Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

FXStreet News FXStreet News 29.06.2022 16:41
Ethereum price sees long holders stuck in a bull trap.ETH price faces headwinds coming from tailwinds that flaring up again at the US closing bell.Expect to see losses mounting up again with a possible retest of this year’s low.Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. More losses are on the table if existing tail risks are compounded by Russian retaliation. This in turn would trigger a massive sell-off in ETH price action.Ethereum price only emerged for a catch of breath Ethereum price is in a bad way both technically and from geopolitical headwinds weighing on price action. From a technical point of view, the bull trap on June 26 has ensnared plenty of bulls trying to get involved in the breakout that turned out to be false and rapidly led to a downside squeeze. The overnight communication from NATO that troop forces will be doubled in Eastern Europe, and the US committing to building a permanent base in Poland, has ramped up the stress and fears of a cold war and possible retaliation from Russia in a panic attack. ETH price is thus set to drop from $1,243.89 back to $883.60 and possibly test a new low for the year. By doing so, $830.93 will come back into play and could be tested for support. That would mean another 30% of losses added to the already battered ETH price action.ETH/USD daily chartAs commodities correct, all sectors have had their ‘bear market’ moment, and by now, investors could start buying the dip. That would mean more cash inflow while price action is still declining but at a much slower pace. This could lead to a slow but sure turnaround and swing back above $1,243.89. As persistent buying continues, the price may ramp up further and could set sail for $1,400 as an intermediary target.
FX: GBP/USD: downside continuation signaled

FX: GBP/USD: downside continuation signaled

InstaForex Analysis InstaForex Analysis 29.06.2022 16:20
Relevance up to 15:00 2022-06-30 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. The GBP/USD pair dropped as the Dollar Index rallied in the short term. It was trading at 1.2166 at the time of writing above 1.2141 today's low. The currency pair tries to come back higher as the DXY reached a resistance level. Only DXY's further growth should push the GBP/USD lower. Fundamentally, the US data came in mixed earlier. The Final GDP registered a 1.6% drop versus the 1.5% expected, while the Final GDP Price Index rose by 8.2% exceeding the 8.1% estimates. Also, don't forget that Fed Chair Powell and BOE Gov Bailey's speeches could bring more volatility and sharp movements. GBP/USD Validates Its Breakdown!     Technically, the GBP/USD pair was trapped between the 1.2324 and 1.2165 levels. Its failure to make a new higher high signaled a downside breakout from this range. As you can see on the H1 chart, the rate dropped below this downside obstacle and now it tries to retest this key level. Personally, I've drawn a minor downtrend line. As long as it stays under this line, the GBP/USD pair could drop deeper. GBP/USD Outlook! The valid breakdown below 1.2208 signaled a potential breakdown below the 1.2165 critical support as well. The current 1.2165 retests could announce more declines. A false breakout above this level and a new lower low, a bearish closure below 1.2141 could open the door for a larger drop and could bring new short opportunities with a potential downside target at 1.2100.   Read more:
Binance Academy: Sandbox (SAND), Decentraland (MANA) ENJIN (ENJ) And Bloktopia (BLOK) Explained

Binance Academy: Sandbox (SAND), Decentraland (MANA) ENJIN (ENJ) And Bloktopia (BLOK) Explained

