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  • 68% of Bitcoin supply in loss after BTC price drop

    68% of Bitcoin supply in loss after BTC price drop

    • Bitcoin supply in loss has risen to 68%, with 6.67 million BTC under water water at current spot price.
    • Indeed, on-chain data shows 2.71 million BTC has fallen into loss as Bitcoin price dropped from the $31k local top.
    • With sell-side risk ratio approaching its all-time lows, Glassnode analyst James Check says BTC could see a big move to either side.

    Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

    The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Although Bitcoin retested levels above $28k multiple times this month, the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower.

    But even as this outlook materializes, about 2.71 million BTC has drifted underwater. The BTC supply in loss, according to data shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

    “This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

    $45k or $20k? Analysts weigh in on BTC price movement

    Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Pointing to on-chain-data, Check explained:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    On Wednesday, JPMorgan lead strategist Nikolaos Panigirtzoglou said Bitcoin could rise 25% in the next 12 months. In a note to clients, Panigirtzoglou highlighted the price of gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k.

    According to the analyst, Bitcoin and gold have often traded in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Recently, analysts at Standard Chartered predicted a 70% gain for BTC price, outlining the $100k as a target.

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  • SUI price dips below $1, BTC and ETH struggle amid sell-off

    SUI price dips below $1, BTC and ETH struggle amid sell-off

    • Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
    • Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
    • A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.

    The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.

    At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.

    Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.

    Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle

    As SUI fell to its lowest price level so far, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% in the past 24 hours at the time of writing, hovering around $1.15 trillion.

    Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.

    Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.

    ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.

    At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.

    All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.

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  • China’s state TV crypto broadcast “big deal”, Binance CEO says

    China’s state TV crypto broadcast “big deal”, Binance CEO says

    • Binance CEO Changpeng Zhao says China’s state TV crypto broadcast is “a big deal.” 
    • He notes that previous coverage has historically been bullish for crypto.
    • His comments come as Bitcoin price struggled to stay above $26k on Wednesday.

    Binance CEO Changpeng Zhao, popularly known as CZ, says China broadcasting a crypto segment on state broadcaster China Central Television is “a big deal” and that such broadcasts have previously coincided with a subsequent uptick in crypto prices.

    According to CZ, the broadcast has “Chinese speaking communities buzzing,” given how such coverage of Bitcoin have ended with crypto price rallying.

    “It’s a big deal. The Chinese speaking communities are buzzing,” he tweeted on Wednesday. “Historically, coverages like these led to bull runs.”

    He however, noted that his comments do not mean that the “past predicts the future.” The Binance CEO, who is one of the biggest crypto proponents in the world, added a disclaimer that his remarks did not constitute financial advice.

    Bitcoin features in Chinese TV broadcast

    The referenced broadcast shows a Bitcoin ATM in the increasingly crypto-friendly Hong Kong. The crypto teller machine also shows a bitcoin logo and a “Buy Bitcoins” inscription. The TV segment also featured commentary on NFTs.

    But it should be remembered that China banned bitcoin (again) in 2021.

    As highlighted here on Tuesday, Bitcoin price rose briefly to touch the $27,500 resistance area as Hong Kong announced retail investors would from 1 June be able to buy and trade bitcoin and Ethereum on regulated exchanges.

    Experts hailed Hong Kong’s Securities and Futures Commission (SFC)’s announcement as a potential game changer for crypto adoption. The framework comes as Hong Kong looks to position itself as a leading crypto and blockchain hub, while at the same time offering guidelines and rules that target greater protection for consumers.

    Bitcoin has not had a major reaction to the latest China related news, and was struggling to remain above $26k as at 1:50 pm ET on Wednesday. According to data from CoinGecko, BTC was perched at $26,300, down 3.2% in the past 24 hours. 

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  • Bitcoin metric signals volatile $40k-$22k move, analyst says

    Bitcoin metric signals volatile $40k-$22k move, analyst says

    • Bitcoin could see a volatile phase within the $40k and $22k price range, James Check, lead on-chain analyst at Glassnode says.
    • BTC’s sell-side risk ratio is approaching an all-time low, with traders on both sides showing exhaustion after recent price action.
    • The flagship crypto traded at $26,400 on Wednesday, about 3% down in the past 24 hours.

    On-chain metrics for Bitcoin suggests the flagship cryptocurrency could be looking at massive price moves in the short term.

