Catizen posts a $1 billion market valuation

Posted on September 21, 2024September 21, 2024 by Olumide Adesina

The sort-after meme token value reached a record high on Friday amid a successful listing on Binance and crypto exchanges.

Cryptocurrencies typically see a spike in value following the commencement of mining and listing on a significant exchange. , Catizen was first introduced in Bitget’s PoolX, offering users who lock their tokens in the exchange the chance to win 53,000 TON, or roughly $300,000. Following its listing on Binance CATI token broke the $1 mark. It is also listed on digital exchanges, including crypto.com, WhiteBIT, Gate.io, and OKX.

The Open Network (TON)-based game was released in March and lets users manage a virtual cat city while earning rewards, has seen a surge in value that has led to its market valuation reaching over $1 billion at its peak.
Catizen, is a popular meme token with over 34 million users, 3.5 million daily active users, and an average revenue per paid player of $33. Catizen gains from Telegram’s huge user base and features that enable safe, decentralized transactions, the platform’s approximately 1 billion monthly users interact through bots and mini-apps.

Pre-trading for CATI has already begun on Bitget and Bybit exchanges, where its price ranges from $0.43 to $0.53. As the token formally becomes a reality on Binance, its volatility may rise, as is usual for tokens in the pre-launch stage. Binance Labs, which invested in Pluto Studio to hasten the game’s development and draw in more players, also supports the initiative.

The introduction of CATI farming by STON.fi, a well-known decentralized exchange on TON’s Blockchain, was the primary driver of Catizen’s Friday spike. The company allowed users to win 20,000 STON rewards, valued at $86,000, as part of the launch.

Rewards will be given to the CATI/TON and CATI/USD pairings. The farming season will end in October. 4. Tokens are earned by gathering “cats” and completing easy tasks like following the app’s social media accounts. Compared to Notcoin and Pixelverse, two other Telegram tokens that experienced a dramatic decline following their airdrop,

Forex Signals Brief Sept 20: BOJ Meeting, UK, Canada Retail Sales

Posted on September 20, 2024September 20, 2024 by Skerdian Meta

After the initial shock of the Fed’s unexpected 50 basis point rate cut, market sentiment shifted dramatically within 24 hours. Equities opened strong and maintained momentum as investors embraced a risk-on mood. However, the forex market responded more cautiously. The Fed’s dovish stance reduced concerns about a recession but increased worries over a higher terminal rate or potential inflation, impacting long-term bond yields. Continue reading “Forex Signals Brief Sept 20: BOJ Meeting, UK, Canada Retail Sales” →

Bitcoin Floating Higher As “Risk On” Environment Sets In, BTC Targets $70,000

Posted on September 20, 2024 by Dalmas Ngetich

Bitcoin shot higher yesterday, breaching $63,000 as buyers took charge of proceedings. With the United States Federal Reserve now keen on stabilizing the economy and pivoting away from falling inflation, analysts think the risk-on environment will serve to drive even more demand for crypto. So far, momentum is shifting, and capital flows to the world’s most valuable coin. For now, the immediate resistance is at $66,000, but if there are more gains, the coin could fly to $70,000 in a buy trend continuation formation.

From the daily chart, Bitcoin is firm and printing impressive higher highs. At spot rates, the coin is up nearly 10% in the past day week. Interestingly, the average trading volume continues to expand, reaching $41 billion over the last day. This development is, on average, impressive and sets the tone for possibly even more gains in the days ahead.

Traders are monitoring the following trending Bitcoin news:

Through to 2026, the United States Federal Reserve will look to slash interest rates. Investors will consider pouring capital into Bitcoin and other safe havens as the regime turns to risk-on.
If Bitcoin cracks $70,500, over $21 billion of leveraged shorts, analysts note, will be forcefully closed. Before then, the path of least resistance is northwards as the market continues to liquidate short traders, per Coinglass data.

Bitcoin Price Analysis

[[BTC/USD]] is rising at spot rates.

The uptrend is valid as long as the primary support holds above the $58,000 and $60,000 zone.

Accordingly, aggressive Bitcoin traders can consider longs, targeting $66,000 and later $70,000.

The upside momentum is already strong, and bull bars are banding along the upper BB.

This move points to fast-rising momentum and increasing volatility.

Ethereum Floats above $2,400 as ETH Breaks from a Mega Descending Wedge

Posted on September 20, 2024 by Dalmas Ngetich

Ethereum is rising when writing, per the formation in the daily chart. As long as the coin is above $2,200, technical candlestick arrangements validate the uptrend. Accordingly, if this momentum remains, ETH can easily break from the current consolidation. The local resistance is at around $2,800. Overall, the zone between $2,200 and $2,800 is critical as far as the short to medium-term trend is. If ETH buyers push harder, breaching the upper limit of this zone, it could be a strong start for traders in Q4 2024.

At press time, the trend favors buyers. Ethereum is already up over 5% in 24 hours, pushing weekly gains to over 9%. Meanwhile, engagement is rising as the average trading volume is up to over $19 billion. As prices recover, the probability of capital flowing into the second most valuable coin will only increase, benefitting traders.

