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[michaelbennettcrypto]

This Cryptocurrency Is Up 260% and It Seems to Have More Gas in the Tank

Ever since Coinbase Pro revealed that it will be listing OmiseGO on its retail platform, this ERC-20 token has done nothing but shoot up. Since then, its price skyrocketed by more than 260%. OMG went from trading at a low of $0.62 to a new yearly high of $2.27. Even though this cryptocurrency took a 30% nosedive in the past week, on-chain metrics reveal that the bullish momentum behind may not be over yet. is OmiseGo Bound for Another Upswing? Data from Santiment reveals that a bullish divergence appears to be developing between the number of daily active addresses on the OmiseGo network and the 21-day moving average. It is worth considering that the recent levels of volatility could have affected this technical indicator since it reflects the price action. Nonetheless, Santiment maintains that this significant bullish divergence cannot be ignored. “Four straight days over a +0.5 threshold means there is still a serious running average of major daily active addresses that price hasn’t caught up to yet,” said Brian Quinlivan, Marketing and Social Media Director at Santiment. OmiseGO’s Daily Active Addresses vs. 21-day Moving Average. (Source: Santiment) OmiseGo’s NVT adds credence to the bullish outlook. This index takes into consideration the network value and the daily volume of money transmitted through the blockchain. Even after a few weeks since Coinbase announced it was adding support for this altcoin, OMG is “having the healthiest rate of token circulation NVT in its existence,” affirmed Quinlivan. OmiseGO’s NVT Ratio. (Source: Santiment) Massive Supply Barrier Ahead Despite the massive rally OmiseGo has experienced over the past couple of weeks, IntoTheBlock’s “Global In/Out of the Money” model reveals that it still would need to climb over 1,400% to reclaim all-time highs. Out of all addresses holding this cryptocurrency, more than 94% are currently “Out of the Money,” while only 3% are “In the Money. ” These figures may indicate that the investor base behind OMG is not as confident about upwards price action in the future. Global In/Out of the Money. (Source: IntoTheBlock) Looking at the “In/Out of the Money Around Price” (IOMAP) model cohorts shows that for OmiseGo to continue surging, as the aforementioned on-chain metrics suggest, it would have to reclaim the $1.71 level as support. Here, more than 2,100 addresses bought nearly 5 million OMG. As such, the $1.69-$1.74 price level is a massive supply wall and will provide strong resistance if this altcoin were to advance further up. But breaking through it may see prices increase sharply since there are few barriers above it. In/Out of the Money Around Price. (Source: IntoTheBlock) On the flip side, the most significant area of support sits between $1.40 and $1.52. Between these price levels, the IOMAP reveals that over 4,000 addresses purchased 4.7 million OMG. In the event of a correction, this supply wall may be able to prevent a further decline. from Cryptocracken WP https://ift.tt/3gqbwkB via IFTTT

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[michaelbennettcrypto]

