on CoinJournal.

Shiba Inu (SHIB) and Aptos (APT) price outlook as Bitcoin (BTC) tests resistance near $30k

Bitcoin’s dip below $30,000 and subsequent retest of resistance above$29k highlights the past week’s top coins outlook.
Shiba Inu (SHIB) price is below its 50 and 200 MA but analysts are bullish on SHIB given overall sentiment and network growth.
Aptos (APT) price has formed a massive bull flag pattern that could see APT explode to new highs in 2023.

The cryptocurrency market continues to see significant volatility as prices of various tokens fluctuate near key levels. Bitcoin (BTC) price fell to around $27,200 this past week and saw the global cryptocurrency market cap drop from above $1.34 trillion to $1.25 trillion amid broader sell-off pressure.

BTC price is however back above $29,000 and has retested resistance near the psychological $30k level this weekend.

At the same time, several altcoins that have recently seen dramatic declines look positioned for fresh moves, with cryptocurrency bulls buoyed by fresh turmoil in the banking sector with troubles for US bank First Republic.

Here’s the price prediction for Shiba Inu (SHIB) and Aptos (APT).

Shiba Inu (SHIB) price prediction

Shiba Inu price is down nearly 10% in the past two weeks, having traded lower from highs above $0.000011 recently.

SHIB currently trades below its 50 MA and 200 MA, while the daily RSI is below 40 to suggest bears might have a slight advantage.  

Shiba Inu (SHIB) daily price chart. Source: TradingView

But the 16th ranked cryptocurrency, which remains one of the top memecoins with a market of $6.1 billion, has a growing community buoyed by the success of the testnet for layer 2 protocol Shibarium. 

On-chain data shows the protocol has enabled over 194,000 transactions and seen over 100,000 wallet interactions.

If an upside flip in the price amid new buy Shiba Inu pressure, the main short term target will be the $0.000035 level. The 2021 all-time high provides another key level and a move to $0.01 could be the Holy Grail of the upcoming bull cycle.

Aptos (APT) price prediction

Aptos (APT) is a new layer 1 blockchain network that’s benefitted from massive investment by venture capitals. The Aptos mainnet went live recently and the demand for the native APT token saw the price rally to the YTD peak of $19.92 in January.

Aptos (APT) price daily chart. Source: TradingView

Currently trading around $10 has the APT/USD pair roughly 46% off the January highs. However, analysts remain bullish on the Aptos price.

Crypto analyst Captain Faibik recently highlighted Aptos bullish flag pattern. If a breakout follows, a move to $20 in the short term could be one of the main targets. 

Meanwhile, this Aptos price prediction for the medium term sees a potential burst to a new all-time high.

The post Shiba Inu (SHIB) and Aptos (APT) price outlook as Bitcoin (BTC) tests resistance near $30k appeared first on CoinJournal.

Crypto price predictions: Chainlink, Filecoin, Pepe

Cryptocurrency prices had a mixed performance last week as investors focused  on the impending collapse of First Republic Bank (FRC). After falling to a low of $27,100, the coin jumped to about $30,000, where it has been in the past few days. Here is a crypto price prediction for some of the top coins like Chainlink (LINK), Filecoin (FIL), and Pepe.

Chainlink price prediction

On the daily chart, we see that the LINK has been in a consolidation phase in the past few days. The coin remains slightly below the important resistance point at $9.510, the highest point on November 8, August 13, and June 9. 

It is also below the key resistance level at $8.82, the highest point on April 19. The coin is also trading slightly below the 25-day moving average. Therefore, there is a likelihood that Chainlink will have a bearish breakout as sellers target the green ascending trendline at $6. A break above the key resistance at $8 will see it jump to $9.51.

How to buy Chainlink

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy LINK with Bitstamp today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy LINK with Binance today

Filecoin price prediction

Filecoin price has been in a tight range in the past few days. The coin is trading at $5.9, where it has been recently. It has moved above the ascending trendline shown in green. FIL has moved slightly below the important resistance point at $6.60, the highest level on November 5 last year. The Relative Strength Index (RSI) has moved slightly below the neutral point at 50.

Therefore, the Filecoin price will likely remain in this range in the next few days. More downside will be confirmed if the price moves below the ascending trendline. If this happens, the next key level to watch will be at $4.0.

How to buy Filecoin

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy FIL with Binance today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy FIL with OKX today


Pepe price prediction

The hourly chart shows that the Pepe crypto price has been in a strong bullish trend in the past few days. It has dropped to a low of $0.00000013 to about $0.00000061. This means that the token has jumped by over 300% from the lowest level this year. It has moved above all moving averages.

Therefore, it seems like the Pepe token is having a bullish momentum. If this happens, the next key level to watch will be at $0.00000070. A move below the support level at $0.00000044 will invalidate the bullish view.

The post Crypto price predictions: Chainlink, Filecoin, Pepe appeared first on CoinJournal.

