The British pound is in negative territory after two days of losses. In the European session, GBP/USD is trading at 1.2245, down 0.40%. The struggling pound is down 1.1% this week and is trading at its lowest levels since late March.
UK retail sales improve, PMIs mixed
It is a busy day on the data calendar for UK releases. Retail sales rose in August by 0.4% m/m, following a 1.1% decline in July and was just shy of the market consensus of 0.5%. The sharp decline in July was largely due to unusually wet weather. On an annual basis, retail sales fell by 1.4%, compared to -3.1% in July. Consumer spending has been in a nasty rut, as annualized retail sales have now declined for 17 straight months. The silver lining was that the -1.4% drop marked the slowest pace of contraction in the current streak.
The September PMIs were a mixed bag. The Services PMI slowed to 47.2 in September, down from 49.5 in August and missing the consensus estimate of 49.2. This marked a second straight deceleration and the sharpest contraction since January 2021. The Manufacturing PMI increased to 44.2 in September, up from 43.0 in August and above the consensus estimate of 43.0.
The decline in activity in both services and manufacturing points to a UK economy that continues to cool. The Bank of England, which held interest rates on Thursday, will be hoping that the slowdown translates into lower inflation and that it can continue to hold interest rates.
UK consumer confidence remains low, but there was a bit of an improvement in September. The GfK consumer confidence index rose to -21, up from -25 in August and beating the consensus estimate of -27. This was the highest reading since January 2022, but the economy has a long way to go before consumers show optimism about the economic outlook.
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GBP/USD Technical
The Japanese yen is lower on Friday, erasing all of the gains seen a day earlier. In the European session, USD/JPY is trading at 148.34, up 0.52%.
Bank of Japan holds policy settings
There was some speculation in the market that the Bank of Japan might hint at some potential moves toward normalization at today’s meeting, but those hopes were dashed as the central bank stuck to its guns. In a policy statement, the BoJ said it would keep interest rates at -0.10% and capped yields of 10-year Japanese government bonds around zero. The yen responded with losses, as the US/Japan rate differential continues to widen – 10-year US Treasury yields closed on Thursday at 4.50%, its highest level since November 2007.
The statement stressed that the Bank would “patiently” continue its ultra-loose policy and twice used the phrase “extremely high uncertainties” with regard to the domestic and global economic outlook. If there were any doubts about the BOJ’s monetary policy stance, the statement ended with a reminder that “the Bank “will not hesitate to take additional easing measures if necessary.” This view makes the BoJ an outlier among major central banks, which are close to winding up their tightening cycles but are sending out the message that further tightening remains on the table.
Japan’s core CPI, which is closely watched by BoJ policymakers, remained unchanged in August at 3.1% y/y, higher than the consensus estimate of 3.0%. Core CPI has now exceeded the BoJ’s 2% inflation target for 17 consecutive months, putting into question the central bank’s stance that high inflation is transient. The BoJ policy meeting did not offer any hints of a shift in policy toward inflation, and I don’t expect to see any changes in the short term.
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USD/JPY Technical
This is a follow-up analysis of our prior report, "USD/JPY Technical: Aroused FX verbal intervention" published on 6 September 2023. Click here for a recap.
The USD/JPY has continued to pierce higher despite a string of verbal interventions from Japan's Ministry of Finance officials to negate the JPY weakness as well as Bank of Japan (BoJ) Governor Ueda's "quiet exit from ultra-easy monetary policy" comment made earlier this month.
The primary driver of USD/JPY strength has been on the US side of the equation, with relentless upmove in the longer-term 10-year US Treasury yield that broke above a key medium-term resistance of 4.46% and closed yesterday, 21 September US session at 4.50%, its highest level since November 2007 reinforced by a "higher interest rate level for a longer-period" stance undertook by the US Fed after its latest FOMC that concluded on Wednesday.
Even though BoJ has kept its policy interest rate unchanged today at -0.1% which has been widely expected, there is now an increased chance that BoJ Governor Ueda may portray an upbeat view on the inflationary situation in Japan during his press conference later today after a Nikkei Asia news report published yesterday, 21 September that highlighted the potential change of tide in Japan's more than a decade long of deflation battle as recent comments from BoJ and government officials have hinted that the Japanese economy has hit an inflection point where it can declare victory over sticky deflation.
