ApeCoin Price Prediction 2022 – What is the Potential of APE?

The Non-Fungible Token (NFT) sector has taken the crypto market by storm. In 2021, Beeple NFT was sold for $69 million. As a result, many crypto investors are looking for investment opportunities in NFT-related projects. And this explains the massive interest in the APE coin. Let’s take a step back to bring you up to speed with the Ape Coin connection with NFT.

About ApeCoin

You probably heard about Bored Ape Yacht Club (BAYC), one of the biggest NFTs. It attracted massive attention leading to investment from the biggest athletes and showbiz celebrities, including Snoop Dog and Neymar Junior. BAYC investors receive free APE tokens.

ApeCoin is the utility and governance coin of the APE ecosystem. It’s important to note that Yuga Labs created BAYC while APECoin DAO is behind ApeCoin. The token creators use various incentives and programs to boost the token’s utility. For instance, it allows third-party developers to integrate the crypto Coin into their projects. In addition, the DAO has set aside an Ecosystem Fund that funds projects voted by developers.

While it initially depended on the BAYC sales, the company is now banking on metaverse land sales.

The coin is a utility and governance token in the APE ecosystem. Users can use the token for governance. Holders can propose protocol changes and determine the token’s future. It also works as a utility token and payment for E11even Residences and in-game currency for BenjI Banana.

The ERC 20 token was trading at $5 after launch on March 17. It experienced massive volatility, recording over 200% in one month to reach $16 before pushing its price to an all-time high of $27.5 on 28th April. It is currently trading at $16 and ranks 33rd in the top 100 cryptocurrencies. The market cap has also fallen to $4.5 billion, a significant drop from an all-time high of $7.5 billion.

Yuga labs launched minting of Otherside metaverse lands at the end of April. The digital real estate was worth $100000 within 45 minutes and raised a total of $320 million, effectively making BAYC the NFT with the highest sales.

After the sale of Otherside, the price plummeted from $24 back to $16 on 30th April. This is a surprising occurrence considering the tokens for sale are locked and restricted.

Ape Price Predictions

CoinMarketCap Community Predictions

The Coinmarketcap cryptocurrency community of over 3400 members predicts $16.78 as ApeCoin’s closing price for May. The community prediction is worth keeping an eye on because it boasts 80% accuracy.

CryptoPredictions.com Projections

Currently trading at $11.37, CryptoPredictions.com expects the price of ApeCoin to hit a high of $14.342 this month and find support at $9.752 if the bears push the price down. But the price will generally average $11.473.

Projections show the price could rise steadily to hit $15 in July and surpass $16 two months later. In the third quarter, the average monthly price as per the site’s prediction is $12.31, $12.669, and $12.99.

In October, the maximum price is projected to reach $16.59 and the average of $13.272. In November, ApeCoin is expected to range between $11.506 and $13.536 and close the year at $17.21. Despite the usual ups and downs, the price is expected to have steady growth, continuing in 2023.

Finder Panel Predictions

Finder’s panel of crypto specialists make predictions of various digital currencies such as Bitcoin. Finder experts predict ApeCoin to reach $27 by the end of the year. However, panel members have varying individual predictions. For instance, Fred Schebesta has a lower projection expecting the cryptocurrency to finish the year trading at $20. The Finder Co-founder thinks that the coin uses will extend beyond buying metaverse lands to include merchandise purchases.

However, John Hawking of the University of Canberra spells doom for the cryptocurrency, predicting ApeCoin won’t be worth anything by 2030. In fact, 75% of the panelists view the digital token as a meme coin, while 20% think it will have utility in the future.

Elon Musk Involvement

Elon musk’s involvement in any crypto projects sends the crypto price high, as it happened with Dogecoin and Shiba Inu. It is not surprising that after he used Apecoin collage in his profile picture, the cryptocurrency surged massively, hitting a high of $17.46. However, it dipped to $15.26 a few hours later after a tweet signifying that the crypto was probably not so fungible. “I dunno…seems kinda fungible.”

Technical Analysis

According to ApecCoin’s 4-hour time frame chart, the crypto is now in an oversold area. This means it might not fall any further. If the bulls join the market and the momentum picks up, the price could rise until it enters the overbought zone.

In addition, the price has reached a support area. It will be interesting to see whether the price will break below the level. Already the market is showing signs of consolidation. This could signify the buyers are jostling to push the price up.

If the bulls manage to take control of the market, we can expect to find a minor resistance at the $17.1 resistance level, which coincides with the 0.236 Fibonacci level. Another important level is $20, which is not only a psychological area of interest but coincides with the 50% Fibonacci level. If the price breaks above $24 (78.6% fib), it could smash an all-time high on its way to $30.

Final Note on Apecoin price predictions

ApeCoin has experienced massive volatility characterized by price changes as it launched NFT and metaverse related projects. It has also attracted the attention of the giant price movers and shakers, including the new twitter owner Elon Musk. However, some quarters argue that metaverse and NFT are pretty much crowded. Therefore, the future price will be pegged on new utilities. Otherwise, it risks becoming just a meme coin. If the coin invents new utilities, it could continue to climb the ladder of top crypto coins.

Shiba Inu Price Predictions: SHIB Trade Volume Increases as Outlook Improves

For starters, the dog-themed digital token was launched in August 2020 by an anonymous developer named Ryoshi. Its case is akin to that of Bitcoin and Satoshi Nakamoto.

One of its core goals was to rival dogecoin. In fact, it is dubbed “doge killer”. But unlike dogecoin, it is developed on the Ethereum network. This means it is compatible with Ethereum, and its ecosystem supports decentralized exchanges and NFTs. In fact, it has a DEX known as Shibaswap. The supply of SHIB is abundant, with a total supply of one quadrillion tokens.

Historic Data and Increasing Trade Volume

One of the factors that caused the massive growth was the loyal support base. Shiba Inu is 100 percent controlled by its community. Elon Musk endorsed the coin, boosting its demand after announcing his intention to own a Shiba puppy. The price skyrocketed 300% after the tweet.

However, the price of Shiba Inu has declined significantly from an all-time high of $0.00008 to $0.00002209, ranking 15th largest cryptocurrency. The good news is that SHIB is positive, setting it for a rebound.

The daily trading volume has increased to $800 million after falling to around $480 million. However, the weekly trading volume is still low. According to data from Yahoo finance, it has only been lower than this week’s trading volume three times since the beginning of the year.

But the number of holders has increased from around 1.1 million at the beginning of the year to around 1.19 million.

Shiba Inu Predictions

CryptoPredictions.com predicts for Shiba Inu to reach $0.00003705 in March. In the second quarter, the price is expected to range between $0.00002537 and $0.00003770.

The monthly average price of Shiba Inu is forecasted to cross $0.00003 in May. An uptrend will see the price of Shiba reach a maximum price of $0.000038 in the third quarter.

However, the momentum is expected to dwindle. During the period the price is predicted to reach a maximum of $0.00003791. The meme coin value is predicted to fall if bears take control of the market. However, it will find support at $0.00002578 in the last quarter.

Why Shiba Inu is Set for Growth

AMC Accepts Shiba Inu Payments

AMC will accept SHIB payments. AMC is the largest movie exhibition in the globe, with 950 theaters. It currently accepts Bitcoin, Litecoin, Bitcoin Cash, and Ether. Customers will pay online on the AMC website by March 16th and the apps by April 16th.

Increasing Shiba Inu Adoption in Turkey

Yet another development that could push the price of Shiba Inu upwards is the increased adoption of the meme coin in Turkey. The country’s economic minister met with the Shiba community to discuss Shiba Inu.

The meeting comes as the Turkish lira is on a free-fall after one of the highest inflation to hits the country. The currency lost 44% in 2021.

New Utilities

The future of cryptocurrencies seems pegged on their utilities. Digital tokens with excellent use cases appeal most to investors and hence enjoy more growth. In October 2021, Shiba Inu released 10000 non-fungible tokens called Shiboshis, which sold out in 35 minutes.

Shiboshi will largely be used to play the Shiba Inu game. However, it also gives users exclusive access to the Shiba Inu Metaverse known as Shiberse.

Without a doubt, the handful number of the Shiba Inu NFTs is not enough for almost 1.2 million Shiba Inu army to enjoy the metaverse and gaming features. Therefore, it is likely that the ecosystem will add more Shiboshi in the future.

Shiba Inu has a native decentralized exchange known as Shibaswap. Just like centralized exchanges, its functions include liquidity pools and swapping. However, the decentralized DEX does not require intermediaries. In addition, it supports governance, staking, and Siboshis NFTs.

Technical Analysis

SHIB seems to be consolidating around a descending triangle which is a buy signal. We can therefore expect the price to reverse and head upwards.

The technical analysis coincides with the increasing holders and trading volume. It is likely that once the bulls take control of the market, they will push the price upwards with strong momentum. The development of the NFT and metaverse endorsement from celebrities could be the trigger to this massive growth.

Conclusion on Shina Inu Predictions

Shiba Inu is one of the strongest growing cryptocurrencies. In 2021, the cryptocurrency had over 1 million Shiba Inu hodlers. It also benefited from an endorsement from Elon musk. However, the price has dropped. But there is positivity in the recent price decline. It provides an opportunity to buy low. With the increasing volume, Shiba could simulate 2021 growth.

Dogelon Mars Price Prediction 2022

If you have been in the Crypto corridors for a while, you can’t help noticing the similarity of Dogelon Mars with Doge and Elon Musk. Maybe it’s not straightforward, but there is a connection. Dogelon Mars ticker symbol, ELON, says as much about the association. The naming masterstroke captures the attention of meme coin enthusiasts.

Dogelon Mars is a meme coin that seeks to reciprocate the success of Dogecoin. It then loops in on Elon Musk, the lord of the meme coins. Elon Musk’s tweets on virtual currencies significantly affect the crypto market. Essentially, Dogelon Mars is a Dogecoin fork that seeks to replicate DOGE success and achieve Elon Musk’s vision of colonizing Mars. Remember, canine meme coins like Doge and SHIB have had a successful year breaking the crypto market growth records.

Price Growth and Future Outlook

Dogelon Mars has currently a market cap of $1,983,605,856,593 and ranks 120th on the Crypto list. It started trading at $0.000000120 in May 2021 and grew to a high of 0.000002663 in October of the same year. It is now trading at $0.000001068.

As mentioned, Dogecoin and Shiba Inu grew thousands fold in 2021. Can Dogelon Mars achieve the same feat? This article will explore Dogelon Mars’s price predictions for 2022.

Dogelon Mars Price Forecasts

Predicting the prices of cryptocurrencies with utmost certainty is a tall order. However, we can project the prices of these instruments by extrapolating historical data using mathematical and artificial intelligence. One of the best crypto prediction sites for that is CryptoPredictions.com, below are their Dogelon Mars projections for 2022.

2022 Q1 and Q2 Forecasts

ELON is currently trading at $0.00000113. CryptoPredictions projects the price could rise to 0.000001464 and fall to $0.0000009958 before the end of February. During the month, the price is expected to average $0.000001171. In March, the projections show the price could average $0.0000012407.

The platform predicts Dogelon Mars is likely to begin the second quarter with an uptrend. However, the typical ups and downs could see the value of an Elon coin touch a low of $0.000001127, but a rally would push the price to a high of $0.000001657. The meme coin is expected to gain value in May and June to average $0.000001412 and $0.000001503, respectively. CryptoPredictions.com forecasts Dogelon Mars to rise to $0.0000018788 in June, setting a new high for the first six months.

Q3 and Q4

As per the predictions, the buyers could push prices higher in the third quarter and eventually cross the $0.000002. During the three months, the price is expected to range between $0.000001350570281 and $0.000002195577893.

CryptoPredictions.com algorithm projects Dogelon growth to continue without slowing down. A coin of ELON is expected to trade between $0.000001557159505 and $0.00000246781981 in the last quarter. The price is expected to average $0.00000246781981 in October, $0.000001906164097 in November, and $0.000001974255848 in December.

Fundamental Analysis

Dogelon Mars does not have elaborate use cases. Like other meme coins, much of its growth is based on backing from its dog enthusiasts community. In fact, SHIB and DOGE growth was largely influenced by Elon Musk’s tweets endorsing or integrating them into Tesla payments methods.

Despite the association with his name, Tesla CEO and SpaceX founder Elon Musk is yet to endorse it. A single tweet promoting the Crypto could send the prices to the moon. Dogecoin currently has a market capitalization of $20.92 Billion, while Dogelon Mars is valued at $608 million. Dogecoin would have to grow over 300 times to match Dogelon Mars. Therein underlies great growth potential.

The coin’s supply will also affect the future prices. Dogelon Mars has a maximum supply of one quadrillion. 50% of the token supply is locked permanently in the Uniswap liquidity pool, while the other half was sent to Vitalik Buterin. How the Ethereum co-founder Buterin will use his share will impact the value significantly. First, might donate to a charity which won’t affect the value much. However, burning the Crypto would cut the supply by half. If the demand remains the same or increases, it could significantly boost ELON’s value.

