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Decentraland Jumps 15% In 3 Days – Who’s Buying MANA?

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Decentraland

With the recent gains of Decentraland (MANA), crypto aficionados are expected to buy. MANA has sustained its bullish streak despite minimal decline seen in the past trading session. The coin opened at a lower price but quickly maneuvered and retraced after retesting at $1.02.

Consequently, a breach above $1.0 is set to generate massive gains. Looking at the daily chart, MANA price has skyrocketed with an increase of 2.20% in the past 24 hours, and has been up 15% in the last three days. The price action shows how MANA is holding it strongly at the $0.99 mark.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

Decentraland (MANA) Consistently Bullish

Seeing the Inverted Head and Shoulder formation shows a bullish trend predictive of a breach on the higher zone. Further, MANA’s price is consistently trading above the 50-day EMA as seen in the past few days which confirms a potential breakout. MANA buyers are looking at the $1.12 mark which may be followed through at $1.30.

While MANA moves into an asymmetrical triangle pattern, it’s shaping up to form a double top. With the price having retraced from that point and could now test at $0.92. Additionally, the price also gave way to a bearish Bat pattern which rarely happens.

MANA is definitely shooting for an upward trend on the higher timeframe but a correction moving near $0.90 is possible with a lower time frame. So, once the price breaches $1.0,  it signals a great buying opportunity.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Despite the rapid price fluctuations of Decentraland (MANA), analysts have always been bullish on the token. Being a metaverse token, MANA has strengthened in price since last year with the launch of Meta (formerly Facebook).

In a world that is said to be owned by users or the metaverse, MANA has proven time and again that as a frontrunner in crypto gaming, it can be the king of the metaverse or of the 3D virtual world.

MANA total market cap at $1.84 billion on the weekend chart | Source: TradingView.com

Decentraland’s Strong Metaverse Presence

Decentraland is known as the first-of-its-kind virtual world that is wholly owned and created by users. Decentraland also has its own NFT marketplace. Users can freely explore and trade inside the ever-evolving metaverse. They can buy and sell plots of land and even pets like cats with the MANA.

More so, Decentraland has a DAO pretty much like RoboApe. With that being said, MANA hodlers have the say and can vote about changes they want in the Decentraland. The meme token culture is continuously shaped and modified in a safe metaverse.

To date, the Decentraland marketplace has a total of 160,000 sales plus a trading volume that peaks at as much as $348.84 million.

Featured image from VOI, chart from TradingView.com
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Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling

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Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates.

Similar to earlier instances, the price of bitcoin climbed close to $24,000.

CPI Report Boost Bitcoin Price

According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%.

Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis.

After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar.

BTC/USD trades close to $24k. Source: TradingView

 

According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds:

“The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.”

President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.”

Focus Turns To FOMC Meeting In September

Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy.

Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise.

Bitcoin

Federal Funds Effective Rate (Source: FRED)

The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.”

The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked.

In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries.

Featured image from Getty Image, charts from FRED and TradingView.com

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Crypto Traders Accumulate Highest Buying Power In Two Years

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Crypto Bitcoin Btc Btcusdt

The crypto market has been trading in the green over today’s session as it sees some relief from macro-economic factors. Today, the U.S. published July’s Consumer Price Index (CPI) print which hinted at a slowdown in inflation and allow Bitcoin, Ethereum, and others to experience some relief.

CPI has been a key metric over the past months as the U.S. Federal Reserve (Fed) attempts to mitigate it by hiking interest rates and reducing its balance sheet. Thus, global markets have seen less liquidity which has negatively impacted risk-on assets, such as equities and cryptocurrencies.

At the time of writing, Bitcoin (BTC) trades at $23,900 with a 4% profit in the last 24 hours while Ethereum (ETH) trades at $1,800 with a 9% profit over the same period. The second crypto continues to outperform BTC as investors seem to be migrating into the altcoin sector.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

July’s CPI print see a decline on the back of commodities trending downwards, particularly the energy sector saw falling prices. However, Rick Rieder, CIO at investment firm BlackRock, believes inflation it’s “still running at a worryingly high rate”.

This might continue to operate as a headwind for digital assets and risk-on assets over the long run but might allowed the Fed to be less aggressive with their monetary policy. Rieder said the following on the potential long-term bullish effect of less inflation:

Over time, we think the slowdown in economic growth, the continuation of the Federal Reserve’s assertive Hiking Cycle and the possibility of resolution with several persistent supply chain issues should influence broad inflation lower.

Rieder claims inflation might continue to trend lower or moderate in the coming months. This might remove uncertainty across the crypto market and provide these assets with enough support to reclaim previous highs.

Bitcoin And Crypto Could Extend Bullish Momentum?

The biggest headwinds for crypto will be the Fed’s Federal Open Market Committee (FOMC), BlackRock’s CIO said. At that time, the financial institution might announce another “substantial” interest rate hike, but there’s “still a lot more data to come between now and the meeting”.

In this environment, data from crypto research firm Santiment records a spike in the supply of Tether (USDT) on exchange platforms. This hints at the potential buying pressure from market participants waiting for more clarity around macro-economic factors.

The recent CPI print might provide that clarity, at the time of writing, USDT’s supply on exchanges stands at 42% for the first time since April 2022. At that time, the market was about to enter a massive bull run into new all-time highs.

Crypto Bitcoin Btc Btcusdt
Source: Santiment via Twitter

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Ripple Labs Interested in Buying Assets of Celsius Network

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Celsius Makes Strong Comeback, Total Debt Stands At Only $59 Million