In addition, the latest Japan's core-core inflation rate (excluding fresh food and energy) for August came in at an elevated level of 4.3% y/y, unchanged from July, a 42-year high. Also, BoJ has allowed the 10-year Japanese Government Bond (JGB) yield to inch higher towards its implied upper limit of 1% after its new "flexible yield curve control" policy was introduced during July's monetary policy meeting. So far, the 10-year JGB yield has rallied to 7.6% yesterday, a 10-year high.
All in all, these observations have drummed up the beat for a potential JPY floor to negate its current medium-term bearish trend since January 2023.
Let's now look at the USD/JPY from a technical analysis perspective.
Fig 1: USD/JPY medium-term trend as of 22 Sep 2023 (Source: TradingView, click to enlarge chart)
Since its 23 August 2023 low of 144.54, the USD/JPY has been oscillating within an impending bearish "Ascending Wedge" configuration where its upper limit also coincides with the 148.85 key medium-term resistance (the highest level reached so far this week for USD/JPY was at 148.46 on Thursday, 21 September).
The "Ascending Wedge" is considered a potential bearish reversal configuration because the "higher highs" in price actions have a lesser magnitude than the "lower lows" as indicated by the slopes of the upper and lower limits of the "Ascending Wedge".
In conjunction, the daily RSI in parallel since the start of the formation of the Ascending Wedge" on 23 August 2023 has traced out a bearish divergence condition after it hit its overbought region on 16 August 2023. These observations suggest that the medium-term upside momentum is waning which in turn supports the potential bearish reversal scenario in USD/JPY.
Fig 2: USD/JPY minor short-term trend as of 22 Sep 2023 (Source: TradingView, click to enlarge chart)
In the shorter term as seen on the 1-hour chart, the key support to watch will be at 147.50 which is defined by the lower limit of the bearish "Ascending Wedge" and close to the 20-day moving average.
A break below 147.50 is likely to trigger the potential bearish reversal to expose the next intermediate supports at 146.30 followed by 144.60 (minor swing lows 24 August/1 September 2023) in the first step.
On the flip side, a clearance above 148.85 invalidates the bearish reversal scenario for a squeeze up toward the major resistance of 149.80/150.00 (21 October 2022 swing high area & psychological).
In a swift turn of events, the Japanese yen plummeted on Friday. The Bank of Japan’s (BOJ) announcement to uphold negative interest rates affected the rate movement. This move, closely following the Federal Reserve’s indication of prolonged high borrowing costs in the U.S., has intensified pressure on the yen coin and raised the spectre of currency intervention.
Simultaneously, the U.S. dollar index is heading toward an unprecedented tenth consecutive weekly upswing. The Federal Reserve’s resolute stance and a dip in the euro buoyed the dollar index. Besides, lacklustre economic data from France played its role in the dynamic.
The BOJ stood firm, maintaining interest rates at -0.10% on Friday. Besides, they reiterated their commitment to bolster the economy until a steadfast 2.00% inflation target is achieved. BOJ Governor Kazuo Ueda emphasized, “We have yet to foresee inflation stably and sustainably achieve our price target,” underscoring the need for an enduring ultra-loose monetary policy.
The yen to dollars experienced a sharp descent. Nearing the critical 150 mark against the dollar, a threshold experts believe might prompt government intervention to stabilize the currency. At the close, the dollar exhibited a 0.48% rise at 148.28 yen.
Alvin Tan, head of Asia FX strategy at RBC Capital Markets, remarked, “I think it’s rather dovish, and that’s why we’ve seen the yen go past 148.” The speculation surrounding Tokyo’s potential intervention to support the buying of the yen has gained traction. Japan’s Finance Minister, Shunichi Suzuki, cautioned against a yen coin sell-off, as it could adversely impact the trade-dependent economy.
