Cardano Price Stabilises As Traders Show Passivity CoinIdol
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Key takeaways
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Chancer has sold more than two million tokens so far in its presale, raising nearly $800,000 in the process.
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Bitcoin continues to maintain its value above $30k as more investors become bullish.
The cryptocurrency market rallied last week following the news that XRP is not considered a security. Several cryptocurrency exchanges, including Coinbase and Kraken, relisted XRP on their platforms afterwards.
Bitcoin, the world’s leading cryptocurrency by market cap, continues to maintain its value above the $30k level. This has allowed other cryptocurrencies to experience positive performance.
Chancer, still in its presale stage, is also setting new records, with nearly $800,000 raised by the team so far.
Bitcoin maintains its price above $30k
Bitcoin has been trading between the $29k-$31k region over the past three weeks. Following Ripple’s partial win in court, Bitcoin rallied close to the $32k level before retracing towards $29k on Friday.
However, Bitcoin is now trading above $30k once again as investors remain optimistic about the medium and long-term outlook of the market. At press time, the price of Bitcoin stands at $30,165 per coin.
What is Chancer?
The total cryptocurrency market cap has stayed above $1 trillion for more than a month, indicating that interest in the market remains strong.
With the market experiencing a pullback following Ripple’s judgement last week, investors might be looking at some new and exciting projects. Chancer is one of the exciting and new projects currently in the cryptocurrency space.
Chancer is a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live stream betting events.
In an age where everything is becoming decentralised, Chancer is looking to do the same to the betting industry. Chancer has adopted a decentralised method of betting and online gambling.
Another exciting feature of Chancer is that it allows users to bet on a wide range of events, beyond traditional sports and casino bets.
The project is in its presale stage, and the first stage is almost over. The team aims to raise $1 million in the first presale stage and has so far raised $794k. The developers will use the funds raised from the various funding rounds to build a P2P betting platform.
According to their whitepaper, Chancer would allow users to enjoy numerous features, including, betting markets in real-time and based on user interests, social media connections, and expertise.
Furthermore, Chancer claims that it wants to solve the problems associated with using bookmakers when betting. Users would be allowed to set up their custom P2P betting markets.
One of the biggest selling points of Chancer is that users can bet on various activities. It doesn’t matter if it is an official event or not. The bet can range from sporting events and even non-sporting ones amongst friends.
You can bet on the first one in your group to finish a specific task or to achieve a certain milestone.
Chancer’s first presale stage is 80% completed
Chancer’s presale event will take place in stages, and the first one is nearly 80% completed. So far, the team has raised nearly $800k.
The development team will use the funds to develop its suite of products. The team intends to carry out 12 presale events, with a target of $15 million.
CHANCER is the native token of the Chancer ecosystem. At the moment, CHANCER is going for $0.01 BUSD per token.
According to the team, the token will power various activities on the Chancer platform. Users that hold CHANCER can create markets and invest in markets created by other users.
In addition to that, holding CHANCER would allow users to create, participate in, and profit from their very own predictive markets.
Currently, Chancer supports numerous wallets for the presale, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow.
Visit the Chancer website to get more information about the presale.
Should you invest in Chancer now?
Chancer could be one of the best new projects to enter the market this year. By decentralising the betting ecosystem, Chancer could gain massive adoption over the next few months and years.
If Chancer gains massive adoption, its native token could experience a surge in price in the medium and long term. In addition to that, CHANCER’s price could also rally higher if the broader cryptocurrency market continues its positive performance in the coming months.
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Binance coin recovered slightly on Monday after a losing streak
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Crypto analyst says Binance could collapse similarly to Terra Luna
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The cryptocurrency is under pressure due to concerns about centralised exchanges
Binance (BNB/USD) traded up marginally on Monday, overcoming an accelerated selloff the past week. The selloff has been sparked by concerns of market turmoil for the world’s largest crypto exchange.
According to Delphi Digital, a crypto insights firm, Binance recorded over $5 billion in crypto outflows on December 13th and 14th. The outflows happened amid concerns about the insolvency of Binance following the collapse of FTX. Binance produced its proof of reserves to assure its stability, but this didn’t calm the markets. As CoinJournal reported, auditor Mazars faulted the reserves, and this caused a further confidence crisis. A crypto analyst now thinks Binance could head the LUNA direction.
Remember the famous Terra Luna crash? Perhaps it could sound too alarming to think Binance could have a similar fate. But pseudonymous crypto analyst Smart Contracter says the multi-year trend of BNB versus BTC mirrors that of Terra Luna. Using the Elliott Wave theory, the analyst says BNB/BTC has completed Elliot’s five-wave cycle. He says this is the same price action LUNA printed before crashing in May. Smart Contracter says BNB is set for a reversal at $0.007378 BTC, coinciding with the 61.8% Fib level. The analyst says BNB could fall to $80-$100 next.
BNB recovering above the 23.6% Fib level amid bear pressure
We apply the Fibonacci retracement levels, with the June bottom as the swing low and the November top as the swing high. From the Fib levels, BNB lost dynamic support at 78.6%, 61.8%, 50%, 38.2%, and 23.6% Fib levels. The latest recoveries have pushed the price above the 23.6% Fib level.
However, BNB should be considered bearish as long as the price remains subdued by $266, support-turned-resistance.
What next for BNB?
BNB could remain under bear pressure as long as negative cryptocurrency news emerges. In a bear scenario, BNB stares at $200. The price has to move above $266 to consider the upsides possible.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.