    After struggling to break the $27,600 resistance level following dips from above $28,000, crypto experts have opined BTC could flip to new support. On the other hand, fresh impetus could catapult the asset past its year-to-date high of $31,000.

    The outlook is down to on-chain data suggesting traders on both sides are exhausted, Glassnode lead analyst James Check says.

    Also going by the pseudonym “Checkmate” on Twitter, the analyst noted:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    What next for Bitcoin price?

    Realized Profit and Loss metrics provide somewhat an understanding of the Bitcoin market, according to the analyst. It is these indicators that offer BTC price outlook from the point of holders’ sentiment, capital flows and behaviour patterns.

    That’s what currently suggests Bitcoin price could be setting up for a prolonged reaccumulation phase.

    “Bitcoin usually has a 12ish month reaccumulation period after a bottom (if that is indeed what is in place),” Check tweeted.

    According to him, Bitcoin price could see some volatile action between the $40k and $22k range. For traders looking for a definite signal, the analyst says it’s largely “directionless.” Checkmate said:

    “This is somewhat directionless, it suggests volatility is coming. Note that Nov 2018 also saw a very low value. [It] indicates traders are exhausted in this price range, and doesn’t tell us which price range they want to move towards.”

    Bitcoin was trading around $26,400 on Wednesday morning 9:53 am ET, and was about 3% down in the past 24 hours. 

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  • US is losing the Bitcoin movement, says Cathie Wood

    US is losing the Bitcoin movement, says Cathie Wood

    Key takeaways

    • Cathie Wood has stated that she believes the United States is losing the Bitcoin movement due to the regulatory system. 

    • She stated that the collapse of FTX proved the concept of Bitcoin.

    • Cathie Wood’s Ark Invest is one of the major investors of Coinbase.

    US is being left behind, says Cathie Wood

    Cathie Wood, the founder of Ark Invest, has stated that the United States is behind the Bitcoin movement due to the regulatory system. She mentioned this while speaking at Fortune’s Most Powerful Next Gen conference last week.

    According to the Ark Invest founder, the centre of gravity of cryptocurrency is moving away from the United States. She cited the example of Coinbase receiving its licence to operate in Bermuda while also expanding its operations in Singapore. She stated that;

    “It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system.” 

    The Securities and Exchange Commission (SEC) has been clamping down on cryptocurrency companies in recent months. The regulatory agency issued a Wells Notice to Coinbase, indicating that it is looking into the activities of the crypto exchange. 

    Ark Invest continues to invest in Coinbase despite the regulatory climate in the United States. The investment management firm bought $8.6 million worth of Coinbase stocks last month after the crypto exchange sued the SEC. 

    FTX’s collapse proved the concept of Bitcoin

    FTX’s collapse last year was one of the biggest in the history of the cryptocurrency space. The collapse resulted in regulatory agencies like SEC focusing more of their attention on the crypto market. 

    The SEC maintains that the existing securities laws cover the crypto market, and there is no need for a new regulatory framework for the industry. 

    According to Cathie Wood, the collapse of FTX last year proved the concept of Bitcoin, similar to how the banking crisis this year did. She stated that the collapses indicate the dangers of centralisation in the financial system. She stated that;  

    “The reason it’s adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis when people just lost all trust in financial services. And very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable.”

    Bitcoin is up by more than 50% since the start of the year and is currently trading above $26k per coin.

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  • Bitcoin price tests key resistance amid Hong Kong news

    Bitcoin price tests key resistance amid Hong Kong news

    • Bitcoin price rose to $27,500 on Coinbase early Tuesday, with the upside coinciding with positive crypto news from Hong Kong.
    • This is after the Securities and Futures Commission (SFC) announced that registered exchanges will begin allowing retail investors to trade BTC and ETH from 1 June.
    • Analysts say Bitcoin’s immediate price outlook needs a break above $27,600 for bullish continuation.

    Bitcoin (BTC) traded to highs of $27,500 on Coinbase as crypto prices bounced earlier on Tuesday.

    The upside for the world’s largest cryptocurrency by market cap came amid an extended struggle around the 27k area, and happened as bulls capitalised on positive market reaction to news out of fast-growing crypto hub Hong Kong.