Another factor that could boost the price is listing on the crypto exchanges. In December 2021, the Gemini trading platform made ELON available for trading on ActiveTrader and API/FIX. The mobile application supports the euro, pound, US dollar, and Canadian dollar.

In the same month, Huobi Global also listed ELON. The digital coin surged about 30% after the listing news hit the market. In October, it recorded 3,780% growth. If it is listed on other major crypto exchanges, you can expect the price of ELON to hit new highs. It also became the most trade token among 100 ETH whales after flipping MANA.

Technical Analysis

Technical analysis involves using indicators to predict the future price of an instrument. There are hundreds of indicators with varying degrees of accuracy. Below we check the ELON price forecast using five popular indicators.

The moving average is one of the easiest ways to analyze the price directions. The direction of the MA line points to the market directions. According to the MA line, the downtrend has fizzled out, and the market is set for a trend reversal. How far the rally will move is a wait-and-see situation.

The good news is that the MACD indicator confirms the bullish signal by posting green bars above the indicator’s zero line. This is a telltale sign that the buyers control the market. The ELON value might continue increasing in the coming days.

Using a symmetrical triangle formation can also help us to predict the price of ELON. The price has come back to the triangle after a false breakout. If the price breaks out above the triangle, we can expect the bullish trend to dominate the market. The price could grow and surpass the $0.0000025 all-time highs.

The Relative strength index shows that Dogelon Mars is in an uptrend. The rally comes after a downtrend that led to price dipping into the oversold area. The uptrend seems to have a good growth space before hitting the overbought area and rebounding. This means the market could sustain the rally for days or weeks before corrections.

The Fibonacci retracement is one of the indicators we can actually use to project the price. According to the indicator, Dogelon Mars is at the 50% level. A push higher will see the prices hit $0.000001360. The next resistance is at $0.000001594 before a major resistance level at the current high of $0.000001894. If the price of Elon advances, it will be headed to $0.000002740, at the 1.618 Fibonacci level. This price coincides with the all-time high price level. Beyond that, the price could proliferate to $0.000004124 (2.618 Fibonacci Level).

Conclusion on Dogelon Mars predictions

Meme coins have captured the attention of crypto inventors due to massive growth in a short time. The dog-themed coins have a strong community of followers which keeps the demand strong.

Dogelon Mars is becoming a preferred choice because, being a relatively new coin, it has excellent growth space before reaching its full potential. Coin Exchanges are beginning to list the coin, making it accessible to crypto investors and boosting the demand. Its association with Elon Musk and Dogecoin also gives it some upper hand. If dog-themed meme crypto coins enthusiasts adopt ELON, it could achieve the same feat with SHIB or even surpass it.

Polygon (MATIC) Price Predictions for 2022

Polygon is an Ethereum token that provides a scaling solution to Ethereum and offers cheaper and faster transactions on layer-2 sidechains (blockchains running on the Ethereum main chain).

Matic is the native currency in Polygon’s ecosystem and is used for staking and paying transaction fees. The interoperability feature means you can deposit the Matic from Ethereum, interact with the tokens and eventually withdraw back to the Ethereum platform.

In essence, Polygon addresses limiting factors such as high transaction cost, which hinder Ethereum from becoming the biggest crypto despite its excellent capabilities compared to Bitcoin. Developers and investors find Polygon quite endearing because it supports the creation of decentralized apps and smart contracts using Ethereum’s top-notch security protocols but at higher scalability and low gas fees.

This explains why the value of Polygons has surged massively in the last two years. The Matic token was trading at $0.0178 in January 2021 and grew to $2.9 at the end of 2021. Its market capitalization is over $13 billion. Polygon value has increased significantly, but will it sustain this growth in 2022?

Let’s explore Polygon’s price protections in 2022.

Polygon price Forecasts for 2022

Forecasting future prices of an instrument involves using technical and fundamental analysis or mathematical computing methods. We will use these methods to project the price of Polygon in 2022. Before we do our own analysis, let’s take a look at CryptoPredictions’ Polygon. These guys comingle mathematical models, computing, and historical data to predict future prices.

Q1 and Q2

Polygon is currently trading at $1.79. CryptoPredictions shows that the price could go as high as $1.809 in February and as low as $1.230 if it dips. The price is expected to average $1.447 in the month. The site expects Polygon’s value to surge in March and average $1.463. The uptrend is projected to continue in the second quarter. Between April and June, the forecasted price range is between a high of $1.257 and $1.887. The projected average price for April, May, and June is $1.479, $1.494, and $1.510.

Third and Fourth Quarter Projections

The third quarter is also expected to bring good tidings. The least expected price of a Polygon coin in July is $1.295, but the price goes as high as $1.905. In August, the forecasted price range is between $1.307 and $1.923. In September, we could see the price reach $1.940. If the price falls, it could find support at $1.330. During the month, traders can expect the price to average around $1.552

A bullish trend is expected to characterize the fourth quarter. CryptoPredictions expects buyers to push prices to $1.956 in October. If the price dips, it could find support at $1.330. This scenario will continue to November, with the price averaging $1.578. However, we could see Polygon reach a new high in December if the site’s forecast sees the light of the day. The buyers could push the price to new highs of $1.987, while a correction could go to $1.351. In general, the price is projected to average $1.590 in December.

Technical Analysis

Traders can forecast future prices by using technical indicators. Let’s delve into technical analysis to forecast the price of Polygon.

The chart shows the price movement for the Polygon. According to the moving average convergence divergence (MACD), the price is clearly on the uptrend. Note that the indicator comes from a bearish trend signified by red bar graphs. The bullish green bars show the uptrend is gaining traction, and traders should be looking to go long.

The moving averages also show the price direction. A steep downtrend appears on the chart, signified by the MA line. But the price appears set for a reversal after a flat movement. In fact, Polygon has posted a bullish candlestick. If the moving averages take a clear upward direction, traders could consider opening a long position. In addition, the RSI shows the price is surging after hitting an oversold area. The price is in an uptrend and has a long way to reach the overbought area. Therefore traders can long to buy and prepare to exit when the price enters the overbought area.

The next indicator is the Fibonacci retracement. Unlike the other indicators which show trend direction, the Fibonacci indicator goes the extra mile to predict the future price at various Fibonacci levels. Currently, Polygon is trading at $1.9848, which is around the 50% retracement level. If the Polygon value increases, it could find resistance at $2.3022, the 0.618% level. If it surpasses this resistance, it could be headed to the $2.5808 (0.786 Fibonacci level)or the year-to-date high at $2.9270. If strong bullish waves blow the market, MATIC would be headed to the $1.618% Fibonacci level, matching $3.9205.

Fundamental Analysis

The technical analysis paints a picture of how the price could behave in the coming year. However, there are underlying factors that will give the price of Polygon the necessary push. Top of these fundamentals are partnerships and projects in the pipeline.

Non-Fungible Tokens (NFTs) have led to the price proliferation of many cryptos. And Polygon is no different. Adidas, a sportswear giant, and Prada, a fashion powerhouse, have teamed up to launch an NFT project dubbed Adidas for Prada Re-Source. The project announced on Twitter is a creator-owned and user-generated art that allows fans to submit NFT photos.

Digital artists Zacxh Lieberman will then combine a selected 3000 photos to create one mega NFT, akin to the prestigious Beeple NFT, which fetched $69 million. The sale proceeds will be given to charity. Goldman Sachs predicts that the NFT market could grow to $300 million. If Polygon launches more NFT projects, expect its value to increase. This could cause the prices to hit new highs.

Besides NFTs, the blockchain network is enhancing its utility and use cases by accelerating the adoption of Play-to-earn games. Polygon studios, a part of the Polygon ecosystem, is partnering with Amasa to develop a Play-to-earn game. The Polygon will provide blockchain infrastructure and support. Blockchain-based games reward players with NFTs and native tokens. Other Play-to-earn games set to launch on Polygon include Wonderhero and Nakamoto games.

The flagship projects enable Defi users to earn micro income from sources like Play to earn gaming and combine them into a single account.

Final Words on MATIC price predictions

Polygon is a scaling solution for Ethereum. Users reap the benefits of the Ethereum features, including top-notch security but at faster and cheaper rates. In addition, the Polygon ecosystem is developing a play to earn games and NFTs. The success and creation of NFT and gaming projects could see the price of Matic hit new highs in 2022.

Baby Doge Coin Price Predictions for 2022

But not all meme coins have nosedived. Baby Doge is on a growth trajectory. From the onset, the steady rise of Baby Doge is a telltale sign of a promising year and asserting its position among the pup coin peers.

Baby Doge Growth

The meme coin came to the market with an advantage. Baby Doge rode on the wave created by its larger barking buddies. It started trading at $0.000000001200 back in August 2021 and went on to hit new highs in October after smashing the $0.000000005223 level. It then dipped before rising again to hit $0.000000006338 and is now trading at $0.000000003989.

As mentioned, puppy digital coin growth rode on the meme coins wave and fuss, not necessarily because of its use cases. Investors expect and hope Baby Doge would replicate the performance of Dogecoin or Shiba Inu and become the next big meme. Crypto traders who went long in September are now enjoying the good tides.

But how long will it sustain the upwards move? Let us see what the experts say about the meme coin to answer this question.

Baby Doge Price Forecasts

CryptoPredictions.com Forecasts

CryptoPredictions.com site provides daily, monthly, and annual crypto forecasts. It uses mathematical models to provide some of the most accurate predictions. However, you should not take their predictions as financial advice. The site advises investors to do their due diligence before opening a trade.

Baby Doge Q1 Predictions

Currently trading at $0.000000003989, the CryptoPredictions platform predicts for Baby Doge to average $0.000000004884815 in February. The price is projected to advance, albeit gradually, and range between $0.000000004191601 and $0.00000000616412 in March.

Q2 Forecast

The site predicts a Baby Doge coin to average $0.000000004979296 in April. The price is projected to rise in the following month to trade at an average price of $0.000000005021455. In the last month of the quarter, the projected average price is $0.000000005059574. In general, the price could reach highs of $0.000000006324468 in the second quarter of 2022.

Q3 Predictions

Like in the previous quarter, bulls are expected to continue dominating the market and increasing prices. In July, the price range according to the Cryptopredictions site estimates is between $0.000000004326792 and $0.000000006362929. However, the price could surpass the previous highs of the year, to eventually reach a maximum price of $0.000000006393674 in August. The coin’s value is projected to be the highest in September, oscillating between $0.000000004361609 and $0.00000000641413.

Q4 Forecasts

The fourth quarter is expected to be quite different. CryptoPredictions projects Baby Doge to average $0.000000005138372 in October. However, forecasts show that the Baby Doge average price could fall to $0.000000005135519 in November and $0.000000005121732 in December. In the final quarter of the year, Baby Doge is projected to oscillate between $0.000000004367616 and 0.000000006402165.

The Baby Doge Coin will be most valuable in September as per the website’s predictions. The projections show the correction might continue to the last quarter of 2023, when the price might eventually rebound.

Technical Analysis

Let’s interpret the direction of the baby doge implied by the technical indicators. The Moving average line is slanting downwards, a telltale sign of a bearish movement. This signifies that the sellers are stronger than the buyers in the market. The MACD technical indicator cements this position. The indicator has formed red bar graphs on the lower side of the line showing the bears are in control of the market.A bullish signal occurs when the MACD changes to blue and starts forming the bar graphs on the top side of the indicator line.

The Fibonacci extension is yet another essential technical tool for forecasting the price of an asset. According to this chart, the price resumed an uptrend before finding resistance at the 50% level. It is in a correction phase characterized by short candlesticks signifying market indecisions.

An uptrend will see the price go upwards and perhaps find first resistance at 61.8% at price 0.000000005128. Another resistance might be at the 0.000000006340 level, which is the current year to date high. A strong uptrend could see the price reach 1.618% Fibonacci level and trade at around 0.000000008784.

According to the Relative strength indicator, Baby Doge was in an overbought area around the beginning of the year. However, the trend has reversed. Currently, the baby doge is almost at the central level of the RSI indicator. However, it is pointing in a downward direction. This means that you might want to wait until it reaches the oversold zone to signify a trend reversal to the upside.

Fundamental Analysis

Listing on Crypto Exchanges

On Jan 18th, Baby Doge was listed on the Hong Kong-based exchange Coin Ex giving it the push required to maintain upward move. The coin proliferated 16% in 24 hours. With over 2 million users spread over 100 countries, the exchange gave the coin the requisite exposure and access to dog-themed meme coins.

According to data by Whale Stats, Baby Doge now boasts about 1275995 holders with top 1000 BNB wallets holding 989,582,594,495,517 coins worth $5,027,713. The number increased by 15,594 from the previous day before listing. Baby Doge now trades against the tether (USDT) stable coin allowing the platform users to make the meme coin digital currency deposits and withdrawals.

Here is the point. Baby Doge is yet to list on big platforms such as Binance. If it lists these platforms, you can expect the price to hit new highs.

Supply and Demand Forces

Baby Doge supply is deflationary, which means that coins are burned to reduce supply. For instance, in July, the cryptocurrency announced the burning of 250 trillion coins. While the total supply of the Crypto is 420 quadrillion, these successive burns reduce the supply significantly. It has now burned 41% of the total supply.