However, the forex landscape shows relatively low volatility in the dollar-yen pair, which might pose a challenge for potential intervention. The dollar index, tracking the currency against six major peers, edged up by 0.16% to 105.55 on Friday. It is now poised for a weekly uptick of approximately 0.20%, marking its tenth consecutive rise in as many weeks.
The euro faced a 0.19% dip, resting at $1.06420, following survey data that revealed economic activity in France contracted at a swifter pace than anticipated for September.
The Federal Reserve held interest rates steady at 5.25% to 5.50% on Wednesday. Meanwhile, the Yen to USD rate emphasized its commitment to maintaining this level until inflation is restored to 2.00%. Consequently, yields on 10-year U.S. Treasuries surged to their highest since 2007, surpassing 4.47%. This surge boosts the appeal of dollar-denominated U.S. bonds.
Tip:
Ray Sharma-Ong, investment director of multi-asset solutions at ABRDN, expressed confidence in the U.S. dollar given the current backdrop. He stated, “The U.S. dollar will do well, supported by the hawkishness of the Fed, the reduction in the expected number of rate cuts the Fed will deliver in 2024, U.S. growth resiliency, and our expectations of slower growth in the euro area relative to the U.S.”
Sterling saw a 0.24% dip, reaching $1.22660. It touched a six-month low of $1.22305 on Thursday after the Bank of England refrained from further interest rate hikes, surprising markets in the wake of unexpectedly subdued price growth.
In a contrasting move, the Australian dollar saw a 0.25% uptick, reaching $0.64330. This intricate dance between the yen coin and the dollar showcases the intricate web of global economic forces at play, with the BOJ’s actions influencing international markets and resonating across currencies.
The post Yen Coin Slumps as BOJ Maintains Loose Policy appeared first on FinanceBrokerage.
Trade oil is again making headlines as global supply shortages and geopolitical events create ripples across the energy market. In a recent interview with CNBC, the founder of MBF Clearing Corp., Mark Fisher, speculated that crude oil prices might soar past the $100 per barrel mark. This assertion comes amidst developments shaping the oil industry’s future.
’s temporary ban on diesel and gasoline exports to most countries is a significant factor potentially causing higher oil prices. This move, coming just ahead of the winter heating season, has raised concerns about the availability of these essential fuels in international markets. Simultaneously, Saudi Arabia’s decision to reduce crude oil production by 1 million barrels per day earlier this summer adds more pressure to the global oil supply. The extension of production cuts, endorsed by OPEC and its -led allies, will persist until the conclusion of 2024.
WTI crude oil prices dipped to $68.56 per barrel in May as global economic growth concerns triggered a downward trend. Central banks in developed economies had raised interest rates to combat surging inflation. However, this summer witnessed a rapid rebound in global oil prices following the announcement of production cuts. Currently, WTI for November delivery is trading at $89.97 a barrel, while Brent crude, the global benchmark, stands at $93.66 a barrel.
The fluctuating oil prices have broader implications, impacting the energy sector and the global economy. Higher oil prices in the United States have contributed to inflationary pressures, as Federal Reserve Chairman Jerome Powell acknowledged. This has prompted the central bank to monitor the situation closely, emphasising the interconnectedness of oil prices and economic stability.
In conclusion, supply shortages and geopolitical events continue to influence the ever-evolving landscape of oil trade. Recent actions by and Saudi Arabia, alongside OPEC+ production cuts, underscore the fragile equilibrium shaping the world’s oil market. As prices flirt with the $100 per barrel mark, stakeholders ranging from consumers to policymakers must remain vigilant. With its cheapest oil sources and diverse oil rig operations, the trade oil industry is at a crossroads. As discussions unfold in crude oil forums worldwide, the dynamics of the oil barrel size and its impact on economies underscore the importance of a strategic and sustainable approach to this vital global commodity.
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Gas prices are plummeting, and the world is taking notice. It’s a welcome change from the rollercoaster of soaring prices in recent weeks. The recent resolution of a labour dispute in Australia has led to a significant drop in primary gas prices, bringing relief to businesses worldwide. We will delve into the recent developments that have caused this dramatic shift and explore how this decrease in gas prices falling is impacting businesses.
