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VeChain Price Jumps 20% on Classic Game Development News 101
The Way of Tiger: an old game cover.

Fueled by the news of a new adoption project, VeChain (VET) is today by far the best-performing coin in the top 100 by market capitalization.

The 25th coin has rallied, jumping 20.24% in the last 24 hours, but also 35.01% in the last seven days, bringing it to 92.4% in a month (at UTC 11:24). The price is also up by 56% in a year.

VET price chart:

VeChain Price Jumps 20% on Classic Game Development News 102

On November 30, Fabled Lands Ltd announced that a 1980s classic and one of the first ‘choose-your-own-adventure’ game book series, Way of the Tiger, by Mark Smith and Jamie Thomson, will be developed in a computer game format and “turned into a modern day card-collectible game using blockchain technology” – on the VeChain Thor blockchain. The blockchain was chosen ‘due to its ability to scale, and create our cards and items without having to deal with all the crypto stuff,” said Thompson, now the CEO of the new brand, giving that, thanks to VeChain’s fee delegation, there will be no need for crypto to create cards.

It will be called ‘Arena of Death’ and will come with Non-Fungible Tokens (NFT). “Imagine playing Magic the Gathering but knowing if you owned a card, it really does belong to you,” said Thomson. “Or if we say there are only 100 editions of an item or skill, you know there really are only 100 editions.”

Additionally, for its trading platform and NFT onboarder, the game will use VeriArti. Also, according to some Redditors, as well as VeriArti, game developer Eidos (part of the British game publisher Square Enix Europe) and a Microsoft game concept developer are a part of the team.

Meanwhile, while the crypto exchange Binance.US announced on November 7 that it’s listing VET, after which the coin’s price jumped by more than 7% the following day, in the last week VeChain Foundation announced an event to celebrate that listing. The exchange is currently giving out USD 15 welcome bonus with zero trading fees for a month, to new VET users who need only to scan the available QR code to register.

Sead Fadilpašić , 2019-12-02 14:19:40 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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