Ethereum and Tether – the only cryptocurrencies keeping pace with Bitcoin

Bitcoin makes up about 48% of the total cryptocurrency market capitalization
The share rises to 75% if we include Ethereum and Tether
Other cryptocurrencies’ share declined despite the latest cryptocurrency market rally

The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months. 

Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion. 

It means that investors regain confidence in the crypto space after the FTX scandal and other frauds. 

But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether. 

Ethereum and Tether keep pace with Bitcoin

The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%. 

Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently. 

The chart shows that only two cryptocurrencies keep pace with Bitcoin – Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether. 

The three comprise about 75% of the total cryptocurrency market capitalization – a good statistic to consider next time when investing in cryptocurrency. 

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What moves the cryptocurrency market?

Bitcoin moves the cryptocurrency market 
Its dependency on the US dollar increased 
Bitcoin holders better believe that the US dollar is in a bearish market

Investing in the cryptocurrency market is not for everyone. Volatility, for example, is much higher than in other markets. 

Sometimes, for no apparent reason, the prices of various cryptocurrencies bounce or decline aggressively, leading to speculation that the market is rigged. Lack of regulation might explain the moves, but surely investors wonder what moves the cryptocurrency market. 

The one and the only answer is Bitcoin. Its share of the total cryptocurrency market capitalization nears 50%. 

In other words, if Bitcoin’s price is rising, Ethereum or other cryptocurrencies can’t decline. And the other way around is true – if Bitcoin enters a bearish market, the other cryptocurrencies will follow. 

Therefore, the right question is not what moves the cryptocurrency market but what moves Bitcoin? 

Lately, Bitcoin moves following developments in the traditional currency market. More precisely, it follows the dollar. 

Bitcoin chart by TradingView

Bitcoin follows the dollar’s strength or weakness

The chart above shows Bitcoin’s performance from late 2021 to the present. Above, in orange, is the dollar index (DXY). 

It shows clearly that during the bear market of 2022, Bitcoin declined while the dollar strengthened. EUR/USD dropped below parity in 2022, trading as low as 0.96 at one point. The euro is the main component of the DXY, and thus the EUR/USD currency pair is the relevant one to consider. 

Bitcoin dropped, too, trading well below $20k. 

But then, in October 2022, the dollar bottomed. EUR/USD bounced above parity and rallied into the year’s end. 

It took Bitcoin until the end of the year to catch up with the dollar’s weakness. Eventually, it bounced too, rallying in 2023 and gaining over 75% in four months. 

To sum up, Bitcoin holders better believe that the US dollar will weaken lies ahead. Otherwise, it is difficult to hold Bitcoin if the dollar enters a bull market. 

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Venmo to enable crypto transfers for its customers in May

Venmo will roll out a new crypto transfer feature in May, allowing customers to send crypto to other Venmo accounts.
Customers will also be able to buy tokens and send them to PayPal, external wallets and exchanges.
Users will also be able to use a unique wallet address QR code to receive crypto from other people.

Mobile payments app Venmo has announced that its customers will from May 2023 be able to buy crypto using their account and transfer these to family and friends on Venmo.

Venmo, whose parent company is PayPal, revealed this as it outlined a new feature on Friday.

Making it easy for customers to move crypto

According to a press release Venmo published on 28 April, the new functionality is part of the company’s effort to make it easier for customers to manage and move crypto.

Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz

— Venmo (@Venmo) April 28, 2023

Other than being able to send crypto to other Venmo users, customers will also be able to send cryptocurrencies to PayPal accounts, external wallets and exchanges within the digital asset ecosystem. Any Venmo customer can navigate to the Receive page to access a unique digital asset address QR code. Customers can share this QR code with others when looking to receive funds.

According to details shared in the news release, the crypto transfers feature will be available to Venmo users beginning May 2023.

Venmo introduced crypto purchases for its customers in April 2021, and is a popular mobile app for those looking to buy Bitcoin. The platform added support for crypto price alerts in November 2021, allowing for push notifications for price alerts of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. 

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Bitfarms stock still has another 80% upside from here, analyst says

H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.
He explained his constructive view in a research note on Friday.
Bitfarms stock has already nearly tripled since the start of 2023.

Shares of Bitfarms Ltd have already nearly tripled since the start of the year but an H.C. Wainwright analyst is convinced that rally is far from over just yet.

Bitfarms stock could climb to $2.0

On Friday, Kevin Dede reiterated his “buy” rating on the bitcoin miner and said its shares could climb to $2.0 – up another 80% from here.

The bullish call on Bitfarms stock arrives only hours after the company expanded operations in Argentina that increased its fleet hash to 5 EH/s.

Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH/s – a level he’s confident the miner will hit in its September quarter.

This fleet expansion also came without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners.

Bitfarms Ltd is generating cash

The H.C. Wainwright analyst remains constructive on Bitfarms Ltd also because it did not slip into negative EBITDA even in the fourth quarter when thing went haywire for the crypto space at large.