    However, as of writing, the price of Bitcoin was hovering near $27,200 as bulls retreated from the resistance level marked by the 20-day moving average on the daily chart.

    BTC price rose amid positive news from Hong Kong

    On Tuesday, crypto news out of Hong Kong was that retail investors will as from 1 June be able to buy and trade digital assets.

    The announcement was made by the Securities and Futures Commission (SFC), which noted that crypto exchanges will soon be allowed to extend crypto trading services to retail investors. 

    According to the SFC, this will be effective 1 June, 2023, and tokens that receive the nod would require a 12-month track record. The tokens will also need to have a substantial market capitalization, a category that Bitcoin dominates.

    “The news of Hong Kong allowing retail investors to trade in BTC and ETH on registered digital asset platforms delivered a notable BTC price bump in a bleak market – gives you an idea of how significant this news is,” Noelle Acheson, the author of the Crypto Is Macro Now newsletter, said in a tweet.

    Acheson believes the next key step of this announcement is that indeed retail investors can trade Bitcoin and Ethereum on registered exchanges.

    $27,600 is a key level for BTC – analyst

    Despite the positive news, Bitcoin’s latest attempt to break to key levels above $28k look to hinge on overall market outlook. In particular, the headwinds currently in place regarding the US debt limit situation is one investors are likely to watch keenly.

    On what could be next for Bitcoin price, crypto analyst Rekt Capital says the critical resistance area that bulls must conquer for upside continuation is $27,600.

    “BTC may be forming an “exaggerated” Bullish Divergence on the Daily RSI. A potentially positive sign for some upside movement. However, [it is] important to realise that the key resistance to beat is ~$27600,” he noted.

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  • Why are Bitcoin transaction fees rising, and what are BRC-20 tokens?

    Why are Bitcoin transaction fees rising, and what are BRC-20 tokens?

    Key Takeaways

    • BRC-20 tokens were launched on Bitcoin in March 2023
    • Transaction fees spiked to all-time highs in May 2023 as network activity spiked
    • Bringing memes and NFTs to Bitcoin has caused controversy
    • Some argue the rising fees are vital to the security of the network, while others scoff at the activity for getting away from Bitcoin’s “vision”

    We live in an inflationary world. Food prices, rent, energy – everything feels more expensive. That is not limited to the fiat world, however. Bitcoin users have noticed a hike in fees recently. So why is this happening, and what does it mean for Bitcoin? And what does this weird concept of NFTs on Bitcoin have to do with anything?

    Bitcoin fees rocket upwards in May

    Firstly, let us look at a chart presenting Bitcoin fees over the last three years to show the spike in fees. Clearly, the vertical jump in the first week of May is glaring. 

    While Bitcoin fees may rise in future regardless (and we will get to that in a moment), the outlier that is this wild spike in May 2023 is down to something I never thought I would say with regards to Bitcoin: memes.

    Specifically, the BRC-20 protocol, which is a token standard inspired by ERC-20 tokens on Ethereum. To explain this, we first need to look at Bitcoin Ordinals, because that is what has made this all possible. And yes, it is all on the Bitcoin blockchain. 

    What are Bitcoin Ordinals?

    Bitcoin was always viewed as the “pure” blockchain. There was no room for non-fungibility, meaning each Bitcoin is the same as another Bitcoin. No NFT nonsense here, thank you very much. 

    This changed in January 2023 when the Ordinal protocol was invented. In simple terms, the Ordinals protocol is a system for marking each satoshi, the smallest denomination of a Bitcoin (every Bitcoin is divided into 10 million satoshis). These marked satoshis can then be tracked and differentiated from other satoshis, meaning they are technically “non-fungible”. And so, against all odds, we (sort of) have Bitcoin NFTs. 

    The marks on satoshis have become known as “inscriptions”. These inscriptions were made possible by the Taproot upgrade to the Bitcoin network in November 2021. The protocol is known as Ordinals, named due to the fact the transfer scheme for satoshis relies on the order of transactions. 

    While this all sounds a little complex, in comparison to NFTs on other blockchains, it is very primitive and basic. There are no smart contracts here. Sidechains are not necessary. Everything is inscribed directly on the Bitcoin blockchain. 

    What are BRC-20 tokens?

