- Metacade’s price has soared to an all-time high after pre-sales and listing on major cryptocurrency exchanges.
- Today’s Bitcoin price prediction highlights the impact on Metacade prices as BTC is heavily shorted.
- Markets await US inflation data, which will be key to investor sentiment this week.
Bitcoin (BTC) It was trading near $27,575 on Wednesday morning, despite a drop in stocks and other risky assets ahead of key US inflation data. While U.S. futures and European stocks fell modestly, Bitcoin languished within a range, dropping nearly 4% last week.
On-chain data shows that investor caution is fueling the negative sentiment that has spread since the $30,000 high drop, and that Bitcoin is shorting significantly. What does the Bitcoin price outlook mean for Metacade (MCADE)?
Bitcoin Price Prediction: Crowd Sentiment Is Negative, But What About The Outlook?
Bitcoin price surged to $30,000 last Friday, with bulls looking to retest recent year-to-date highs. However, the benchmark cryptocurrency’s value plummeted to a weekly low below $28,000 as sentiment turned negative amid widespread market unease and new FUD.
At current prices, Bitcoin is under renewed pressure as on-chain data shows a surge in further downside betting on crypto exchanges and derivatives trading platforms. bitmex.
Regarding the outlook for the BTC price, analyst firm Santiment points out that the procurement rate of Bitcoin is the largest negative ratio in about two months. If a meltdown follows the CPI data and investor reaction to a potential Fed rate hike path, prices are likely to fall to support in the $25,000 region, but current crowd views are historically new. has been replaced by strong upward momentum.
santimento To tell For BTC price prediction:
“Bitcoin’s funding rate on BitMEX is the lowest since a large bet was placed on the price in mid-March, just before the price spike. In general, if the crowd overwhelmingly assumes prices will go down, the odds of prices going up are high.“
😮 #bitcoinfunding rate of @BitMEX It is the lowest negative ratio since the big bets were made on the price in mid-March, just before the price spike. In general, if the crowd overwhelmingly assumes prices will go down, the odds of prices going up are high. https://t.co/HbTcSouRsU pic.twitter.com/bu1dNDFTcU
— Santiment (@santimentfeed) May 10, 2023
This short-term outlook for Bitcoin price is likely to coincide with another expected bull cycle ahead of the next halving. Altcoins are likely to take some action by then, and projects with larger ecosystem appeal like Metacade could be outstanding performers.
Metacade’s Big Bet on GameFi Ecosystem
Metacade is a Play-to-Earn (P2E) project aiming to provide an all-in-one GameFi and Web3 hub for the gaming ecosystem. As highlighted in the project, white paperthe goal is to provide an arcade style. game A platform for gamers, developers and cryptocurrency enthusiasts to connect, play and earn.
One aspect of Metacade’s unique approach to the gaming ecosystem is its reward system. Unlike other traditional P2E platforms, MCADE offers complete utility as it allows token holders and investors to earn multiple returns through strategies that bring new game titles.
The team is also focused on growing the platform into the ultimate GameFi environment, incorporating industry-leading game studios and developers.
The platform will go live soon and will feature native tokens to power user transactions and interactions. His MCADE of the token successfully completed its pre-sale in April before going public on major exchanges Uniswap, BitMart and MEXC Global.
Is MCADE Worth Investing In 2023?
Metacade’s MCADE tokens sold out quickly during the presale, and investors scooped up a portion of the allotted supply amid growing interest in what the project had to offer. Investors also witnessed an explosion in the value of the token as the cryptocurrency market expressed confidence in Metacade’s potential with its listing on a high-profile exchange platform.
Achieving roadmap milestones such as the introduction of Metagrant to support ecosystem development and improved governance via DAO will propel Metacade to its position as one of the largest crypto gaming platforms. may be useful for
The upcoming mainnet launch and the diverse opportunities offered by MCADE could be the catalyst for Metacade’s price increase beyond 2023.
Metacade Price Prediction
Market experts are long-term bullish on Metacade’s pricing, especially its game-changer potential in the GameFi space.
Metacade has a fixed supply of 2 billion MCADE tokens, with 1.4 billion tokens (70% of supply) available to investors during the presale. As more people enter the Metacade ecosystem, buying pressure should push prices up in the long term due to demand for the token and its removal from circulation due to the write mechanism.
Looking at the price of Metacade today, we can see that the deal is mostly tied to the big players. altcoin. Short-term MCADE price forecasts consider the far-reaching implications of Bitcoin rising again to boost the sector as a whole.
MCADE’s price hit an all-time high of $0.045 on May 3, 2023. The token is currently priced at $0.024, down nearly 9% over the past 24 hours. MCADE/USD is also in negative territory on the weekly chart, but is trading above the April Uniswap listing price level of $0.022 per token.
If the altcoin market falls further, MCADE’s main support will be near the aforementioned buffer of $0.022. $0.020 is possible, and if it gets worse, the all-time low of $0.014 is possible.
If the bulls regain control, they are likely to retest highs and reach the target of $0.1 in 2023. Meanwhile, the medium-term price target could be $1 in 2024.