Cardano (ADA) has been unable to follow through with its weekend bullish momentum. The cryptocurrency lost last week’s gains and seems poised for further losses as the crypto market trends sideways.
Related Reading | TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby
At the time of writing, Cardano (ADA) trades at $0.44 with a 5% loss in the last 24 hours.
The cryptocurrency is at critical levels as $0.40 was operated as support during these past months’ bearish downside price action. Losing these levels could push ADA’s price back to its 2020 levels.
At that time, the cryptocurrency experienced a massive rally after a long period of sideways movement and consolidation. From 2019 until 2020, Cardano traded below $0.5 and $0.15 which would represent a devasting loss for investors that bought ADA in the past two years.
Legendary trader Peter Brandt suggests ADA could start descending into its 2020 levels. As seen below, Brandt claims that ADA’s price is following a head and shoulders pattern which spells future depreciation for this cryptocurrency.
The legendary trader called ADA’s price chart “the very definition of ugly” and set $0.40 as a potential price target to the downside.
This head and shoulders pattern could be invalidated if Cardano’s bulls managed to push the price above $0.70 in the short term. Otherwise, there is little support for Cardano below $0.40.
Data from Material Indicators (MI) shows that most of the liquidity for the ADAUSDT trading pair is sitting above $0.44. There are around $1.5 million in bid orders below ADA’s price current levels and around $1 million in asks orders in the opposite direction.
If the price follows the head and shoulders pattern into $0.40, as Brandt suggested, and continues to trend downside there are no bid orders that could operate as support. Therefore, ADA’s price could experience downside volatility.
Can Cardano Avoid A Doom Scenario?
At the same time, ADA’s price records a thin order book to the upside. If the price can sustain its current levels and make a run towards $0.50, there could be a change at invalidating Brandt’s head and shoulders pattern.
Material Indicators record an increase in selling pressure from retail investors. Investors with bid orders of around $1,000 (green in the chart below) have begun buying into Cardano’s price action.
Analysts from Material Indicators believe investors with these bid orders (in green below) are whales camouflaging as smaller investors. The relevance of Cardano’s current levels and the sudden increase in these orders suggests this possibility is likely for short timeframes.
Related Reading | TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses
Maybe these ADA whales have begun accumulating and could be able to defend these levels. In higher timeframes, all investors class have begun selling including investors with asks orders of around $100,000 which supports Brandt’s scenario.
Chainlink (LINK) price is showing a bearish momentum as the market appears to be showing signs of fatigue.
Chainlink price outlines bearish strides
LINK/USD pair key support spotted at $8.54
Pair resistance seen at $9.26
The LINK/USD pair price slips on a downtrend as seen overnight which has been predictable overall.
More so, the market also suffers a loss of 4.80% as seen in the past 24 hours and currently faces key resistance at $9.26. For now, LINK price appears to be extremely bearish with key support seen at $8.54.
LINK Price Sheds 1.83%
The daily chart reveals that the LINK/USD pair has suffered a massive decline as seen in the past 24hours. The plunge of LINK has been consistent with its bearish stance.
According toCoinMarketCap, LINK price has been down by 1.83% or trading at $8.51 as of this writing. It seems to have fallen from its support line of $8.54.
The current trading volume is down by 24.51% or at $363,041,655 with the market cap at $4 billion. Apparently, LINK price has been circling the $8 mark as seen since Sunday.
Judging by the daily price chart, the LINK/USD pair is seen to be immensely bearish for the past few hours with the MACD lingering in the bearish zone.
RSI for LINK is spotted at 42.09 and is stepping into the oversold zone which signals that market could go down further.
To date, the 50-day moving average is present at $10.48 while the 200-day moving average is hovering at $12.19 signaling that the market is having a marked decline.
Chart from TradingView.com
Chainlink MACD Line Hints At Further Retreat
The 4-hour price analysis is showing a bearish flag pattern signaling that the market is deflating further.
The LINK/USD pair is seen trading from $8.54 to $9.26, facing key resistance at $9.26 as seen in the past few hours.