    Two months after Ordinals arrived in the world, an experimental token standard, named BRC-20 in a nod to ERC-20 tokens on Ethereum, were launched in March 2023. This token standard creates fungible tokens within the Ordinal protocol. You may suspect where this is going. The ability to trade fungible tokens within this protocol of Bitcoin? Yes, memes. 

    In the below chart, I have presented the top 10 BRC-20 tokens by market cap. As one will be able to deduce pretty swiftly when looking at the names, a lot of these are memes. 

    (sidenote – eagle-eyed readers may also be able to deduce from the supply of some of these tokens that they are memes. Personally, I enjoy the nod to Satoshi Nakamoto with the 21 million supply of so many on the board). 

    What has all this got to do with fees?

    So, back to fees. The rise of Bitcoin Ordinals has thrown up an interesting dilemma. These inscribed satoshis are now competing for block space with conventional Bitcoin transactions. On the Bitcoin network, more activity leads to more fees, and this is why we have been seeing a spike in fees. As the BRC-20 tokens have taken off, we have seen Bitcoin’s network clog up and fees jump. 

    This has caused a debate. Some argue against these higher fees, lamenting the waste of time that NFTs and memes are, getting in the way of what Bitcoin is “meant” to be. On the other side, fees are vital for the security of the Bitcoin network. Additionally, once the final supply of 21 million Bitcoins is hit in 2140, miners will need to survive solely on fees. Indeed, as block rewards step down with each halving, mining fees become an ever larger portion of miners’ income, and hence these fees are a crucial incentive for miners and a driver of the hash power for Bitcoin. 

    Personally, my take on this is somewhat between the two extremes. I have every confidence that these memes and NFTs and whatever else trading on the Bitcoin network are inherently valueless. Then again, I don’t care much for NFTs in general. However, I don’t see the rising fees as an issue. 

    The key here is that the hash rate is still rising. This contrasts to April 2021, which was another time period when Bitcoin fees spiked violently, the average transaction on the network costing a staggering $70. This was due to a crash in the hash rate, which is very much a concern for Bitcoin’s security and stability as a network. 

    This is different. Rising fees due to increased activity is fine. That is true regardless of the transaction: regular, meme, NFT or other. It really doesn’t matter. Besides, the scalability issue with Bitcoin is well known, and fee spikes encourage people to look at solutions such as sidechains, like the popular Lightning network which bundles transactions together off-chain. But there are other Layer-2s besides Lightning, such as Liquid and Rootstock, to name a couple.

    The prediction that the Bitcoin blockchain will become a base settlement layer has been around for some time. The existence of what is likely a fad, i.e. these tokens and Ordinals, is relatively harmless and shouldn’t change much in the overall scheme of things. The fee and scalability issue will always be here, regardless of what is driving it. And this is exactly why we have the Lightning network, and why people are continuing to innovate to come up with Layer-2 or other solutions. 

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  • What next for the KAVA price after 40% spike?

    What next for the KAVA price after 40% spike?

    • KAVA price jumped more than 40% despite the overall market lull, reaching highs of $1.56 on Binance.
    • While there was no clear trigger for the surge, Kava has had a few major developments in recent weeks.
    • KAVA currently trades around $1.17 and is in danger of giving up all the gains if profit taking deals intensify.

    The price of KAVA is up about 9% in the past 24 hours as at 9:30 am ET on Tuesday, 23 May. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit takers. 

    But before the current sell-off pressure, the price of the Cosmos zone token had rallied more than 40% to hit its highest level since November 2022.

    Kava price sliding after rally to multi-month high

    The price of KAVA rose to $1.56 on leading cryptocurrency exchange Binance, with the token spiking 44% from lows of $1.08.  The token’s value was up nearly 63% in the past 30 days.

    Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView

    Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no apparent trigger for the huge move today. However, here’s why the token’s value might have rallied so hard for a brief moment before investors likely started taking profits.

    Although likely a normal pump episode, the price gains follow the recent launch of the KAVA 13 mainnet and the announcement of a new integration with a leading data indexing platform SubQuery. SubQuery’s indexer tool is available across Osmosis, Cronos and Fetch.ai in the Cosmos ecosystem.

    The blockchain developer toolkit is also available for Web3 developers across Ethereum, Polygon, BNB, Flare, NEAR, Polkadot, Avalanche, and Algorand. It is offered as a data-as-a-service solution that allows users to focus on core project use cases and the front-end, all without having to first build a custom backend for data processing.

