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  • ApeCoin risks another massive selloff as APE drops 70% in two weeks — Here’s why

    ApeCoin risks another massive selloff as APE drops 70% in two weeks — Here’s why

    A euphoric price rally by ApeCoin (APE) seen in mid-March appears to be exhausted already thanks to the coin’s 70% drop in valuation in the past two weeks — and it may fall further in April.

    At the core of this bearish outlook is a rising wedge, a technical pattern that forms as the price consolidates upward inside a range defined by two converging ascending trendlines.

    In a perfect scenario, rising wedges resolve into a bearish breakout, confirmed by a decisive drop below the lower trendline that typically takes the price as low as the maximum wedge’s height.

    ApeCoin has been painting a very similar pattern since March 18, as shown in the chart below. The coin recently broke below its rising wedge’s lower trendline, bringing itself in proximity with the setup’s theoretical price target near $9, about 30% lower than April 1’s price.  

    APEUSD daily price chart featuring a ‘rising wedge’ setup. Source: TradingView

    Meanwhile, a clear divergence between rising prices and falling volumes across the last two weeks also indicated a weakening upside momentum, raising the chances of a drop towards the wedge target, as discussed above.

    Inflationary risks

    The bearish setup emerges as markets continue to look for clues about APE’s utility in the nonfungible token (NFT) and metaverse sector.

    To recap, Yuga Labs, the firm behind the popular Bored Ape Yacht Club (BAYC) NFT collection, minted 1 billion ApeCoin as the governance tokens of their new decentralized autonomous organization (DAO). Then they airdropped 10,000 APE to each BAYC NFT owner, amounting to 15% of the total supply.

    Meanwhile, APE gained listing across some of the leading crypto exchanges, including FTX and Binance, on the same day, providing avenues for BAYC owners to liquidate their APE rewards instantly. As it happened, APE rose from nearly $1 to nearly $41 on its March 17 debut, but has since seen a strong correction.

    Josh Ver, co-CEO of SparkWorld, a prediction platform for NFTs, noted that APE’s current valuation — still around 1,200% higher than its debut price on Binance — is a result of the “hype, excitement and exuberance” around Yuga Labs’ success as a “blue-chip” startup.

    “Yuga Labs, the studio behind the collection, are a commercially viable business; last year, they saw over $127 million in revenue,” he explained, adding that “if ApeCoin holders received a share of these profits, then APE would hold considerable fundamental value.”

    But Ben Lilly, a token economist at Jarvis Labs, raised concerns about ApeCoin’s inflationary model, which could weigh its valuation down in the future.

    He said that 9.4 million APE would likely enter the market each month over the next year as Yuga Labs, the four BAYC Founders, and will be able to unlock their allocated tokens.

    APE supply chart. Source: ChainPulse, Jarvis Labs

    “This implies a need for about $132 million of monthly demand or $4.4 million per day that needs to enter the market to soak up new supply,” Lilly wrote, adding:

    “With these supply unlocks and substantial inflation in the first year, it begs the question to the market… How will Yuga Labs, BAYC, the DAO and venture firms (a16z and Animoca) generate the needed demand? Is it even possible?

    Protecting APE’s value is possible

    But like Ver, Lilly suggests that Yuga Labs’ brand value could protect ApeCoin from the said inflationary risks, noting that the $4-billion startup could source better technology, artists, and resources that translates to higher potential asset values later if used wisely.

    Related: NFT creator Yuga Labs raises $450M, bringing company valuation to $4B

    For instance, Yuga Labs has already released the teaser video of its upcoming metaverse called “Otherside” that enables the crossover of the NFT world’s most popular collections, including CryptoPunks, with the BAYC.

    “In that same line of thinking it should not be a surprise either if a more accessible NFT hits the market for use in the Otherside NFT metaverse,” wrote Lilly, adding that it may bring more users to “access the virtual world,” thus growing APE’s marketshare in tandem.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  • Top cryptocurrencies that are facing major corrections right now

    Top cryptocurrencies that are facing major corrections right now

    The last week of March has probably been one of the best for crypto this year. Coins have been on the rise and it seems the momentum is not about to slow down. But as with every strong uptrend, corrections are indeed inevitable. Here is why we think a pullback is coming:

    • Bitcoin and other major caps have stagnated after the recent uptrend

    • Short-term buyers have largely driven this surge and will take profit at some point.

