A crypto strategist and trader who has long predicted a massive Bitcoin crash below $30,000 is revealing how low he believes BTC will go. The pseudonymous crypto analyst Capo tells his 289,400 Twitter followers that Bitcoin’s free fall is not over yet. He cites large whale transfers of BTC to crypto exchanges as the main […]
The post Trader Who Accurately Called Bitcoin Collapse Below $30,000 Unveils Target Price for BTC Amid Crypto Free Fall appeared first on The Daily Hodl.
A closely followed crypto analyst is outlining what’s ahead for Ethereum rival Solana (SOL) and move-to-earn protocol STEPN (GMT). In a strategy session, DonAlt warns holders of smart contract platform Solana that SOL looks bearish on the high timeframe charts after converting weekly support at $140 into resistance. According to DonAlt, the price action suggests […]
The post Here’s What’s Next for Solana (SOL) and Red-Hot Altcoin STEPN (GMT), According to Crypto Strategist appeared first on The Daily Hodl.
Tens of thousands of crypto traders are having their positions liquidated as markets across numerous sectors close out the week in the red. Data from the cryptocurrency futures trading and information platform Coinglass reveals that on May 5th, more than $407.60 million worth of trader positions in digital assets were wiped out in a 24-hour […]
The post Over $407,000,000 in Crypto Liquidated in Just 24 Hours As Bitcoin (BTC) Plunges to Four-Month Low appeared first on The Daily Hodl.
Weak retail demand and bearish derivatives data reflect a dismal short-term outlook for the crypto market.
The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days.
In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame.
In the last seven days, Bitcoin price dropped 6% and Ether (ETH) declined by 3.5%. Meanwhile, altcoins experienced what can only be described as a bloodbath. Below are the top gainers and losers among the 80 largest cryptocurrencies by market capitalization.
Tron (TRX) rallied 26.9% after TRON DAO rolled out a USDD, a decentralized stablecoin, on May 5. The algorithmic stablecoin is connected to the Ethereum and BNB Chain (BNB) through the BTTC cross-chain protocol.
1inch (1INCH) gained 5.6% after the decentralized exchange governance application became Polygon’s (MATIC) network leader by completing 6 million swaps on the network.
STEPN (GMT), the native token of the popular move-to-earn lifestyle app, declined 35.7%, adjusting after a 70% rally between April 18 and April 28. A similar movement happened to Apecoin (APE) after the token pumped 94% between April 22 and April 28.
The OKX Tether (USDT) premium gauges China-based retail demand and it measures the difference between the China-based peer-to-peer trades and the United States dollar.
Excessive buying demand puts the indicator above fair value at 100%. On the other hand, Tether’s market offer is flooded during bearish markets, causing a 4% or higher discount.
The OKX Tether premium peaked at 1.7% on April 30, indicating some excess demand from retail. However, the metric reverted to a 0% premium over the next five days.
More recently, in the early hours of May 6, the OKX Tether premium flipped to -1% negative. Data shows retail sentiment worsened as Bitcoin moved below $37,000.
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.
A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.
As shown above, the accumulated seven-day funding rate is slightly positive for Bitcoin and Ether. Data indicates slightly higher demand from longs (buyers), but nothing that would force traders to close their positions. For instance, a positive 0.15% weekly rate equals 0.6% per month, thus unlikely to cause harm.
On the other hand, altcoins’ 7-day perpetual futures funding rate was -0.30%. This rate is equivalent to 1.2% per month and indicates higher demand from shorts (sellers).
Signs of weak retail demand as indicated by OKX Tether data and the negative funding rate on altcoins are a signal that traders are unwilling to buy at the critical $1.65 trillion crypto market capitalization. Buyers seem to be waiting for further dips before stepping in, so further price corrections will likely follow.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Catch up on the latest funding and partnership news about GameFi and Web3 gaming. This week Cointelegraph covers LootRush, Axie Infinity and Polygon Studios.
Free-to-play mobile games publisher Tilting Point has entered a multiyear partnership with Polygon Studios to launch 10 Web3 games over the next two years. Polygon Studios and Tilting Point plan to help both native Web3 game developers scale their games alongside free-to-play developer partners, and studios who want to bridge from Web2 to Web3 gaming.
The first three titles in the works are interstellar strategy game "Astrokings" from Korean developer AN games, which Tilting Point acquired earlier this year; virtual slot game "The Walking Dead: Casino Slots," based on the AMC series; and "Chess Universe," by Tilting Point’s partner developer Kings of Games.
Polygon Studios CEO Ryan Wyatt shared in a statement the company's excitement about "championing user ownership and immersive gameplay.” Founded in 2012, Tilting Point's most popular free-to-play games include "Warhammer: Chaos & Conquest," "Narcos: Cartel Wars," and "SpongeBob: Krusty Cook-Off."