    Kava also announced a $5000 giveaway as it celebrated the launch of NFTs and GameFi on its chain.

    What next for the KAVA price?

    Today’s price surge for KAVA appears to have been an outlier of sorts given the overall outlook of the crypto market. It’s possible such gains will not hold and any correction that follows could wipe all the upside movement.

    KAVA/USD might thus retreat to support at $1.10 or lower if current levels near $1.20 fail to hold. On the flipside, an uptick across the market or fresh pump based on new KAVA news could see buyers target a retest of today’s highs.

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  • Interest in Bitcoin down to two-year low

    Interest in Bitcoin down to two-year low

    Key Takeaways

    • Google search data for Bitcoin is at a two-year low
    • Search volume is close to the levels last seen before the crypto boom of 2021
    • Despite rising prices in 2023, crypto industry continues to suffer from dwindling volumes 
    • This trend is backed up when looking at liquidity and trade volume, which have also fallen drastically since the hysteria of the pandemic

    We have covered the dropoff in crypto liquidity previously, while the freefalling prices of the 2022 bear market need no recap. However, despite a rebound prices thus far in 2023, general interest in crypto remains significantly down compared to the pandemic hysteria – and the trend does not appear to be slowing. 

    This week, another milestone was hit conveying just how far the sector has fallen when assessing it on a macro scale. Looking at search interest for the term “Bitcoin” worldwide, volume is now at the lowest point since 2020.  

    To recap, following three years in the abyss, the cryptocurrency sector surged in the latter half of 2020. This came after it weathered the initial storm in March 2020, when the COVID pandemic struck markets harshly, both within and outside of crypto. 

    But it was Q1 of 2021 when the sector truly jumped onto the mainstream stage. Dinner conversation was alive with talk of mysterious Internet money, newspapers were talking about blockchain and everybody wanted in, as the price of one Bitcoin retook its previous highs from the 2017 bull market peak…and just kept going. 

    While the above chart shows that search volume dropped off since that lofty Q1, as is natural, the scale of the slide since betrays the struggles of the industry. As prices plummeted throughout 2022, interest in the sector bled off. 

    There were three notable exceptions, however, when we saw brief spikes in interest. May 2022, when the Terra ecosystem collapsed, was one. Then there was June 2022, when a slew of bankruptcies struck the space, highlighted by lending firm Celsius. And finally, interest jumped again in November 2022, when FTX imploded. 

    Unfortunately, none of these episodes were positive, setting the stage for further decline in interest once the dust settled on the various scandals. And that is what has happened – right into 2023, even as prices have begun to rebound. 

    US climate worsening for crypto

    Focusing on the US, the financial centre of the world, shows the exact same trend – in fact, a slightly steeper one. With the regulatory clampdown worsening in the country, it is also becoming harder for crypto companies to operate in the space. Should this result in much of crypto activity being pushed overseas as some speculate, this trend may only worsen going forward. 

    However, to present this as a US problem would be erroneous. While the regulatory climate in the US is certainly not helping things over the last few months, this downward trend in interest has been ongoing since before the 2022 bear market kicked off. The regulatory issues may impact the US side more going forward, but to date, similar drop-offs in interest are being seen in nations around the world. 

    The below shows this using Singapore as an example, one of Asia’s hottest crypto centres, presented against the US and displaying the same trend. 

    “Anyone remotely in tune to the crypto markets will be able to tell you that interest is not as high as it was. Nonetheless, to see the extent to which Google search volume has fallen off is jarring. Even with prices rising in 2023, many who have lost interest in crypto are not returning. Not only this, but volume continues to fall, as crypto companies and other industry stakeholders fight a number of headwinds”, said Max Coupland, director of CoinJournal. 

    In truth, most of this is not surprising. Bitcoin traded at $68,000 in 2021. Since then, it careened down to $15,500 as a number of scandals hit the space, putting many off the sector and causing institutional and retail money alike to flee. We have done several reports into this capital flight, showing how capital has departed the space at a relentless pace. 

    Volumes, liquidity and general interest are all correlated. This is true anecdotally – how often have you heard of people discussing crypto in the last few months, compared to during the pandemic, when stimulus cheques and lockdowns were in full force, and Bitcoin was trading north of $50,000?

