- Metacad price reached an all-time high following its pre-sale and listing on major cryptocurrency exchanges.
- Today’s bitcoin price forecast highlights the implications for MetaTrader price as BTC is heavily shorted.
- The week has been crucial for investor sentiment with markets awaiting US inflation data.
bitcoin (btc) It traded around $27,575 on Wednesday morning, even as equities and other risk-on assets traded lower ahead of key US inflation data. While US futures and European shares declined, bitcoin rolled within a range that sees it down almost 4% over the past week.
On-chain data shows that BTC is being heavily shorted as investor caution has added to the negative sentiment that has followed its decline from highs of $30,000. What does the outlook mean for the price of bitcoin metacade (MCADE)?
Bitcoin Price Prediction: Crowd Sentiment Is Negative But What’s The Outlook?
The bitcoin price surged past $30,000 last Friday, with bulls eyeing recent year-to-date highs. However, the benchmark cryptocurrency saw a weekly drop below $28,000 in value as sentiment dropped amid broader market concerns and fresh FUD.
At current prices, bitcoin is under fresh pressure, with on-chain data showing bets on further downside have increased on crypto exchanges and derivatives trading platforms bitmex,
As for the BTC price outlook, analytics firm Sentiment points to Bitcoin’s funding rate, which is at its most negative ratio in nearly two months. While bearishness following investor reaction to CPI data and a possible Fed rate hike path may push price towards the $25,000 area support, the current crowded perspective has historically paved the way for fresh upside momentum.
Emotion They say BTC Price Predictions:
,Bitcoin’s funding rate on BitMEX is seeing its most negative ratio since heavy bets against the price just before the price rally in mid-March. Generally, the likelihood of a price rise increases when the crowd assumes that prices will be falling.,
#bitcoinfunding rate is on @bitmex This is the most negative ratio it has seen since heavy bets against prices in mid-March, just before prices moved up. Generally, the probability of a price rise increases when the crowd assumes that prices will be falling. https://t.co/HbTcSouRsU pic.twitter.com/bu1dNDFTcU
— Sentiment (@santimentfeed) May 10, 2023
This short-term outlook for bitcoin price will likely align with the new bull cycle anticipated before the next halving. Altcoins are likely to see some action before then, and projects with large ecosystems such as Metacad could be excellent performers.
Metacade’s Big GameFi Ecosystem Bet
metacade is a play-to-earn (P2E) project that seeks to offer the gaming ecosystem an all-in-one GameFi and Web3 hub. as highlighted in the project white paperThe goal is to offer an arcade-style gaming Platform where gamers, developers and crypto enthusiasts connect, play and earn.
One aspect of Metacade’s unique approach to the gaming ecosystem is its rewards system. Unlike other traditional P2E platforms, MCADE offers full utility as it allows for token holders and investors to earn revenue through a strategy that will bring new game titles.
The team is also focused on engaging major industry gaming studios and developers, opening the platform for development in the ultimate GameFi environment.
The platform is set to go live soon and has a native token that will power transactions and interactions for users. The token, MCADE, successfully completed its pre-sale in April before going live on major exchanges Uniswap, BitMart and MEXC Global.
Is MCADE worth investing in 2023?
Metacade’s MCADE token sold out quickly during its pre-sale, with investors scooping up the allocated supply portion amid high interest in the project’s offering. Investors saw the token’s value explode after the crypto market showed confidence in Metacad’s potential with listings on exchange platforms highlighted.
Completing roadmap milestones such as introducing MetaGrants to support ecosystem growth and improving governance through The DAO could help position Metacache as one of the largest crypto gaming platforms Is.
The upcoming launch of the mainnet, coupled with the diverse opportunities MCADE offers, could be the catalyst that could drive Metacade’s price higher in 2023 and beyond.
metacad price prediction
Market experts have long been bullish on MetaCade’s pricing, especially on being a potential game-changer in the GameFi arena.
Metacade has a fixed supply of 2 billion MCADE tokens, of which 1.4 billion tokens (70% of the supply) are available to investors during the pre-sale. Buying pressure from token demand and removal from circulation via a incineration mechanism should push the price higher in the long term as more people enter the MetaTrader ecosystem.
If we look at the price of Metacad today, we see it trading largely in tandem with the major altcoins, The MCADE price forecast in the short term sees a broader impact of Bitcoin moving higher again for the uplift of the entire sector.
MCADE price reached an all-time high of $0.045 on May 3, 2023. The current price of the token is $0.024, down almost 9% in the last 24 hours. MCADE/USD is also in negative territory on the weekly time frame, although it is trading above its April Uniswap listing price level of $0.022 per coin.
If the altcoin market declines further, the primary support for MCADE will be around the mentioned buffer at $0.022. There is a possibility of $0.020 and the all-time low of $0.014 could act as a deeper rot.
Should the bulls regain control, a 2023 peak and target of $0.1 would be possible again. Meanwhile, a medium-term price target could be $1 in 2024.