Crypto Prices Sideways: Predictions for Solana, Theta, and HOOK Prices

• Crypto prices moved sideways this week as the US dollar index continued its downward trend.
• This report provides predictions for Solana, Theta Network, and Hooked Protocol’s HOOK prices.
• Solana price has formed a triple-top pattern and a head and shoulders pattern, suggesting a bearish breakout in the coming days.

This week, the cryptocurrency market saw prices move sideways as the US dollar index continued its downward trend. Bitcoin rose above $23,000 for the first time in months while the total market cap of all cryptocurrencies rose to over $1 trillion. In this report, we will provide predictions for some of the top cryptocurrencies, including Solana, Theta Network, and Hooked Protocol’s HOOK.

Solana (SOL/USD) price has made a spectacular comeback as investors raise their bets that the blockchain will recover amid FTX woes. It has also been helped by the surge of NFTs traded in the ecosystem, as we wrote here. As such, Solana price soared to a high of $26.53, the highest point since FX imploded. However, the 4H chart is sending a warning about the coin. A closer look shows that it has formed what looks like a triple-top pattern whose neckline is at $20.48. This pattern also has a close resemblance to a head and shoulders pattern. The two patterns are some of the most bearish patterns in the industry. Therefore, there is a likelihood that Solana will have a bearish breakout in the coming days as sellers target the neckline of the two patterns at $20. This price is about 15% below the current level.

Theta Network (THETA/USD) has moved above the cup and handle pattern, which is a bullish chart pattern. The chart pattern is usually interpreted as a sign of a potential breakout. The cup and handle pattern usually occurs when a stock or cryptocurrency displays a short-term downward trend followed by an upward trend that breaks out of the downward trend. This is often followed by a short-term consolidation period, which is the handle part of the pattern. As such, Theta Network may be preparing for a breakout as buyers target the neckline of the cup and handle pattern at $9.72. This target price is about 12% above the current price.

Hooked Protocol’s HOOK has surged above its all-time high and is currently trading at $2.15. The cryptocurrency has been buoyed by the rising demand for decentralized finance (DeFi) projects, a trend that has been gaining traction in the industry. HOOK is currently trading in a bullish trend and is expected to continue its upward momentum in the coming days as buyers target the next resistance level at $2.50, which is about 16% above the current price.

Overall, the cryptocurrency market is displaying a bullish trend and the prices for Solana, Theta Network, and Hooked Protocol are expected to continue their upward momentum in the coming days.

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Bitcoin Hash Rate Hits All-Time High, Squeezing Miner Profitability

• The Bitcoin hash rate is the amount of computing power contributed towards mining.
• The Bitcoin hash rate has continued to take new all-time highs, squeezing miners‘ profitability.
• A high hash rate implies a healthy and more secure Bitcoin network.

The Bitcoin hash rate is a key indicator of the health of the Bitcoin network. It is the amount of computing power that is being used to mine Bitcoin and validate transactions on the blockchain. The hash rate has been increasing steadily since the start of the pandemic and is now at an all-time high.

The rising hash rate is a sign of a healthy Bitcoin network. It means that more miners are participating in the Bitcoin mining process, which increases the security of the network. It also shows that miners are confident in the future of Bitcoin, as they are investing in more powerful mining rigs.

However, the rising hash rate has also put a strain on miners’ profitability. As the hash rate increases, so does the difficulty of mining. This means that each block mined is worth less, as miners have to work harder to solve the mathematical puzzles required to validate blocks. At the same time, electricity costs have been rising with the increase in hash rate, further squeezing miners’ profits.

The rising hash rate has also coincided with a drop in the Bitcoin price, which has made it harder for miners to cover their costs. This has led to some miners selling their Bitcoin rewards in order to cover their expenses, further depressing the price of Bitcoin.

Overall, the increasing hash rate is a good sign for the Bitcoin network. It shows that miners are confident in the future of Bitcoin and are investing in more powerful mining rigs in order to stay competitive. However, the increasing hash rate and falling Bitcoin price have put miners’ profitability under pressure. This is something that miners will need to keep an eye on in the coming weeks and months.

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nil; Foundation Raises $22M to Build Secure Zero-Knowledge Proofs Marketplace

• nil; Foundation has raised $22 million in a funding round led by Polychain Capital.
• The firm will use funds to build a zero-knowledge proofs marketplace for Ethereum and L2s.
• The nil; Foundation will use the funds to boost the development of its zero-knowledge (ZK) Proof Market protocol.

The nil; Foundation, a zero-knowledge proofs research and development platform, has raised $22 million in a funding round. The funding round was led by Polychain Capital, with participation from Blockchain Capital, Starkware, and Mina Protocol, as well as several angel investors including Hasu. The round valued the firm at $220 million.

The nil; Foundation, which was launched in 2018, will use the funds to boost the development of its zero-knowledge (ZK) Proof Market protocol. This protocol is designed to improve the security and scalability of Ethereum, other L1 blockchains, and L2s. The protocol is also meant to provide industry players with a trustless and seamless way to share zk-proofs without relying on centralized intermediaries.

The nil; Foundation’s Proof Market will be a game changer in the blockchain space. By improving security and scalability, blockchains using the nil; Foundation’s Proof Market will no longer need to rely on centralised intermediaries. This will open up new possibilities and opportunities for businesses, as well as users, to make use of the distributed ledger technology in a secure and efficient way.

The nil; Foundation believes that the funds raised will help them to further their mission of building a secure and reliable marketplace for zk-proofs. The team is confident that the new investments will help to accelerate the development of their Proof Market protocol, allowing them to bring it to market sooner.

The nil; Foundation is confident that the funds raised will not only help to speed up their Proof Market protocol, but also to create new opportunities for businesses and users. With the new investments, the team hopes to further their mission of building a secure and reliable marketplace for zk-proofs and opening up new possibilities for the blockchain space.

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Enjin Coin Reaches All-Time High After Short Liquidations Surge

• Enjin Coin (ENJ) has been on an unstoppable bull run in 2023, trading at its highest since November 10 of this year.
• Short liquidations for Enjin have jumped to the highest level in months, with over $539k worth of short sales liquidated on Thursday.
• The strong performance of NFT and metaverse tokens like Decentraland’s MANA and Sandbox’s SAND has also contributed to the surge in Enjin’s price.

Enjin Coin (ENJ) has been having an incredible run in 2023, with its price surging to its highest level since November 10 of this year. The digital asset is currently trading at $0.47, according to CoinDesk, with its market capitalization reaching over $2 billion. This impressive bull run is partly driven by the rise in short liquidations.

CoinGlass data shows that over $539k worth of short sales were liquidated on Thursday, which is a significant increase from the $257k short sales liquidated on Wednesday. This trend is likely driven by the macroeconomic issues and inflationary pressures that have been seen over the past few weeks. On Thursday, numbers revealed that the producer price index (PPI) dropped in December, continuing the deflationary trend.

In addition to short liquidations, the strong performance of NFT and metaverse tokens like Decentraland’s MANA and Sandbox’s SAND has also contributed to the surge in Enjin’s price. Both of these tokens have been on an upward trajectory since the start of the year, with MANA up over 200% and SAND up over 400%. These impressive gains have helped to pull ENJ higher, as investors look to capitalize on the potential of the digital asset.

The rise in Enjin’s price is a positive sign for the broader cryptocurrency market, as it indicates that investor sentiment is still strong. The digital asset has been able to hold its own against other coins in the top ten, and its continued growth could be a sign of things to come. With more positive news and developments on the horizon, it’s likely that Enjin will continue to see strong gains in the near future.

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