The following Ethereum news events are dominating headlines:

One of Ethereum’s top developers insists that ETH is not money like Bitcoin or Litecoin. Instead, the whole ecosystem is meant to be a decentralized world that, in turn, gives the coin value.
Technical candlestick arrangement, at the moment, favors buyers. Events in the daily chart show that the coin is breaking out of a mega-descending wedge.

Ethereum Price Analysis

[[ETH/USD]] is printing encouraging higher highs.

After the uptick of September 19, traders can consider aligning with the emerging trend. This preview holds as long as the coin trends above the $2,100 and $2,200 support zone.

If buyers confirm yesterday’s gains and ETH breaks away from the consolidation, above September 13 high, the next target would be $2,800.

Sustained gains above this level open Ethereum to $3,300 and $3,500.

Conversely, should there be losses forcing the coin below $2,100, this outlook will be nullified.

XRP Approaching $0.60: Ripple Whales Bought Over 380 Million Coins In A Record 10 Days, What’s Going On?

Posted on September 20, 2024 by Dalmas Ngetich

XRP is springing higher but not at a pace expected by buoyant supporters. From the daily chart, the coin is still confined below $0.66 but remains above the primary support at $0.55. As long as this zone remains untested and sentiment shifts in support of the current developing momentum, Ripple may form a strong foundation for even more gains. Technically, the uptrend remains, set in motion by the bullish bar of September 12 through to 14.

XRP is steady, approaching $0.60, and up nearly 4% over the past week. Although engagement is rising, it remains below $1.5 billion, way below what was registered, for example, on August 7 and 8. All the same, it seems like the coin is building up momentum, fanned by supportive fundamental factors.

The following XRP and Ripple news developments are worth watching:

Over the last ten days, XRP and Ripple whales have bought over 380 million coins worth more than $228 million. Their rapid accumulation is massive for sentiment and may be the basis for retail to hold onto their coins.
The technical candlestick arrangement favors XRP at press time. As prices float higher, the coin is retesting the resistance trend line of a huge bull flag. If bulls break higher, one analyst thinks it could rally to as high as $3.

XRP Price Analysis

[[XRP/USD]] is steady at press time.

What’s positive, and even encouraging for traders, is that the consolidation is anchored at the $0.55 support.

As things stand, traders can consider buying the dip, targeting $0.66.

If prices expand higher today, closing above September 13 highs, XRP would rally even harder, retesting July highs.

Further gains will confirm the gains of the second half of July, setting in motion a race to fresh 2024 highs by the end of the year.

Forex Signals Brief Sept 19: Will We Get A BOE Rate Cut Today?

Posted on September 19, 2024September 19, 2024 by Skerdian Meta

Yesterday all the attention was on the FOMC policy meeting, with odds balanced between a 25 bps and a 50 bps rate cut. However, there were other releases beforehand, with the headline UK CPI consumer inflation jumping by 3 points which helped get GBP/USD around 1 cent higher even before the FED meeting. In the US, we had the Building Permits and Housing Starts which came above expectations.

Continue reading “Forex Signals Brief Sept 19: Will We Get A BOE Rate Cut Today?” →

XRP Accumulating Above $0.55, Ripple Lawyer Banks Big On Regulatory Clarity In The US

Posted on September 19, 2024 by Dalmas Ngetich

XRP has not been spared the general weakness across the board. The United States Fed decision, most hoped, would have ignited demand, moving altcoins, the top of the list being XRP. However, what’s visible in the XRP chart is still consolidation. The seventh most valuable coin is still below $0.66, moving sideways and respecting the stubborn liquidation level set in July. Unless there is a sharp expansion above this zone, the path of least resistance is southwards in the short term. It would especially be the case if XRP loses $0.55.

From the look of things, XRP is bullish but moving sideways. Depending on the eventual breakout direction, the low valuation might offer entries for traders to accumulate. As mentioned earlier, the local support and resistance is at $0.55 and $0.66. Meanwhile, XRP is under pressure on the last day but up 8% in the previous week. Even so, the average trading volume is rising at around $1.2 billion.

The following trending Ripple news are worth watching:

Clear regulations are important for adoption. According to the Ripple lawyer, once there is clarity in the United States, Ripple will be the “most trusted source for enterprise support” for firms searching for crypto solutions.
XRP continues to find adoption across the world, especially in Southeast Asia. Through a partnership with Surfy, people can use the coin to pay for ordinary daily bills.

XRP Price Analysis

[[XRP/USD]] is firm at spot rates but consolidating.

Even as the coin moves sideways, that the coin is still above $0.55 is important.

Aggressive and optimistic trades interpret this consolidation as an opportunity to accumulate.

Every low, therefore, might be an opportunity to load with targets at $0.66 as long as $0.55 holds.

However, if there is a sharp push above $0.66, confirming gains of September 12 to 14, XRP can easily soar to $0.74.

Nigeria, Angola appetite for FX debt elevated amid U.S interest rate cut

Posted on September 19, 2024 by Olumide Adesina

Nigeria and Angola are two African countries that may issue new debt because of the Federal Reserve’s half-percentage-point interest rate cut, according to BancTrust and Co.

