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Market Sentiment Shoots Up As Bitcoin Eyes $25,000

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The crypto market sentiment had taken a beating when the price of bitcoin fell to a new cycle low of $17,600. With this, investor sentiment had plummeted to new yearly lows. But slowly, the market sentiment had recovered and made its way out of the extreme fear territory. That is until now when the market sentiment has recorded an enormous push upward off the back of another market rally.

Sentiment Turning Green

The crypto market sentiment has been on an uptrend since the recovery started back in July. When the price of bitcoin first hit $24,000 for the first time since the market trend, the market sentiment had quickly moved out of the extreme fear territory.

Despite the recovery in the market, the market sentiment was still mainly in the red, and the score on the Fear & Greed Index remained low. However, the Wednesday market recovery saw one of the largest jumps for the year 2022. After trending around 31 on the index for most of Wednesday, the score had seen a sharp upward reversal to 41.

This level puts the market sentiment the closest to greed that it has ever been since the crash. It is also a sharp contrast to the score for last week, as well as the overall score for the month of July, which put the market at a 16, deep in extreme fear.

The reversal also shows that investors are beginning to return to the market. Accumulation trends are usually started and strengthened during times such as this, contributing to the uptick in cryptocurrency prices all across the space.

BTC recovers above $24,000 | Source: BTCUSD on TradingView.com

Bitcoin Wants $25,000

Bitcoin’s recovery has been leading it towards one of the most coveted positions in the current market. The $25,000 mark is an important technical level because it was a position which high support that has now turned to a significant resistance point. As such, beating this level is important for bitcoin bulls going forward. 

The recent run-up had actually seen bitcoin come dangerously close to reaching $25,000, but the resistance just below it was enough to beat back the bulls. This saw a retracement of about $200 from this point as the bulls continued to regroup.

Bitcoin is still looking incredibly strong on the 4-hour chart, suggesting that there would be another test of $25,000. The accumulation trend going on has been enough to provide good support and bounce-off point for the digital asset, so this retest will likely see bitcoin break $25,000. Although holding the position is another story.

Bitcoin is now trending at $24,500 at the time of this writing. Currently, its price is up 6.29% in the last 24 hours and has remained green for the last two daily closes. A green close for Thursday will signal a top-off point of $28,000.

Featured image from Unsplash, chart from TradingView.com

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China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

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China Reports Gpu Price Fall To All-Time Low Post Ethereum Merge
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The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist.

One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient.

GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade.

Is Ethereum Merge Major Cause Of GPU price Crash?

South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices.

Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months.

According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market.

Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near.

Ethereum price climbs above $1,300 l ETHUSDT on Tradingview.com

SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand.

Retailers Lower GPU Prices

Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market.

According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%.

Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks.

Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners.

The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices.

Featured Image From Pixabay, Charts From Tradingview

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Function X (FX)  Price Prediction 2022 — Will FX Hit $0.5  Soon?

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Function X (Fx)  Price Prediction 2022 — Will Fx Hit $0.5  Soon?
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  • Bullish FX price prediction is $0.35286 to $2.42507.
  • Function X (FX)  price might also reach $0.5 soon.
  • Bearish FX  price prediction for 2022 is $0.13979.

In Function X (FX)  price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about FX to analyze the future movement of the cryptocurrency. 

Function X (FX)  Current Market Status

According to CoinGecko, the price of Function X (FX)  is $ 0.236381 with a 24-hour trading volume of $ 732,991 at the time of writing. However, FX has decreased by nearly 0.2% in the last 24 hours.

Moreover, Function X (FX)  has a circulating supply of 534,734,905  FX. Function X (FX)  trades in cryptocurrency exchanges such as Bithumb, Coinbase Exchange, Gate.io, KuCoin and Bittrex.

What is Function X (FX) ?

Function X (FX) is a decentralized network solution driven by blockchain technology and smart devices that was launched on July 6, 2021. The network is not dependent on any individual, entity, or structure. FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.

 FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.FX is built on the principle of proof-of-service (PoS). This consensus mechanism improves network security while retaining high throughput and speed.

Function X (FX)  Price Prediction 2022

Function X (FX)  holds the 209th position on CoinGecko right now. FX price prediction 2022 is explained below with a daily time frame.