Today we're announcing our partnership with @0xPolygon to bring the best of Web3 tech to our devs and their games! Read here, in Samir's own words, how this will impact our model.#metaverse #blockchain #nft #cryptogaming #TiltingPoint #raiseyourgamehttps://t.co/hW8HOTFXH6
— Tilting Point (@TiltingPoint) May 5, 2022
The Tokenized Esports Asset Management decentralized autonomous organization, or T.E.A.M. DAO, describes itself as the metaverse’s first Guild 3.0. The fantasy esports nonfungible token (NFT) league recently announced a $5 million Series A round of funding co-led by Krust Universe and Animoca Brands. Other investors included Great South Gate, Shima Capital, Anti Fund, Algorand, GSR, NGC Ventures, Libra Ventures, Nexo Capital, EX Capital, CoinHako and Octava.
Krust Universe is an investment arm of South Korean tech giant Kakao. Animoca Brands also recently acquired two major video games publishers: Eden Games and Darewise Entertainment.
According to T.E.A.M, the new funding will be used to further develop its technology infrastructure, expand the team, and rapidly grow its player base. Its designated Supreme Leader stated that the company is leading a gaming-culture defining ecosystem for "noobs, amateurs and midtier gamers." He added that the upcoming TEAM token public sale will "[catapult] crypto adoption into everyone’s daily life."
@TEAMDAOcom completes a $5m SeriesA round co-led by @animocabrands + @Klaytn_official $TEAM
— T.E.A.M DAO Tokenized Esports Asset Management (@TEAMDAOcom) April 28, 2022
GreatSouthGate @shimacapital @antifundvc @GSR_io EverseCap @NGC_Ventures LibraCapVentures @NexoCapital ExCapital @coinhako RisingCap @Octava92275045https://t.co/iNQrGfOmni
According to the latest report by Crypto Head that assessed the top 50 play-to-earn (P2E) games on ChainPlay, Axie Infinity has a fully diluted market cap of $15.81 million. Cross Link came in a close second at $13 million and a third-placed Decentraland at $4.63 million. The average market cap value of all the crypto games studied is $1.25 million.
As for most Google-searched game in the past six months, Axie Infinity also takes the crown with over 29 million searches around the world. The second and third highest searched games, Bomb Crypto and Splinterlands, respectively, both had fewer than five million global searches.
Crypto Head also looked at crypto Twitter popularity and games with the most expensive tokens. Axie Infinity also garnered a place on those lists.
LootRush, an NFT marketplace for crypto gamers, closed on Thursday a seed round of $12 million led by crypto firm Paradigm, with participation from Andreessen Horowitz. Other backers included Y Combinator, Brex founders, the founders of Axie Infinity, Plaid, Wildlife Studios, Dapper Labs and The Chainsmokers.
According to the company, LootRush aims to become like Steam, as a distributor of PC games, but for blockchain and NFT-based video games. It wants to eliminate barriers to entry for gamers to play Web3 games and is known for offering cost-effective NFTs. A blog post stated that "We will enable gamers to own NFTs and we help NFT owners find great players."
1/ We’re very excited to announce our $12 million seed round led by web3 and crypto firm @paradigm, and with substantial participation from @a16z!
— LootRush (@LootRushGames) May 5, 2022
more https://t.co/hCWzq5ZY3f
STEPN is a Solana (SOL)-based NFT mobile application that leverages GameFi elements, such as move-to-earn, to enable NFT sneaker holders to earn tokens as they walk. Made for fitness enthusiasts and those who want to get their daily steps in, this project is leading the move-to-earn movement and challenging users to cash in Green Satoshi Token (GST).
Related: How blockchain games create entire economies on top of their gameplay: Report
Japanese video game publisher Square Enix intends to divest its popular Tomb Raider franchise for $300 million and invest the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies. Cointelegraph previously revealed Square Enix CEO Yosuke Matsuda's plans to integrate NFTs into play-to-earn blockchain games.
The closely followed analyst and host of Coin Bureau is issuing warnings on a slew of altcoins that put in good performances last week, but face headwinds as crypto markets correct. In a new update, the pseudonymous analyst known as Guy tells his 2.03 million subscribers that smart contract platform TRON‘s (TRX) rallies after news […]
The post Coin Bureau Issues Warning on TRON (TRX), STEPN (GMT), Nexo and Another Altcoin As Crypto Markets Teeter appeared first on The Daily Hodl.
A closely followed crypto trader is issuing a warning to STEPN (GMT) investors, saying that the fundamentals of the altcoin no longer support its valuation. Pseudonymous analyst Light tells his 155,700 Twitter followers that he believes GMT, which equips users with non-fungible token sneakers and rewards them for taking steps in real-life, is extremely overvalued […]
The post One of 2022’s Most Explosive Altcoins Is About To Walk Off a Cliff, Warns Top Crypto Trader appeared first on The Daily Hodl.
