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Cryptocurrencies remained on edge in the first week of 2023.
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The hawkish Fed minutes led to more concerns about the industry.
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Tron, VIDT, and Huobi Token will likely dive during the weekend.
Cryptocurrency prices remained on edge in the first week of the year. Bitcoin remained in a consolidation phase below $17,000. Ethereum remained stuck at $1,200 while the total market cap of all cryptocurrencies remained below $900 billion. Here is the crypto price predictions for some of the top trending coins like Tron, Huobi Token, and VIDT.
Tron
Tron is a second-generation blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of transactions on a daily basis. The network is also associated with other blockchain projects like Sun, JustLend, and JustStables. Also, it has an association with Huobi, BitTorrent Chain, and USDD.
TRX price crashed hard as concerns of its exposure to Huobi continued. There are concerns that Huobi could go out of business. As a result, Tron dropped to the lowest level since November 23. It has moved below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) drifted downwards. Therefore, the outlook of TRX during the weekend is bearish, with the next key support level to watch being at $0.04.
How to buy Tron
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.
Huobi Token
Huobi Token (HT) came under pressure after the company announced a new round of layoffs. As we wrote in this article, there are concerns about the company’s liquidity. After the collapse of FTX, there are questions about crypto exchanges and their respective tokens. Huobi has not published its reserve data and its results.
As a result, it has seen outflows in the past few days. Data compiled by DeFi Llama showed that users have withdrawn over $114 million in the past month and $90 million in the past 24 hours. Therefore, the Hubi Token price will likely continue falling during the weekend.
How to buy Huobi Token
KuCoin
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
Coingate
CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.
VIDT Datalink
VIDT Datalink is a blockchain project in the data storage industry. It was started by a group of artists in 2019 and then it transitioned into a decentralized autonomous organization (DAO). It is mostly used in data storage of NFTs and other valuable items.
VIDT price crashed to an all-time low in 2022 as concerns about its role in the blockchain industry emerged. It also dropped as demand for NFTs declined. This week, however, VIDT price rose to a high of $0.030, the highest point since December 19.
On the hourly chart, it has moved above its moving averages while the MACD moved above the neutral point. With volume being low, I suspect that the VIDT price will plunge during the weekend.
How to buy VIDT Token
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.
KuCoin
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
The VIDT Datalink price has gone parabolic in the past few days even as other cryptocurrencies have recoiled. The token rose to a multi-month high of $0.82, which was about 697% above the lowest level this year. According to CoinGecko, its total market cap has surged to about $29 million.
What is VIDT Datalink?
VIDT Datalink is a blockchain project that seeks to change the data integrity and validation industry. The platform is made up of three key services: VIDT API, VIDT Private Cloud, and VIDT Smart Contract.
VIDT works in a relatively simple way. It starts with publishing products like Salesforce, SAP, and other software products. These products are then connected to multiple cloud providers like AWS, IBM Cloud, and Google Cloud. Finally, they are linked nu the VIDT API, which is a cost-effective way to use the data integrity platform.
There are many use cases of VIDT Datalink. For example, it can be used by luxury brands like Rolex and Breitling to secure their timepieces. The companies can secure these timepieces using the platform’s technology and ensure that it cannot be replicated. When its ownership changes, VIDT’s smart contract features will then be moved to the new owner.
Compare the best crypto trading bots.
VIDT also has a lot of usage in the new and growing industry known as non-fungible tokens (NFT). One of the challenges that the industry is facing is how difficult it is to differentiate between genuine and fake products. Creators can use VIDT to ensure that their creations are not counterfeited.
At the core of this platform is the VIDT token. Each time that a publisher timestamps a file or an NFT, one VIDT transaction is made which records all the transactions into several blockchains.
VIDT Datalink price prediction
The daily chart shows that the VIDT price has gone parabolic this week. As it rose, the coin managed to move above the important resistance level at $0.27, which was the lowest point in July 2021. Now, it has moved above the 25-day and 50-day moving averages while oscillators have kept rising.
I believe that these gains are not sustainable in the short term. As such, there is a high probability that the VIDT token will soon have a sharp pullback. If this happens, the next key support level to watch will be at $0.2736, which is about 46% below the current level.