The MACD line hovers above the signal line which indicates that the market could plunge further. Current RSI is below the 50 range which signifies a bearish trend.
More so, the 50-day and 200-day moving average are both falling flat and going under the current market price hinting that the market is suffering a massive downshift.
Chainlink price is showing an overall bearish momentum in the short term but would most likely nosedive with the key resistance stick at $9.26.
The market may expect some upward trend if the bulls can break past the key resistance level.
LINK total market cap at $3.8 billion on the daily chart | Source: TradingView.com
Featured image from Medium, Chart from TradingView.com
The World’s Largest Blockchain & Crypto Conferences network, Blockchain Economy Summit has just closed the previous chapter in Istanbul – Türkiye with more than 3,000 utterly satisfied participants from 82 countries all over the world. KuCoin, Gate.io, Bitget, BitMex, XT.com, OKX, Uphold were just some of the sponsors of this phenomenal blockchain event. Turkish pop-star Emre Aydın, Microstrategy’s Michael Saylor, Ukrainian Deputy Minister of Digital Transformation Alex Bornyakov, famous Turkish film and television star Engin Altan Düzyatan, famous entrepreneur and investor Carl Runefelt, aka the Moon, Davinci Jeremie and many more have shared their thoughts on Main stage for 2 days of Blockchain Economy Istanbul Summit.
Next edition of the World’s flagship blockchain & crypto event is scheduled for October 4-5, 2022 in Dubai, UAE. The excitement of this Exclusive Summit began to be heard by its fans already. It’s completely normal while this event is great for those who want to learn more about the crypto industry, seek new perspectives in business networks. The event will take place in Le Meridien Dubai Hotel & Conference Centre in Dubai. “Dubai has a great potential in terms of regulating crypto platforms, crypto assets and its usage. This is precisely why we want to attract global players and new startups to Dubai.” says Event’s Project Manager Servi Aman. Statistics show that Dubai is now gearing up to become a global hub for this promising crypto market. Big crypto exchanges like FTX, last valued at $32 billion, are setting up an office in Dubai.
The top topics of the upcoming Blockchain Economy Dubai Summit seem to be Bitcoin, Web 3, NFTs, Metaverse, De-Fi, mining, regulation of cryptocurrencies,investing and trading on cryptocurrencies, the implementation of blockchain technology in businesses and government, and much more. The expected attendance for the 5-th edition of Blockchain Economy Summit is 3,000 from more than 60 countries. Further information is available on the summit website: https://beconomydubai.com/
Name: Blockchain Economy Dubai Summit
Date: October 4-5, 2022
Venue: Le Meridien Dubai Hotel & Conference Centre, Dubai, UAE
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.
Within the past few years, cryptocurrency adoption and acceptance have dramatically increased. As a result, many developers and other participants joined the digital asset train to boost the expansion of the industry. Then came the float of several decentralized protocols, NFT projects, applications, exchanges, and other products that distinguish the space.
As the crypto space makes more advancements through impressive innovative technologies, more people are trooping into the space. While the high volatility of the assets may be a disadvantage to many participants, not everyone is backing out because of it.
The growth and attraction of the crypto space are getting more intense despite its bearish market. The extreme crypto winter in 2022 gave a devastating blow to many companies that some had to reduce their employees’ strength. But such incidents are not discouraging finance executives from plunging into a crypto career.
A recent report indicates that 21Shares, a European crypto exchange-traded fund provider, is hiring new staff. The firm announced on Wednesday that its three primary recruitment is to support its expansion vision in different countries. It plans to establish offices in Germany, the United Arab Emirates, and France.
21Shares hired Marina Baudéan as its new head of France, Belgium, and Luxembourg. Baudéan had worked at Barclays, a British universal bank, for over 15 years. Her new position in 21shares marks her debut in the crypto career.
While expressing her confidence in digital assets, Baudéan maintained that cryptocurrency gives a representation of the technology for the next generation. Furthermore, she mentioned that crypto assets will always survive despite market volatility and other factors.