    • It seems like the continued rise was seen in the last two weeks has lost strength.

    There will however be coins that will face major corrections than others. We have created a list here to check out:

    PancakeSwap (CAKE)

    PancakeSwap (CAKE) has actually surprised many analysts with its recent uptrend. The coin did not seem like it hard any buyer demand but has somehow managed to pull up in the market. CAKE has now added at least 30% to its value over the last week. 

    Data Source: Tradingview 

    But looking at the price action today, CAKE has slowed in fact, even though the coin has reported modest gains, it has failed to overcome overhead resistance. We expect a small correction to follow in the days ahead.

    Skale Network (SKALE)

    Skale Network (SKALE) was also another major surprise. The coin was just teetering, and all of a sudden, it shot up from nowhere. SKL has now gained 112% in the last week, with 35% of that coming in the last 24 hours. The token will likely add more gains before it finally corrects in the near term.

    IOST (IOST)

    IOST (IOST) has also pushed its uptrend to a whole new level, adding around 80% in gains over the last seven days. But even though the coin doesn’t seem like it’s about to slow down, at some point bullish momentum will die. This may in fact happen sooner than you think.

  • Hunting for microcaps? Top 3 coins with less than $50 million in market cap

    Hunting for microcaps? Top 3 coins with less than $50 million in market cap

    One of the best strategies to grow your capital from crypto would be to find low-cap coins that have so much potential. Coins below the $50 million mark in market capitalization are in particular, quite good and here is why:

    • Microcap coins tend to have so much room to expand

    • Demand for promising microcaps will always be high among investors

    • Small-cap projects tend to be new and often under the radar

    So, if you are looking for the next big project with a small market cap today, we have listed three coins below that you can consider:

    Numbers Protocol (NUM)

    It seems like in recent years, everything has been going toward the blockchain. But very few projects have come up to create a decentralized photo network where artist and creators can share their work securely. 

    Data Source: Tradingview 

    The Numbers Protocol (NUM) is trying to address this problem by providing the infrastructure needed. With the increased popularity of NFTs, NUM could see major gains and its market cap remains at just $38 million.

    Gods Unchained (GOD)

    GameFi is also one area of the blockchain industry that is worth looking at. There have been many games, some of which have gone on to make huge money. Gods Unchained (GOD) appears to have that kind of potential. It’s a free-to-play card game that allows users to earn crypto rewards in the process. The project has a market cap of $35 million.

    Cream Finance (CREAM)

    Cream Finance (CREAM) is a lending protocol designed to offer crypto-backed loans to people around the world. There are many lending protocols of course but CREAM is trying to offer users better terms and easy access to collateralized loans. With a market cap of just $14 million, you could unlock a lot of future potential with this coin.

  • Top 3 crypto coins to buy before the market gets bullish once again

    Top 3 crypto coins to buy before the market gets bullish once again

    There are now signs that the crypto market is on a path toward full recovery. After a terrible start in 2022, a lot of coins in the market have started to show positive momentum. We are at the beginning stages of a crypto rally in the coming weeks, and here is why:

    • Investor sentiment around major coins has improved massively.

    • We have seen most coins gain important momentum in the last few weeks.

    • Inflationary pressure and risky equities are pushing investors towards crypto.

    So, if you have been waiting for this bull run for some time, there are a few coins that would be worth getting. Here they are:

    Cardano (ADA)

    Over the last week, Cardano (ADA) has been on fire. The coin has established this strong uptrend and has managed to cross past several crucial indicators. Although the coin slowed a bit over the last few days, the overall outlook remains very positive. 

    Data Source: Tradingview 

    We expect ADA to continue the upward ascend in the days ahead. It is therefore a great buy for bulls who want to ride this momentum and cash in some profits.

    Near Protocol (NEAR)

    We have seen NEAR slow down even as other coins in the market rise. The coin has however managed to pick up some momentum and has since crossed past various crucial resistance zones. The only way for NEAR is up right now. As sentiment improves in the market and investors pour more capital into crypto, you can expect some positive price action from NEAR.

    Internet Computer (ICP)

    Despite gaining 20% over the last 7 days, ICP has also been quite slow compared to the rest of the market. We expect this to shift in the days ahead, with more gains coming in Q2. ICP has the potential to deliver at least 30% in the next bull run.

