Author: BTCLFGTEAM
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Is PancakeSwap (CAKE/USD) bullish market over?
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PancakeSwap was bullish up to November, doubling in price
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PancakeSwap token has been weighed by the risk contingencies of the FTX sage
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The cryptocurrency remains on a downtrend and risks a lower low
It seems that PancakeSwap (CAKE/USD) will have to end 2022 on a low note. CAKE was among a handful of cryptocurrencies that looked strong in the face of a bear market. However, it couldn’t last beyond November. The aftermath of the FTX collapse has taken a toll on the cryptocurrency. Why has this so yet tokens of decentralised exchange or DEX surged post-FTX saga?
The decline in CAKE happens potentially due to its connection with Binance. The cryptocurrency is based on the Binance Smart Chain. Thus, the confidence crisis facing centralised exchanges, including Binance, may have infiltrated PancakeSwap. It does not necessarily mean that is the case, though, as the bear market is also ravaging crypto markets.
With CAKE touching a crucial resistance at $5.0 in early November, investors could have exited positions. That, of course, was inspired by the FTX collapse that sent most crypto tokens tumbling. Investors would not have risked the profits they had made since CAKE had already doubled in value since the June lows. Based on these, CAKE’s bullish market is over, at least in the meantime.
CAKE’s technical outlook is bearish as price retests resistance
A technical outlook shows CAKE retesting a resistance at $3.5. The price has stalled since touching the level, suggesting a possibility of a correction to the downside.
The MACD indicator is very bearish for cryptocurrency. The RSI reading has slightly improved since touching oversold conditions as the CAKE price fell to $3.1. The reading remains below the midpoint, indicating that bears are in control.
What is the likely next price of CAKE?
CAKE price will stay bearish unless bulls recover above the $3.5 level. The next potential price level for the cryptocurrency lies at $2.8 and $2.6. Investors should keep off until the bearish movement subsides and should buy CAKE on a bullish reversal confirmation.
Where to buy CAKE
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.
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
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Tron token making slow but sure gains amid plan to empower “elite” startups
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Tron token rose by 1.72% on Wednesday.
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TRX gains come amid news that Tron was supporting startup blockchains.
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TRX could continue to surge up to a descending trendline.
Tron (TRX/USD) is emerging from the ruins of a bearish breakout that sent the token spiralling to $0.045. The cryptocurrency recorded intraday gains of 1.72% and traded at $0.055. The token has printed a short-term bullish trendline that could now interest buyers.
The slight recoveries in TRX come even as the Tron DAO continues to power startup blockchains. According to the latest announcement, Tron DAO Ventures, or TDV, will support elite startups. TDV will support projects within the Tron ecosystem and beyond. Tron says this is part of the DAO’s objective to grow decentralisation. TDV will also support outstanding projects that synergistically bridge with the Tron ecosystem.
The latest cryptocurrency news is positive for TRX, looking at the intraday price recovery. It is, nonetheless, less important in the long-term recovery of the cryptocurrency unless we escape the bear market. In the technical analysis below, we show potential levels to watch.
TRX price outlook and analysis
A clear breakout of TRX happened at $0.06, and the price crashed to $0.045. The recent recoveries have, however, been encouraging. Bulls would aim for a higher price, although this is likely at the descending trendline.
The MACD indicator is also giving some hope. The indicator is crossing from the bear zone and currently lies at the neutral level. This is the clearest bullish signal, but we need to confirm it by the price movement. That’s especially because the momentum is not very strong from the indicator.
What to do with TRX?
Although we are still in a bear market, TRX buyers can aim for a price that coincides with the descending trendline. Still, buyers should watch over price as the bullish strength is still mild.
If bears counter the upside, TRX price could crash back to the $0.045 support zone. The level around $0.052 could also offer support on the downside.
Where to buy TRX
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
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.