    There is no denying that crypto has fallen from grace. The big question now is whether it can return to where it was. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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  • Metacade price sees strong bounce off key technical level

    Metacade price sees strong bounce off key technical level

    • Metacade price has jumped 4% in the past 24 hour as bulls bounced off a key support level.
    • With Metacade building the ultimate Web3 hub, interest in MCADE could see its price rally in coming months.
    • The price prediction for Metacade however also takes into account potential headwinds around broader risk asset markets.

    Metacade price has bounced off a key support level to give bulls some joy. The token is currently trading at $0.021, up 4% in the last 24 hours. MCADE/USD is up 20% in the past week, while the 24-hour trading volume is $226,368, up 57%.

    Price has given up even more gains before, which means profit taking is likely to curtail bulls’ movement. But can buyers establish a footing and rebound even higher, especially with Metacade building the ultimate Web3 hub and MCADE available to the broader market after hitting major cryptocurrency exchanges?

    Metacade price prediction

    At current price levels, MCADE looks like a solid buy. The rally to the all-time high above $0.045 occurred just this month and a few days after the token’s successful presale. Since then, bulls have held impressively above $0.020.

    Today’s bounce alongside the upside flip for Bitcoin price suggests a new bull run for the market could see MCADE surpass its peak. This Metacade price prediction means MCADE could see more than 50% in upside bounce to $0.045.

    Aiding this short term view further is the daily RSI signaling a potential breakout from the neutral position. Also, the key support level that Metacade bounced off of is a horizontal line near $0.020 that has been a robust pillar for MCADE bulls.

    If they can continue to push the price higher, the next target could be $0.026. However, the 20-day moving average line is currently slopping to suggest it might offer an area of crucial resistance at $0.022 and $0.025. Its possible MCADE could see a 50% surge to $0.045.

    Overall, Metacade’s price is currently poised for a bullish flip. However, if the price rejects at the 20-day moving average, then it could fall to support levels beneath the psychological $0.020.

    What is Metacade?

    Metacade is a new community-driven gaming arcade powered by blockchain technology and Web3. The Ethereum-based game platform is being developed as the ultimate hub of play-to-earn (P2E) games. At its core is the objective of making Metacade the home of metaverse arcade games, bringing together game developers, players and crypto enthusiasts.

    Designed to cater to all types of gamers, Metacade’s arcade platform will have everything from casual games to competitive tournaments.

    The platform users will leverage the utility of the native MCADE token to tap into earning opportunities. Governance, staking and trading of MCADE all combine with an extensive array of games from different developers and studios to give token holders even more ways to benefit from their investment.

    Will Metacade price reach $5 in 2024?

    This is like asking: Is MCADE a buy still and what’s the long term outlook for Metacade’s price?

    Like other altcoins and cyptocurrencies, Metacade price can be extremely volatile and thus difficult to predict with certainty where it trades next. However, as highlighted by the short term price prediction, price has the potential to rally to new highs in coming months.

    For a long term outlook of Metacade price, it would be important to focus on the likely catalysts for further growth and demand of the token down the road. Having reached $0.045, the main targets in the short term are likely to be $0.1 and $0.5. These levels could be hit in 2023 or 2024 given the market cycles. 

    The $5 price level is also achievable in 2024 or in the medium term given how tokens like Axie Infinity, The Sandbox and Decentraland raced to their all-time highs during the last bull market.

    However, it might be unrealistic to expect MCADE to roar to $5 this year.

    What could catalyse a new Metacade price rally?

    MCADE is a relatively new token, but is showing a lot of potential given its growing community. What’s likely to catalyse fresh gains for the token include the overall bounce in crypto markets amid a new bull cycle, turbulence in traditional finance that sees risk appetite shift more to cryptocurrencies and a resurgence in investor interest in crypto gaming tokens.

    Apart from a unique approach to the P2E gaming ecosystem, there are a few other strengths that could aid in MCADE demand.

    Notably, Metacade is backed by a strong team that is focused on delivering the Web3 experience for users. It also has a clear roadmap – with key milestones such as the presale, exchange listings and platform development reached – as outlined in the project’s whitepaper.

    The token is also designed to be used across a growing gaming ecosystem, which could see increased demand as its public launch approaches.

    If you are considering buying MCADE, then do your own research. You can start by visiting the Metacade website for more information about the project, team and roadmap.

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