  • Looking to 10x your money in crypto? Top coins to consider

    Looking to 10x your money in crypto? Top coins to consider

    There have been stories in crypto where people have gone from rags to riches in literally months. Shiba Inu for example was one coin that astonished everyone in 2021 with unimaginable growth. For this reason, a lot of investors are always looking for the next big coin that will deliver 10x or more in growth. Here is what to look for in case you want such projects:

    • Always focus on microcaps that have smaller valuations in the market.

    • You must be first or among the first people to invest in that asset.

    • Always analyze the underlying business behind a coin before you buy.

    Well, we have done some research on these coins and came up with a list of assets we think have the potential to 10x in the near term. Here they are:

    Highstreet (HIGH)

    The rise of the metaverse will be the next big thing in crypto. As we speak, a lot of money is flowing towards metaverse projects, and the few metaverse coins we have in the market are seeing strong growth. 

    Data Source: Tradingview 

    Highstreet (HIGH) however offers the incredible promise of outstanding returns. The coin combines virtual reality, NFTs, and gaming in one large metaverse. When you consider that HIGH has a market cap of $89 million, it could easily grow 10x in no time.

    Base Protocol (BASE)

    For example, let’s say you want to speculate on crypto without having to buy many coins; what do you do? Well, Base Protocol (BASE) allows you to get that option. This is a coin that is pegged on the overall market cap of the crypto industry at a rate of 1:1 trillion. 

    Considering that it has a market cap of around $1.5 million, there is just something raw about this coin that could explode massively in the future. BASE is a short to medium-term asset worth your shot.

  • These 3 Decentraland (MANA) alternatives could blow up in the coming months

    These 3 Decentraland (MANA) alternatives could blow up in the coming months

    Decentraland (MANA) is one of the biggest metaverse projects in crypto right now. But it is not alone in fact, many new projects have been coming up, and they are far cheaper and less risky. But why would you even be considering getting an alternative to MANA? Well, here are some facts:

    • Decentraland appears to have very limited upside potential.

    • Investors are always looking for new, more exciting projects.

    • There is a lot of room on the metaverse for a lot of coins to shine.

    With that in mind, we decided to come up with a list of MANA alternatives that have immense potential. Here they are:

    Genesis Worlds (GENESIS)

    Genesis Worlds (GENESIS) dubs itself as the 100-year metaverse. Its concept is largely based on how Decentraland works. In essence, users get to buy virtual real estate and other virtual items that are backed by NFTs. 

    Data Source: Coinmarketcap.com

    However, Genesis offers a more immersive virtual experience and is also adding social and gaming elements into its metaverse. What makes this project so exciting is the fact that it still has a market cap of around $1.4 million. The potential for growth is huge.

    Terra Virtua (TVK)

    Terra Virtua (TVK) is a blockchain project which is planning to combine NFTs and virtual reality fully. The aim of this project is to give users a way to interact with digital collectibles in an immersive experience within the metaverse. There will also be a virtual marketplace within the metaverse where users can sell and buy NFTs.

    CEEK VR (CEEK)

    CEEK VR (CEEK) is music and entertainment-centered virtual universe where artists can monetize their content within the metaverse. The aim is to promote virtual performances and concerts as well as celeb-inspired virtual communities. CEEK is a highly undervalued project with so much potential for growth.

  • IOST, SKALE Network and CELR gain 30% as traders call for an altseason

    IOST, SKALE Network and CELR gain 30% as traders call for an altseason

    Volatility is back in full force in the cryptocurrency market and the price of Bitcoin (BTC) has undergone several $1,000 swings over the past few days and select altcoins have seen their prices surge to new highs after major announcements. 

    The big winners on March 31 include protocols that focus on interoperability between the major blockchain networks as well as projects that are looking to release major updates in the near future.

    Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

    Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were SKALE Network (SKL), IOST and Celer Network (CELR).

    SKALE Network prepares to launch v2.0

    The SKALE Network is an Ethereum (ETH) native multichain scaling network focused on helping to run Solidity smart contracts at a greater speed for a fraction of the cost compared to operating on the Ethereum mainnet.