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The Sandbox (SAND/USD) falls further, but you would want to buy based on this Santiment data
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The Sandbox token trades at the lowest level in the year
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Santiment data indicates SAND is at “opportunity zones”
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We expect the Sandbox token price to sink further until the bear market subsides
It continues to be lonely in the metaverse. With few fundamentals and developments coming up, investors are still dumping the metaverse-related tokens. In the past week, the token of the popular metaverse platform, The Sandbox (SAND/USD), has lost almost a quarter of its value. Take into account that this cryptocurrency was already trading at exceedingly depressed levels. SAND now trades at $0.44, although Santiment data gave an “opportunity” signal. Would you take it?
Santiment is a crypto analytics firm known for data feeds and updates. According to the firm, tokens of metaverse platforms, including SAND, are trading at “opportunity zones.” The analytics firm uses the market-value-to-realised value or MVRV to make the judgement. MVRV relates an asset market cap and compares it with the realised capitalization. The resulting ratio is used to identify overbought and oversold conditions.
Using MVRV, Santiment says the Sandbox token, in addition to Decentraland’s MANA, is at historical pain points. These are underbought and semi-underbought zones where big bounces occur. A technical outlook shows RSI flushing overbought conditions on a clear downtrend.
SAND on a downtrend as it touches a new low in the year
From the technical outlook, SAND trades at the lowest level in the year. The bottom price was last reached in July 2021. The cryptocurrency is currently oversold, with the RSI reading now at 30. SAND maintains a clear downtrend.
Is a rebound likely for SAND?
It could be too soon to think of buying SAND. Despite the Santiment data and RSI pointing to underbought and oversold conditions, respectively, the price is bearish.
Again, the market sentiment remains bearish. Since SAND trades alongside the broader market, it could be too early to make a bull call. SAND could find support next at $0.36.
Where to buy SAND
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
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.
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Why are Bitcoin miners struggling so much? Core Scientific file for bankruptcy
Key Takeaways
- Core Scientific was worth over $4 billion last summer, but is down 985 form all-time highs
- Rising electricity costs are hiking costs with falling Bitcoin prices hurting revenue
- With hash rate near all-time highs, the entire mining industry is struggling
The crypto winter continues to take victims. The latest to succumb to Chapter 11 bankruptcy is Bitcoin miner Core Scientific.
Bitcoin’s plummeting price has quelled revenues significantly and, while cashflow is still positive, the revenue is not enough to cover operational costs. The goal is for the company to restructure under the Chapter 11 process rather than entirely liquidate.
Core Scientific has been struggling all year, in line with miners across the industry as they get squeezed on both ends – falling revenue in the form of Bitcoin prices and rising costs as a result of surging electricity costs across the globe.
The stock was trading at a market cap north of $4 billion last summer, but has now fallen 98% from all-time highs, its current market cap $70 million.
The share price did triple in short order last week when financial services company B. Riley offered to provide the company with $72 million in non-cash financing. The stock has since given up some of those gains.
Mining industry struggling
Across the entire industry, miners are finding it tough. Electricity costs and the Bitcoin price are the two most vital inputs for the bottom line of a bitcoin miner, and both have moved significantly against them this year.
So too has the hash rate, with it straddling near all-time highs for a lot of the year. A higher hash rate means more computing power is demanded to verify transactions on the Bitcoin blockchain. While a higher hash rate is thus seen as a positive because it increases the security of the network – it would cost more energy and time to take over the network – it also weighs on miners’ profit margins.
When the hash rate hit another all-time high of 250 TH/s in early October, blockchain analytics company Glassnode warned that “miners are somewhat on the cusp of acute income stress”. This latest story about Core Scientific proves that.
Looking at miner reserves, the number of bitcoins held by the large mining pools has also been steadily decreasing this year.
Mining stocks are a levered bet on Bitcoin
It’s a poignant reminder that with these mining companies’ revenue denominated in Bitcoin, they are obviously extremely volatile stocks. Unfortunately, this year has brought the perfect storm giving rise to not only falling Bitcoin prices, but rising costs in the form of electricity, meaning miners have been hit twice as hard.
Looking at share prices, many companies have fallen further than the price of Bitcoin, which as I write this is trading at $16,800, down 64% on the year. Many mining companies are seeing losses that dwarf that in 2022.