The rollercoaster ride that gas prices have taken us on in recent times is enough to make anyone dizzy. However, the news of a labour dispute resolution in Australia has brought a breath of fresh air. The benchmark natural gas prices in Europe and the UK saw a significant drop following Chevron’s agreement with trade unions, which led to the cancellation of strikes at two major LNG export facilities in Australia. The front-month futures at the Dutch TTF hub, serving as the benchmark for Europe’s gas trading, tumbled by 1.8% to $40.87 (38.39 euros) per megawatt (MWh). The equivalent UK wholesale gas price also followed suit, plunging by 3.3%.
Businesses have been grappling with soaring gas prices for months. The relentless fluctuations were taking a toll on their bottom lines, forcing many to consider cost-cutting measures. However, the recent decline in gas prices is a cause for celebration. This dip offers respite to businesses that have been reeling under the pressure of rising operational costs. The relief provided by this decline in business gas prices is palpable.
The culmination of a lengthy and persistent campaign by the Offshore Alliance for improved pay and enhanced working conditions at major LNG sites in Western Australia has been marked by the recent deal. Notably, an agreement reached in 2022 with Japan’s Inpex at its Ichthys LNG operation served as a pivotal benchmark for subsequent negotiations with industry giants such as Shell (LON: SHEL), Woodside, and Chevron.
Shell, having weathered a gruelling two-month strike at the Prelude floating LNG site in the past year, ultimately struck an agreement. This strike ordeal came at a considerable cost, amounting to approximately $1 billion in lost exports for the company.
Offering insights into the situation, energy analyst Saul Kavonic indicated that the Chevron deal is expected to quell most of the industrial action occurring offshore Western Australia. Union agreements, typically spanning around four years, are now firmly in place for the majority of offshore LNG sites.
The dramatic drop in gas prices can be attributed to a perfect storm of factors. The labour dispute in Australia was a significant trigger, leading to strikes being called off at two major LNG export facilities. These facilities, Gorgon and Wheatstone, account for more than 5% of the global LNG supply. The resolution of the labour dispute has subsided the risks of disruptions in gas supply from Australia, which, in turn, has contributed to the fall in gas prices.
In addition to the labour dispute resolution, lower pipeline flows from Norway due to maintenance and glitches at large U.S. LNG export facilities have added to the recent volatility in European gas prices. The huge Troll gas field in Norway, after an extended period of maintenance, has now resumed production and is increasing flows to Europe. These developments collectively have paved the way for the cheap gas prices that businesses are currently benefiting from.
With the recent turn of events, businesses are cautiously optimistic about the future. The question on everyone’s mind is whether this trend of gas prices coming down will continue. While it’s challenging to make precise gas price predictions, experts suggest that the resolution of the labour dispute in Australia has created a more stable environment in the short term. However, the global energy landscape remains uncertain, and external factors can always come into play.
The recent drop in primary gas prices falling has brought much-needed relief to businesses grappling with soaring operational costs. The resolution of the labour dispute in Australia, along with various other contributing factors, has led to this welcome decline. While it’s difficult to make concrete gas price predictions, the current situation offers a glimmer of hope for businesses. As they continue to navigate the ever-changing energy landscape, this respite couldn’t have come at a better time. For now, businesses are riding the wave of falling gas prices, and they are hoping it’s a trend that will last.
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The global oil market is akin to a turbulent rollercoaster, with its twists and turns sending shockwaves through economies worldwide. Recently, the market has been grappling with the concept of cheap oil, and this article explores the impact of this phenomenon on oil prices, profit margins, and the broader fuel industry. As we delve into the intricacies of the oil trade, we will also touch upon oil profit, oil rig operations, and the latest fuel oil news, providing you with a comprehensive overview of the industry’s current state.
Oil prices have been on a rollercoaster ride, exemplifying the volatile nature of this crucial commodity. As reported by the source, “Oil Prices Set For A Weekly Loss,” the market experienced a small weekly loss due to the Federal Reserve’s signals about the possibility of maintaining higher interest rates for an extended period. Despite this, prices in Asian trade on Friday displayed some resilience. WTI Crude saw a 0.62% increase, reaching $90.19, while Brent Crude rose by 0.44% to $93.74.