This larger-than-expected loosening of US monetary policy will “probably drive market yields lower in the sub-Saharan Africa space, which would increase issuers’ attraction to the international capital market,” according to a research note released on Wednesday by the London-based Investment Bank.

It stated that shortly after the Fed’s decision, Nigeria is anticipated to launch a Eurobond. If yields at the mid-to long-end of Angola’s curve approach 9 percent—not too dissimilar from the price at which most of the country’s Eurobonds were priced at issuance—the country is likely to make a similar sale, the bank predicted. Additionally, Angola might offer a debt-for-nature swap, it stated.

According to BancTrust, Kenya is unlikely to tap the global bond market shortly due to “its own idiosyncratic risk,” which includes high debt-servicing expenses and depleting foreign reserves. According to the report, Kenya will therefore “probably rely on concessional financing until investor sentiment toward the Ruto administration improves.”.

Financial institutions and businesses like Access Bank Plc, FBN Holdings Plc, and SEPLAT Energy Plc may be able to access international debt markets because of Nigeria’s successful Eurobond offering. The Federal Reserve reduced interest rates by 50 basis points on Wednesday, bringing the federal funds rate from 4 percent to 5 percent.

Since the Fed started raising rates in March 2022, this is the first-rate cut, indicating a change in the Fed’s monetary policy strategy.

The Fed said in a post-meeting statement that “the Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.”

Through its “dot plot,” the Federal Open Market Committee of the central bank also revealed that it expects additional reductions of 50 basis points by the end of 2024. Additionally, it recommended cutting spending by half in 2026 and another full percentage point by the end of 2025.

Ethereum Is Mute: ETH Analyst Predicts A 10x Surge to $29,000 in 12 Months

Posted on September 19, 2024 by Dalmas Ngetich

Ethereum is following Bitcoin and remains relatively mute, looking at the formation in the daily chart. As long as the coin floats above the $2,200 zone, there is a chance buyers will flow back. A close above $2,800 is critical for uptrend continuation. Before then, conservative traders should adopt a wait-and-see approach even with interest in spot Ethereum ETFs growing. Losses below the current support range or gains above the local resistance levels will shape the short to medium-term trend.

When writing, Ethereum is not out of the woods, just yet, and traders are waiting for trend definition. Reflecting on this state of affairs and how prices are evolving. The second most valuable coin is up 4% over the previous week. Meanwhile, the average trading volume is lower, at around $21 billion.

Traders are closely monitoring the following trending Ethereum news:

Despite criticism that Ethereum is “uncool”, the endorsement from politicians and top technology companies is massive. Taking to X, one predicts the coin to more than 10X to over $29,000 by the end of next year.
Even though Ethereum briefly roared after the approval of spot Bitcoin ETFs in January, then again in July, the general trend versus BTC has been bearish. As of September 19, it has been more than 730 days of discouraging lower lows.

Ethereum Price Analysis

[[ETH/USD]] is up but below $2,400.

Even with the anticipation, the volatility of September 18 saw the coin break higher but remain below $2,800.

Technically, ETH is within a descending channel of which bears are squarely in charge.

Nonetheless, the expansion above $2,400 is positive, allowing aggressive Ethereum traders to load the dips targeting $2,800.

Even so, what’s needed is a conclusive, high-volume breakout above $2,800.

Once this prints out, Ethereum might easily soar to over $3,500.

Any dump below $2,200 cancels out this outlook.

Bitcoin Explodes: Is The Stage Set For $100,000 In 3 Months?

Posted on September 19, 2024 by Dalmas Ngetich

Bitcoin is firm, racing higher at spot rates following the decision by the Federal Reserve to slash rates for the first time in over four years. The build-up to yesterday’s move saw BTC break above $62,000. As it is, the uptrend remains, and as long as the support zone of $58,000 and $60,000 holds, the path of least resistance remains northwards. Traders can look for opportunities to load the dips targeting $70,000 in the coming sessions.

At spot rates, Bitcoin is stable, adding 7% in the previous week. Meanwhile, due to the excitement around the Federal Reserve rate cut, trading volume is up, averaging over $47 billion on the last day. From a liquidity perspective, as prices continue rising, liquidity will also rise in tandem, a net positive for traders.

Traders are closely monitoring the following trending Bitcoin news:

Even with an accommodative monetary policy in the United States and the community expecting prices to rapidly expand, analysts have a different take. In their view, looking at history, especially after Halving, prices will begin rising and building momentum within the next three weeks.
Analysts, in their view, expect BTC prices to go “exponential” regardless of the outcome of the United States elections. With rates cut, there will be a drive by investors to secure value by channeling funds to safe havens like Bitcoin.

Bitcoin Price Analysis

[[BTC/USD]] is in the green at spot rates.

As long as prices are above the September 17 range, every low should offer entries for longs, targeting $66,000 in the short term.

On the lower end, the primary support is at the $56,500 zone.

Conservative traders might find entries above $66,000 and even $70,000.

When this prints out, Bitcoin may fly to $74,000 and all-time highs, even above $100,000.

Conversely, any unexpected dip below $56,500 cancels this outlook, allowing sellers to unload, targeting $50,000.