If the market keeps the price above $3.499 support level, the buyers will gain momentum and get ready to challenge the $3.944 resistance level. Additionally, sustaining the price at that level could lead to a test of the upper resistance at $4.250 in the coming week.
On the downside, a trend reversal might push the price towards the $3.211 support level. Furthermore, if the bearish trend persists, TON price could target the lower support at $2.897.
Bitcoin halving happens to regulate the supply of new Bitcoin entering circulation. It works by reducing the reward for miners who add new blocks to the blockchain, effectively decreasing the rate at which new Bitcoin is created. This reduction is important for several reasons:
Scarcity and Controlled Supply: By limiting the rate of new Bitcoin issuance, halving increases Bitcoin's scarcity over time, enhancing its value proposition as a deflationary asset.
Inflation Control: Halving helps prevent excessive inflation in the Bitcoin ecosystem by slowing down the rate at which new coins are introduced, maintaining the coin's stability and long-term value.
Market Dynamics: The halving event affects miners' profitability and incentivizes them to improve efficiency or exit the market, which can impact the network's security and decentralization.
Price Impact: Historically, Bitcoin halving events have been associated with bullish trends in the cryptocurrency's price due to reduced supply and increased demand. This price appreciation can attract investors and drive adoption.
Overall, Bitcoin halving plays a crucial role in shaping the economics and future trajectory of the Bitcoin network, influencing factors such as scarcity, inflation, market dynamics, and price performance.
The XRP price stayed within a range of $0.530 to $0.5626 for a short time, during which it moved a lot. After that, the price went up by about 25% in the next week because buyers were active. But when it reached $0.6624, it got rejected, and the price went down by 14%. It hit a low of $0.5626 before bouncing back up by 11.80%. Now, it's trying to break above $0.6290, which is an important level.
The MACD indicator shows a neutral trend, indicating weak buying and selling pressure. However, the averages suggest a mix of opinions in the crypto industry.
If the market keeps XRP above $0.6290, buyers will gain momentum and aim to reach $0.680 by the weekend. If the trend turns bearish, the price could drop to $0.583. #HotTrends #GALA #XRPđ
The XRP price stayed within a range of $0.530 to $0.5626 for a short time, during which it moved a lot. After that, the price went up by about 25% in the next week because buyers were active. But when it reached $0.6624, it got rejected, and the price went down by 14%. It hit a low of $0.5626 before bouncing back up by 11.80%. Now, it's trying to break above $0.6290, which is an important level.
The MACD indicator shows a neutral trend, indicating weak buying and selling pressure. However, the averages suggest a mix of opinions in the crypto industry.
If the market keeps XRP above $0.6290, buyers will gain momentum and aim to reach $0.680 by the weekend. If the trend turns bearish, the price could drop to $0.583. #HotTrends #GALA #XRPđ
According to our current Solana price prediction, the price of Solana is predicted to rise by 29.92% and reach $âŻ182.23 by March 16, 2024.
According to our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 82 (Extreme Greed). Solana recorded 16/30 (53%) green days with 11.87% price volatility over the last 30 days. Based on our Solana forecast, it's now a good time to buy Solana.
As of late February 2024, #CoinCodex had a neutral outlook on the future of the Pi coinâs price, with 19 of its technical analysis indicators giving bullish signals and 8 giving bearish ones. The website predicted that PI could rise 5.64% in the short term, reaching $35.97 by March 5, 2024.
In its long-term Pi Network price prediction, CoinCodex was pretty optimistic with its low-end estimates for the price at $33.78 for 2025, $99.21 for 2026, and $71.89 for 2027.
Analytics firm TELEGAON was even more bullish. For the coinâs short-term future in 2024, it stated:
âThe price of Pi Network can hit an average price level of the $96.17 mark by 2024. The maximum price of Pi Network can be around $114.31 in 2024 if current growth continues. However, if there is a bearish environment in the market the minimum price level of the Pi coin can be around $81.45 in 2024. A bull rally is expected in 2024 that may help the Pi Network token touch the moon again.â
The firmâs price prediction for 2025 stated that the coin could average $137.22, $173.85 in 2026, and $231.12 in 2027. If accurate, these prices would represent an increase of 300%, 407%, and 574%, respectively, from the current price. Teleagonâs Pi Network price prediction for 2030 had the price potentially averaging at $427.56, with a low-end estimate of $396.88 and a high end of $468.73.
CoinDataFlow saw the Pi coin fluctuating considerably in the years to come, though ultimately keeping an upward trend. Its Pi price prediction for 2024 is that the coin could range between $25.96 and $68.76. In 2025, the site believed Pi could rise considerably to sit between $61.67 and $261.37. It forecasted that in 2030 the price would sit between $64.60 and $222.17.
Itâs important to keep in mind that these Pi Network coin price predictions are based on historical data and, therefore, could be inaccurate. As such, investors should not rely solely on such data but do their own additional research taking into account their investing goals, among other factors.