Investing in the Right Crypto Could Generate 7x Returns in 24 Months

Crypterium (CRPT), the namesake utility token of the award-winning fintech startup, is listed as one of the most valuable assets of the year 2020. The well-known crypto expert and editor of Palm Beach Research Group has listed CRPT alongside four other tokens in the 2020 Phenomenon Playbook. The 2020 Phenomenon Playbook is a special investment report that briefly analyses some of the groundbreaking crypto projects of the day to forecast its valuation and market performance. According to the report, CRPT has the potential to register a 700% gain over two years as the Crypterium project occupies a crucial place in the cryptocurrency ecosystem, making acquiring and spending cryptos as easy as cash. What Makes Crypterium Special? Considered the Emerging 50 Rising Star in Fintech by KPMG and H2 Ventures, Crypterium is founded by Steven Parker, former General Manager at VISA. The platform acts as a bridge between the fiat and crypto ecosystems by enabling its users to purchase crypto with fiat, send crypto to bank accounts, store in wallets and even spend crypto in places that accept fiat using the mobile app and physical cards. Crypterium makes all these possible by leveraging partnerships with leading financial institutions and smart contracts. Fueling all these transactions is the CRPT token, which is the utility token of the entire Crypterium ecosystem. Acknowledging the company’s unique position in the crypto ecosystem, and the considerable YoY progress achieved, Tiwari says, “We think the Crypterium app will go viral, and ultimately, tens of millions of consumers will flock to it to buy, borrow against and spend their crypto winnings.” The value of CRPT is directly correlated to the number of transactions that happen over the Crypterium network. The report puts growth in GDV during the first quarter of 2020 at 400% over last year’s value during the same period. In the next two years, the value is projected to increase 20-fold to $100 million and hit $1 billion in the third year. Even before the report was released, CRPT has been showing signs of growth. On May 8, 2020, the token gained 65% to trade at $0.62, signifying a 376% year-on-year change. With the 2020 Phenomenon Playbook reinforcing the positive sentiment associated with CRPT, the token’s valuation is expected to gain a significant boost in the coming days. If the predictions were to hold true, then CRPT’s value will be at least $1.92 within 24 months. Image: The 2020 Phenomenon Playbook – Teeka Tiwari The other four high value tokens of 2020 are Tierion (TNT), 0x(ZRX), Crypto.com (MCO) and Status Network Token (SNT). The 2020 Phenomenon Playbook also includes Solve.Care (SOLVE), which could potentially revolutionize the healthcare sector as a bonus token. How Does This Affect? In these troubling times of the COVID-19 pandemic, people are desperately looking for investment options that can generate high returns. Most of the traditional investments aren’t good enough as the entire global economy has entered a sustained bear market. However, cryptocurrencies have always been the outliers in the financial ecosystem and some of them can offer a much better return on investment compared to others. The 2020 Phenomenon Playbook provides potential investors with a list of crypto tokens with huge growth potential, and most of these tokens are still valued at a fraction of the price of the current leading cryptocurrencies. The report published especially by someone known for his accurate predictions of financial events, including Ethereum’s meteoric rise, will encourage a lot of people to buy into the next Bitcoin. While the report forecasts the growth over a period of two years, it could inevitably accelerate the process in the present-day situation, and all the favored tokens may register huge short term gains as well. It is up to the investors to decide whether they want to invest in CRPT and other tokens, hodl for two years or more, or make gains over the short-term.   from Cryptocracken WP https://ift.tt/3cBUCx5 via IFTTT

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[michaelbennettcrypto]

Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?

After days of consolidation after rallying 100% from the March bottom, Bitcoin tanked under $7,000 just minutes ago, reaching a local low of $6,920 as of the time of this article’s writing. With this downward move, the cryptocurrency is down 6% from Thursday’s peak and down nearly 8% from the highs at $7,470. Bitcoin’s drop comes after stocks have seen an extremely healthy week, with both the S&P 500 and the Dow Jones rallying hard as the coronavirus curve starts to flatten and despite record-level unemployment claims in the U.S. Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi The crypto market’s ongoing correction was somewhat to be expected. As reported by NewsBTC previously, the Tom Demark (TD) Sequential on Wednesday printing a sell “9” candle on the charts of Bitcoin, Ethereum, Ethereum Classic, Cardano, Binance Coin, Litecoin, Ontology, OmiseGo, Tron, Stellar, and Tezos. The so-called 9 candles, per the time-based indicator, are often seen at reversal points in markets. Case in point: 9 candles were seen at the $6,400 Bitcoin bottom in December 2019 and at the local $10,500 top in February of this very year. Furthermore, this outlet also observed that the Stochastic indicator, a trend/momentum-based indicator, recently printed a sign that Bitcoin was overbought. A top analyst observed that it has been accurate up to 86% for BTC. What’s Next for Bitcoin? Traders expect Bitcoin to breakdown further if it fails to maintain current levels. Tyler D. Coates, a technical analysis author and a popular Bitcoin trader, remarked that the recent price action has seen BTC “threaten to breakdown a bull trendline” that has held since March’s bottom. The breakdown, Coates wrote, could see the cryptocurrency return to the “mid $5ks.” Coates’ bearish sentiment was echoed by others, like a trader who suggested that Bitcoin’s recent price action is looking so much like the start of the 2018 bear market that it is “uncanny.” Despite the potentially harrowing short-term outlook, many remain optimistic about Bitcoin’s long-term prospects. In the latest edition of  “Crypto Trader Digest,” Arthur Hayes of BitMEX remarked that while Bitcoin has the potential to retest $3,000 yet again if global markets roll over, his year-end price target “remains $20,000,” which is a 180% rally from the current price. As to why he thinks this is the case, he cited that the monetary and fiscal solutions that governments and central banks are enlisting to stave off precision: “Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.” As of the time of this article’s writing, BTC is trading for $6,952 and seems poised to print the lowest one-hour candle since April 6th. Featured Image from Shutterstock from Cryptocracken WP https://ift.tt/2Vf8B4w via IFTTT

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