In addition, the majority of liquidity provider tokens are either locked or burned. Reducing the supply increases the value. This means the price will increase, provided the demand remains the same or increases.

What’s more, the Doge Baby ecosystem has a rewards system that distributes 5% of transaction costs to users. This means you earn simply by holding doge baby coins in your wallets. This is an appealing feature that could attract investors pushing demand and, in turn, the value upwards.

If Elon Musk and other meme coins enthusiastic big names back Baby Doge, the prices could head to the moon. Sitting at position 2854, it still has a long way to go to reach the top 10 digital coins. In a positive light, it has massive room for growth which would translate to big profits if it catches up with the likes of Dogecoin.

Final Words on our Baby Doge Predictions

Meme coins have created a lot of buzz in the crypto space in 2021. Coins like Shiba Inu and Dogecoin have grown a thousand folds minting new millionaires. Doge knock-offs are riding on this wave and have experienced massive growth. Baby Doge started the year with value gain as the rest of the dog-themed meme coins dipped. While this does not mean much, 2022 could be the year of Baby Doge.

Bitcoin Price Predictions for 2025

The price movement of Bitcoin is a rollercoaster of surprises, from the bull run of 2017 to the great crypto crash. But 2021 is among the most instrumental to the digital token since its inception in 2019. The crypto started the year with a bull run and eventually hit an all-time high of $64,000 in May. The bearish move has seen it dip to $36,000.

So will Bitcoin will tumble further, or will it hit the $100,000 mark? This article explores expert prediction of Bitcoin prices for 2025. But before that, let’s take a step back and briefly see how bitcoin has fared in the past.

Bitcoin and its Growth

Created by anonymous developers, Bitcoin was designed for daily transactions and circumvent cross-border payments. It has experienced wide adoption, gaining traction as a store of value and a hedge against inflation.

Since it has no real utility, the initial price fluctuation stems from sentimental value. This means retail trades and investors’ forecasts on future value drive its prices. While Bitcoin remains highly volatile, it has entered the mainstream economy thanks to its adoption by institutional investors. The regulatory institutions working hard to craft rules regulating the market have also affected the crypto prices.

Bitcoin – Price History Lesson

Bitcoin was an alien idea soon after its creation. Not many people understood what it was or represented. By April 2011, it was selling at $1 and rose to $29, representing 2900% in three months. However, a recession came, followed by an uneventful 2012. Growth resumed with its value reaching $200 at the beginning of 2013 and spiking to over $1,200 in December.

Then the bull run came in 2017, and the price skyrocketed from $900 at the end of 2016 to $19,000 in December 2017. The price of bitcoin entered a ranging market for the next two years. In 2020, the pandemic hit, and the price of Bitcoin opened the year at $6,000. It, however, grew gradually to close the year at $29000.

In 2021, it took a month for bitcoin to smash previous price records. The virtual currency hit a market cap of $1 billion in February. By April, the price hit a new high of $63,000. It, however, shed over 50% of its value by July, falling to $29,000. The ups and downs continued and reached an all-time high of $67000 in November. However, it has dipped due to concerns of Omicron variants and is now trading at $36,000.

Bitcoin Price Forecasts for 2025

As the first expert predictions, we will use data from CryptoPredictions.com. This site uses mathematical computing to predict the price of cryptocurrencies. These predictions are updated every 5 minutes so they might differ at the time of your reading.

While many experts predict the price of Bitcoin will be upwards of $100,000, the site has more conservative predictions.

Q1 Predictions

CryptoPredictions platform forecasts that Bitcoin would open the year 2025 trading between $42,020.849 and $61,795.366. In February, the price of Bitcoin is expected to average $50,661.630. In March, the site forecasts price to range between $43,978.946 and $64,674.921.

Q2 Forecasts

In the second quarter, the price of Bitcoin is expected to trade between $44, 967.078 and $68,884.958. The price is expected to average $54000 in May and $55,107.967 in June.

Q3 Predictions

Bitcoin is predicted to average $56,154.063 in July, while the maximum price could cross $70,000. The uptrend is expected to continue in August, averaging $48,628 between $71,512. In the last month of the third quarter, the site’s algorithm predicts Bitcoin to range between $49,505 and $72,802.41.

Fourth Quarter Forecasts

In the last quarter of the year, CryptoPredictions.com forecasts show the pioneer digital token could eventually surpass $50,000. The site expects Bitcoin to average $60,207 and $62,143 in November and December, respectively. In the fourth quarter, the highest expected price of Bitcoin is $76,429. Bitcoin is forecasted to close the year at an average price of $61,143.351.

Expert Predictions

Various crypto investors and analysts have voiced their predictions for Bitcoin. Below are some of the projections worth taking note of.

Finder Panel Predictions

A panel consisting of 33 fintech experts and cryptoanalysts predict Bitcoin will be worth $192800 by 2025. The expert further predicts that the price will climb to $406,400 by 2030. This is not the first time they are making these predictions. Last year, they made a similar forecast but have revised their projection following the Bitcoin dip. In June last year, they had predicted the pioneer digital coin to reach $265,000 and increase about three folds to sell at $706,321 in 2030.

Half of the analysts believe the current dip provides an excellent opportunity to buy, while ten percent see a perfect opportunity to go short. 29% of the panelists would rather not buy or sell at the moment.

The panel consist of industry experts, including asset managers and crypto analysts including;

  • Bilal Hammoud – the CEO of NDAX
  • Daniel Polotsky – the founder of CoinFlip
  • Desmond Marshall – the managing director of Rogue International and Rouge Venture
  • Elvira Sojili – an associate professor at the University of New South Wales
  • Fred Kompella – founder of Finder
  • Chloe White – the managing director of Genesis Block Pty Limited

Other panel members include John Hawkins, Jeremy Cheah, John Stefanidis, David Klinger, and Ganesh Kompella.

Pavel Shtikin Bitcoin Forecast

The CEO of Nominex exchange, Pavel Shtikin, believes Bitcoin will replace gold and experience a massive bullish market to hit $500,000 by 2025. He states that adoption by leading corporations worldwide will support this price growth.

Justin Chuh

Justin Chuh, a senior trader at Wave Financial, argues that Bitcoin is a tried-and-tested digital assets haven. The halving and inflation will see the price surge to sell at $210,000 by 2025.

Max Keiser

Keiser Report host Max Keiser has quite a conservative forecast and is expecting the price of bitcoin to reach $100,000 in 2025.

Fundamental Analysis

At the fundamental level, the future price of bitcoin will depend primarily on the perceived value. This means traders and investors will pay a specific amount if they believe it is worth the amount. Demand and supply will also play a significant role in the future of crypto like any other asset class. Bitcoin is designed to have a maximum supply of 21 million coins. If the popularity of bitcoin continues to grow, the supply will not be able to meet the demand. However, supply may outpace demand if the popularity wanes.

Bitcoin halving, which occurs every four years, will make bitcoin even more scarce. The next halving is expected to happen in 2024, reducing the mining reward to 3.125. The halving is usually followed by massive price proliferation. After this event, a bull market could follow and spill over to 2025.

Remember, Bitcoin is used as a store of value and to generate returns on investment. Investors and brokers have even created derivatives to influence the price of bitcoin further. In October, the first future-based bitcoin ETF (BITO) went live on the New York stock exchange. The futures ETF tracks contracts that speculate Bitcoin’s future price rather than spot or current price. Therefore, the price of Bitcoin and ETF do not necessarily match.

Perhaps one aspect that could have a massive impact on the price of Bitcoin is whether countries will adopt Bitcoin as a legal tender. In June 2021, El Salvador became the first country to adopt bitcoin as legal tender. This means that the citizens can use Bitcoin to pay taxes and payments for goods and services. If the other countries join, the Bitcoin price might proliferate massively.

In addition, bitcoin underwent the first upgrade in November 2021, since its inception. Remember, bitcoin had no real use in the past, which made other cryptos more appealing and have more potential. The Taproot upgrade makes bitcoin less expensive, efficient, and private. It also enables Bitcoin to run smart contracts.

One of the things that could push the price of Bitcoin is if it becomes an accepted form of payment. In 2021, the value increased when Tesla CEO announced that the electric vehicle manufacturer would accept bitcoin payment. However, the company has currently halted accepting bitcoin payments.

Some big companies started accepting bitcoin back in 2014. Below are some companies that have integrated Bitcoin into their payments system.

  • Overstock was the first retailer to accept bitcoin payments.
  • Microsoft started accepting Bitcoin payments in 2014
  • Amazon-owned whole foods also started accepting Bitcoin payments by instantly converting Bitcoin to dollars
  • Since 2020, Starbucks allows customers to pay using Bitcoin on the Starbuck app.
  • Newegg accepts Bitcoin payments for electronics
  • Twitch accepts crypto payments, including Bitcoin
  • Online travel company Travala.com accepts Bitcoins and other cryptos for hotel stays
  • Paypal also integrated crypto to enable users to send and receive Bitcoin payments

Other Factors that Will Affect the Price of Bitcoin

Bitcoin price will also depend on how other cryptocurrencies behave. If the consumer believes other cryptocurrencies will be more valuable than Bitcoin, it could negatively affect the demand, leading to a dip in value. If regulators address the crypto concerns and institutions adopt the crypto as a form of payment, the price could surge significantly. The price of Bitcoin could be affected by media hype, speculation, investors’ panic, and FOMO.

Final Words on Bitcoin Predictions for 2025

Bitcoin is the most popular and valuable cryptocurrency. While other cryptocurrencies have grown significantly, they are still a long way behind bitcoin. Ethereum, the second-largest cryptocurrency, is less than half as valuable as Bitcoin. While Bitcoin lacks real use cases like Ethereum, it is widely accepted as means of payment and cross-border transactions.

In addition, massive adoption by giant tech companies like Microstrategy makes it appealing to investors. Bitcoin is also expected to upgrade its ecosystem, giving some utility. If you add acceptance as a means of payment and institutional adoption, we could see Bitcoin hit new highs in 2025, as predicted by experts above in the article.

What Happened to Forex Majors in 2021

For instance, a strong US dollar steamrolled everything in the developing world. But factors that significantly affected the behavior of individual currencies go beyond Covid. To get a full picture of forex major’s performance we shall look at each currency solely.

Let’s start with the biggest and most used currency in the world, the US dollar.

The US Dollar (USD) Performance

The USD recorded its best performance in 2021 in over five years. In December, the dollar index was up 7% supported by an improving US economy. A hawkish run by the FED due to persistent inflation also contributed to the growth. The fed is set to raise interest rates by March 2022, quite earlier than most economies. The Canadian dollar, which has recorded the highest growth against the USD, is set to raise the interest rates as early as January. In November the Dollar index hit the highest point since July 2020.

How EURO Faired in 2021

The Euro was quite strong in 2021, especially against the sterling. However, it lost some value towards the year and weakened against other major currencies. In November, a currency pair EUR/USD that is often regarded as the most stable currency pair in the world recorded a 2.6% dip in a month and a 7.8% year to date dip against the US dollar. This loss of value was occasioned by a resurgence in the covid 19 cases, political uncertainty and ECB divergence from other central banks.

As infection increases, eurozone countries such as the Netherlands and Germany reimplemented covid containment measures which raised concerns of the growth recovery. ECB dovishness also contributed significantly to the Euro weakness.

At the same time, the euro was affected by dwindling trade. For example, the total trade surplus fell to 7 billion in September of 2021 from 24 billion Euros in September 2020. In 2021, the euro recorded as much as 1% loss indicating the biggest percentage daily loss for over 12 months while the US dollar enjoyed as much as 1% daily gain for a similar period.

The Japanese Yen

The Japanese yen recorded the worst performance against the US dollar. In 2021, the Yen experienced a massive loss of value falling to a four-year low with the downtrend increasing after September. The Yen weakness saw the USD/JPY trade at around 155 level. The massive loss of value was occasioned by a strong dollar growth caused by inflation concerns and a high US treasury yield.

The Bank of Japan has taken measures to force the pair down. However, policy divergence between the Bank of Japan and the Federal Reserve will become more pronounced if BOJ retains the -0.1% rate. Remember, the federal reserve is planning to raise the interest rates in early 2022. The central bank is relying on ultra-loose monetary policy.

Initially, a weak Yen was seen as a blessing in disguise in the export-dominated Japanese economy. However, as it dropped to low levels last seen in 2017, it became a concern since the effects of importing raw materials were felt in the household’s purchasing power.

But the dwindling value has been ongoing for quite a while. According to Reuters, the Yen has lost about 50% against the US dollar in the last decade which has seen the price of brand name items such as smartphones and luxury watches increase. The price of new model iPhones has tripled over the same period while salaries have reached more or less the same.

Governor Haruhiko Kuroda said that the impact on exports and corporate profits of Japanese company subsidiaries is positive. Japan recently elected a new prime minister Fumio Kishida who has laid down a new economic policy that seeks to redistribute wealth fairly, arguing that the previous regime Abenomics has only made the rich richer. He also has a university endowment fund worth 10 trillion yen.