Binance Academy Binance Academy 29.06.2022 15:33
Disclaimer: This article is for educational purposes only. Binance has no relationship to these projects, and there is no endorsement for these projects. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.   TL;DR The metaverse is growing at a rapid rate. Projects keep developing and connecting to help bring more aspects of our digital life together. Blockchain is already playing a critical role in this development. Binance Smart Chain is home to a large number of metaverse projects. These include RPG games like Cyber Dragon and Alien worlds, the metaverse universe SecondLive, and even a player-owned Casino called Collectible card games like TopGoal also have a place in the metaverse. On the Ethereum blockchain, Decentraland and the Sandbox provide similar metaverse experiences where users can create a digital identity, purchase land, and trade NFTs on NFT marketplaces. Their combination of work, life, and play even lets players take part in play-to-earn DeFi economies. By interacting with and playing the game, users have the potential to generate an income. Bloktopia provides a similar experience set across 21 floors of a digital skyscraper. Users can trade and rent real-estate space on each floor to generate an income. While the Enjin project doesn’t yet offer a 3D virtual reality universe to explore, it does provide the tools for creating in-game NFT assets. NFTs are another important part of the metaverse as they can create digital collectibility. Through Enjin, users create liquid NFTs that can be broken down into ENJ tokens at any point.   Introduction 2021 has been a massive year for blockchain and crypto. From meme coins to bull runs and NFTs, the industry has constantly made headlines. The year's final half has brought us another trend: the metaverse. With the goal of combining our real-world social lives, work, and immersive technology, the metaverse has captured the public's imagination. Even though the metaverse is still in its early days, crypto is already playing a central role. Let's dive into some of the blockchain projects helping bring about this new digital future.   Learn more on Binance   Why are crypto and blockchain important for the metaverse? To understand how important crypto and blockchain are for the metaverse, let's briefly recap what the metaverse is. The metaverse is a connected, online universe explorable via 3D avatars. Users can work, socialize, create, and learn all in one place. Think of it as the next evolution of the internet experience. While the web has PayPal and card payments, the metaverse has crypto to help create a digital economy. Blockchain has proven to be a useful technology for six key metaverse areas: digital proof of ownership, digital collectibility, transfer of value, governance, accessibility, and interoperability. Blockchain technology provides a transparent and cost-effective solution, making it an ideal fit for the metaverse. You can explore these six areas in more detail by heading to our What Is the Metaverse?. Let's take a look at how it's applied to metaverse projects across different blockchains.   Metaverse projects on Binance Smart Chain A huge amount of development has occurred on Binance Smart Chain when it comes to the metaverse. Projects range from collectible card games with real-life players like Top Goal to RPG-style universes in Cyber Dragon and Alien Worlds. There is even a player-owned casino,, and a classic metaverse VR project hosting events called SecondLive. You can read our selection of 5 BSC Metaverse Projects You Should Know to find out more about what BSC has to offer.   What is The Sandbox (SAND)? The Sandbox is a blockchain game where users explore a virtual world containing NFTs (non-fungible tokens), user-created environments, and other content. Founded as a mobile game in 2011, The Sandbox has developed into a complex game on Ethereum using Ether (ETH), and the token SAND to power its in-game economy. Players create their own avatar and digital identity, a key concept for the metaverse. An avatar can be associated with a crypto wallet to manage a player's NFTs, SAND tokens, and other blockchain assets. A player can even create games and virtual items using the VoxEdit and Game Maker tools. These powerful programs can create complex and professional video game assets, which you can then turn into NFTs. As users can trade these items, this has developed a play-to-earn model where users can make extra income by playing The Sandbox.     What is Decentraland (MANA)? Decentraland is a 3D universe where players develop their plots of land, host events, create content, and engage in other social activities. The core economy of Decentraland is based on blockchain to establish digital identities, ownership, and rarity for unique items. It's one of the most famous and well-known projects predating the big metaverse craze in late 2021. Founded in 2016, Estaban Ordano and Ari Meilich took a basic 2D game and grew it into a large world with NFTs worth hundreds of thousands of dollars. The project also has its own ERC-20 utility token MANA. So how does Decentraland slot into the metaverse? Well, it ticks a lot of the metaverse boxes: a 3D interface, a digital economy, social elements, and in-game events. With more projects connecting to Decentraland, it also has the aspect of a metaverse hub. Decentraland is also particularly famous for its virtual real estate NFT called LAND. Along with providing voting power in Decentraland's decentralized autonomous organization (DAO), LAND has seen a huge rise in its price, making it popular among traders and investors.     What is Enjin (ENJ)? Enjin is a blockchain platform focused on the creation of NFTs used as in-game items. The project has released software development kits (SDKs) to make generating Ethereum-based NFTs simple for the average user. As NFTs have already become a key part of the metaverse, Enjin has looked to create a more secure way for people to mint them. A common complaint about NFTs is that they can be illiquid. You need to find a buyer for your NFT, which can take time. However, an Enjin NFT can always be melted in return for ENJ coins. This means that NFTs will always have some value, as long as the price of ENJ doesn’t reach zero. Since there's no need to wait for a buyer, converting NFTs to ENJ can provide instant liquidity. By helping support digital collectability and scarcity, Enjin looks to be a useful part of the metaverse.   What is Bloktopia (BLOK)? Bloktopia is another VR metaverse game set in a skyscraper with 21 floors. Similar to Decentraland and The Sandbox, Bloktopia aims to be a hub for events, socializing, work, and more. The 21 floors represent Bitcoin's maximum supply of 21 million BTC. The project uses the Polygon blockchain to support its four main aspects: learn, earn, play, create. 1. Learn - Bloktopia will act as a gateway for users to learn about blockchain and how it's helping power the metaverse. It provides a more accessible and interactive way to learn about crypto. 2. Earn - Bloktopia embraces the play-to-earn model with its native token BLOK, virtual real-estate known as Reblok, and advertising opportunities with Adblok. 3. Play - Users should be able to socialize with friends online and enjoy a wide variety of user-build games and content. 4. Create - Blocktopia provides the tools for its gamers to create environments and even digital ad spaces.     Play-to-earn has become a hot topic in the gaming metaverse. The idea of earning income through playing and interacting with games is hugely attractive. While Decentraland and The Sandbox present a simple method for selling real estate, Bloktopia takes it further. Each Reblok floor can be rented to tenants or hired for a single event. Users can also generate advertising revenue as other players spend time on their level.     Closing thoughts There is still a long way to go in the development of the metaverse. If you play the projects for yourself, you can see that the mechanics, look, and feel are quite basic. Many are still in the planning stages and not even available to test. However, one thing for certain is that the number of new projects keeps increasing. No matter if it’s a large gaming company or a small metaverse crypto project, development is happening rapidly. The projects mentioned above are only a starting place, so regularly check for updates and news to keep up to date with the evolving metaverse.   Disclaimer: This article is for educational purposes only. Binance has no relationship to these projects, and there is no endorsement for these projects. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

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