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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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  • 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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  • 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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  • 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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  • Top analyst’s Bitcoin price outlook for the next week

    Top analyst’s Bitcoin price outlook for the next week

    • The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
    • Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
    • However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.

    Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.

    While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.

    Bitcoin price: analyst says next week could be crucial

    Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.

    A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.

    He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.

    The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.

    “If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.

    The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.

    If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.

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  • What next for MANA as Decentraland price jumped 10% today?

    What next for MANA as Decentraland price jumped 10% today?

    • Decentraland (MANA) price rose more than 10% in the past 24 hours to trade near $0.54.
    • The metaverse-focused token is flashing bullish but faces some profit taking pressure as price currently hover above $0.50.
    • Recent activity and announcements are likely behind the token’s surge.

    The price of Decentraland (MANA) traded to highs near $0.54 today after surging more than 10% in the past 24 hours. The price of the metaverse-focused altcoin was changing hands around $0.50 at the time of writing amid some profit taking deals.

    Why Decentraland price soared today

    The spike in the spot price of the MANA token to its highest level in two weeks came as bulls extended the rally that began around 12 May when MANA/USD sprung from below $0.43. 

    The token’s upside did coincide with the overall bullish uptick across the crypto market as Bitcoin price rose from below $26,000 to retest resistance near $28k.

    Ethereum price also held impressively above $1,800 as the broader crypto market resumed a positive outlook. Among trending coins on Wednesday was XRP, which jumped on news Ripple had scored another bit of victory in its battle with the SEC.

    As for MANA price, the potential buy Decentraland demand over the past week came as the protocol revealed several upcoming developments. For instance, the platform announced a partnership for a gamified store with NFTLabs, and indicated it would host a metaverse party with popular DJ Dillion Francis on 19 May.

    MANA/USD: What next for Decentraland price?

    In terms of MANA price, the latest uptick suggests that investors could be taking on a new bullish outlook for the metaverse industry. The past few months have all been about the hot narrative of artificial intelligence powered tokens and meme coins.

    However, investors are seemingly unfazed by the setbacks around major tech company steps in the metaverse – particularly that of Mark Zuckerberg’s Meta. Despite this, the metaverse token space, led by the likes of Axie Infinity and The Sandbox, is showing some resurgence.

    If Decentraland continues to see growth amid the release of new features and user engagement, it’s likely its MANA price could claw back most of the losses seen since the crypto winter. The immediate price action might however see sellers eye prices’ recent support levels if prices break below $0.50.

    Decentraland MANA 4-hour price chart. Source: TradingView

    On the 4-hour chart, MANA/USD might rely on the key support zones at $0.47 and $0.43.

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  • active addresses fall, market makers scale back, price softens

    active addresses fall, market makers scale back, price softens

    Key Takeaways

    • Number of addresses containing one Bitcoin or more crosses one million
    • Bitcoin relatively subdued despite trading at 2-month low
    • Two prominent market markers are scaling back activity in the space
    • Active addresses show notable decline in last week

     

    We wrote last week that nearly one million addresses on the Bitcoin network now contain at least one Bitcoin. That mark has now been passed, as the below chart shows. 

    As dramatic as that sounds, it doesn’t equate to one million people, as aggregate wallets exist (such as exchange wallets), not to mention the fact that one person often has more than one address. 

    Looking beyond this quirky threshold, there has not been too much of note occurring in the markets in recent weeks. The market has been somewhat soft, Bitcoin trading at $27,300 as I write this, a two-month low. It is down 7% over the past ten days, but that is not exactly a dramatic decline by Bitcoin’s standards. 

    Looking at activity on the network does show more notable developments, however. The below chart shows a perceptible break downwards when analysing the 7-day exponential moving average (EMA) of active addresses on the network.

    It is the biggest decline in activity over the last year. It is not immediately obvious what is causing it, but with the 7-day EMA running roughly between 800,000 and 1,000,000 addresses, the fall towards 600,000 does stand out. 

    Regarding possible catalysts, there has not been much beyond the continued big story of the year: the regulatory crackdown from the US. Coinbase CEO Brian Armstrong said the exchange would consider the UAE as an international hub, as the company reels from the punitive measures levelled against the industry in recent times – including a Wells notice served to Coinbase in March. 

    Congressman Brad Sherman was the latest lawmaker to slam the industry, making some startling comparisons that haven’t exactly gone down well in the industry:

    “Peru is way ahead of us (the US) in cocaine production. China is way ahead of us in organ harvesting. We don’t need to keep up on those things and we don’t need to keep up on crypto”. 

    Regardless of whether you agree or not, the industry is feeling the pinch of this hostile stance in the US. Last week, two prominent crypto market makers, Jane Street and Jump Crypto, announced they were scaling back their market making activity.