A few days of consolidation from BTC price could lead to a healthy bounce from LUNA, NEAR, VET and STEPN.
The month of April has been a forgettable one for equities and cryptocurrency investors. Bitcoin (BTC) plummeted 17% in April to record its worst ever performance in the month of April. Similarly, the Nasdaq Composite plunged 13.3% in April, its worst monthly performance since October 2008.
However, a major positive for crypto investors is that Bitcoin is still above its year-to-date low near $33,000. In comparison, the Nasdaq 100 has hit a new low for 2022 while the S&P 500 is just a whisker away from making a new year-to-date low. This suggests that Bitcoin has managed to avoid a major sell-off, indicating demand at lower levels.
Along with Bitcoin, Ether (ETH) has also managed to sustain well above its year-to-date low. According to cryptocurrency intelligence firm Jarvis Labs, both Ether whales and retail fish have been accumulating at lower levels.
After surviving the onslaught in April, could Bitcoin start a strong recovery and pull altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.
Bitcoin slipped to the support line of the ascending channel on April 30 but the rebound off it today suggests that the bulls are defending the level with all their might.
Although the downsloping 20-day exponential moving average ($39,956) suggests advantage to sellers, the positive divergence on the relative strength index (RSI) indicates that the negative momentum may be weakening.
If the rebound sustains, the bulls will attempt to push the price above the 20-day EMA. If they succeed, it will suggest accumulation near the support line. The pair could then rise to the 50-day simple moving average ($41,954).
On the contrary, a weak rebound will signal a lack of aggressive buying near the support line. If the price turns down from the current level or the 20-day EMA and breaks below the channel, the BTC/USDT pair could drop to $34,322 and later retest the critical support at $32,917.
The 4-hour chart shows that the price has been declining inside a falling wedge pattern. The RSI has formed a positive divergence, indicating that the bearish momentum may be weakening.
If the price breaks above the resistance line of the wedge, the pair could pick up momentum and rally to $41,000. This level may again act as a resistance but if bulls clear this hurdle, the next stop could be $43,000.
Conversely, if the price turns down from the 20-EMA and breaks below the wedge, the selling could pick up momentum.
Terra’s LUNA token has been consolidating in an uptrend for the past several days. The price rebounded off the strong support at $75 today, suggesting that the bulls are defending this level aggressively.
The LUNA/USDT pair could now attempt a rally to the 20-day EMA ($88). This level could act as a hurdle where the bears might try to stall the up-move. If the price turns down from the 20-day EMA, it increases the odds of a break below the $75 support.
If that happens, the pair will complete a bearish head and shoulders pattern, signaling a potential trend change.
Conversely, if bulls propel the price above the 20-day EMA, the pair could again rise to the psychological resistance at $100. The buyers will have to clear this barrier to indicate that the correction may be over.
The price has rebounded off the strong support at $75 and the bulls will now attempt to push the pair above the 20-EMA. If they manage to do that, it will suggest that the selling pressure could be reducing. A break and close above the 50-SMA could indicate that the pair may remain range-bound between $100 and $75 for some time.
Contrary to this assumption, if the price turns down sharply from the current level or the 20-EMA, it will suggest that the bears are selling on every minor rally. That could result in a retest of the strong support at $75.
The failure of the bulls to push Near Protocol (NEAR) above $18 resulted in a sharp decline in the past few days. The price slipped to the psychological support at $10 on April 30 but the strong rebound today indicates aggressive buying by the bulls.
If buyers thrust the price above the 200-day SMA ($11.94), it will suggest that the decline to $10 may have been a bear trap. The NEAR/USDT pair could then rise to the 20-day EMA ($13.86) where the bears may again try to stall the recovery.
The bulls will have to clear this hurdle to signal that the corrective phase may be over. That could start a rally toward the strong overhead resistance at $18.
Contrary to this assumption, if the price turns down from the 200-day SMA, the likelihood of a break below $10 increases. If that happens, the pair could extend its correction to $9.30 and later to $8.
The bounce has risen above the 20-EMA which is the first sign of strength. If buyers sustain the price above the 20-EMA, the pair could rally to the 50-SMA. A break and close above this level will suggest that the short-term downtrend could be over.
Conversely, if bulls fail to sustain the price above the 20-EMA, it will indicate that bears continue to sell on rallies. The bears will then make one more attempt to pull the pair below the strong support at $10 and resume the decline.
Related: ApeCoin slides 40% in three days despite Otherside metaverse land sale — here's why
VeChain (VET) has been consolidating in a large range between $0.043 and $0.083 for the past many days. The price reached the support of the range which has acted as a strong floor on three previous occasions.