These figures reflect a minor dip following three weeks of consecutive gains, during which oil prices soared by a total of 10%. This surge pushed prices to their highest levels since November 2022. The question now is: How did we go from rising oil prices to the looming prospect of cheap oil?
At the start of the week, the oil market appeared to be riding high, driven by promising indicators of shrinking crude and fuel inventories. The optimism, however, was short-lived as the Federal Reserve intervened. The Fed’s announcement of the potential extension of higher interest rates sent shockwaves through the market, casting doubt on the sustainability of the recent oil price rally.
Earlier in the trading session, Brent had seen a surge of 99 cents, reaching an impressive $94.29 per barrel. At the same time, WTI experienced its own peak at $90.80, marking an increase of $1.17.
Throughout the week, both Brent and WTI benchmarks exhibited relatively stable performance, maintaining a flat trajectory. This steadiness followed an impressive three-week rally that saw these oil prices surge by over 10%. This remarkable uptrend was underpinned by growing concerns regarding the tightness of global supply.
Adding to the complexity of the oil market dynamics, ’s Transneft made a significant move by suspending deliveries of diesel to vital Baltic and Black Sea terminals, namely Primorsk and Novorossiysk. This development was reported by the state media agency Tass and had immediate repercussions within the energy market.
While the Fed’s decision to pause interest rate hikes during its September meeting was expected, it also delivered a decidedly hawkish message. Despite the temporary halt in rate hikes, the Fed’s commitment to combating inflation, even in the face of a robust economy, raises concerns about the future. The spectre of another rate hike later in the year looms ominously over the oil industry, influencing traders and investors alike.
Apart from the Federal Reserve’s actions, the European economic landscape is another factor playing a pivotal role in determining the trajectory of oil prices. As Tina Teng, a market analyst at CMC Markets, pointed out, “Mounting fears of a recession in the Eurozone could continue pressuring oil prices.” These concerns stem from the complex interplay of various economic factors within the Eurozone, which have the potential to ripple through the global oil market.
Profit-taking by market participants after the recent rally has also contributed to the fluctuations in oil prices this week. When prices rise sharply over a short period, traders often choose to lock in their profits, causing a temporary dip. This phenomenon is a common occurrence in the world of commodities trading and adds to the market’s inherent volatility.
However, amidst these fluctuations, there was a glimmer of hope for oil prices. ’s decision to temporarily restrict exports of diesel and gasoline served as a catalyst for oil prices on Thursday. Moscow’s move aimed to stabilise domestic fuel prices, indicating the significant influence that geopolitical factors can have on oil markets.
The world of oil trading is anything but predictable. Recent developments, including the Federal Reserve’s monetary policy decisions, European economic concerns, and geopolitical factors like ’s export restrictions, have all contributed to the volatility in oil prices. The term cheap oil may seem elusive at times, but it remains a constant spectre, influencing the market’s ebb and flow.
As we look ahead, it is essential to recognise that the global oil industry is inextricably linked to a complex web of domestic and international factors. To navigate this ever-changing landscape successfully, market participants, from traders to investors and analysts, must remain vigilant and adaptable. The rollercoaster ride of cheap oil shows no signs of slowing down. Understanding these fluctuations is key to making informed decisions in this high-stakes market.
The post How Oil Prices and Profit Are Affected by Global Factors appeared first on FinanceBrokerage.
Cryptocurrencies are quite popular all over the world. However, it is hard to keep track of thousands of cryptocurrencies.
Have you heard about Bomber Coin (BCOIN) cryptocurrency? What about Bomber Coin price? Let's focus on some of the most interesting questions about Bomber Coin price.
The price of Bomber Coin isn't high, to say the least. People may ask, what is the price of Bomber Coin? Only $0.001766.
What's interesting, there is another BCOIN. As in the case of Bomber Coin, its price is low. Nevertheless, it makes sense to gather more about Bomber Coin price as well as the price of BombCrypto and the crypto market in general.