What’s more, Japan depends on imported energy which is getting costlier every day. There are chances the yen could continue to weaken in 2022 with Covid fueling the case. The planned increase of interest rates and Japanese CB retaining the interest rate has seen more traders shorting the Yen.

The Great Britain Pound

In March and early June, the pound against dollar increased to all-time highs of $1.40 against the US Dollar before falling to lows of $1.30. The last time the pound was weak the UK was contemplating Brexit. But that is now behind us.

The currency took a beating after prime minister Boris Johnson announced the wave of omicron overwhelming the health system towards the end of 2021. The UK pound was enjoying an upbeat moment during the beginning of 2021, as the country finalized Brexit in December 2020. A swift vaccination plan boosted the currency value.

But as other countries worked on their vaccination efforts, the UK was faced with a new set of challenges including the rise in inflation coupled with supply chain crisis a surge of covid cases. In December the central bank of England increased the interest rates by 1.25% taking the pound to a year low making the country the first G7 country to increase rates.

After the finalization of Brexit on the eve of Christmas England was caught in a third lockdown. This damped investor confidence as the country pushed new measures to prevent spread and death cases. The country accelerated the vaccination program bringing a feeling of optimism. The success of the program saw the sterling rise to $1.40 the highest since April 2018 as BOE ruled out possibly raising interest rates.

The safety issues of the vaccine did not dampen the mood. In fact, reopening the shop and restaurants pushed the currency to three-year highs. With massive stimulus programs and holding, interest rates at low the pound seemed unstoppable.

The delta variant dented the celebratory mood as it became clear the global recovery would derail. The investor turned to a safe haven like the dollar. Despite the concerns of rising inflation, BoE increased the interest rates by 0.1% in November defying expectations. Another restriction plan in December nailed the last nail in the pound dropping to the lowest in 2021. In fact, the bank voted to increase the rates by 0.25%.

The pound weakness could continue as investors are observing a brewing political instability after members of the cabinet including the prime minister were accused of flaunting the covid rules during the Christmas celebrations. Also, there are tensions after Brexit concerning the Northern Ireland protocol. The talks between Britain and the EU as a transition period nears could help GBP regain some value.

The Swiss Franc

As the coronavirus waves were causing devastation in other states, the Franc was gaining strength. Investors worried about the recovery of the global economy turned to the franc, a traditionally considered safe-haven asset. Although some analysts argued that the strengthening of the franc had an invisible hand of the Swiss National Bank (SNB), the strengthening of the currency against common currencies was boosted by the supply chain crisis and shortage of raw materials, and rising inflation. In fact, it was moving in lockstep with the US Dollar.

This explained why the currency jumped to a high level against the Japanese yen since 2015. It is considered a good hedge thanks to the central bank policy and less exposure to pressures of prevailing prices. The Swiss National Bank has a strict inflation mandate to strengthen the franc against imported inflation. The Central Bank currency intervention in the spot market is a strong resistance pillar. Experts argue SNB bought in the past which explains its strong resilience against the dollar. While CHF is a safe haven and rises during a bearish market it weakened against the yen, pound, and US dollar in November.

The Australian Dollar (Aussie)

The Aussie was largely bearish in 2021. It rebounded after touching a year-to-date low in August and went on to outperform most major currencies in October. However, the price tumbled after the price of iron ore, its major export experienced headwinds. The weakening was aggravated by a surge in dollar value, reserved bank delay in tapering its asset purchases, widening spread of the 10-year bond, and slow down in Chinese economic activities.

Iron ore Australia’s main export to China fell 14% in one day in November due to the closure of steel mills. The fall of AUD was also contributed by the bounce of USD as the market anticipated that the Fed could start a pullback policy in 2021.

Essentially, the Australian dollar weakness against the New Zealand dollar, US dollar, and the pound in 2021 was largely due to commodity price and interest rates. The Australian reserve bank kept the rates at 0.1% while interest rates were rising in other countries. AUD tends to follow commodities’ rise and fall. When Iron ore price increases due to Chinese demand at the beginning of the year, the AUD rises significantly. Commodity prices fell in the second half with AUD also tumbling. But Aussie has recovered well in 2022.

Final Words

2021 saw many economies open up after 2020 lockdowns and restrictions. However, numerous factors saw different currencies react differently. While each country was hit by the covid pandemic, the US dollar showed resilience performing better than major currencies. Ordinarily, a stronger dollar would see it rise against other pairs, other factors held constant. Some currencies, like the euro and yen, actually dipped to the low levels seen several years ago. The good news is that weak currencies are rebounding after the central bank’s intervention. But this does not inhibit the continued growth of the dollar. Let’s wait and see what 2022 has in store for traders.

Binance Coin Price Prediction for 2022

The influential Changpeng Zhao created Binance in 2017. Initially, it was based in China before relocating to Caymans Islands due to crypto restrictions in China. Within four years, Binance coin grew to become the third biggest crypto after Bitcoin and Ethereum. However, it has slid into fourth place after Tether took its place in the third position.

Binance Coin (BNB) started as an Ethereum ERC token before migrating to the Binance blockchain. It is now used for transactions on the Binance trading platform, the biggest crypto exchange globally by trading volume.

This article explores the predicted price of the Binance coin for this year – 2022. But before that, we shall explain BNB’s price performance and uses.

Price History Analysis

So, where is BNB coming from? First, let’s explore past performance before delving into future price expectations.

Binance coin was launched through an Initial Coin Offering (ICO). A half (100 million BNB) of the total supply was distributed to the founding team and angel investors. The other half was offered to investors at 15 cents raising $15 million. The capital is used for marketing branding and emergency reserve.

The primary use of BNB coins is to pay for transaction fees on the Binance platform. Additionally, BNB is a utility token on the Binance Smart Chain (BSC), meaning you can use it to send tokens, generate passive income and collateral for crypto loans. Other uses include booking and paying for hotels at Travala.com, shopping, gaming, travel, and a fund source for the Binance debit card.

Finite Supply

The blockchain platform has a deflationary burning strategy to ensure a finite coin supply. To be precise, it uses 20% of the profits to buy back and burn BNB coins. The aim is to burn 100 million Binance coins reducing its supply and, in turn, boosting the coin’s demand.

BNB is currently trading at $435.44 with a total circulating supply of 166,801,148.00 BNB. As mentioned, it is the fourth-largest cryptocurrency with a market cap of $72,652,853,334.

For a long time, the Binance coin price hovered around $20. In fact, it fell to $10 in march 2020 due to the Covid pandemic. But the price rebounded strongly in early 2021, climbing from $40 in January to $690 in May. The price dipped to around $215 the same month. It, however, recovered again to reach $660 in November. Like most cryptocurrencies, it has shed some value and is now trading at $430.

2022 BNB Price Predictions

So how will BNB perform for the rest of 2022? For this part, we will use CryptoPredictions’ BNB predictions. These forecasts are calculated with the use of Binance coin historical data while using mathematical formulas that help determine the likely future trend of the cryptocurrency. Please note that at the time of your reading, the predictions might differ as the site updates them every 5 minutes reflecting in their calculations what is happening in the market.

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Q1 and Q2 Price Predictions

The CryptoPredictions’ site expects BNB price to range between $411 and $614 in the first quarter of 2022. The predicted average price is $488.331 in February and $491.818 in March.

As per the site predictions, BNB could open the second quarter trading at $421.114. The forecasted average price is $495.428 in April and $498.673 in May. In June, the average price will eventually hit the $500 mark to trade at $501.757. The site’s algorithm shows BNB could reach a high of $627.197 in June.

Q3 and Q4 Price Forecast

The site predicts Binance coin price to range from $428.802 to $636.512 between July and September. The predicted average price for July is $504.473. The average price is expected to grow to $506.992 in August and $509.21.

The platform further predicts BNB to trade between a minimum of $434.402 and a maximum of $511.061 in October. The price could increase to a high of $640.82 in November. In December, the price is expected to average $513.886, trading between $436.803 and $642.357.

Fundamental Analysis

Binance stipulates that BNB is a utility coin meant for use in its ecosystem. Users get a discount of up to 25% to transact using BNB, an attractive feature to users. It isn’t designed to overthrow fiat currencies or decentralize the whole economy, as is the case with Bitcoin.

But BNB is not confined to paying fees on the Binance platform. The use case of BNB expanded after the launch of the Binance Smart Chain for Dapps, Defi, and smart contracts, pushing the value higher. In fact, the price started rising in February due to BSC. At the same time, the peaking Ether gas fees proved a headache to developers. BSC proved an ideal alternative.

Currently, BSC is the second-largest Defi platform with 44 projects. Although it has more projects than Bitcoin, it is still miles behind Ethereum- which has over 200 projects. If the Defi market and users of the Binance exchange rise and Ether gas fees remain high, the price of BNB will most likely increase.

The platform growth is hinged on fees from Binance crypto exchanges. Remember, Binance is among the largest and most popular crypto exchanges. It made massive profits from the increased trading volume of the crypto boom. Since trading volume is growing with increasing adoption, some experts argue that Binance coin could outpace Bitcoin. If the bull run resumes, it could be one of the highest gainers in 2022.

BNB is leveraging on payment to expand. It is introducing a Binance visa debit card that changes crypto into fiat currency. The card is linked to the card wallet in the Binance account. In addition, it is rolling out Binance pay, a highly secure and borderless payment feature on the Binance app.

Binance is also actively expanding through acquisition. For instance, it bought Indian based crypto exchange Wazir X and Coin Market Cap – a highly popular site for checking crypto prices and market capitalisations.

Binance has also committed $1 billion in the growth of BSC several months after setting $100 a million aside for the development of Defi projects. The money will go to tech support like hackathons, talent development, liquidity incentive programs to woo new users and incubation programs. The $100 initial funding attracted more than 1 million new Defi users. With the new investment, it is set to boost global adoption and disrupt conventional finance. BSC is enhanced by Proof-Of-Staked Authority (PoSA) security algorithms to avoid rug pulls.

The burning period is an excellent time to buy because the supply will go down, and the price will increase. Binance also makes a good profit from the process. As per CoinTelegraph, Binance made a $750 million profit from burning $600 million with BNB.

Technical Analysis

Now, the chart shows the price movement of the BNB coin. The price is moving below the moving average which is slanting downwards. This shows the sellers are still in control of the market.

However, the relative strength index (RSI) shows the price is in an oversold area. Therefore, crypto investors should be ready for trade reversal. But it is prudent to wait for a trade reversal signal.

According to the chart above, the price could continue until it finds resistance at previous resistance levels. If the bearish trend continues, the price could find first resistance at $400 and next resistance at $330.

Final Words on BNB predictions for 2022

BNB has shown great growth potential. It is one of the safest coins to invest in because it is a high utility token and relatively less volatile. Unlike most cryptocurrencies, it boasts real use cases such as paying for transactions on the Binance exchange. It is also the native token in the Binance Smart Chain, which is posing serious competition to the Ethereum platform. BNB is also leveraging on the growing Defi ecosystem with numerous projects and a commitment of $1 billion to expand the projects. Despite the value dipping, numerous signals point to a likely price rebound.

Crypto.Com (CRO) Price Prediction 2022

Crypto.com (CRO) is a Singapore-based cryptocurrency exchange that allows investors to buy, sell and exchange various crypto assets and blockchain products. Besides the decentralized exchange, it also offers a crypto wallet, NFT marketplace, and credit cards. Holding cryptos in their wallet attracts up to 14.5% interest.

The platform features 150 cryptocurrencies, including the top popular assets such as Bitcoin, Ethereum, Dogecoin, Polkadot, and Cardano. It also supports fit currencies such as the US dollar, euro, pound, and Canadian dollar.

Transaction fees can be as much as 0.40%. While these fees are reasonable, it is not the lowest in the market. This is where CRO comes in handy. CRO is crypto.com’s native cryptocurrency. Holding a significant amount of CRO will benefit you with low transaction fees, higher credit card rewards, and staking interests rates.

CRO Price Analysis

Currently, CRO is trading at $0.5519 with a 24-hour trading volume of $162,639,770.67 at the time of writing. The crypto has reached a market capitalization of $13,939,785,918.51 ranking 16th among top cryptocurrencies.

While most cryptocurrencies enjoyed a massive bull run at the beginning and middle of 2021, CRO was quiet all along. However, towards the end of 2021, CRO experienced massive price proliferation rising from $0.2041 in October to hitting an all-time high of $0.9764 in November. After that, however, the price has dipped to $0.5541.

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So, how can we expect CRO to fare in 2022?

CRO Price Forecast for 2022

Q1 and Q2

The digital token started the year trading at $0.5854. According to Cryptopredictions’ CRO forecast, the price of CRO will range between a minimum of $594146 and a maximum of $0.88598 in the first quarter of 2021. In March, the average price of the cryptocurrency is expected to reach $0.7087.

The price is expected to grow in the second quarter. As per the site forecast, CRO is expected to range between $0.6073 and $0.8931 in April. The uptrend is likely to continue in May and June. Within this period, CRO could reach a maximum price of $0.9089. The forecasted average price in June is $0.7271.

