Trent RhodeCathie Wood, CEO of ARK Invest, had strong words for the FTX saga in a tweet Dec. 10. She also linked to ARK’s recent Bitcoin market summary, which contained a staunchly bullish outlook on the BTC price despite current market challenges.
The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it. https://t.co/pV8UPT7cnm
— Cathie Wood (@CathieDWood) December 11, 2022
According to Wood, the decentralized nature of Bitcoin was the very antithesis of everything that Sam Bankman Fried stood for. Her sentiments suggest that centralized approaches that lack transparency are falling out of favor with investors, who are more likely to trust decentralized assets that can maintain network security without reliance on an intermediary. Will Wood’s bullish sentiment rub off on other investors in the near future and send bitcoin’s price rocketing?
Bitcoin Price Prediction and Technical Analysis
Despite dropping 1.04% during the opening four hours of this week’s trading session, Bitcoin has since recovered almost 0.70%. Currently trading at $17,116, Bitcoin is breaking about even over the past 24 hours as of writing.
Relative Strength Index (RSI)
After breaking out from RSI 50 a few days ago, RSI is once again back to sub-RSI 50 levels in the range of RSI 45.77 to RSI 49.44. An RSI 50 breakout can be an indicator that the market may reverse into a bullish trend.
Moving Average Convergence Divergence (MACD)
Still in a bullish crossover position, both moving averages are pointing upwards and approaching the MACD’s zero line position. However, the histogram indicates that the distance between the moving averages has been constantly decreasing for the past couple of days. With the zero line being a significant area, traders must be cautious and watch for how the indicator will react. With the histogram exhibiting a constant decrease in distance between the moving averages, a bearish crossover is a possibility.
Bitcoin Price Action, Support, and Resistances
Bitcoin’s continued movement around $17,000 is within the two-week range of $16,713 to $17,310. Earlier today it retested its fib 0.236 level but was met with strong buying pressure; this puts its immediate support at fib 0.236 around the $16,800 range.
At the moment, traders are still being met with resistance around $17,000 to $17,300. If the price successfully breaks out from this, the next potential target is at $17,700 with multiple confluences of this area as previous support now turned resistance, including the fib 0.236 extension and daily EMA 50.
Altcoin Alternatives: Diversifying Beyond Bitcoin
If you’re in the crypto market, you likely already know it’s always a good idea to have a lot of your capital in Bitcoin itself given the relative stability of Bitcoin’s price, but it’s also important to diversify your portfolio, including into presale tokens with strong fundamentals. Top projects attracting a lot of attention from investors presently include Dash 2 Trade (D2T), RobotEra (TARO), and Calvaria (RIA).
Dash 2 Trade (D2T)
Crypto enthusiasts are anticipating the rollout of Dash 2 Trade in the near future, an innovative analytics and trading platform that is poised to modernize the way crypto traders trade and investors invest.
In light of the recent FTX scandal, Dash 2 Trade’s tools that could help people avoid crypto scams have garnered more attention. Subsequently, the team has announced an earlier launch for their platform as well as a shorter token presale. 665 million D2T tokens were initially supposed to be sold through 9 stages of the presale but this figure has now been cut down to only 262.5 million tokens in 4 rounds.
Some features the platform will offer include:
- Buy and sell signals
- Social sentiment analysis to identify coins that are trending online
- On-chain analysis of trending coins
- Backtesting tools for trying out new strategies
- Score cards for crypto presales so investors can decide which ones are worth considering
- Auto-trading via exchange APIs, with auto-trader assessment
Most of Dash 2 Trade’s functions will require the use of D2T tokens to pay for subscriptions, which is likely to result in high demand for the token. So far, $9.6 million has been raised through the presale and 72.6% of tokens have been sold.
RobotEra (TARO)
In RobotEra, players create and use NFT-based robot companions to explore and rebuild the post-apocalyptic world of Taro. With in-game tools, players can construct their own robots and other items without any coding skills required. Moreover, there are many chances to generate income through questing, community events, renting out billboards or spaces, and hosting events.
By 2023, the project plans to merge VR and AR into the game, making player-created worlds even more fascinating. The game contains multiple methods for players to contribute to the in-game economy, which will set the game up to do well even in the current bear market.
So far, RobotEra has generated over $528K in sales since its presale launch.
Calvaria (RIA).
Calvaria is a new Web3 gaming project with the aim to make play-to-earn games more popular. A frequent issue that prevents wider adoption of Web3 gaming is that most titles require users to have previous knowledge about cryptocurrencies. By making their game easily accessible and playable for anyone, the Calvaria team hopes attract new players who will learn more about cryptocurrency and blockchain through playing their free-to-play game.
Get Ready to Play and Earn with Calvaria, the Revolutionary Crypto Gaming Platform – Presale Enters Final Stage https://t.co/p3BY9N2yWE
— Euro Journal – English News (@eurojournalENG) December 12, 2022
The RIA presale is nearing the completion of its final stage, with more than $2.4 million raised so far, 78% of the team’s goal.
Related:
- Shiba Inu Price Prediction as SHIB as 600 New Addresses Daily – New SHIB Rally Starting?
- Experience the Future of Crypto Casino Gaming and Sports Betting with Lucky Block – Join the Community and Enjoy the Rewards
- Best Crypto to Buy Today 12 December – D2T, TWT, RIA, STX, TARO
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This article was written for Business 2 Community by Trent Rhode.
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