BombCrypto (BCOIN) is a gaming platform that leverages blockchain technology to offer a play-to-earn experience. Within this ecosystem, the primary currency used is BCOIN, allowing users to engage in gameplay, earn rewards, and participate in the game’s development.
Interestingly, BombCrypto involves players who fight monsters and look for tokens.
At the core of BombCrypto is the concept of non-fungible tokens (NFTs); each bomber hero is represented by an NFT.
These NFTs enhance ownership and traceability within the platform, attributing distinct statistics to each hero. High-stat bomber heroes (NFTs) can be sold or upgraded to improve their combat abilities and performance.
BCOIN, the native utility token of BombCrypto, serves multiple functions. It acts as a means for playing the game, facilitating exchanges, and enabling trading within the ecosystem. Token holders aren't passive participants; they have a say in the game’s development through voting on critical governance matters.
Moreover, by staking a BCOIN token, token holders can unlock in-game rewards, etc. BCOIN also accelerates the process of opening hero boxes, which contain valuable reward tokens.
Within the game, BCOIN offers players several advantages. It grants access to in-game events such as boss and battle royale. Besides, players can form clans to collectively combat monsters and boost their heroes’ stamina.
Players can acquire heroes through three methods: rescuing a hero, trading, or auctioning in the marketplace.
It is worth noting that players obtain new heroes by winning rescue missions. Players should keep in mind that these heroes are damaged at the time of saving and need to recover. Moreover, players have the chance to trade endless heroes through the marketplace.
The history of BombCrypto (BCOIN) dates back to 2011. Senpark, an indie game developer, founded it.
It is noteworthy that the total supply of BCOIN is 100,000,000 BCOIN.
The CEO, Lahm Ho, has decades of experience in developing games. Furthermore, the dedicated team, including Hai Hoang (lead developer), Thuan Le (tech consultant), Khuong Pham (lead project manager), Nhung Vo (marketing lead), Huan Nguyen (lead artist), and Hung Nguyen (lead game designer), contributes to the project’s success.
But what about the future?
There are thousands of cryptocurrencies in circulation. We also need to mention that many cryptocurrencies disappeared over the years.
Unsurprisingly, there are plenty of questions about the "future of BombCrypto". It is hard to gain popularity among traders of all types. There is no need to make hasty decisions.
As stated earlier, many cryptocurrencies have vanished in the last several years.
Cryptocurrencies are famous for being volatile. So, traders should be careful with cryptocurrencies.
Importantly, many cryptocurrencies fail for a variety of reasons, reflecting the highly competitive and volatile nature of the cryptocurrency market. Here are some of the key factors contributing to the failure of many cryptocurrencies:
Lack of adoption and use cases: One of the primary reasons for cryptocurrency failure is the absence of real-world use cases and adoption. Many projects fail to gain traction because they don’t solve actual problems or provide value to users. Without a practical purpose, cryptocurrencies become speculative assets rather than functional tools.
Poor technology or security flaws: Some cryptocurrencies fail due to fundamental technological issues or security vulnerabilities. Blockchain technology is complex, and if a project’s code is not well-audited and secure, it can lead to hacks, breaches, or technical problems that erode trust and value.
Lack of development and updates: Maintaining a cryptocurrency is an ongoing effort. Failure to continually update and improve the technology can lead to obsolescence. Communities and developers may lose interest, causing the project to stagnate and ultimately fail.
Regulatory challenges: Regulatory uncertainty and changing government policies can pose significant challenges to cryptocurrencies. Projects that do not comply with relevant regulations or fail to adapt to evolving legal landscapes may be forced to shut down or face legal action.
Market saturation and competition: The cryptocurrency market is crowded, with thousands of projects competing for attention and investment. It’s challenging for new projects to stand out and gain traction in such a saturated environment.
Let's not forget about the lack of transparency, legal aspects and other issues.
Lack of transparency: Trust is crucial in the cryptocurrency space. Projects that lack transparency in their operations, team identities, or financial practices often face skepticism from investors and the wider community, making it difficult to succeed.