Q3 and Q4

CRO predicted price in the third quarter ranges between $0.6238 and $0.9365. In August, the price is forecasted to average $0.7413, while the average price is predicted to grow to $0.7492 in September.

CryptoPredictions forecasts that the CRO uptrend could continue in the last quarter of 2022. As a result, the predicted price of CRO is expected to start trading at $0.6435 in October and average $0.7657 in November and reach a maximum price of $0.9680.

How are these Crypto.com forecasts calculated?

These Crypto.com (CRO) predictions are calculated by a computer and work with historical data (mostly with exchange rates), the algorithm crunches the historical data and with the help of linear and polynomial regressions comes with numbers that are likely to occur in the future. The site that provides the above-stated data updates its Crypto.com predictions every 5 minutes.

Fundamental Analysis

Various factors have precipitated Crypto.com’s growth. The cryptocurrency platform is also banking on multiple projects to boost its future popularity and adoption. In a bid to get its name out there, Crypto.com is associating with modern sport values.

The Singapore-based company plans to run ads during the Superbowl in February, the most-watched annual television event in the United States. A 30-second commercial goes for $5.5 million. The broadcasting company is seeking to increase the spot to $6.5 million.

The blockchain company has also purchased over 20 years’ naming rights for the former Staples Center Arena in Los Angeles.

Note that Crypto.com began as a financial services company offering crypto exchange, visa card, and payment apps. On November 8th, it launched Crono Mainnet. Cronos is the Ethereum Virtual Machine (EVM) compatible network for NFTs, Metaverses, and DeFi.

It will enable developers to port apps from Ethereum and EVM compatible chains. In essence, it will create interoperability between Crypto.com and other chains. And since on-chain transactions fees are paid in CROs, it will boost the demand of the crypto and hence the -price.

In November, the platform introduced withdrawals and deposits via polygon, offering users more options besides the BEP20, erc20, Arbitrum, and Cronos.

In November, Crypto.com also announced the addition of an in-app browser on the DeFi wallet. VVS is the first dApp built on Cronos and available through the wallet. The wallet also features multi-layer security and allows users to store, swap, and earn interest on tokens.

In 2021, the crypto.com company also launched NFTs. In fact, the Ultimate Fighting Championship (UFC) and Philadelphia 76ers basketball team are set to launch collections on the NFT platform. What’s more, the crypto company plans to buy Nadex retail online exchange, enabling investors to trade derivatives and futures products.

But that is not all. CROs is expanding its user base seismically thanks to endorsements from celebrity and high-end partners such as Boy George, Aston Martin, and Snoop Dogg.

With the numerous projects in the pipeline, the price of CRO is expected to increase. The platform recently burnt tokens reducing the supply from 100 billion to 30 billion. The value CRO is set to rise with the limited supply.

Technical Analysis

The chart above shows the price movement for the CRO. It has formed a symmetrical triangle. Remember, a symmetrical triangle signifies that both bear and bull are striving to control the market. Therefore, you might want to wait for the market to break out above or below the triangle and trade in the break out direction. It is likely the price of the digital token to break out upwards and resume the dominant rising trend.

As mentioned, Crypto.com has shed a substantial amount of its value since hitting an all-time high. That said, the price has found support around the $0.50 area. Notice how the price has tested the area thrice and has not been able to break below this level. This is an indication of dwindling selling pressure. It is, therefore, likely that the bulls will take control of the market and head upwards. If the bulls take control of the market, it will find resistance at $0.7. If the market breaks above the next resistance at $0.9, it could surpass the $1 mark.

As the 14 periods moving average shows, there is market indecision. After a smooth downtrend, the price is crisscrossing the MA line. However, the price is below the MA line meaning the sellers are in control. Also, the CRO price is at the 45 levels on the relative strength index (RSI). Therefore, if the bears are strong enough, the price will continue to fall up to the oversold area. Otherwise, we can expect the price to rise to the overbought areas.

Final Words on our CRO price predictions for 2022

CRO is one of the cryptocurrencies which have performed exemplary towards the end of 2021. It launched projects that propelled its adoption and utility, including NFTs and Defi projects. In addition, it is set to start advertising during super bowl games in February 2022 to reach more users.

While the crypto exchange native currency has lost some value, it will likely reverse the trend and grow, especially if the slated project comes to fruition. Additionally, expert predictions point to an increasing value of CRO. If you are a crypto enthusiast, this is a virtual token that you should keep an eye on in 2022.

Shiba Inu Price Prediction For 2022

Several factors, largely external, contributed significantly to the massive surge in Shiba Inu price. Elon Musk tweets indicating that he was shifting his support from dogecoin to Shiba Inu perhaps carry the most weight in the meme coin price proliferation. Additionally, a petition to have the meme coin listed on the Robinhood platform also contributed significantly to having massive price growth. Thirdly, the meme coin released non-fungible tokens known as Shiboshis. What’s more, Listing on numerous crypto exchanges has increased its visibility.

A combination of these factors saw SHIB’s value grow over 50000000% to eventually overtake dogecoin and become the reigning meme coin, at least for a day.

Shiba Inu Price Forecasts

Currently, Shiba Inu is trading at $0.0000324, a massive dip from an all-time high of $0.00008833. At the time of writing, the 24-hour trading volume was $1,993,797,637. The meme coin is the 13th biggest crypto with a market cap of $17,846,214,682, a good standing favored by global investors.

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CryptoPredictions.com Forecasts

CryptoPredictions.com is a leading prediction site for digital assets that also has SHIB forecasts. These forecasts are calculated with the use of Shiba Inu historical data while using mathematical formulas that help determine the likely future trend of the cryptocurrency.

Q1 and Q2

In the first quarter of 2022, the site expects the price of Shiba Inu to trade at a maximum price of $0.000084. The price is expected to grow and eventually reach $0.000088 by the end of June.

Q3 and Q4

The steady growth is expected to continue in the third quarter and reach a maximum price of $0.000093 by September. The forecasted price in the fourth quarter is a maximum of $0.000098 and eventually hit $0.0001 in January 2023.

Shiba Inu is developing new products that could give it the push to touch new highs. For example, its developers are working on $LEASH and $BONES flagship tokens.

In addition, it is in the process of rolling out SHIBSWAP, a crypto exchange that will make it easy for traders to exchange SHIBs with ease. Currency is available for trading at Huobi, OKex, and Binance.

Technical Analysis

The Shiba Inu chart pattern has formed a bullish triangle pattern which points to a possible upwards breakout. Therefore, investors can expect a bullish movement. However, if the breakout fails, the price will continue to plummet.

Also, the price is consolidating in a previous resistance zone, around $0.000030. This area acts as a support level. If the buyers manage to control the market, the price will likely reverse and head upwards. However, if the market fails to hold at this level and breaks below the area of interest, the price of Shiba could continue to fall.

It is imperative that traders exercise a lot of patience at this level to withstand the contests between bears and bulls. To give you a perspective, many traders could be trapped, especially in a false breakout.

The relative strength indicator currently stands at level 40. This means that the bearish move could continue as the price heads to oversold areas. But that does not rule out the possibility of the bulls taking charge of the market any time, especially if fundamentals give them a reason to buy.

The chart also shows price movement within a descending channel. Investors with bullish prejudice should wait for the price to break above the channel. Once it retouches the channel, you should be ready to open long positions.

Fundamental Analysis

SHIB critics argue that it lacks real utilities or underlying value.  Instead, its growth has largely been due to the fear of missing out (FOMO), speculation, and Elon musk’s erratic tweets.

But here is good news. The digital token has lined up a chain of interesting projects. In December, Shiba Inu contracted Playside, an Australian video game developer, to develop a multiplayer collectible card game. Besides game development, the creation of level 2 blockchain Shibarium is ongoing. In addition, Shibarium will host an Oshiverse metaverse and other ambitious projects.

Newegg tech e-retailer and AMC Entertainment have emerged as the first merchants to accept SHIB payments. Flexa recently announced it has integrated Shib as an accepted payment token which will allow users to pay at Lowe’s, Gamestop, and Whole Foods. It has also partnered with the Bitpay crypto payment integration platform. What’s more, Bitsmap is planning to list Shib in December.

Shiba Inu is down 60% from its all-time high price despite the great prospects. It is likely the downtrend could extend to 2022.

The previous bull run has turned many Shiba Inu holders into millionaires. Launching the projects mentioned above might boost the meme coin value. But remember, previous bull runs were largely dependent on the buzz in the Shiba Inu community. Some investors hope Elon Musk will post another tweet supporting the meme coin, or another narrative will go around.

Final Words

If Shiba Inu becomes an accepted means of payment, it will have real utility, translating to sustainable growth. The Shib army is unrelenting, and Elon hasn’t dropped the coin. From a technical analysis perspective, SHIB is likely to reverse from the bear market and head upwards. In this case, the price is likely to hit resistance at the all-time high of $0.000088 and break above the level. Our Shiba Inu price prediction for 2022 is Shiba Inu will hit the $0.0001 psychological level. Therefore, hodling may not be a bad idea.

Bitcoin Adoption: Which Countries Could Follow El Salvador?

The Bitcoin Law became effective on September 7, compelling businesses to accept bitcoin as a form of payment for all transactions. This has slightly increased the exchange rate of Bitcoin, which according to FXEmpire is now $42 000. El Salvador has made the first move; which other countries could follow?

Panama

Panama’s move towards bitcoin adoption occurred on the same day that El Salvador became the first country to accept bitcoin as legal tender. The country is adding its own unique stamp to the process by accepting other cryptocurrencies including Ethereum.

Panama Congressman Gabriel Silva stated on Twitter that Panama unveiled a draft cryptocurrency law. Just like El Salvador, the country seeks to increase the use of bitcoin and Ethereum as a payment option. Another aim is to encourage the use of blockchain technology in the public sector and the financial industry.

Panama’s compatibility with the digital economy, including blockchain crypto assets and the internet, is explained in the bill. The draft law promotes bitcoin as an inflation hedge and emphasizes its divisible character, stating, for example, that it can be subdivided into 100 million Satoshis.

Similarly, other cryptocurrencies, like Ethereum and Cardano, are divisible into more assets. Unlike El Salvador, Panama did not decree that businesses should accept bitcoin or any other cryptocurrency. Mandatory adoption of bitcoin rollout generated criticism as retailers and consumers were not comfortable being compelled to use bitcoin as a currency all of a sudden.

Ukraine

The Ukrainian Parliament voted almost unanimously to legalize and regulate cryptocurrency just a day after El Salvador’s official bitcoin adoption. While the new law does not make Bitcoin or other cryptocurrencies legal tender, it does empower the country to regulate them. This is with hopes of developing a new industry that will attract transparent investments and boost the country’s reputation as a high-tech state.

Before now, cryptocurrency in Ukraine was treated as illegal. Although residents could purchase and sell crypto, law authorities kept a watchful eye on organizations and exchanges dealing in it. Unlike El Salvador, Ukraine’s crypto law does not encourage the use of bitcoin as a payment method and does not put it on par with the hryvnia, the official currency.

As reported by the Kyiv Post, Ukraine intends to open the bitcoin market to investors and businesses by 2022. Some paramount state officials have been promoting their crypto credentials to Silicon Valley investors and VC firms.

Cuba

Cuba’s President, Miguel Diaz-Canel, indicated an interest in cryptocurrencies in May to aid the country’s struggling economy in the aftermath of the Covid-19 outbreak. In the Island nation, bitcoin and other cryptocurrencies are now legally recognized as a means of payment for commercial transactions.

The Banco Central de Cuba (BCC) approved Resolution 215 of 2021, which recognizes cryptocurrencies on September 15, 2021. A couple of days after El Salvador’s Bitcoin Law became effective. Despite authorizing cryptocurrency use in Cuba, the BCC still cautions of the possible risks of using cryptocurrencies. Notably, the monetary policy risks and financial stability threats.

The central bank also warned against unscrupulous actors exploiting the anonymity of crypto transactions for illegal purposes.

Is Global Adoption Possible?

El Salvador’s adoption of Bitcoin as a legal tender is presently a subject of many criticisms and challenges. The question now is if major world economies would follow suit. To be straightforward, the probability of this happening is close to 0.

Major world economies are unlikely to support a cryptocurrency like bitcoin because bitcoin is decentralized and cannot be controlled by a central bank. What more? The inventor of bitcoin is anonymous to date.

Nevertheless, central banks around the world are working to introduce their own digital currencies – Central Bank Digital Currencies (CBDCs). Hence combining the advantages of digital with traditional money.

The CBDC Alternative

PwC, a financial consulting firm, published a report on CBDCs and according to the report, 60 governments are already working on one. Interestingly, 88 percent are built on bitcoin’s blockchain technology.

The Bahamas launched a CBDC – cryptocurrency version of the Bahamian dollar – in 2020 to avoid transporting cash between its 700 small islands. Also, Cambodia introduced its own CBDC, the Bakong. China has been testing its e-CNY money and wants to use it extensively during the 2022 Winter Olympics. The US has two programs investigating a digital dollar, and the Bank of England is consulting banks, merchants, and the public on its own digital money project.