From the above chart, we can interpret that the price action of FX is similar to BTC and ETH. This indicates that when the price of  BTC and ETH  increases, the price of FX increases.When the price of BTC and ETH decreases,the price of FX decreases.

FX /USDT Ascending channel pattern (Source: Tradingview)

The above chart of Function X (FX) laid out an ascending channel pattern, also known as the rising channel. The upper and lower trend lines that connect the higher highs and higher lows respectively appear to move within a rising slope. This pattern is generally a characteristic of a bullish trend.

Currently, Function X (FX)  is in the range of $0.23294.  If the pattern continues, the price of FX  might reach the resistance levels of $0.44263.If the trend reverses, then the price of FX may fall to  $0.23194 and 0.14334.

Function X (FX)  Support and Resistance Levels

The chart below shows the support and resistance levels of Function X (FX).

Function X Fx Price Prediction 2022 — Will Fx Hit
FX /USDT Support and Resistance Levels (Source: Tradingview)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Function X (FX) .

Resistance Level 1 $0.35286
Resistance Level 2  $0.71153
Resistance Level 3 $1.36151
Resistance Level 4 $2.42507
Support Level $0.13979
FX /USDT Support and Resistance Levels

The charts show that Function X (FX)   has performed a bullish trend over the past month. If this trend continues, FX might run along with the bulls overtaking its resistance level at $2.42507.

Accordingly, if the investors turn against the crypto, the price of Function X (FX)   might plummet to almost $ 0.13979, a bearish signal.

Function X (FX)  Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Function X (FX)  is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of FX lies below the cutoff line, indicating weak  participants in the current trend.

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FX /USDT RVOL, MA, RSI (Source: Tradingview)

Also, the Moving Average (MA) of Function X (FX)  is shown in the chart above. Notably,  Function X (FX)  price lies above  50 MA (short-term), so it is in an uptrend. Currently, FX has entered a bullish state. Therefore, there is a possibility of a reversal trend of FX at any time.

Meanwhile, the relative strength index (RSI) of the FX is 41.97. This means that Function X (FX)  is in an oversold state. However, this means a major price reversal of FX may occur in the upcoming days. So, traders need to trade carefully. 

Function X (FX)  Price Prediction 2022 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of Function X (FX) . It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

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FX /USDT ADX, RVI (Source: Tradingview)

The above chart represents the ADX of Function X (FX) . Currently, the ADX of FX lies in the range of 57.85628 and thus, it indicates a very strong  trend. 

The above chart also represents the Relative Volatility Index (RVI) of Function X (FX) . RVI measures the constant deviation of price changes over a period of time. The RVI of FX lies below  50, indicating low volatility. In fact, the RSI of Function X (FX)  is at 41.97  thus confirming a potential buy signal.

Comparison of FX with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  Function X (FX) .

1664203410 556 Function X Fx Price Prediction 2022 — Will Fx Hit
BTC Vs ETH Vs FX  Price Comparison (Source: Tradingview)

Function X (FX)  Price Prediction 2023

If the declining price action completely slows down in momentum and the trend reverses,  Function X (FX)  might probably attain $1 by 2023.

Function X (FX)  Price Prediction 2024

With several upgrades in the network, Function X (FX)  might enter a bullish trajectory. If the coin grabs the attention of major investors, FX might rally to hit $2 by 2024. 

Function X (FX)  Price Prediction 2025

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, FX would rally to hit $3.

Function X (FX)  Price Prediction 2026

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, FX would rally to hit $4.

Function X (FX)  Price Prediction 2027

If Function X (FX)  sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, FX would rally to hit $5. 

Function X (FX)  Price Prediction 2028

Function X (FX)  holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, FX would hit $6 in 2028.

Function X (FX)  Price Prediction 2029

If investors flock in and continue to place their bets on Function X (FX) , it would witness major spikes. FX might hit $7 by 2029.

Function X (FX)  Price Prediction 2030

With greater advancements in the Basic Attention TokenEcosystem, the crypto community might continue to invest in FX for the next 8 years and drive significant price rallies for the token. Hence, Function X (FX)  might hit $8 by 2030.

Conclusion

With continuous improvements in the Function X  Network, we can say that 2022 is a good year for FX. For this reason, the bullish price prediction of Function X (FX)  in 2022 is $2.42507 On the other hand,  the bearish price prediction of Function X (FX)  price prediction for 2022 is $ 0.13979.

Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of FX would help to reach above its current all-time high (ATH) of $2.20 very soon. But, it might also reach $0.5 if the investors believe that FX is a good investment in 2022.

FAQ

1. What is Function X (FX) ?

 FX is an Ethereum token that powers Function X, a platform for decentralized apps that includes a core blockchain, cross-chain protocol, and platform for decentralized applications. FX can be used to pay for services like smart contract development and data storage, as well as to vote on network upgrades and stake on the network.

2. Where can you purchase Function X (FX) ?

Function X (FX)  has been listed on many crypto exchanges which include Bithumb, Coinbase Exchange, Gate.io, KuCoin and Bittrex.

3. Will Function X (FX)  reach a new ATH soon?

With the ongoing developments and upgrades within the Basic Attention Token Platform, FX  has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Function X (FX) ?

On April 30, 2021 Function X (FX) reached its new all-time high (ATH) of $2.20.

5. Is Function X (FX)  a good investment in 2022?

Function X (FX)  seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Basic Attention Token In the past few months, FX  is considered a good investment in 2022.

6. Can Function X (FX)  reach $0.5?

Function X (FX)  is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Function X (FX)  will hit $0.5 soon.

7. What will be the Function X (FX)  price by 2023?

 Function X (FX)  price is expected to reach $1 by 2023.

8. What will be the Function X (FX)  price by 2024?

 Function X (FX)  price is expected to reach $2 by 2024.

9. What will be the Function X (FX)  price by 2025?

 Function X (FX)  price is expected to reach $3 by 2025.

10. What will be the Function X (FX)  price by 2026?

 Function X (FX)  price is expected to reach $4 by 2026.                    

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Chainlink Price Spikes Above $7 While Bitcoin Sinks Below $20,000

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Chainlink Price Spikes Above $7 While Bitcoin Sinks Below $20,000
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Among other investment assets, cryptocurrency is prominent when it comes to volatility in prices, including altcoins such as Chainlink. While an uptrend matters a lot to daily traders, dipping could be favorable for accumulation for long-term investment.

The crypto market over the weekend saw slight positive progress in the prices of most tokens. The past week was downward, but this week could bring more hope.

General analysis on a 24-hour scale for most altcoins shows that last Sunday came with a commendable trend. The majority of the tokens displayed significant progress in an uptrend. Chainlink native token, LINK, was at the forefront, among others.

But the story is quite different for the primary cryptocurrency. After moving to the $19,000 region, BTC stalled on the level through the weekend.

Chainlink Leads As The Top Performer

The crypto market witnessed a positive turnaround, especially with the price performance of the altcoins. The total market cap has stalled with the outcome without making another drop. The value is currently around the $950 billion level.

LINK, the native coin of the leads as the best performer among the altcoins. The token increased by above 5% in the early hours of trading today with an approximate price of $8.

Chainlink on the rise l LINKUSDT on Tradingview.com

For Ethereum, there is a progressive reclaiming from its 20% post-merger drop. ETH swung into the green as the price crossed the $1,300 level.

Other altcoins increased in their values. These include Solana (SOL) and Shiba Inu (SHIB), which rose slightly. However, for Cardano (ADA), the price stalled on a particular level despite the recent launch of the Vasil Upgrade.

Some crypto assets with a slight dip include Polkadot, Ripple, Polygon, Binance Coin, Dogecoin, Tron, and Avalanche.

BTC Stagnates At Around $19,000

The performance of Bitcoin over the past week has not been quite impressive. However, it is notable that before the US Federal Reserve’s rate increase, BTC made an upward jump. The token surged from $18,300 to around $20,000.

However, its sustainability was short-lived. The announcement of the 75 bps rise in interest rates caused a drastic drop in the price of BTC. The primary crypto asset lost almost $2,000 in value within hours following the announcement.

Bitcoin plummeted to a new 3-month low of $18,100. The crypto market was thrown into another panic as the selling pressure increased.

But after a few days, the price of BTC reclaimed slightly and crawled to the $19,000 level. Then, as the market encountered more bulls, Bitcoin climbed up to $19,500 through the trading hours between last Sunday and today.

At the time of writing, BTC is trading around $19,187, depicting a 0.71% increase over the past 24 hours. Its dominance over the altcoins has returned to 39%, while its market cap is almost about $365 billion.