Baudéan reflected on the numerous technological advancements and transformations she witnessed in her career. Hence, she stated cryptocurrency at this stage has no connection with the digital trading pattern in the early times.
Also, Oliver Schäfer is now the new head of Germany for 21Shares. Schäfer has a solid background in traditional finance, having gathered long-time experience working in several financial firms.
Also, Schäfer had worked at JPMorgan, an American investment bank, for over 15 years. His last position at the bank was as the former executive director.
Newly Hired Executive Highlights Long-Term Crypto Opportunity As The Focus
Reacting to his new position at 21Shares, Schäfer said that crypto is more attractive with increasing growth in the space.
So, he expressed his excitement in joining the crypto career while mentioning his focus is more on long-term opportunities. Schäfer disclosed that 2020 marked his first cryptocurrency investment. However, his interest is growing due to the increasing technology and developments in the industry.
Additional, the former head of asset management of Al Mai Asset Management, Sheriff El-Haddad, is now with 12Shares. El-Haddad is currently working as head of the Middle East for 21Shares.
The new hiring by 21Shares indicates that crypto jobs are still attractive despite its recently bearish trend. Similar recruitment moves were made by Binance and FTX crypto firms during the bearish market trend.
Featured Image From Pixabay and chart from TradingView.com
IMOV is the first-ever crypto-backed fitness app that comes with inbuilt Game-Fi and Social-Fi elements. The application dedicated to people of all ages and abilities caught the eyes of investors as well, thanks to its compelling vision. Its threefold goal is to encourage millions to lead healthier lifestyles, connect users to Web3, and combat climate change.
The token went on a massive upturn stepping into August, recording an all-time high of $0.07313. The surge rewarded early investors lucratively. If you’re looking for other emerging tokens that can give you generous returns this year, here are our top suggestions.
Top tokens to invest in 2022
Battle Infinity (IBAT) – The overall best new cryptocurrency of 2022
Earthling – Crypto project with a social mission
RACEFI – NFT gaming revved up
3 best tokens to invest in 2022: Reviewed
IMOV has excellent use cases (present and upcoming), which justify its popularity. However, we believe that these three tokens can be bigger. Let’s see why.
Battle Infinity (IBAT) – The overall best cryptocurrency of 2022
The first project we introduce to you is Battle Infinity. IBAT serves as the native cryptocurrency of the Battle Infinity ecosystem. If you keep tabs on the crypto market, you must have learned about the meteoric presale recorded by IBAT a few days back. Battle Infinity sold out the 90-day presale 66 days early, capturing wide attention from across crypto publications and communities.
While 16,500 BNB worth over $5M was raised in total, the second half sold out in less than 24 hours. Clearly, both whales and retail investors are onto the project. It is also interesting to note that the project has built a thriving community on Twitter and Telegram less than a month into its launch.
What’s the big deal?
Battle Infinity is a play-to-earn fantasy gaming platform with a metaverse vision. As you know, the fantasy sports market is huge. The market is predicted to hit $48.6 billion by 2027, recording a CAGR of 13.9% from 2021 to 2027. Battle Infinity bets big on fantasy sports with metaverse, crypto, and play-to-earn integrations. The metaverse is growing bigger than fantasy sports, of course. A new report from McKinsey & Co predicts that the metaverse could reach up to $5 trillion by 2030. So it comes as no surprise that Battle Infinity’s goal to create an immersive fantasy sports gaming world has resonated with investors.
Battle Infinity hosts fierce video games which players can monetize using their gaming skills. The rewards are paid in IBAT tokens. However, Battle Infinity doesn’t plan on confining its scope to gaming. You can meet other players, attend events, and experience the immersive virtual space in the Battle Infinity metaverse. The ecosystem also features NFT, DeFi, and P2E elements to introduce diverse streams of income.
IBAT Battle Swap
Decentralized exchange (DEX) where IBAT tokens are traded for other cryptocurrencies. It’s connected to other platforms in the Battle Infinity ecosystem.