In Africa, the Central Bank of Nigeria – the continent’s most populous country – plans to begin the trial phase of its CBDC in October 2021. This digital currency known as the e-Naira is expected to compete with cryptos like bitcoin.

Bottom Line

The handwriting on the wall is easy to read. If major economies are launching digital currencies to compete with bitcoin, they’re certainly not going to adopt the cryptocurrency like El Salvador.

Bitcoin Adoption In Botswana

Although Botswana citizens are finding it easier to transact Bitcoin with the establishment of Satoshicentre set up by Alakanani Itireleng, a foremost Bitcoin dealer, and a Bitcoin ATM set up in Gaborone, Botswana capital by Express Minds Ltd.

Botswana’s small population has several bitcoin enthusiasts; however, its citizens have to go through hard times to get their wallets funded for Bitcoin transactions chiefly because there are no local cryptocurrency exchanges where crypto enthusiasts can trade Pula (Botswana’s fiat currency) for Bitcoin.

Additionally, the lack of cryptocurrency regulation by the Botswana government and its unwillingness to adopt Bitcoin and other cryptocurrencies makes Bitcoin trading in Botswana challenging.

Is Bitcoin Trading In Botswana Illegal?

Bitcoin is not outlawed in Botswana. However, there are no regulations for cryptocurrency dealings. Based on this, the governor of the Bank of Botswana was quoted as saying ‘…it is impossible to transfer Pula into Bitcoin…

The declarations of the Botswana Bank’s governor makes it impossible for cryptocurrency exchange platforms to set up a base in Botswana knowing that Banks in Botswana will not provide intermediary financial services for the Botswana populace and cryptocurrency exchanges.

Hence, if you have to transact using Bitcoin, you will have to source Bitcoin via P2P or other informal means.

Encouraging Bitcoin Adoption In Botswana

What if you can pay your medical bills in Botswana using Bitcoin? To encourage the adoption of Bitcoin in Botswana, Dr. Donald Ariisa of Shahdara Clinic, a private hospital in Botswana, has decided to accept payment in Bitcoin, making him the first medical practitioner to accept Bitcoin as a means of payment.

Dr. Donald Ariisa is quoted as saying, ‘Bitcoin and the blockchain technology is new and volatile; as an early adopter, I hope to convince the Botswana populace of its viability.’

An important catalyst for Bitcoin and the blockchain technology adoption in Botswana is the drive for diversification by Mokgweetsi Masisi, President of Botswana who was quoted as saying ‘…It is more imperative than ever for Botswana to expand her economy beyond exporting diamonds and metals…’ Thus opening Botswana officially to Bitcoin and blockchain adoption.

Bitcoin Startups In Botswana

The bitcoin price has increased in the last 24 hours by 11% on Amazon’s Crypto Hiring Plans and according to CryptoPredictions.com, the Bitcoin price is forecasted to increase even further to surpass the $100,000 mark by the end of this year. With the high adaptation rate of BTC across the globe, more and more Bitcoin startups are springing up in a drive to see the widespread adoption and possibly force Botswana’s Central Bank to regulate cryptocurrencies.

One such early startup is the Satoshicenter, a blockchain startup established by Alakanani Itireleng in 2014 to provide blockchain services to the Botswana populace.

An offshoot of Satoshicenter is Plaas which aims to help farmers and agric societies manage production, daily activities, and stock through blockchain adoption.

On the other hand, IndieStudio Africa launched Kogboko, a Blockchain financial services provider that aims to provide financial services to Botswana’s unbanked populace, provide funding for individuals and businesses, as well as spread awareness of cryptocurrencies and blockchain technology in Botswana.

Buying Bitcoin From Botswana’s First Bitcoin ATM

Bitcoin’s price remains unstabilized in Botswana largely due to the lack of cryptocurrency exchange platforms leading to high arbitrage. The installation of a Bitcoin ATM in Gaborone, Botswana, is a welcome development.

However, critics fault the 15% commission charged on bitcoin sales as being on the high side. This is a welcome relief compared with the long, arduous journey to neighboring South Africa or relying on families and friends outside of Botswana for Bitcoin purchases.

Hence, 15% is a relatively small price to pay compared to the cost and danger of traveling or the high handling fees charged for fiat monetary transactions.

Alternative To Buying Bitcoin In Botswana

An alternative way of sourcing for Bitcoin is patronizing crypto exchanges based in South Africa and paying online with a globally accepted credit/debit card not readily available to the Botswana populace.

However, the most popular means of transacting Bitcoin is via Peer-to-Peer mode on various WhatsApp groups and other social media platforms. However, this means of transaction is unregulated with no control of scam activities.

A Silver Lining In The Sky

Botswana populace can buy bitcoin with fiat currencies on several exchanges and P2P platforms like CEX.io, YellowCard, Binance, Coinmama, Kraken, Paxful, LocalBitcoins, OKcoin, and Changelly.

The advent of peer-to-peer and crypto exchange platforms has provided great relief to Botswana’s cryptocurrency enthusiasts and has also catalyzed the widespread adoption of Bitcoin in Botswana.

Will Botswana Ban Bitcoin?

The bank of Botswana is not interested in regulating cryptocurrencies and, it has no intention of banning cryptocurrencies in the country. The central bank governor is likely to follow the trend by providing regulations for cryptocurrencies and cryptocurrency exchanges in the future. However, it cannot declare a ban on cryptocurrencies and related activities since it does not control the internet.

Bottom Line

The Botswana populace continues to push for the widespread adoption and regulation of Bitcoin; this has yielded much dividend with the installation of Bitcoin ATM, the establishment of Satoshi center and other Bitcoin startups, and the proliferation of Bitcoin exchanges and P2P platforms.

Hopefully, Botswana will become one of Africa’s best cryptocurrency haven in the nearest future if it sustains its drive for widespread Bitcoin adoption.

Dogecoin Price Prediction for 2021

Riding the Crypto Roller Coaster

Dogecoin has experienced high price volatility like any other cryptocurrency. To be precise, it has leaped about 774 percent year to date against the US dollar. In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. Additionally, Dogecoin’s bullish movement started the year on a high note, doubling from $0.005405 to $0.011427 on January 2.

A Journey to new highs

On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. The bullish movement has pushed the market cap to $10.7 billion. The trend has now retraced to what seems like a minor pullback. However, we can’t be ruled out a full reversal.

Currently, the price is hovering around the previous high of $ 0.051793 reached in January 2021. The price could retest this high, which would then become our support. While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point.

2021 Price Outlook

While we can’t predict dogecoin’s price with utmost certainty, it is prudent the most likely direction. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. But its growth has not been any joke. Currently, it ranks 10th globally. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise.

Recent endorsement from high-profile individuals has swayed the “joke” cryptocurrency. Elon Musk’s series of tweets is one of the highest drivers of the dogecoin price increase. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase.

2nd Quarter Prediction

The bullish movement of the dogecoin will continue through April. According to Tradingbeasts’ Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. At the end of the month, the price is expected to reach $0.0599065.

In June, the price is expected to reach $0.0754225 and hit $0.0512873 on the lower side. The price is expected to hover around $0.0608258 towards the end of the month. Similarly, the site expects dogecoin to reach $0.0766733 in July. The minimum is forecast to be $0.0521378. Dogecoin will reach $0.0613386 at the end of the month.

Q3 Price Prediction

The Dogecoin bullish movement is expected to continue into the third quarter of 2021. TradingBeasts further forecasts that the cryptocurrency will be traded at $0.0613386 at the beginning of the month and close the month at $0.0619104. During the month, the price will hit a high of $0.0773880 and a low of $0.0526239. In September dogecoin price will increase to a high of $0.781554.

Q4 Prediction

Like the rest of the years, bulls will still be in control in October through December. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. More bulls are likely to join the bandwagon pushing the price to test the resistance zone in December. Dogecoin will trade for at least $0.087006 towards the end of the year.

Dogecoin Prediction 2022

TradingBeasts predicts that Dogecoin’s price will pass $0.081 in January 2022. Eventually, penetrate the current all-time in February 2022 to sell at a high of $0.0826640. The bullish movement is expected to continue throughout the year. The cryptocurrency is likely to reach a minimum price of $0.0640377 and $0.0941731 on the upper side.

Price Movement in 2023 and 2024

The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. In other words, more investors are likely to continue buying dogecoin, pushing prices even higher. According to the trading beast forecast, Dogecoin will open the year at a $0.0954633 maximum price and trade at a minimum of $0.0649150. The price will close at $0.1 price in May 2023, which represents a 55.75% change. Dogecoin will reach $0.1096323 on the higher side and $0.0745500 on the lower side at the close of the year.

In 2024, dogecoin will be trading above the $0.11 mark on the higher side. If the price falls, it will find support at the $0.075 price level. Towards the end of the year, the minimum price will increase to 0.846257. On the higher side, the cryptocurrency will cross $0.12 in September and continue the bullish movement to close the year at a maximum price of $0.12444.

Technical Analysis

The Dogecoin price movement on charts is a mixture of bullish candles and a ranging market. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. If the price breaks the resistance, we could see price movement upwards. A break to the downside could slump to a $0.045 zone. This zone has support from a previous price gap.

Fundamentals

Dogecoin price is expected to be bullish all through up to 2025. The charts will have an uptrend to trade over the $0.12 mark, although the typical l ups and downs will be present. One of the most promising aspects of fundamental analysis is the growing popularity among A-list celebrities.

For instance, Elon Musk’s tweets have significantly affected the price of dogecoin. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. Similarly, Gene Simmons said he would be buying the currency. But that is not all. Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin.

Another fundamental aspect that will affect dogecoins is government regulation. For instance, Nigeria, the second-biggest bitcoin market in the world, has banned the use of cryptocurrencies. The Indian government is also considering banning cryptocurrencies.

On the bright side, financial giants including JPMorgan, Citi, and Sachs are contemplating establishing crypto custody. What’s more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. Visa has also published similar plans.

Final Words

Cryptocurrencies have experienced seismic growth in the recent past. Dogecoin is one of the cryptocurrencies that have grown significantly. In fact, it has hit an all-time high within the first two months of 2021. The massive support from Tesla’s Elon Musk and other celebrities could boost investors’ confidence. Ultimately, dogecoin is expected to grow in 2021 through 2024.

Buy Dogecoin with Binance

Africa’s Most Traded Currencies in 2020

Overview

The currency of a country tells you a substantial amount about its economy as well as living standards of the people.

As diverse as the African continent and her countries are, so are the currencies which see high daily volumes of trade.

Tunisian Dinar (TND)

The Tunisian Dinar trades at around 2.70 TND for 1 USD. Tunisia was colonized by the French and the use of the French Franc as the main currency continued for years, until 1960, when the country replaced the franc with dinar after obtaining independence.

The monetary policy of the country allows for the export and import of dinars, or the convergence thereof to other currencies, allowing the dinar to be one of the highest traded currencies.

Botswana Pula (BWP)

The Botswana Pula trades at around 11.04 BWP for 1 USD. The Botswana Pula is an attractive currency as traders tend to favour it when trading on the Johannesburg Stock Exchange, the largest stock exchange in Africa.

US Dollar (USD)

The US Dollar is the most dominant currency which is traded more often than any other currency in the world, forming part of 88% of all trades.

Nigerian Naira (NGN)

The Nigerian Naira trades at around 396.67 NGN for 1 USD. The Central Bank of Nigeria is solely permitted to issue the Nigerian Naria, and it controls the volume of money which is supplied in the economy to ensure that there is monetary and price stability.

Seychellois Rupee (SCR)

The Seychellois Rupee trades at around 20.91 SCR for 1 USD. The Seychellois Rupee, the official currency of Seychelles, falls among the most traded currencies in Africa. It is divided into 100 cents and referred to as ‘Roupi’ in the local Creole language.

Egyptian Pound (EGP)

The Egyptian Pound trades at around 15.66 EGP for 1 USD. Egypt is a famous Arab nation which has been in existence since the biblical times. Egypt is famous for its pyramids and the Egyptian pound, as the local currency, is one of the most valuable in Africa.

Zambian Kwacha (ZMW)

The Zambian Kwacha trades at around 21.38 ZMW for 1 USD. As one of the most valuable and most traded currencies in Africa, the Zambian Kwacha is the local currency of Zambia, a landlocked country in South Africa.

South African Rand (ZAR)

The South African Rand trades at aroxund 15.34 ZAR for 1 USD. South Africa is one of the most developed democratic states in Africa and comes in eighth in the strongest currencies in Africa. South Africa is a vibrant and competitive economy and the only African member of the G20 economic group.

You might like: South Africa is officially one of the fastest growing forex trading industries in the world.

Kenyan Shilling (KES)

The Kenyan Shilling trades at around 110 KES for 1 USD. Next to the US Dollar, the South African Rand, Nigerian Naira, and others, the Kenyan Shilling is one of the most traded currencies in Africa.

Why Africa is Experiencing Record New Traders -Latest Statistics Revealed

Forex trading has, despite sweeping global challenges, increased and strengthened for a variety of reasons.