    Data from Cointelegraph Markets Pro and TradingView shows that the price of SKL blasted 141% from a low of $0.1374 on March 25 to an intraday high of $0.3322 on March 31 amidst a 100% spike in its 24-hour trading volume.

    SKL/USDT 1-day chart. Source: TradingView

    The sudden surge in interest for SKL comes ahead of the launch of SKALE v2.0 and an increase in project exposure at a recent NFTLA networking event hosted by Blockdaemon.

    IOST announces EVM-compatibility

    IOST is a decentralized blockchain network that implements a “proof-of-believability” consensus protocol to achieve higher processing speeds than competing networks.

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOST on March 26, prior to the recent price rise.

    The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS™ Score (green) vs. IOST price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for IOST began to pick up on March 26, around two hours before the price began to increase 112% over the next five days.

    The increase in demand for IOST came after the protocol revealed Project Entroverse, which will bring Ethereum Virtual Machine (EVM) compatibility to the IOST network and allow assets and applications to migrate between the two networks with ease.

    Related: Zilliqa’s ‘metaverse’ debut pumps ZIL price 350% in just five days — Selloff ahead?

    Celer Network shifts to the BNB Smart Chain

    The Celer Network is a layer-two scaling solution that employs off-chain transaction handling as a way to help increase processing speeds and decrease transaction costs.

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELR on March 29, prior to the recent price rise.

    VORTECS™ Score (green) vs. CELR price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for CELR climbed into the green on March 29 and hit a high of 82 around nine hours before the price increased by 41.48% over the next day.

    The move higher for CELR follows the revelation that the network was chosen to become the official interoperability layer of the BSC Application Sidechain (BAS) on the BNB Smart Chain (BSC).

    The overall cryptocurrency market cap now stands at $2.097 trillion and Bitcoin’s dominance rate is 41.7%.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  • Circle selects BNY Mellon as custodian for USDC reserves

    Circle selects BNY Mellon as custodian for USDC reserves

    On Thursday, USD Coin (USDC) operator Circle announced that it had selected financial institution BNY Mellon as the custodian of its USDC reserves. Founded in 1784, BNY Mellon is one of the oldest banks in America and possesses over $46.7 trillion in assets under custody or administration worldwide. It serves as a single point of contact for clients looking to manage their investments. With the new partnership, BNY Mellon said it will also explore the possibility of using digital cash for settlement purposes. Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, gave the following remarks: 

    “We are at a point in the evolution of our industry where the digitization of assets presents new and exciting opportunities to a broad range of market participants. As a custodian for USDC reserves, our role supports the broader marketplace and brings value to clients, founded on our role at the intersection of trust and innovation.”

    Meanwhile, Jeremy Allaire, co-founder and CEO at Circle, added:

    “As we continue to see exponential growth in USDC, the opportunity to work with BNY Mellon is one way we build bridges between traditional financial services and emerging digital asset markets without sacrificing trust.”

    USDC is one of the fastest-growing dollar digital currencies globally with over $52 billion in circulation as of March 2022. As previously reported by Cointelegraph, the total supply of stablecoins hit $180 billion last month. The U.S. is one of the most regulatory-friendly countries regarding stablecoins, with Fed Governor Waller previously voicing skepticism as to the adoption of a central bank digital currency, saying that it would potentially stifle innovation in the private stablecoin sector. 

  • Zilliqa’s ‘metaverse’ debut pumps ZIL price 350% in just five days — selloff ahead?

    Zilliqa’s ‘metaverse’ debut pumps ZIL price 350% in just five days — selloff ahead?

    Zilliqa (ZIL) continues its supersonic bull run this week after reports that it will officially launch a so-called metaverse-as-a-service (MaaS) platform in April.

    ZIL rallied nearly 25% in one day to $0.22 a token by Wednesday, its best level since May 13, 2021.

    Its strong move came as a part of a rebound rally that started March 26 when it was trading for as low as $0.047. As a result, its net gains in the past six days came out to be more than 350%.

    ZIL/USD daily price chart. Source: TradingView

    Metaverse FOMO

    Traders started flocking to the Zilliqa market a day after it announced the launch of Metapolis, a MaaS platform built on Nvidia Omniverse, during a VIP event coming April 2 in Miami. 

    The metaverse concept and the companies trying to build it attracted nearly $3 billion in funding in 2021 compared to $2.33 billion in the year before that, according to data intelligence firm Dealroom.

