The crypto market has extended its losses over the past week, as it continues to gain downside momentum. Main cryptocurrencies in the top 10 by market cap are trading in the red with very few preserving some of their gains from last week.
At the time of writing, the crypto total market cap stands at $1.09 trillion with a 2% loss in the 4-hour chart. The sector was rejected at the $1.2 trillion resistance and seems on track to slate more losses in the short term.
Analyst Justin Bennett believes the sector could trend lower if it breaks below support at $760 billion. As seen below, the crypto total market cap has been moving in a channel for over 4 years.
Every time the total market cap touches the top of this channel, cryptocurrencies trend lower. At the time of writing, the sector is a major crossroads and could attempt to re-test support at around $300 billion if downside pressure extends. The analyst said:
Is another 65% drop in the cards for crypto? Don’t rule it out. $760B will continue to be significant for TOTAL. But if that breaks, a retest of this multi-year channel at $370B seems likely.
There are several factors that could contribute to selling pressure across multiple timeframes. Today, the U.S. Federal Reserve (Fed) will speak about the current macro-economic outlook. Depending on the statements from the financial institution’s official, digital assets could experience some relief.
Last week, the U.S. published its Consumer Price Index (CPI) print for July, a metric used to measure inflation in the U.S. dollar. The metric has been trending down and could provide some room for the Fed to ease up on its monetary policy.
Today should provide more clues on the direction the financial took might adopt. At the same time, the crypto market could see an increase in volatility.
What Could Push Crypto Lower
In addition, Bennett noted that the S&P 500 Index is “mimicking” its 2008 crash. At that time, one of the worst crises in recent history pushed the legacy financial system to the brink of collapse.
Bennett believes equities might be moving similarly to 2008 which hints at further losses for risk-on assets, such as cryptocurrencies. As seen below, the S&P 500 might record some gains before moving into its 2008 lows.
In that sense, Bennett said that the bottom “is not if for stock or crypto” while he contemplates the possibility of a “devasting crash” in the nascent asset class. The analyst added:
And if that doesn’t seem possible, know that the S&P dropped 50% during the 2000 crash and 57% in 2008. The Fed was also in a MUCH better position to step in and save markets during both of those crashes.
Still, larger cryptocurrencies such as Bitcoin and Ethereum have been able to sustain key support levels despite macroeconomic conditions. The latter might pull back on its negative effects on digital assets if the Fed pivots its approach to combat inflation with a less aggressive strategy.
Tron (TRX) holders have been on rough terrain since August with the bears dominating the market. The tables might be turning though in favor of the bulls as shown on the charts.
TRX bulls hint at a comeback after a long period of takeover by the bears
TRX price down by 0.87%
RSI divergence hints at increased investor optimism
According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Apparently, Tron is trying to bounce back from its weekly low that registered at $0.056.
It seems that the token is still traversing in the same range which validates a strong rebound from that level.
TRON Market Demand Waning?
Hence, there is evidently poor demand for TRX in the market which is normal whenever crypto tries to switch lanes from bearish to bullish.
Whale activity looks to be insufficient at this point and not gaining enough traction. Regardless, the supply of TRX has increased for the whales.
There is hope as investor optimism ought to be amplified with the recent developments happening for Tron.
Tron’s weighted sentiment index has shown no significant changes in the market. TRX is still stuck in its lower monthly range which explains the failed uptrend happening over the weekend.
On the other hand, there are a couple of signals that promise the possibility of the bulls pivoting in the coming days.
TRX Bulls Waiting For The Next Big Wave
TRX price might prevail and rebound from the support zone as further validated by its RSI. The RSI divergence shows increased optimism that the price may escalate in terms of buying pressure.
On-chain metrics for Tron also feature the increase in demand over the derivatives markets as seen in the past couple of days.
Observation of the funding rates provides critical data because it validates the change in the derivatives market. These observations are usually tied up to the spot market.
While there are signals that hint at a bullish uptrend, the market sentiments reveal that the TRX bulls are on the sidelines and just waiting for the right timing to jump in when the crypto market improves.
On TRX price predictions, although the stablecoin is making progress, it still continues to drop which could go on for the next couple of trading sessions.
Tron’s price may hover below the $0.054 level before September ends. More so, there is also a possibility that TRX’s price could slide below the $0.045 range.
With the crypto market currently struggling, TRX prices could also move in the same direction. The bearish thesis will only be proven wrong if and when the price shoot above the $0.066 mark.
TRX total market cap at $5.5 billion on the daily chart | Source: TradingView.com
Featured image from CCN.com, Chart: TradingView.com
Grayscale’s website states that GBTC has $11.9 billion in assets under management.
GBTC has always traded at a significant premium over spot Bitcoin pricing.
Shares of the Grayscale Bitcoin Trust (GBTC), the biggest Bitcoin fund in the market, reached a record discount of 35.18% last Friday and showed little sign of recovering.
By purchasing GBTC shares, investors may get exposure to the fluctuating value of Bitcoin by trading in shares of trusts that hold pools of Bitcoin. The goal is to reduce the risk for institutional investors by providing exposure to the main cryptocurrency without requiring them to purchase and hold any coin.
GBTC has been around since September of 2013 and has always traded at a significant premium over spot Bitcoin pricing. Despite the high 2% annual management charge, this was a popular choice among investors for a long time.
GBTC Cannot Be Redeemed
After the introduction of multiple Bitcoin ETFs in Canada at the end of February last year, the trust became negative and started trading at a discount to spot Bitcoin values. The ability to purchase Bitcoin “shares” at a discount to the NAV may seem like a steal to investors. But there’s a catch: GBTC can’t be exchanged for anything at the moment.