The bounce off the $0.043 support today suggests that the buyers are defending the level with vigor. If the buying momentum sustains and the price rises above the 20-day EMA ($0.055), it will suggest that the VET/USDT pair may stay in the range for a few more days.
Alternatively, if the price turns down from the current level or the 20-day EMA, it will indicate that demand dries up at higher levels. The bears will then attempt to sink the pair below the range. If they can pull it off, the pair may resume its downtrend and decline to $0.034.
The price has rebounded off the strong support at $0.043 and the bulls will now try to push the pair above the 20-EMA. If they succeed, it will suggest that the bears may be losing their grip. The pair could then rise to the 50-SMA. A break and close above this level could clear the path for a possible rally to $0.065.
Conversely, if the price turns down from the 20-EMA, it will suggest that bears are selling on rallies to strong resistance levels. The bears will then attempt to pull the pair below the strong support at $0.043 and extend the decline.
STEPN (GMT) has been correcting in an uptrend. A positive sign is that the bulls have not allowed the price to break below the 20-day EMA ($3.13). This suggests that the sentiment remains positive and bulls are buying on dips.
The buyers will now try to push the price to the overhead resistance at $4.17. If buyers clear this hurdle, the GMT/USDT pair may resume its uptrend. The pair could then attempt a rally to the psychological level at $5.
The upsloping 20-day EMA signals advantage to buyers but the RSI has been forming a negative divergence suggesting that the bullish momentum may be weakening.
If the price turns down and breaks below the 20-day EMA, the selling could intensify. The pair may then decline to the 50-day SMA ($2.08).
The bears tried to sustain the price below the 50-SMA but failed. This suggests strong demand at lower levels. If bulls push the price above the 20-EMA, it will indicate that the selling pressure may be reducing. The pair could then retest the all-time high at $4.17.
Conversely, if the price turns down from the 20-EMA, it will suggest that bears are active at higher levels. The sellers will then again try to pull the pair below the 50-SMA. If they manage to do that, the pair may slide to the strong support at $3.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Futures data and decreased demand for Tether signal that the crypto market is set for another round of pain.
The total crypto market capitalization has been holding a slightly ascending trend for the past 3 months and the $1.75 trillion support was most recently tested on April 27 as Bitcoin (BTC) bounced at $38,000 and Ether (ETH) at $2,800 on April 27.
The crypto market’s aggregate capitalization showed a 3.5% decrease in the last 7 days and notable losers were a 18.8% loss from XRP, a 10.2% loss from Cardano (ADA), and 9.7% drop in Polkadot (DOT) price.
Analyzing a broader range of altcoins provides a more balanced picture, that includes 25% gains from some gaming and Metaverse projects in the same time period.
Apecoin (APE) rallied 44% due to the upcoming Otherside metaverse land auction scheduled for April 30. The Otherside is being developed by Yuga Labs, Animoca Brands and the Bored Ape Yacht Club NFT team and NFT investors have high expectations for the project.
The native tokens of move-to-earn lifestyle app STEPN (GMT) rallied 28% after the U.S.-based crypto exchange Coinbase announced plans to list the token.
Nexo gained 15% after crypto and derivatives exchange Binance announced its listing on April 29 and Nexo also revealed plans to issue a credit card that accepts crypto as collateral rather than selling the holders’ assets.
Zilliqa (ZIL) price has been adjusting after the token pumped 380% in late March and this follows the project’s March 25 announcement of a metaverse service that will utilize Nvidia technology.
Meanwhile, data from DappRadar shows that play-to-earn unicorn, Axie Infinity (AXS) plunged to its lowest level in 9 months after the number of users and transactions declined by 15% over the last 30.
The OKX Tether (USDT) premium gauges China-based retail demand and it measures the difference between the China-based peer-to-peer trades and the United States dollar.
Excessive buying demand puts the indicator above fair value at 100%. On the other hand, Tether’s market offer is flooded during bearish markets, causing a 4% or higher discount.
The OKX Tether premium peaked at 2% on April 28, its highest level in 2022. The movement coincided with Bitcoin breaking above $40,000, but its price reverted later that day. Currently, the Tether premium stands at 0%, signaling a neutral sentiment from retail traders.
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.
A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.
As shown above, the accumulated seven-day funding rate is slightly positive for Bitcoin and Ether. Data indicates slightly higher demand from longs (buyers), but nothing that would force traders to close their positions. For instance, Luna’s positive 0.15% weekly rate equals 0.6% per month, which should not concern most futures traders.
The absence of the Tether premium in Asia and the flattish perpetual contract premiums signal a lack of demand from retail traders right as the total crypto market capitalization struggles to sustain the $1.75 trillion support.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