Other reasons cited for the constructive view on Bitfarms stock include its gross mining margin that declined sharply (year-over-year) in 2022 but still stood at a healthy 33% nonetheless. Dede said in his research note:

We understand potential upside in Argentina. With greater financial flexibility via stronger balance sheet, Bitfarms has options to consider additional business development opportunities.

Expansion in Quebec, Paraguay, and Washington State will help the share price as well, he concluded.

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Crypto price prediction: OMG Network, Serum, Injective Protocol

Market intelligence platform Santiment says wide price performance ranges have left crypto assets split between extremely overbought and underbought categories. 
The price outlook for OMG Network (OMG), Serum (SRM) and Vidt DAO (VIDT) suggests they are most underbought.
Meanwhile, Render (RNDR), Injective Protocol (INJ) and Bella Protocol (BEL) are extremely overbought.

Cryptocurrency prices have been quite volatile in April, with a number of coins seeing massive gains before toppling to pre-rally levels amid extensive selling. But the outlook of some tokens suggests they are trending in extremely overbought territory, while a few remain greatly underbought.

Render (RNDR), Injective Protocol (INJ) and Bella Protocol (BEL) are all heavily overbought. OMG Network (OMG), Serum (SRM) and Vidt DAO (VIDT) fall in the latter category.

Crypto price predictions for OMG, SRM and INJ

While Bitcoin (BTC) price is back above $29,000 on Friday and is trending with positive sentiment as bulls target a good start to the historically slow May, analysts say ending April above the key support of $28,200 is the critical move.

Meanwhile, trading patterns for some altcoins suggest this might be a good buying moment – with market intelligence platform Santiment highlighting OMG, SRM and VIDT  as some of the most underbought tokens.

However, with the global crypto market cap shrinking to $1.25 trillion from recent highs, some altcoins that rallied hard are massively overbought. These tokens, including RNDR, INJ, and BEL could be quite risky, Santiment explained on Friday.

Prices have been more scattered and non-correlated to one another here in April than in previous months. And our MVRV model confirms average trading returns appear as historically good times to buy for some ($OMG, $SRM, $VIDT), and quite risky for others ($BEL, $INJ, $RNDR).”

📊 Prices have been more scattered and non-correlated to one another here in April than in previous months. And our MVRV model confirms average trading returns appear as historically good times to buy for some ( $OMG, $SRM, $VIDT), and quite risky for others ( $BEL, $INJ, $RNDR). pic.twitter.com/g6z1IAfySz

— Santiment (@santimentfeed) April 28, 2023

The MVRV (market-value-to-realized-value) model gives the ratio of a token’s market capitalization against its realized capitalization.

As a comparison of the two metrics, that is market cap and realized cap, the MVRV ratio is often used to highlight the price of an asset versus its deemed fair value. Being above or below this “fair value” price helps traders assess the potential profitability of the token.

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Mastercard partners Solana and Polygon on new crypto standards system

Mastercard is looking to help bring defined standards to the blockchain and Web3 ecosystems.
The company is partnering blockchain platforms Polygon, Solana, Aptos Labs, and Ava Labs, on the common standards program it calls Mastercard Crypto Credential.
Mastercard will also work with wallet providers Uphold, Bit2Me, Lirium, and Mercado Bitcoin on the program.

Mastercard is partnering with several blockchain platforms in a bid to develop a new set of crypto standards aimed to boost the industry’s overall trust score.

In an announcement at Consensus 2023 on Friday, the payments firms said it was teaming up with Polygon, Aptos Labs, Solana Foundation and Ava Labs, to develop the Crypto Credential.

At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas

— Mastercard News (@MastercardNews) April 28, 2023

According to the company, the Mastercard Crypto Credential is an effort targeted at incorporating the best of common standards into the crypto infrastructure and broader space providers to help instill trust in crypto from consumers, businesses and governments.

Raj Dhamodharan, the head of crypto at Mastercard noted in a statement that building trust is a crucial step for the blockchain ecosystem as it looks towards mainstream adoption. Crypto Credential, he noted, is one way of pushing for “trusted, compliant, and verifiable” blockchain interactions.

With Mastercard Crypto Credential, we can help ensure that those interested in interacting across Web3 environments are meeting defined standards for the types of activities they’d like to pursue. Mastercard Crypto Credential will not only define verification standards and levels, but also provide necessary enabling technology to help bring more use cases to life” he added.

Standards for verification in NFTs

The common standards being advocated for will also help with instilling trust in NFTs, with the partners collaborating towards enhancing verification in NFTs. Mastercard will also work with blockchain firms around verification in ticketing and other payments solutions.

Solana, Polygon, Aptos Labs and Ava Labs are set to aid in having the new crypto standards available to and applied by developers within their ecosystems.

Other than that, crypto wallet providers Lirium, Uphold, Mercado Bitcoin and Bit2Me will look to tap into the standards for their cross border transfers. The platforms will initially focus on crypto payments and remittances within the United States, Latin America and the Caribbean corridors.

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