Featured image from Pixabay, Chart: TradingView.com

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LUNC Witnesses a Dramatic Price Surge, Will It Continue?

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Terra Classic (Lunc) Ultra Bullish And Surges Above 50%
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  • LUNC attained a massive surge, registering 41.93% in the last 24 hours. 
  • Recently, LUNC’s price dropped dramatically following Do Kwon’s arrest warrant.

The controversies regarding TerraLabs founder, Do Kwon are still going through the global cryptocurrency market. The arrest warrant and recently issued red notice by Interpol for Do Kwon is the ‘hot topic’ in the crypto world now. At the same time, TerraLabs’ newly launched token, Terra Classic (LUNC) has registered a significant surge in the last 24 hours.

Lunc Witnesses A Dramatic Price Surge Will It Continue
LUNC Price Chart (Source: Tradingview)

At the time of writing, Terra Classic (LUNC) is trading around $0.000321 with a one-day trading volume of $1,417,085,876. Interestingly, the coin has increased by nearly 41.93% in the last 24 hours. The coin has a circulating supply of 6,151,072,613,161 LUNC coins, as per CMC. 

LUNC’s Sudden Gain

The Binance exchange has recently announced its support for the Terra Classic tax burning mechanism. According to the platform, the trading costs for LUNC spots and margin trading pairs would be subject to the burn mechanism. It is assumed that the recent support from the leading global exchange has resulted in a tremendous price surge of the token.

After Do Kwon’s received the arrest warrant from the South Korean authorities, Terra Classic witnessed a dramatic price drop. The coin continuously experienced a wavy price momentum and registered a minor recovery during the past few days. 

Previously, the global crypto market has shrunken massively as a result of the TerraUSD crisis. It also resulted in the huge price drop of most of the popular cryptocurrencies. According to reports, the Terra ecosystem failed in May due to the UST de-peg. During that time, the stablecoin dropped by around $0.006.

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ALGO Price All Go With Nearly 30% Rally In Last 7 Days

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In only the past week, ALGO has grown by a whopping 30%. Some may not be surprised by this development, as Algorand collaborated with FIFA to create FIFA+ Collect, a platform where fans can buy digital collectibles in the form of NFTs. There has been a dramatic impact on the environment as a result of this alliance.

A tweet from @intotheblack shows that the number of unique addresses that have completed their first transaction for ALGO has increased from 5,000 to 20,000.

There has been an increase in the cost of ALGO because to the increased number of transactions using unique addresses. As of this writing, the price of one coin is somewhere between the 23.60 and 38.20 Fibonacci retracement levels, or about $0.3949 and $0.3724.

There is no denying the ripple impact that this collaboration has on all of Algorand. But will the agreement lead to additional price increases, or is this simply a temporary boost?

Image: NFTgators

ALGO Gets Boost From FIFA+ Collect

The price of ALGO increased by 31.18% in a matter of hours on the press day of the FIFA+ Collect release. To sum up, the coin is up 27.54% from September 22nd when trading began till today, September 26th.

As of this writing, ALGO is trading at $0.3662, down 5.8 percent in the last 24 hours, data from Coingecko show, Monday

Information provided by Santiment suggests that the cooperation has an impact beyond only the pricing.

Algorand’s NFT sector has witnessed a dramatic increase in activity. From September 21 to September 22, the total volume of NFT trades surged from $186,000 to a staggering $606,000.

This is not the only positive development for the ALGO token and the Algorand ecosystem in general.

The TVL of ALGO observed an increase in staked tokens. From September 22-24, the TVL increased from $234 million to $263.69 million. The Algorand ecosystem also had a significant overhaul.

Additionally, the ecosystem implemented the State Proof procedure. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand to other blockchains.

ALGO Bullish Momentum Subsiding?

At the time of writing, the coin’s price has already reached above the double-bottom support level at $0.3687.

This may indicate that the bullish momentum has waned and the bears are currently taking the driver’s seat.

Considering this, ALGO can fall to a relatively secure position near the 50 Fib level. This level will serve as the token’s support. However, it cannot fall below the indicated Fibonacci level, as this would indicate a bottom on September 22.

ALGO total market cap at $2.25 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart: TradingView.com

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Will Crypto Payments Help Russia Get Around Sanctions? –

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Russia Proposes Legalizing Crypto As Legal Tender In Finalized Bill
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