They’ll hope that 2023 will bring better fortunes. But for Core Scientific, the road head is murkier. Now embroiled in the Chapter 11 process, it will hope to restructure and weather the storm, but there is no getting around the fact that the market for miners is likely to remain torrid in the short to medium term, at least.
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IS DOLLARMOON TOKEN THE NEXT BIG BSC GEM?
Remember this is not a financial advice do your own research before investing in any cryptocurrency
What is DollarMoon and how does it work?
In the crypto world, we are always on the hunt for new and promising crypto projects. This article explores one of the newer cryptocurrencies, DollarMoon. You will learn about DollarMoon, how it works, what makes it unique, and why you should invest in its token Dmoon.
What is DollarMoon?
The name DollarMoon refers to both the US Dollar, as a symbol of wealth and power, and the moon as a symbol of wealth in the crypto world.
DollarMoon is a BEP-20 token on Binance Smart Chain (BSC). Launched on December the 9th 2022, DollarMoon defines itself as the first cryptocurrency using the Value Leading System in the roadmap phases.
DollarMoon crypto developers have a long-term vision for the future success of the token. Holders of the token will earn passive rewards over time, and the high fees will discourage selling.
How does DollarMoon work?
DollarMoon was designed in a way that encourages long-term investment and discourages selling, and it does that by charging sellers a 15% percent fee, with the fee revenue distributed through four main sections, which include: staking rewards, coin burning, providing liquidity and treasury, and with that, DollarMoon can assure its price stability.
In addition to automatic burn, DollarMoon’s developers also manually reduce the amount of Dmoon in circulation regularly through manual burn to reduce supply and increase the price.
A percentage of 100 million burn tokens will be burned gradually. The percentage will be determined later based on the team research, and supply and demand.
What makes DollarMoon unique?
DollarMoon was designed to resist volatility by rewarding investors for holding their tokens. It works with three unique functions: Reflection, Burn and Value leading system
Reflection
Static rewards, also known as reflection, focus on two main ideas which are:
- The reward amount is conditional to trade volume, which resolves the issue of selling pressure caused by early adopters selling their tokens.
- It encourages the holder to hold more tokens to collect higher payments.
Burn
Most cryptocurrencies undergo a process called token burning, which means permanently removing tokens from circulation. This process attempts to create increased scarcity and value. Unlike other projects that use either manual burn or automatic burn, DollarMoon project uses both.
Automatic burn
With each transaction a percentage of the fee goes to coin burning, so, with each purchase, 3% of the quantity purchased will be burned, and with each sale, 4% of the quantity sold will be burned.
Manual burn
The advantage of manual burn is that it implements a beneficial burn strategy for long-term investors. It also allows the burns to be announced and tracked publicly, which leads to increased transparency.
Value Leading System
When it comes to following the roadmap many projects fall behind, but not DollarMoon because instead of following time frames only DollarMoon roadmap follows a very unique system called value leading system, in which the roadmap is not dependent on time, but on the increase of the currency value and with every zero kill, a new stage will be opened in the roadmap.
Why should you invest in Dmoon?
If you are looking for a stable passive income the Dmoon token is the right choice for you. With each buy/sell transaction 2% of the fees will go to the holders’ wallet in the form of BNB coins.
Also, the roadmap looks very promising with DollarMoon planning on launching its own security platform, fashion brand, crypto wallets, Dex social media platform, and a CEX.
DollarMoon team promises on making one of its roadmap goals a reality with every zero kill. And from that, we can see that the use cases for the token are already covered.
The most exciting part is that the Dmoon token was launched very soon and your chances of early investing are high!
Social and contact
Official website: https://dollarmoon.io/
Twitter: https://twitter.com/dollarmoonio
Telegram channel: https://t.me/dmoontoken
Telegram group: https://t.me/DollarMoonchat
Whitepaper: https://dollarmoon.gitbook.io/dollarmoon-whitepaper/
token address: 0x7D18f3fE6e638faD0AdACC5dB1A47f871a2C2cC4
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