Scams and frauds: The cryptocurrency space has seen its fair share of scams and fraudulent projects. Investors wary of being duped may steer clear of new or unknown cryptocurrencies, causing them to fail.
Pump-and-dump schemes: Some cryptocurrencies are manipulated by “pump-and-dump” groups who artificially inflate prices to attract unsuspecting investors before selling off their holdings, causing the price to crash.
Lack of funding: Cryptocurrency projects require funding to sustain development, marketing, and operations. If a project cannot secure adequate funding, it may be forced to halt or slow down, leading to failure.
Technological shifts: Rapid advancements in blockchain technology can render some projects obsolete. Newer, more efficient technologies can make older cryptocurrencies irrelevant.
Economic factors: Cryptocurrency prices are influenced by various economic factors, including market sentiment, macroeconomic events, and investor psychology. External economic shocks can lead to price crashes, causing panic and project failure.
In conclusion, the cryptocurrency market is highly competitive and volatile, with numerous challenges that can lead to the failure of many projects.
So, it is better to gather as much information as possible about a specific cryptocurrency. For example, it is a good idea to monitor Bomber Coin price and the price of BombCrypto.
Lastly, successful cryptocurrencies often address real-world problems, prioritize security and transparency, adapt to changing regulations, and build strong communities. However, even with these factors in place, success is not guaranteed in this dynamic and rapidly evolving industry.
The post Bomber Coin Price – What Is the Future of BCOIN? appeared first on FinanceBrokerage.
The increased interest in cryptocurrencies over the last several years can be attributed to a combination of factors, reflecting both the evolution of the technology and changing socioeconomic conditions.
It is all but impossible to know all cryptocurrencies as there are thousands of cryptocurrencies in circulation. One of them is $BYTES crypto.
$BYTES crypto?
We have to note that $BYTES crypto isn't a very popular cryptocurrency. Nonetheless, it is a good idea to gather more information about it.
It is worth noting that Neo Tokyo is a networking group for people who want to develop the gaming metaverse. Besides, Neo Tokyo is a group that builds utilities that help this goal via applications and tools the community utilizes and powers with the above-mentioned crypto token.
The current price is $ 2.73; it has dropped -2.66% over the past 24 hours. What's interesting, its price All Time High (ATH) of $ 9.26 was reached on 8 June 2023 and is currently -70.5% down. $BYTES crypto is traded on 1 market and 1 exchange, the most active of which is Uniswap V3 (Ethereum).
Does it have a chance to gain popularity in the near future?
$BYTES crypto isn't a bad option for traders who are interested in relatively unknown cryptocurrency. Still, traders, especially novice traders, should be careful when it comes to lesser-known cryptocurrencies. It is worth noting that cryptocurrencies are far more volatile than stocks.
Analyzing the price of cryptocurrencies is a complex task that requires a multifaceted approach. The cryptocurrency market is highly volatile and influenced by a variety of factors, including market sentiment, technology developments, regulatory changes, and macroeconomic trends.
Here are detailed instructions on how to analyze the price of cryptocurrencies:
Collect historical data:
Begin by gathering historical price data for the cryptocurrency you want to analyze. You can find this data on cryptocurrency exchanges or financial data providers. Ensure you have a substantial dataset that covers various market conditions.
Chart analysis:
Use charting tools and platforms like TradingView or CoinMarketCap to create candlestick or line charts.
Identify patterns such as support and resistance levels, trendlines, and chart patterns (e.g., head and shoulders, double tops/bottoms).
Apply technical indicators like Moving Averages, Relative Strength Index (RSI), and MACD to gauge momentum and trend strength.
Fundamental analysis:
Research the cryptocurrency’s underlying technology, team, and use case. Understand what problem it aims to solve and its potential for adoption.
Evaluate the project’s whitepaper and roadmaps to assess its long-term viability. Monitor news and social media for developments and sentiment around cryptocurrency.
Market sentiment analysis:
Track sentiment indicators, including social media mentions, Reddit discussions, and Twitter trends related to the cryptocurrency. Sentiment analysis tools and sentiment scores can help gauge the market's mood.