    This amounts to a blow to markets that are already very thin. Indeed, we have written multiple times what role the thin liquidy has played in Bitcoin’s run-up this year. In April, crypto profits, prices all hit their highest marks since June 2022. But so did volatility, as there has been a dearth of capital in the space ever since Alameda, one of the largest market makers, evaporated amid the FTX crash in November. And that liquidity is only going to get thinner again with the news out of Jane Street and Jump Crypto. 

    With thin liquidity comes high volatility, as it takes less capital to move prices. The below chart shows that volatility has fallen off since March, but is still trading above 40% on an annualised basis and up markedly since the start of the year. 

    While Bitcoin’s price fall from close to $30,000 to where it currently sits at $27,200 is nothing to write home about, the shallow nature of the markets hint that more volatility could be on the way. 

     

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  • Can BTC its price above $27k?

    Can BTC its price above $27k?

    Key takeaways

    • Bitcoin has been struggling to stay above $27,500 over the past few days.

    • The cryptocurrency slightly dipped below $27k on Wednesday but is now trading above that level once again.

    • The buying pressure in the market is currently low, and this could affect BTC’s price in the near term.

    Bitcoin price prediction: BTC struggles to maintain price above $27,500

    Bitcoin, the world’s largest cryptocurrency by market cap, has been underperforming so far this week. Over the last seven days, BTC has lost more than 7% of its value and dropped below the $28k mark.

    The leading cryptocurrency recorded a sharp dump on Wednesday following reports that there was a transaction from the United States government’s BTC wallet. 

    Bitcoin recovered from its dump yesterday and went on to trade above the $27,700 level. However, the poor performance has resumed, and BTC has lost more than 2% of its value today.

    At press time, the price of Bitcoin stands at $27,320 and could dip lower over the next few hours.

    BTC could dip below $27k soon

    Bitcoin has been underperforming since the United States inflation figures came out earlier this week. The inflation figure in the United States remains high, indicating that the Federal Reserve could continue with its interest rate hikes.

    If that happens, BTC could drop below the $24k level in the near term as investors adjust to the new reality. 

    However, if the Federal Reserve pauses its rate hikes, assets like Bitcoin could be one of the biggest winners.

    In terms of technical analysis, it is not looking good for Bitcoin in the short term. The MACD line is below the neutral zone, indicating that there are more sellers than buyers in the market.

    Furthermore, the 14-day RSI of 38 shows that Bitcoin could enter the oversold region if the current market condition persists. 

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  • MARA stock price forecast: technicals are supportive

    MARA stock price forecast: technicals are supportive

    • Marathon Digital, a leading mining company, published strong results.

    • The company mined more bitcoins in Q1 than in the same quarter in 2022.

    • Marathon’s technicals on the daily chart are bullish.

    Marathon Digital (NASDAQ: MARA) stock price moved sideways after the company published encouraging results. The shares were trading at $10.22, where they have been in the past few days. They have jumped by more than 277% from the lowest level in December.

    Marathon Digital earnings

    Marathon Digital, one of the best-known Bitcoin mining companies, published strong financial results, helped by higher bitcoin prices. Bitcoin jumped from a low of $15,500 in the quarter and ended the quarter at about $28,000.

    Marathon’s metrics were better than where they were in the same period last year. It produced 2,195 bitcoins in the quarter as the average BTC produced per day were 24.4. Its installed hash rate jumped to 15.4. 

    As a result, Marathon Digital’s revenue jumped to $51.1 million as the gains on the sale of bitcoin rose to $17.6 million. It boosted its cash balances by $12 million and reduced its overall debt by $50 million. It now has over $124 million in cash and 11,466 bitcoin. In a statement, the company’s CEO said:

    “With more hash rate coming online in the months ahead, Marathon remains on track to reach our 23 exahash goal near the middle of this year. We remain optimistic that we can achieve our primary growth targets.”

    MARA stock price forecast

    So, is Marathon stock a good buy? The future of the stock will depend on the Bitcoin price in the next few months. If Bitcoin continues to underperform, then I suspect that the share price will remain under pressure in the next few months.

    It is hard to predict whether bitcoin price will rise or retreat. However, with the Nasdaq 100 index in a bull market, there is a likelihood that bitcoin will also bounce back soon.

    The case for a higher bitcoin price is also made by the fact that America’s inflation is easing, which means that the Fed will embrace a strategic pause. Further, Bitcoin tends to do well ahead of halving event. Halving will happen in April. As a result, analysts who talked to Bloomberg said that BTC could surge to as high as $100k in the next few years.

    Technicals are also supportive of the MARA stock price. The shares are slightly above the ascending trendline shown in red and the 50-day exponential moving averages. Therefore, there is a possibility that the shares will jump to the next resistance point at $12.77, which is about 28% above the current level.