IBAT Battle Market
Marketplace for BEP721 in-game assets like characters, weapons, etc.
IBAT Battle Arena
Immersive metaverse open to NFT holders. It is designed to be a venue for games, concerts, parties, and more.
IBAT Premier League
Metaverse NFT-based fantasy sports game.
IBAT Battle Staking
Stake your idle Battle Infinity assets in exchange for attractive APY.
IBAT Battle Games
Multiplayer game store where you can join diverse NFT-based P2E games.
Battle Infinity has some exciting milestones underway including Battle Swap testnet launch, Battle Swap mainnet launch, Battle Infinity DApp Alpha release (Google Play Store), and merchandise store launch. We expect IBAT to gain value as the project crosses new development goals. A prediction of 100X returns in a year is not far-fetched if the roadmap unfolds as planned.
You can now buy IBAT on PancakeSwap. The token is scheduled for launch on other tier-1 crypto exchanges in the coming phases.
VISIT BATTLE INFINITY
Earthling (ETLG) – Crypto project with a social mission
Cryptocurrencies and NFTs are often criticized for their inefficient use of energy and environmental impact. New blockchains are addressing these issues using energy-efficient consensus mechanisms. While that is admirable, a new crypto project is on the mission to make it easy for everyone to act on climate change. It aims to become the largest Web3 on-chain carbon offset marketplace. The idea is big, with huge potential to draw attention from across crypto and non-crypto communities in the coming months.
The project, titled Earthling makes this possible with three products. The first of these is the $ETLG token, which is used for transactions. It also serves as the governance token of the ecosystem. According to the website, buying Earthling tokens contributes to saving planet earth, as the project supports initiatives that fight climate change and ecological collapse. It empowers individuals, families and businesses to remove carbon, restore nature and become carbon-neutral.
The next product from Earthling is Carbon Token, an asset backed by Carbon credit. A Carbon token equals one carbon credit. It doubles as a digital certificate that lets you emit 1 tonne of CO2. The concept has massive potential as companies are increasingly looking for ways to meet their carbon offsetting goals.
The project also introduces Earthling DAO, a place where the community submits proposals and votes for the allocation of funds to relevant programs. Earthling’s goal to raise awareness around increasing carbon use and ways to reduce it is impressive. If the project succeeds in delivering its promises, it will be one of the best tokens to record massive growth this year.
RACEFI – NFT gaming revved up
The third-best crypto project we recommend to you is RACEFI, a play-to-earn car racing game where players and participants own parts of the game. It is also the first AI/ML integrated car racing game on Solana. Interestingly, the platform launches parts of the game as verifiably owned NFTs.
RaceFi metaverse introduces three game modes that you can participate depending on your expertise and initial investment. The races on RaceFi can be primarily divided into two — Pure Race and Battle Race. Pure Race is again divided into two — PvP and PvE. In PvE mode, you can directly drive and control the car. On the other hand, PvP mode gives you the option to customize your statistics. The results are then determined by the AI system. Battle Race allows you to upgrade your cars with battle features such as guns and shields.
Another interesting aspect is that there will be no time or distance limit on RaceFi. Racers will compete until there is one left. You can also race for free up to two times on the platform, bringing down the initial investment requirements.
$RACEFI is the native token of the ecosystem. It is used for all in-game activities. For example, you need to buy gas to race your cars in $RACEFI tokens. The gas money collected in a race goes to the reward pool, which is split among the top three winners. The utility of $RACEFI is expected to diversify as the platform grows. The gripping gaming mechanics will attract a large number of users to RACEFI in the coming days, in turn triggering an upturn for the token.
Hype is short-living. We always recommend looking beyond the market sentiments and investing in projects that have long-term visions that are likely to gain momentum. We introduced you to three projects that fit these criteria. Battle Infinity, Earthling, and RaceFi stand apart from the crowded market with their focus on use cases and sustainable growth.
Battle Infinity, in particular, has a vast ecosystem that can bring massive returns to early-stage investors in the coming months. The token is currently available for purchase on PancakeSwap.