Volume analysis:
Analyze trading volume to determine the level of market participation and liquidity. Sudden price moves accompanied by high volume are often more significant than those with low volume.
Consider the market capitalization of the cryptocurrency in relation to others in the market. High market cap coins tend to be more stable.
Market cap = price per coin * Total circulating supply.
Correlation analysis:
Examine how the cryptocurrency’s price correlates with other cryptocurrencies, traditional assets, or market indices. Understanding correlations can help with risk management.
Macro-economic factors:
Keep an eye on broader economic factors like inflation, interest rates, and geopolitical events. Cryptocurrencies can be affected by macroeconomic trends.
Regulatory developments:
Be aware of regulatory changes and news that may impact the cryptocurrency market. Regulatory crackdowns can lead to significant price fluctuations.
Technical Developments:
Stay updated on technical developments related to the cryptocurrency’s blockchain, security enhancements, and software updates. These can influence investor confidence.
Diversify your sources:
Don’t rely on a single source of information. Cross-reference data and analyses from multiple reputable sources to reduce bias and misinformation.
Risk management:
Use risk management strategies such as stop-loss orders and position sizing to protect your investments from significant losses.
Long-term vs. short-term analysis
Determine your investment horizon. Long-term investors may focus on fundamentals, while short-term traders may emphasize technical analysis and market sentiment.
Cryptocurrency markets are highly dynamic. Stay informed by subscribing to news outlets, joining online forums, and participating in cryptocurrency communities.
Remember that cryptocurrency markets are speculative and inherently risky. No analysis method can guarantee profits, and it’s essential to exercise caution and conduct thorough research before making investment decisions when it comes to $BYTES crypto.
The post $BYTES Crypto – Analysis and Price Forecast for Neo Tokyo appeared first on FinanceBrokerage.
In the dynamic landscape of freelancing and digital assets, Leonardian stands as a beacon of innovation, poised to redefine the way clients and providers connect in the digital domain. This groundbreaking platform is not just a marketplace; it represents a direct link between individuals seeking digital assets and services and the providers offering them. Besides, Leonardian ICO aims to simplify the freelancing and digital assets marketplace, making it safer, more flexible, and more secure.
Imagine a space where clients and freelancers can interact without the interference of intermediaries. In addition, the company offers structured and transparent transactions. Leonardian also brings this vision to life. To that end, it addresses a pressing need for a centralized platform where transactions can occur seamlessly. In today’s burgeoning market for software products and services, there’s a clear demand for a single hub where individuals and businesses can effortlessly connect and transact.
Many existing marketplaces focus on software products, intellectual property items, or freelance services. Thus, they often fail to accommodate providers who offer both. Leonardian bridges this gap, providing a comprehensive marketplace for digital assets. This includes software products, copyright items, and freelance services, all under one roof, making it a versatile and efficient platform.
One of the hallmarks of Leonardian ICO is its reliance on blockchain technology, offering a range of benefits for users. From low flat transaction fees to a robust quality assurance mechanism safeguarding all parties involved, the platform emphasizes efficient payment processing and complete predictability and transparency of conditions, all securely integrated within the blockchain’s smart contract.
The team designed Leonardian to be decentralized and self-governing. This architecture ensures a stable and efficient platform, mitigating potential capability issues, payment bottlenecks, and transaction barriers. The focus is on providing a secure environment where providers, clients, and investors can engage in transactions and investments with confidence.
Leonardian ICO heralds a new era in the freelancing and digital assets landscape. The project promises to transform how stakeholders connect and transact. The days of convoluted intermediaries and inefficiencies are numbered. Clients and providers can now unite seamlessly, ensuring a direct and efficient marketplace experience. At the core of this promising venture lies the LEON token, symbolizing a digital token available as an ICO that fuels the essence of this revolutionary platform.
All in all, the upcoming Leonardian ICO seems set to revolutionize freelancing and digital assets, offering a comprehensive solution for all stakeholders involved. Welcome the future of decentralized and efficient transactions in the digital world with Leonardian. The native LEON token is the key, and the future is bright.
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