Nancy Lubale
The price of BurgerCities crypto has been soaring fabulously high for the past few days, suggesting growing demand. The cryptocurrency climbed to a $3.45 high, the highest since December 2021 and over 1100% above its lowest low in 2022, propelling the market cap to approximately $12 million, far above some of the low cap cryptos today.
What is BurgerCities?
BurgerCities crypto was developed on the BNB Chain ecosystem and is now linked to MetaFi attributes. People compete for rewards on the BurgerCities platform, which presents a unique mix of offerings available in DeFi and on the metaverse. BurgerCities transitioned from being a DeFi product available on the BNB chain as Burgerswap to integrating DeFi and NFT into a more expansive metaverse space producing a uniform and standardized Web3 behavioral metaverse universe.
Within the BurgerCities ecosystem, people can participate in interactive activities such as gaming and socializing for reward. Being a metaverse-oriented project, BurgerCities supports the NFT concept making it possible for users to earn significant returns through gameplay. The most famous sectors in BurgerCities, include the Black Market, energy plant, and a central bank.
The Black Market features a cross-chain aggregator for leading decentralized and centralized exchanges, while the energy plant offers opportunities for users to become liquidity providers. The central bank is the network’s single-asset dual-mining revenue generator. Other on-platform activities include virtual property purchases.
BurgerCities Crypto Prices Soar, Possible Reasons
The rising price for BurgerCities crypto comes as investors respond to recent developments in the project’s aggregation protocol. In late June 2022, BurgerCities signed a partnership with iZumi Finance on a collaboration poised to develop the ecosystem on the BNB Chain and work together to explore the possibilities of the industry. The collaboration happened after BurgerCities went live with their aggregation protocol, increasing the number of decentralized exchanges in the ecosystem to include MDEX, Biswap, BakerySwap, and Babyswap, among others.
Another reason behind BurgerCities’ recent price soar is the pump and dump action by different players in the market that present as the best new crypto coins. There has been an increase in the number of similar schemes in the crypto scene, making it easy to spot coins surging for no apparent reason, only to crash the next day or week. As such, the frequent pumps present significant market trading strategies. Among them include Prosper (PROS), Mainframe (MFT), Wings (WING), and Quant (QNT).
BurgerCities Price Prediction
BurgerCities crypto’s price has displayed a powerful uptrend over the past few ways, breaching the resistance provided by the 50-day Simple Moving Average (SMA) and the middle boundary of an ascending parallel channel as shown on the daily chart (below). BURGER has also leaped beyond the $1, $2 and $3 psychological levels, with the Stochastic Oscillator breaching the overbought level.
Other momentum strength indicators, such as the Relative Strength Index (RSI), also show these conditions. The price strength at 88 reinforced the buyers’ grip on the BURGER price, suggesting that there was still more room for the upside.
If the current momentum is sustained, the crypto could likely move higher. Therefore, a daily candlestick close above the immediate resistance provided by the middle boundary of the prevailing chart pattern at $$3.04 would signal strength amongst the bulls. Afterwards, a climb to the optimistic target of the rising channel at the $4 psychological level would be the next logical move. This would represent a 20.82% ascent from the current price.
On the downside, the position of the RSI in the overbought region meant that the bullish momentum could soon run out of steam, occasioning a trend reversal. The resulting pullback could correct the price as sellers continue aiming for lower lows. Should such an outcome prevail, the BurgerCities crypto may drop toward the lower boundary of the governing channel at $2.74. Below that, $1.88 would be the next key support of interest.
Should you be seeking to buy the decentralised coin BURGER coin, or are looking for the best crypto to invest in, it is advisable that you do your own research before committing capital to an investment. Be cautious of pump and dump schemes increasingly growing in popularity in the crypto market these days.
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This article was written for Business 2 Community by Nancy Lubale.
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