The cryptocurrency market has been getting frequent price movements recently with meme coins like Dogecoin minting gains. Some of the significant assets made an uptrend within the past two weeks. However, most of them couldn’t sustain the bullish trend for long. Hence, they have experienced a slight drop in prices this week.
Bitcoin is among the assets that have shown high volatility in the past few days. But it seems to have flattened out at around the $24,000 region. Dogecoin, on its part, is recording a progressive increase in value. As a result, DOGE stands top among other meme coins, gaining momentum. Unfortunately, the story is not pleasant for most altcoins as most are stagnating in their prices today.
Bitcoin got quite a swing in its price over the past few days. Though it later halted during the weekend, this was after some fluctuations in its value.
The price of Bitcoin initially rose to $25,000, a new 2-month high. The rise seemed difficult for the token to ensure its sustainability and had to drop. However, it later surged upward within hours as the price rallied to about $25,200. This marked the highest point for BTC since the middle of June.
Bitcoin Falls But Dogecoin Gains Momentum
With every passing hour, the BTC price started retracting. The value finally gave up more than $1,000 to remain beneath the $24,000 mark. Since then, Bitcoin’s trading price has been hovering below the $24,000 region as the token keeps its stagnant stance. Currently, BTC boasts a market cap of about $450 billion while maintaining a 40% dominance over the altcoins.
Dogecoin has kept its lead as the first in existence and dominance when it comes to meme coins. However, DOGE is taking a different route.
The leading meme coin has gained over 8% in value in a single day. The price of DOGE has surged up to $0.08 and remains on top above several other meme coins and altcoins.
Price Performance of Altcoins
For Ethereum, the price is seeing a more positive move in an upward trend. Ether had jumped to its 74-day peak to around $2,050. The sentiment for the global second largest cryptocurrency is recently paving the way for its price performance.
This is linked to the rumor concerning its upcoming blockchain upgrade, the Merge. Despite its sudden rise within the past few days, ETH later dropped in price and is presently trading around the $1,900 region.
For other altcoins, the movement has not been so easy. Most of them have been fluctuating throughout the weekend and even on Monday. Some of them have stalled at certain marks.
There were no unusual moves for Ripple, BNB, Shiba Inu, Polkadot, Cardano, and Avalanche. From the mid-cap and lower altcoins, Monero had the best performance. Its token, XMR, made a 5% increase to hit the $170 trading.
Featured image from Pixabay and chart from TradingView.com
Yuga Labs released an IP licensing agreement for CryptoPunks and Meebits.
NFT holders granted total commercialization rights.
Non-fungible token (NFT) owners from CryptoPunk and Meebits can now build business ventures and products using their NFTs. On Monday, Yuga Labs made available for download to owners of CryptoPunk and Meebits NFT the long-awaited intellectual property (IP) licensing agreement.
CryptoPunk and Meebits had been waiting for the announcement ever since Yuga Labs first acquired the collections from Larva Labs in March. Given that some of the owners of Bored App Yacht Club have already used the IP in projects, the agreement offers complete commercialization rights to develop projects and goods based on the owner’s NFTs.
Seth Green, an American actor, writer, playwright, and the director is debuting a show based primarily on his recently-returned Ape. And also Bored & Hungry, a restaurant in Los Angeles with a theme of bored apes, debuted in June. Although Yuga Labs is the IP’s owner, it is licensed to NFT holders.
Larva Labs, the company that owns the collections, previously handled IP licensing differently and retained ownership of the collections’ intellectual property rights. This decision drew criticism and led at least one holder to sell their CryptoPunk in protest. In general, collection creators have handled IP rights in a variety of ways.
When popular brand Moonbirds adopted the Creative Commons CC0 copyright code and converted it to a public domain usage model earlier this month. This permits the commercial usage and duplication of artwork from both Oddities and Moonbirds. Holders of the NFT contended that they had invested in the initiative assuming they had exclusive rights to their NFT, which led to outrage on social media in response to the judgment.