This effectively puts an end to the arbitrage transaction in which cheap shares are purchased, redeemed for the actual asset, and then sold for a profit.
Grayscale’s website states that GBTC has $11.9 billion in assets under management at the present time. Grayscale has long argued that the ideal solution is to transform its GBTC product into a Bitcoin ETF—an exchange-traded fund backed by actual Bitcoin.
However, the business is hampered by the fact that the U.S. Securities and Exchange Commission (SEC) has not yet authorized a spot Bitcoin ETF for American investors while having approved a number of Bitcoin futures ETFs.
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The Bitcoin price continues to trade in a tight range between the mid area around $18,000 and $19,500. The cryptocurrency has been moving sideways after a rejection from the $20,000 level which has led to a spike in fear and uncertainty across the nascent sector.
At the time of writing, the Bitcoin price trades at $19,100 with a 2% profit in the last 24 hours and a 1% loss over the last week. The bearish sentiment and fear in the crypto market hint at a potential relief rally which might coincide with the macro forces influencing global markets.
Bitcoin Price Forms A Bottom… For Now
After last week’s U.S. Federal Reserve (Fed) announcement of a new interest rate hike, the Bitcoin price has been dominated by selling pressure. Bears managed to push the cryptocurrency close to its multi-year low at $18,000.
These levels have been operating as critical support as BTC’s price trends to the downside from an an-all time high of $69,000. As selling pressure gained momentum, Bitcoin has stayed about these critical levels.
Analyst Justin Bennett believes BTC’s price is re-creating a price action displayed back in early 2022. At that time, the Bitcoin price was recovering from a massive crash and formed a channel between $37,500 and $49,500.
The cryptocurrency traded sideways inside this pattern for several months only to be pushed down by macroeconomic developments. This led to another massive crash in May 2022.
Bennett believes the Bitcoin price might be forming a similar channel since late June with $27,500 potential operating as critical resistance. As seen below, the analyst believes BTC hit the bottom of the pattern and might be prepared to re-test the top at around $26,000 before crashing below $18,000.
The analyst wrote: “Same structure for $BTC as Feb-April, only we’re missing a retest at $26,000”.
Macroeconomics Ready To Support A Bitcoin Price Relief Rally
Additional data provided by Senior Analyst for Messari, Tom Dunleavy, suggests the crypto market might benefit from a bounce in traditional markets. As the Fed hikes interest rates, risk-on assets, such as Bitcoin and stocks, have shown a high correlation.
(1/5)Could be in for another rough week, but everyone always says a bottom comes when we reach peak bearishness.
Are we almost there?
Some interesting data points: In futures positioning, leveraged accounts are new short more than they have been in a year, by a wide margin pic.twitter.com/VsXwFHj6na
At the time of writing, bearish sentiment in financial markets seems to be reaching levels last seen in 2020, during the start of the COVID-19 pandemic. This is usually an indicator of a market bottom and potential relief as short positions piled up in the market.
According to Dunleavy, the Put/Call Ratio (P, a metric used to measure the number of call (buy) option contracts versus put (sell) option contracts is reaching a level of 1. This can be translated into a high bearish sentiment in global markets.
The last time the Put/Call Ratio was at its current levels, the Bitcoin price and the crypto markets went into a multi-year bull run and entered price discovery toward an all-time high. While the current macroeconomic scenario might cap any bullish price action, the momentum could be strong enough to hit $26,000, as Bennett proposed.
When the leading Japanese companies came together to usher in the era of Web3, the smart contracts platform Astar Network was able to run a national newspaper ad with the most brands in a single ad, setting a new global record. On September 26th, Nikkei published an ad for which 329 blue-chip firms collaborated.
The Japanese Blockchain Association has chosen Astar Network as the most popular blockchain in Japan. Formerly, Japan was a hub for the crypto industry. Astar is leading the charge to make the nation a forerunner in blockchain technology once again. Japan, the world’s third-biggest economy, went through its fair share of growing pains before settling on Astar Network as its preferred blockchain.
The Japanese government now includes Web3 in its overall national policy, and Astar Network CEO Sota Watanabe is guiding the government and many major Japanese corporations ahead in Web3. To prove its dedication, Astar aired this ad with the support of 329 other companies. If implemented properly, Web3 might have a significant impact on the national economy. Large financial institutions and well-known corporations like GMO, DeNA, Accenture, Microsoft, Amazon Web Services, and others support the plan because they want to see Japan succeed.
Sota Watanabe, founder and CEO of Astar Network said:
“Web3 is all about community. And we are proud that we could make this epoch-making ad supported by 329 companies including the biggest banks, reputable Internet companies and branch officers of a foreign companies like Microsoft and Accenture. This ad reflects the strong unity of the Japanese ecosystem. As Japan’s leading blockchain project, we will do our best to accelerate Web3 innovation through Astar.”
As part of the promotional effort, NFTs will be given out for free via QR codes. Those interested in receiving a non-transferable NFT may do so by scanning the QR code located in the ad’s bottom right corner of the Nikkei newspaper. If a user does not have a wallet address, the QR code will create one for them.
Astar Network facilitates the development of decentralized applications (dApps) utilizing EVM and WASM smart contracts with cross-consensus messaging (XCM) and a Build2Earn model that allows programmers to earn money through a dApp staking mechanism for their work. In addition, the network’s Polkadot and Kusama development teams may make use of Astar Space Labs’ Incubation Hub for top TVL dApps.
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.
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
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.
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).
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
Resistance Level 2
Resistance Level 3
Resistance Level 4
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.
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.
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) .
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.
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.
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.