  • Due to lockdowns on a global front as a result of the Covid-19 pandemic and subsequent attempts to curb the spread, a lot more people were confined to their homes to work remotely whereas others were left without employment, seeking alternative ways to secure an income.
  • Improved telecommunication across the continent and increased access to the Internet all over Africa brought in massive numbers of new forex traders who signed up to trade on the established electronic trading platforms.
  • Other reasons include the high liquidity that the forex market offers in addition to lowered transactional costs, making it possible for anyone to trade forex, especially through mobile trading.

Newly released statistics

Africa’s economy as a whole is growing substantially and quickly, despite many challenges the continent faces. Africa remains one of the most lucrative destinations for foreign investment and there are many international companies that have established themselves across the continent, says Louis Schoeman from Forexsuggest.com – a global forex analysis platform based in Africa who conducted the survey.

Many notable forex brokers have already witnessed a trading market ripe and ready to be penetrated and featuring near-endless possibilities for traders ranging from beginners, intermediaries, and expert traders.

There are numerous major forex brokers that have obtained the necessary regulation from a top-tier authority to offer their services to African forex traders.

The following regulated brokers supplied us with their percentage growth for 2020

1. “We saw substantial growth of around 100% in trade volume and significantly more than this in our number of active clients in the African Region” – Paul Margarites, Sub-Saharan Director of Exness

2. “On average, we grew 35% in the African market for 2020” – Christodoulos Avraamides, Head of Affiliates, African Division at XM.com

3. “Across all South Africa and all channels, the percentage growth in NACS from 2019 to 2020 was 18.3%. In all of Africa’s continent, it’s 20.2%” –  Elena Lautinka, Head of Africa Affiliates at Avatrade

4. “We saw a steady increase of around 22% on clients” – Ayrin Nifanov, Head of African Growth at CM Trading

5. “Tickmill saw a 27.43% increase in Africa alone” – Christoforos Panagiotou Africa Regional Manager of Tickmill

Conclusion: The median growth of all brokers surveyed in Africa was 21,25%

Retail forex trading in Africa may only represent a small segment of the global currency markets – approximately 5.5 percent – but the continent is showing substantial growth, especially in South Africa which accounts for the greatest forex trading volume in Africa.

In February, March, and April 2020, the South African Rand as well as other African currencies experienced weakened price levels against emerging and developed market currencies. However, during July, African currencies showed increased strength followed by weakened conditions again during August.

A record number of Financial Services Conduct Authority (FSCA) licenses were applied for by European and Asian Forex Brokers in 2020.

Despite volatile trading conditions, October and November proved to be substantially fruitful months for African currencies and the positions held in the global forex market.

The main driver of growth in South Africa and Nigeria appears to be that other jurisdictions, such as Europe, have tightened regulations.

This makes Africa and various Asian countries an attractive proposition for regulated retail brokers, particularly those originating from Europe.

Tips On How To Trade The Currency Pair EUR/GBP

EUR is the Euro, the official currency of most European countries, including Italy, France, Germany, Spain, etc.

Conversely, the official currency of the United Kingdom is GPB (Pound Sterling). Both EUR and GBP currencies have higher individual values than the USD (United States Dollar). If you intend to trade the EUR/GBP, here are tips that can help you.

Tips On How To Trade The Currency Pair EUR/GBP

Understand the base and quote currency

When it comes to trading forex pairs, there’s always a base and quote currency. The pair results from a price comparison of the base and quote currency, which indicates the needed amount of the quote currency for buying the base currency.

In the case of EUR/GBP, the EUR is the base currency, as it comes first, while the GBP is the quote currency, as it comes second.

So, when it comes to trading EUR/GBP, we are looking at how much GBP is needed to purchase EUR. In other words, you are selling GBP to buy EUR.

Furthermore, there are two prices involved, which include the bid price and the asking price. The bid price is the quote currency amount for buying the base currency, while the asking price implies the quote currency amount acquired after selling the base currency.

Consider its low volatility

Volatility has to do with how fast or slow trading prices change. The forex market is volatile, considering the large number of currencies involved. However, the EUR/GBP pair has low volatility; their prices don’t change significantly very often.

As mentioned earlier, both EUR and GBP are among the most strongest currencies in the world. European countries use the Euro while the UK uses the Pound Sterling; hence, the EUR/GBP is a relatively stable currency pair, which makes them heavily traded. A major change in their prices would draw massive attention in the forex market and outside it.

Follow the economic news

When trading any currency pair via forex brokerage houses, it is ideal to follow the economic news so you don’t miss any event that could drive a major price change. This applies as well for the EUR/GBP currency pair; besides, EU countries and the UK are involved.

You should not miss important updates, including new monetary policies, capital input, capital withdrawals, inflation, etc. Notably, the short-term rates of both currencies are influenced by economic data announcements.

Therefore, you should check daily in the morning and evening for economic updates about the GBP and EUR. Furthermore, it is ideal to check political news because they can influence investor decisions.

Trade at the right hours

Trading activity in the Forex market usually reaches a peak during certain periods at major financial cities in the world. Hence, Forex trading is distinguished into three activity sessions: North America (New York), European (London), and Asian (Tokyo) sessions. Notably, the European Forex session in London starts from 7 am to 4 pm (GMT).

Although you can trade at any time in the 24/7 forex market, it is ideal to trade the EUR/GBP pair during the European Forex session; a simple way to remember this is “don’t trade when it is dark in London.”

Look out for trends

If you want to perform a profitable EUR/GBP trade, it is vital to identify ongoing trends. For the EUR/GBP pair, you should either use the EUR/GBP price analysis or a technical trend indicator.

Take, for instance, the 200-Day Period Simple Moving Average; if the chart is trending down and the prices shift below the moving average, it is a bearish trend. To avoid getting false trend signals, you should follow only short signals of the EUR/GBP pair.

Similarly, if the chart is trending up and the prices shift above the moving average, it’s an upward trend. To avoid getting false trend signals, you can follow only long signals of the pair.

Look out for correlation with other pairs

While you have your eyes set on EUR and GBP, you should always look out for other forex pairs and how they correlate. Ideally, you should look out for correlation from the past three months.

Pairs with strong correlation are likely to have EUR or GBP; For example, EUR/JPY and GBP/JPY.

With correlation, you can get trading signals for the EUR/GBP pair. Likewise, currencies with strong correlation are ideal for hedging.

Conclusion

Forex trading is a notable means for making money on the internet, while the EUR/GBP pair is a profitable one to trade.

However, as always advised, Forex trading is risky; there’s no guarantee of returns or profits. Therefore, you should only put in what you can afford to lose.

How the Blockchain Can Turnaround Africa’s Mining Industry

The use of the blockchain, otherwise known as the Distributed ledger technologies (DLT), involves the setting up of digitally stored databases around several privately held locations around the globe, enabling the creation of electronic records which can be verified using peer-to-peer mechanisms, without any verifying party having centralized control of the database. Such a record is secure, accessible to all, and is immutable.

The very structure of the blockchain makes it suitable for use in eliminating the various challenges that have beset Africa’s mineral sector, which is riddled with problems that are created from the relative opacity of all segments of the sector. Take any person living in a typical African mining community and ask whether he or she knows what happens to the minerals taken from their soil and you would be lucky to get an informed answer.

The opacity of the processes involved from the extraction point to when the precious minerals and the payments change hands provides the perfect cover for those who game the system at all levels.

In many African countries, national governments do not even know how much of their minerals leave their shores. Such is the level of decadence in the mineral sector in Africa.

The situations above probably operate where there are legitimate governments in place. When there are conflict situations or conditions where renegade movements are in control of the areas where the mineral resources are located, things take a gory turn. The problems of conflict minerals which the film “Blood Diamonds” portrayed in a toned-down manner are now well known.

The emphasis now is to deploy initiatives that can address all the problems associated with Africa’s extractive industry and to bring about improvements. The use of distributed ledger technology will directly address the problems with record-keeping, traceability, and management of the entire supply chain. The blockchain can be used to enforce standards that comply with international conventions on the extraction, processing, marketing, and distribution of mineral resources and their derivatives.

The Issues

The political, economic and social cost of illegal mining in Africa is immense. From Ghana to DR Congo, Nigeria to South Africa, the story is the same. The locals and the economy of the mining communities are left impoverished as vast lands that could be used for agriculture are destroyed by uncontrolled and unethical mining methods.

Local workers are subjected to slave-like, dehumanizing conditions with armed soldiers paid for by these companies, set over these workers. The countries bleed foreign exchange as revenues that could have gone to development projects is siphoned off by large foreign corporations. The only gainers are the big mining companies, their executives and local collaborators in government and the communities.

The Blockchain: The Tool for Audibility and Accountability

Distributed ledger technologies have certain features that make them adaptable as tools of audibility and accountability in the African mineral sector.

  1. They are decentralized and available to all
  2. The records stored on the databases are immutable
  3. The records are open to public scrutiny and validation

The lack of a single clearinghouse or a single point at which information is warehoused makes it very hard to alter records pertaining to the mining operations. A government can in an instant, know who has been granted mining licenses, who has commenced operations, and which companies are not listed on the national database of mining licenses.

Records are secure and cannot be altered or subjected to fraudulent accounting practices. No single person can lay hold of control on the ecosystem. The records can be viewed by all. Transactions can be scrutinized and validated. Tax records of mining companies can immediately be accessed. Prosecution of errant parties in the mining industry can be made a lot easier as incontrovertible evidence of wrongdoing can be gathered quickly. Opacity is sacrificed instantly on the altar of transparency; this is what the blockchain offers.

The blockchain can significantly degrade the ability of those who game the mining industry in Africa in an instant. Its efforts can be supplemented by the demands of increasingly aware consumers, who want to be sure that what they are buying was ethically sourced in an environmentally friendly manner.

Consumers also want to be sure that what they are getting was not produced by dehumanizing labor practices, and that it passed through an accountable supply chain management system that can pinpoint the pathway of the minerals from point of origin to destination.

Blockchain technology is not a fix-all solution to the problems in Africa’s mining industry. But the blockchain forms a very strong foundation on which fundamental change can occur.

Use Case Applications of the Blockchain in Africa’s Mining Industry

One of the ways in which the blockchain can be used to benefit Africa’s mineral industries is by the tracking of conflict minerals. One country that is already doing this is Rwanda. Rwanda became the first country in the world to adopt blockchain technology in addressing the problem of conflict minerals within its borders. Rwanda uses the blockchain to track the entire mining chain of Tantalum, from the mining pots to the refining furnaces.

Another example of the use of distributed ledger technology to track minerals in Africa comes from a private company. IAMGOLD Corporation is a gold miner which is using the blockchain to track responsibly sourced gold. IAMGOLD Corporation has its African operations in Burkina Faso and uses a blockchain technology solution developed by California-based company, Emtech.

These two are examples of how a government and a private corporation in Africa are helping contribute to the use of distributed ledger technologies to combat Africa’s mining problems.

Why Are Bitcoin Exchange Trading Volumes Dropping?

At the time Nicholas Vardy made this statement, the cryptocurrency markets were not in existence. You literally had to open multiple trading accounts with various brokers across the world to chase such opportunities. But the coming of cryptocurrency brokers changed the game and validated Vardy’s proposition. They brought the opportunity to open accounts and trade universal assets from anywhere in the world, with no regulatory-backed prejudices as to who could or could not participate in the market. Borderless trading became a reality, and it was now genuinely possible to seek the crypto bull markets where they could be found.

In many ways, Vardy was right, as the cryptocurrency markets found themselves as the primary destination for desperate traders in March and April 2020. During these times, the cryptocurrency markets began to see surging volumes, as traders who had lost money in other markets tried to recoup them from the strong performances of Bitcoin, Litecoin, Ripple and other cryptos. At those times, exchange trading volumes posted new records as public participation increased.

However, the tide seems to have changed in just three short months. With Bitcoin struggling to get past the $10,000 mark, and with stock markets across the world greatly benefiting from the stimulus packages of central banks, Bitcoin exchange trading volumes have started to drop once more.

According to the latest data from a UK-based data company that specializes in crypto market statistics (CryptoCompare), the top exchanges witness a 36% drop in trading volume in June 2020. That was not all. Other crypto derivatives platforms have seen a decline of more than 35.7%, representing $393 billion in trading volume in the same month. Thus crypto derivatives platforms and exchanges have experienced some of the lowest trading volumes in 2020 on a month-over-month basis.

There is also another way to gauge the volume changes that have occurred in recent times on the charts of Bitcoin and other crypto derivatives. The Average True Range indicator (ATR), which shows the range of movement of an asset in any given day, is one tool that can gauge whether an asset has low trading volumes or not. Higher volumes produce greater volatility and therefore, higher ATR readings. The reverse is the same: lower volumes generate lower market volatility and lower ATR readings. If you look at the ATR for Bitcoin in June, it was not only half of its previous ranges in March/April 2020, but had also dropped to levels that were slightly above its lowest reading for 2020.

The lower volumes seen has cut across the top exchanges and platforms, as well as those exchanges classified as the lower-tier exchanges. This could explain why retail money has left in droves. But is this all that there is to it?

What’s Next for Bitcoin and Other Crypto Derivatives?