    Investments into Metaverse startups in the recent years. Source: Dealroom

    Notably, metaverse developers have been building everything from virtual events to host fashion shows to all-and-all marketplaces that sell physical goods in the real world, as well as digital ones accompanied by nonfungible tokens (NFT). In November 2021, Facebook’s parent company also changed its name to Meta Platforms Inc. to show its new focus on applications in a virtual universe.

    Zilliqa shared its plans to tap the booming sector via Metapolis, revealing that it had already “amassed $2 million in pre-launch revenues from its client pipeline,” including Agora, a digital art platform that would host a virtual award event on the Zilliqa metaverse.

    ZIL, which serves as a utility token inside the Zilliqa ecosystem to execute smart contracts and cover transaction fees, appears to be benefiting from the metaverse hype. Nonetheless, from a technical perspective, the coin has rallied too much, too quickly to sustain its profits near the local highs.

    ZIL selloff ahead?

    Zilliqa has become an “overbought” asset on both its daily and weekly period charts, according to its relative strength index (RSI) readings above the threshold of 70, as of March 31.

    ZIL/USD weekly price chart. Source: TradingView

    ZIL experienced a selloff upon nearing its interim resistance level of $0.235, also the 1.0 Fib line of the Fibonacci retracement graph — drawn from $0.235-swing high to the $0.037-swing low.

    As such, the ZIL/USD pair dropped by over 12% to test the 0.786 Fib line near $0.193 as interim support, and eyed further downside momentum with its RSI still above ’70.’

    Meanwhile, ZIL appeared to have been trading inside a giant symmetrical triangle since August 2020, confirmed by at least two reactive highs on its upper falling trendline and two reactive lows on its lower rising trendline.

    ZIL/USD weekly price chart featuring symmetrical triangle. Source: TradingView

    On March 31, the Zilliqa token retested the triangle’s upper trendline (around $0.19) for a potential pullback move toward the lower trendline (below $0.08). That amounts to at least a 55% price drop in the coming weekly sessions if the pattern pans out as expected. 

    Related: Investment tracker Delta expands its Web3 offering with an NFT explorer

    Conversely, a decisive break above the resistance confluence, including the triangle’s upper trendline and two Fibonacci levels, could have ZIL eye $0.35 next, coinciding with the 1.618 Fib line.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

  • Dotmoovs (MOOV) price is soaring and it’s up 228% today: what is fuelling the uptrend?

    Dotmoovs (MOOV) price is soaring and it’s up 228% today: what is fuelling the uptrend?

    Several metaverse cryptocurrencies have been bullish as the crypto market traded sideways this week and one of the coins namely Dotmoovs (MOOV) has rallied by more than 228% today.

    At press time $MOOV was trading at $0.02192 up 228.72% having hit a daily high of $0.02528. It has a trading volume of $6,725,055 and a market cap of $7,997,493.

    This article explains the factors behind the current surge of Dotmovoovs (MOOV) price.

    What Is Dotmoovs (MOOV)?

    Before taking a deep dive into the current bullish trend, it’s important we first explain what Dotmoovs (MOOV) coin is.

    Dotmoovs (MOOV) is the native cryptocurrency of Dotmoovs, a peer-to-peer sports competition platform with an Artificial Intelligence (AI) algorithm that offers incredible Metaverse competitions and rewards winners using MOOV tokens.

    By using AI technology, Dotmoovs provides a play-to-Earn metaverse for users to participate in. At the moment, the platform has two types of sports: Dance with robust AI as the judge and freestyle football with an AI-powered referee to make judgments during competition.

    Dotmoovs also has a marketplace where users can purchase and collect NFTs.

    Why is Dotmoovs (MOOV) price rising?

    The main reason for the current surge of MOOV price is the hype around the upcoming release of the Dance Section.

    • Dance section release

    Once the Dance Section is launched, Dotmoovs’ users will be able to hold dance competitions and challenges within the app. It can be compared to TikTok and it will probably make Dotmoovs market valuation shoot to the moon.

    According to Dotmoovs’ team, the Dance feature will be launched during International Dance Day on the 29th of April this year.

    With the current bullish trend, it is clear that the market is extremely excited about the release of the upcoming launch of the Dotmoons Dance section.