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Crypto price prediction after the shakeout: Chancer, Injective

By:
on Aug 19, 2023
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  • Cryptocurrency prices dropped sharply this week as Bitcoin lost a key support.
  • Some analysts believe that this decline will be temporary.
  • Chancer token sale gained steam as the developers raised over $1.5 million.

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It was a difficult week for cryptocurrencies as Bitcoin price finally made a bearish breakout and settled below the support at $26,000. Most coins and tokens retreated, bringing the total market cap of cryptocurrencies to ~$1 trillion. 

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Some analysts believe that cryptocurrencies will continue falling in the coming weeks as demand wanes. Others, on the other hand, believe that this decline was merely a shakedown, which could push cryptocurrency prices higher. In an emailed note, Nathan Leung, the co-founder of Cryptonauts said:

“This may be one of the final shakeouts before the beginning of a new wave of a bullish cycle. Recently, Decrypt reported the highest number of Bitcoin hodlers – meaning most of us don’t even touch the Bitcoin sitting in the wallets. What we’re seeing is a liquidation of longs on order books as the shorts eat through the buy wall.”

Chancer price prediction 

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One cryptocurrency not going through a crypto winter is Chancer, an upcoming platform that has raised over $1.5 million in the past few weeks. For beginners, Chancer is a company seeking to disrupt the sports betting industry using the blockchain technology.

Betting is a big industry that is set to thrive in the next few years. Most companies in the industry reported a double-digit jump in revenue in the second quarter. Flutter Entertainment, company of Fanduel, saw its revenue grow by over 25% in the first half of the year.

Chancer is seeking to disrupt the industry by creating a platform that will ultimately be run and managed by a decentralized autonomous organization (DAO). In addition, $CHANCER token holders will be able to create their own betting markets, live stream them, and then take a cut of the revenue.

Chancer’s token sale is gaining more users, who are using their ETH, USDT, BNB, and BUSD to buy it. So far, the developers have raised over $1.52 million as they quickly approach the $2 million target. If this trend continues, there is a likelihood that the first phase of the token sale will end in the coming weeks. You can buy the Chancer token sale here and read the white paper here.

Injective price prediction

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The daily chart shows that the INJ price crashed hard on Thursday and reached a low of $6.50. It then bounced back and was trading at $8 on Saturday. The price has moved above the ascending trendline shown in black. It has also moved to the consolidation level of the 50-day and 25-day moving averages.

Looking back, Injective price formed a double-top pattern at $9.880 whose neckline was at $5.4113. Therefore, there is a likelihood that the current INJ price rebound is a dead cat bounce, which will likely see it resume the downward trend. The immediate level to watch will be at $6.56.

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