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  • Bitcoin price prediction and implications for Metacade

    Bitcoin price prediction and implications for Metacade

    • Metacade price rose to an all-time high after its presale and listing on major cryptocurrency exchanges.
    • Today’s Bitcoin price prediction highlights the implications for Metacade price as BTC is heavily shorted.
    • The week is key to investor sentiment with markets awaiting US inflation data.

    Bitcoin (BTC) traded around $27,575 on Wednesday morning even as equities and other risk assets traded lower ahead of key US inflation data. While US Futures and European stocks edged lower, Bitcoin lumbered within a range that sees it down nearly 4% this past week.

    On-chain data shows BTC is being heavily shorted as investor caution adds to the negative sentiment that has prevailed since the dip from highs of $30,000. What does the outlook for Bitcoin price mean for Metacade (MCADE)?

    Bitcoin price prediction: crowd sentiment is negative but what’s the outlook?

    The price of Bitcoin rose to $30,000 last Friday, with bulls looking to retest recent year-to-date highs. However, with sentiment flipping negative amid broader market anxiety and new FUD saw the benchmark cryptocurrency’s value dump to a weekly low under $28,000.

    At current prices, Bitcoin is under fresh pressure with on-chain data showing bets on further declines have surged on crypto exchange and derivatives trading platform BitMEX. 

    For the BTC price outlook, analytics firm Santiment points to Bitcoin’s funding rate, which is at its most negative ratio in nearly two months. While prices are likely to fall to support in the $25,000 region should a meltdown follow the CPI data and investor reaction to potential Fed rate hike path, the current crowd perspective has historically given way to new upside momentum.

    Santiment says of BTC price prediction:

    “Bitcoin’s funding rate on BitMEX is seeing its most negative ratio since the heavy bets against prices in mid-March, just before prices soared. Generally, price rise probabilities increase when the crowd overwhelmingly assumes prices will be dropping.”

    This short term outlook for Bitcoin price will likely align with the anticipated new bull cycle ahead of the next halving. Altcoins are likely to see some action before then, and projects with greater ecosystem pull like Metacade could be stand out performers.

    Metacade’s big GameFi ecosystem bet

    Metacade is a play-to-earn (P2E) project looking to offer the gaming ecosystem an all-in-one GameFi and Web3 hub. As highlighted in the project’s whitepaper, the goal is to offer an arcade-style gaming platform where gamers, developers, and crypto enthusiasts connect, play and earn.

    One aspect of Metacade’s unique approach to the gaming ecosystem is its rewards system. Unlike other traditional P2E platforms, MCADE offers complete utility as it allows for multiple earn revenues for token holders and investors via a strategy that will bring new game titles.

    The team is also focused on incorporating leading industry gaming studios and developers, opening up the platform to growth into the ultimate GameFi environment.

    The platform is set to go live soon and has a native token that will power transactions and interactions for users. The token, MCADE, concluded its presale successfully in April before going live on major exchanges Uniswap, BitMart and MEXC Global.

    Is MCADE worth investing in in 2023?

    Metacade’s MCADE token sold out swiftly during its presale, with investors scooping the allocated supply portion amid greater interest in what the project offers. Investors also saw the token’s value explode after the crypto market showed confidence in Metacade’s potential with listings on the highlighted exchange platforms.

    Accomplishing roadmap milestones such as introducing Metagrants to support ecosystem development, and improving governance via a DAO, could help catapult Metacade into position as one of the biggest crypto gaming platforms.

    The upcoming launch of the mainnet coupled with the diverse opportunities MCADE offers could be the catalysts that elevate Metacade’s price in 2023 and beyond.

    Metacade price prediction

    Market experts are long-term bullish on Metacade price, particularly on being a potential game-changer in the GameFi sector.

    Metacade has a fixed supply of 2 billion MCADE tokens, with 1.4 billion tokens (70% of supply) available to investors during the presale. Demand for the token and removal from circulation via a burning mechanism should see buy pressure push the price higher long term as more people enter the Metacade ecosystem.

    If we look at Metacade price today, we see its trading largely in tandem with the major altcoins. The forecast for MCADE price in the short term looks at the broader implications of Bitcoin ripping higher again to uplift the entire sector.

    MCADE price hit an all-time high of $0.045 on 3 May 2023. The token’s current price is $0.024, down nearly 9% in the past 24 hours. MCADE/USD is also in negative territory on the weekly timeframe, although it trades above its Uniswap listing price level of $0.022 per token in April.

    If the altcoin market dumps further, primary support for MCADE would be at around the mentioned buffer of $0.022. There’s a possibility of $0.020 and the all-time low of $0.014 could come into play incase of a deeper rot.

    Should bulls regain control, a retest of the peak and targets of $0.1 in 2023 will likely be achievable. Meanwhile, the medium term price target could be $1 in 2024.

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