As discerning investors with a mind of using the statistics to our benefit, we need to understand what these trading volumes mean and how they will affect the market trends for Bitcoin and other cryptocurrency derivatives.

Generally speaking, the cryptocurrency market is still at a stage where retail traders drive most of the trading volumes. These are those who drive the phase of public participation, according to Charles Dow, who first defined the components of a trend. As it is, many of these traders have either entered the HODLers paradise (i.e. have opted to hold their positions as opposed to actively trading them) or have moved their money elsewhere. This is partly responsible for the lull seen in cryptocurrency prices in June.

But after the lull period comes a period of activity, with prices either surging or undergoing a selloff that drives prices lower. Many of these instances occurred in 2019. Usually, a whale who may have accumulated Bitcoin or other cryptos such as Litecoin, Bitcoin Cash or Ripple at a lower/cheaper price, may then decide to sell a large chunk of such holdings for a profit. This action usually triggers panic among retail traders who are still holding, and they start to sell, further accentuating the selloff. Sure enough, when prices have fallen far enough, we see another whale or an institutional player coming into the fray to snap up these cryptos at what can be considered as bargain prices, sending price back up.

This process also works in reverse. A whale could make a mass purchase and drive up prices, but more importantly, wake up the neutral retail traders who have been sitting on the fence and get them to join the fray. This increase in public participation then drives prices even higher, allowing the positions of the initial whale buyers to get into massive profit territory.

The lull forms when no new money is available to buy new positions at prices that are now expensive, and then the whales start to dump their cheaply acquired cryptos at high prices, making huge profits in the process. Of course, this ends up triggering a price fall, more selloffs, and drags down more panicked HODLers among the retail participants, and continues the cycle all over again.

This is a time-tested and proven market sequence which can be predicted to some extent using trading volumes. If you look at the charts, Bitcoin, Litecoin, Ripple and several of the top cryptocurrency CFDs are all trading in a range. It seems as though the markets may be in for a storm after the present calm.

What 2020 Has in Store for Kenyans in Online Forex Trading

This pandemic has as it were, taken up most of the first half of the year, which effectively leaves us six months to rescue what is left of 2020.

Almost every sphere of economic activity has been shut down, except the world of online trading which continues to thrive. This period has seen all financial markets brimming with opportunities.

Bi-directional markets such as the online forex trading market hold a lot of opportunity at the moment and will hold even greater opportunities after COVID-19 has been contained. For Kenyans, there is a lot of opportunities to get started in forex trading right now. Do not buy into the schools of thought that say the forex market is too risky to invest in at this time. Many financial fortunes were changed for the better in the period immediately trailing the 2008 global financial crisis. These were those who understood market cycles and knew how to play the market both ways by buying when they needed to, and shorting when the time was right.

Is the religion of Kenya in the way of forex trading?

Unlike some other African countries like Morocco, Egypt where live over 98% Muslims who often struggle with the question whether is forex trading halal or haram, Kenya has only about 10% Muslims, so only a slight percentage of Kenya’s citizens have to decide whether forex trading is prohibited by Islam or not. Nearly all the rest of the population (85%) are Christians. This means one simple thing. Religion will not stand in the booming popularity of forex trading in Kenya.

Why was the popularity of FX trading so heavily boosted in Kenya?

The popularity of FX trading was given a boost by the introduction of regulation by the capital markets authority. The entrance of the first local forex provider into the market generated a lot of media buzz. This first brokerage was not a 100% indigenous brokerage, but a subsidiary of a Cyprus-based brokerage carrying a CIF license. A second player has since entered the local market, but they are doing so at a time when offshore brokers have had more of a foothold in Kenya than the local ones.

This article highlights what the rest of 2020 has in store for Kenyans in online forex trading. So what lies ahead?

  • More Broker Scrutiny

At the heart of the institution of forex authorization and licensing by the Capital Markets Authority in Kenya is regulation. Kenya is coming from an era where many local traders lost their money to fly-by-night operators. Many of these were shadowy companies with unclear regulation or licensing, and worked with local partners, some of who were also doing things on their own without the consent or knowledge of their principals.

For instance, it was not unusual to see an individual claiming to be a representative of an offshore broker, and offering to manage funds for clients without track record or without any form of regulation. Cases of such persons absconding with the money of their clients were rampant. At this time, the Capital Markets Authority was in existence, but only regulated the Kenyan Stock Exchange and brokers offering trading in local stocks.

With traders suffering such mishaps in the past and the CMA stepping up with regulation, Kenyans can be sure that unregulated forex brokers will not have a field day in the country. Even offshore brokers who step into the market know they have to get their licensing sorted out before they come or they will get nowhere.

  • Quest for Greater Forex Education

With greater forex trading awareness has come the clamour for forex education. Forex brokers now know that forex education is no longer an optional bonus but a necessity for getting and engaging new clients. Competition in providing comprehensive forex education means that Kenyans who want to start online trading will now be able to get access to top quality forex education content that can make a difference for them.

  • More Robust FX Market Due to COVID-19

The world is at a critical juncture and like it or not, the COVID-19 pandemic has created immense trading opportunities in the financial markets. Many currency pairs are trading in price ranges that have not been witnessed before. To put it in another way, if the EURUSD was giving you a daily trading range of 100 to 200 pips a day. All the forex market is asking is this: do Kenyan forex traders have the skills and strategies to take their own share of the COVID-19 opportunities in the forex market?

COVID-19 looks like it will be with the world for several months ahead. This means that there will be lots of opportunities. Many brokers are already reporting increases in new registrations as offline jobs and opportunities dry up. Online opportunities such as forex trading will continue to be around for a lifetime. Therefore, Kenyans need to use this window of opportunity that the increased volatility in the FX market has brought their way to make money from the market.

  • Local Brokers Will Run Alongside Foreign Brokers

It is true that CMA has regulated forex trading, but it cannot prevent Kenyans from trading with offshore brokers. So Kenyans will see a situation in 2020 where regulated offshore brokers will operate alongside the two locally-based forex broker brands. So you still have a choice of what brokers to use. Whatever your choice is, ensure the broker is regulated and has a good track record. Considering that the oldest of the local brokers in Kenya is only 2 years old, there are those Kenyans who would still choose experience and track records over location.

These are some of the things that 2020 has in store for Kenyans in online forex trading. Are you ready for them? Hope you are.

Forex Regulation Across Africa – The Complete Guide

Partly, this intense growth was caused by the fact that ESMA enforced new restriction laws on the maximum leverage that EU traders can use (this caused FX brokers to focus on other big markets, like Africa)

An average of over $5.1 trillion is traded daily in the Forex market. Though worldwide, there are major forex trading centres which include London, Tokyo, Paris, Sydney, New York, Zurich, Singapore, and Hong Kong. A Forex trading day starts in Australia and ends in New York. The market stays open for 24 hours a day and five and a half days a week.

There are specific regulations in countries, continents that oversee the trading of Forex. In some countries, FX trading is restricted and banned while in others, it is fully supported. In this post, our focus is on Africa as we’ll be looking at Forex regulation across the continent.

Overview of Forex Trading In Africa

Forex trading is a very competitive activity, and in Africa, it is no different. The market has experienced speedy growth over the last two decades as more Africans are being enlightened on what Forex entails.

Significantly, the last decade has seen the Forex market go from almost unnoticed to becoming one of the most dynamic industries in the content. This can be attributed to the advent of mobile devices and other technologies.

There are about 1.3 million Forex traders in Africa. South Africa and Nigeria lead the way as both countries constitute a large percentage of the total figure.

Other countries where Forex trading is gaining ground are Kenya, Egypt, Angola, Namibia, and Tanzania. This has attracted international Forex brokers like IQ Option, IC Markets, XM Forex Trading, ForexTime (FXTM), and Olymp Trade.

With this vast amount of forex traders, it is expected that government financial regulatory bodies will be interested in monitoring trading activities in individual countries.

Forex-Friendly African Countries

A lot of African countries are Forex-friendly, but there are minor restrictions from the government. Forex can be traded in Nigeria, South Africa, Egypt, Kenya, Namibia, Ivory Coast, and many other African countries.

Whereas Forex trading cannot be said to be legalized in these countries, it also does not break the law. Before a Forex broker can offer Forex trading services to a country’s citizen, it is mostly mandatory to acquire a trading license.

Forex-Prohibited African Countries

Currently, a complete Forex ban is not placed on any country in Africa, unlike world countries like North Korea and Israel. As stated earlier, there are minor restrictions from the government in some countries. These restrictions do not prohibit the trade of Forex but are imposed to prevent fraudulent and scam activities.

Some of these restrictions are on the maximum trading amount and the maximum amount you can have in your Forex account. These are similar to Forex restrictions imposed in countries like China and Russia. Furthermore, Forex trading with non-licensed Forex brokers is prohibited in some African countries. Likewise, you can only trade Forex for yourself and not for anyone else (identification is mandatory for most Forex brokers).

Forex trading is usually not welcomed in countries governed with strict sharia laws. As a result, countries like Algeria, Benin, Burkina Faso, Egypt, etc., may not be the best to engage in Forex trading.

Let’s consider how Forex trading is regulated in some major African countries:

Forex Regulation In South Africa

In South Africa, various regulatory trading rules are put in place to minimize Forex trading risks. These regulations are imposed by the South African Financial Sector Conduct Authority (FSCA), formerly known as the Financial Services Board (FSB). The FSCA is the body responsible for monitoring and controlling all financial activities in the country. It is the most vigorous Forex market regulation in Africa.

The FSCA regulatory policies are in line with what is obtainable from regulatory bodies overseas. Notably, all OTC derivative brokers must report all trades in a bid to organize CFDs. Through the FSCA, Forex brokers can relate with each other without resulting in conflict.

According to topforexbrokers.co.za, the FSCA license incorporates some immense benefits like that FX brokers regulated by the FSCA treat their customer in good faith and that they help them with financial education and financial literacy. Not to mention that if anything goes south, a South African trader who is trading with FSCA regulated broker can go to FSCA if they think they have been scammed by their broker or mistreated.

Forex Regulation In Kenya

In Kenya, the Capital Markets Authority (CMA) regulates all financial activities, including foreign exchange trading. Before a Forex broker can do business in Kenya, they must be registered and licensed by the CMA.

Forex was previously unregulated in Kenya. Before 2016, lots of Kenyans were trading with unregulated brokers, and there were too many reports of fraudulent activities. As a result, the Kenyan government authorized the CMA to regulate Forex trading activities in the Finance Act 2016. The principal aim of the regulation is to make the market transparent and protect investors’ funds.

The CMA drew regulatory leads from international regulatory bodies like the Australian Securities and Investment Commission (ASIC) and the United Kingdom’s Financial Conduct Authority (FCA).

Forex Regulation In Nigeria

Forex trading in Nigeria is still unregulated despite the market being one of the most active ones in the continent. However, it is perceived that the country’s apex bank is working with the Securities Exchange Commission to commence Forex trade regulation.

Despite the absence of regulation in the country, the government does not consider Forex trading illegal. There are local Forex brokers who register just like other businesses and carry out foreign exchange activities as usual. Most Forex traders in Nigeria make use of foreign Forex brokers rather than the local ones due to this lack of regulation. The trading risk is totally on the trader, so they assume the foreign brokers are more trustworthy.

Banking policies do have effects on Forex trading in Nigeria. Some Nigerian banks may prevent customers from using their electronic cards to make payments or withdraw from foreign exchange platforms. Presently, there are imposed restrictions on the amount of foreign currency a Nigerian can spend outside the country. These are individual policies that could be eliminated if the Nigerian government properly legalizes Forex trading.

How To Select The Best Forex Broker For Africa

Due to the risks involved in Forex trading, it is vital to be cautious when deciding on the best Forex broker to invest in Africa.

Firstly, you should check for the broker license. If Forex trading is regulated in your country, check to see the Forex brokers licensed by the regulatory body. For a country like Nigeria, where the market is not restricted, consider foreign brokers who are licensed by global licensing authorities.

The next thing to do is to check out the trading platforms offered by these brokers. Check for their deposit bonuses, ratings, minimum deposit, and payment options before making a decision. For a practical trading experience, a Forex demo account should be featured where you can try your hands before going live. Do not invest real money if you haven’t fully understood how the platform works.

How To Stay Safe While Trading Forex

You should avoid any unlicensed Forex broker in Africa. The amount of Forex scams in African countries is on the high side, and it has resulted in grave losses for the victims. By going with a well-licensed broker, this risk is almost eliminated, and you can trade more assuredly.

Additionally, you should be cautious when making a substantial investment when you don’t fully understand the Forex market. Likewise, you should control your emotions and don’t spend all your money on Forex trading.

Conclusion – The Future Of Forex In Africa

Interest in Forex will undoubtedly continue to rise in the coming years. The sensitization level is currently high as Forex trading is advertised on newspapers, TVs, radios, websites, etc.

There are equally Forex seminars and programs to create awareness. More overseas Forex brokers are also picking interest in offering their services to African countries. Consequently, better regulatory policies will be imposed in countries that lack them so that aspiring traders can trade safely.