âą Understanding rebase tokens Rebase tokens are a specific type of cryptocurrency that regularly adjusts its total supply, typically daily or multiple times a day. These adjustments aim to stabilize the token's price or target a specific value by increasing or decreasing the token supply in response to price deviations from the target. For instance, a positive rebase increases the token supply when the price exceeds the target, reducing the balances of current holders. Conversely, a negative rebase lowers the supply when the price falls below the target, increasing the value of existing holdings. Examples of rebase tokens include Ampleforth (AMPL) and Basis Cash (BAC). While rebase tokens offer potential advantages like creative tokenomics and price stability, they also carry risks. Investors should thoroughly understand the token's mechanisms and the effects of supply adjustments on their holdings, as rebase events are automated and use smart contracts. Due to their complexity, consumers may find it challenging to fully comprehend rebase token structures, so investors should proceed with caution and conduct thorough research. âą How do rebase tokens differ from traditional tokens? Rebase tokens differ from traditional tokens by dynamically adjusting their overall supply, departing from the conventional fixed-supply approach. Unlike traditional tokens, rebase tokens use an elastic supply mechanism to modify the total amount in circulation based on market conditions, aiming to maintain price stability or adhere to a target price. Rebase tokens automatically adjust each holder's balance through smart contracts to maintain their proportionate share of the total supply, in contrast to traditional tokens, whose supply changes are manual and infrequent. Although frequent modifications of rebase tokens aim to stabilize prices or achieve predetermined targets, they differ from traditional tokens in their approach to controlling inflation, encouraging participation, and reducing price volatility.
âą How do rebase tokens work? Rebase tokens function using a unique mechanism where the token's total supply is periodically adjusted to preserve price stability or target a specific value. For example, Ampleforth (AMPL) utilizes rebasing to maintain a target price, such as $1. Whenever the market price deviates from this target, the protocol automatically adjusts the token supply to bring it back to $1. Positive rebases occur when the market price exceeds $1, increasing the total supply of tokens held by each user, while negative rebases occur when the market price is less than $1, reducing the total number of tokens held by each user. This adjustment aims to keep prices stable around the intended value. âą Tax implications of rebase tokens The tax implications of rebase tokens can be complex and may vary depending on the jurisdiction and the specific circumstances of the user. Depending on the jurisdiction, every rebasement event could be seen as taxable and result in income, capital gains, or losses. Certain tax authorities may consider positive rebases, which increase token holdings, as taxable income. Users must declare the value of extra tokens acquired during positive rebases as income for tax purposes. Additionally, both positive and negative rebases may result in capital gains or losses if the market value of the tokens changes due to the adjustment. Determining the timing of tax reporting for rebase tokens presents challenges and requires accurate record-keeping and compliance with tax laws and regulations. âą Benefits of rebase tokens Rebase tokens offer automated price stability, decentralization, and efficiency, mitigating volatility and enhancing reliability in cryptocurrency transactions. Price stability is essential for use cases like payments, loans, and trading, and rebase tokens provide a unique mechanism to achieve it by dynamically modifying their token supply to offset market volatility. Due to their stability, rebase tokens can be more reliable mediums of exchange and stores of value, as they reduce the risk associated with price swings. Additionally, rebase tokens often function on decentralized networks, promoting resistance to censorship and removing single points of failure. The automated nature of the rebase mechanism simplifies price stability maintenance by eliminating the need for centralized control and manual intervention. âą Risks concerning rebase tokens Rebase tokens carry risks that potential users should carefully consider. These risks include price instability, user confusion, smart contract flaws, and regulatory uncertainty. Rebase tokens rely on intricate algorithms to modify supply, making them vulnerable to weaknesses or vulnerabilities in smart contracts that could lead to unanticipated events or losses for tokenholders. Price stability is not guaranteed due to the automated nature of rebase procedures, and severe market conditions may cause significant departures from the intended value. Users who are unfamiliar with rebase tokens may become confused about the process, leading to a lack of adoption or confidence. Legal concerns may arise due to regulatory uncertainties surrounding rebase tokens and their compliance with laws and regulations. Users and projects issuing rebase tokens should be aware of these risks and take appropriate measures to mitigate them.
The Ethereum price stayed stable for a while, then the market picked up speed and the ETH token rose by more than 8% in value. After staying steady for some time, the buyers gained momentum again, causing a 22.5% increase in price over the next five days.
After that, the price stayed steady for a few days. After hitting its low of $3,176, the ETH price gained momentum again, jumping by over 24%, and since then, it has been trading in a narrow range.
The technical indicator, MACD, shows a rising red histogram, indicating increased selling pressure in the market. Also, the averages show a bearish convergence, suggesting the price may keep dropping in the near future.
If the market pushes the ETH price above the resistance level, the buyers will regain momentum and prepare to test its upper resistance level of $4,200 soon. Conversely, if the sellers dominate the buyers, the price will lose momentum and drop to test its support level of $3,533.