Despite raising interest rates for the first time since 2007, the Bank of Japan (BoJ) maintained a dovish tone at the end of its March policy meeting and gave no indication of future steps or pace of policy normalisation. This is causing the JPY bulls to be defensive, although verbal interventions from the Japanese authorities are helping to limit further losses.
The US Dollar (USD) continues to be supported by a positive outlook for the US economy and doubts that the Federal Reserve (Fed) will cut interest rates three times this year, as previously forecasted, due to still-volatile inflation. This is considered a supportive factor for the USD/JPY pair, which in turn supports further upside prospects. However, traders may want to wait for the publication of the US Personal Consumption and Expenditure (PCE) price index on Friday to gain more insight into the Fed’s policy direction and make new trades.
Trading recommendation: Trade with buy orders when the price reaches 151.75. Sell at a price level of 151.20.
Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.
BlockDAG has captured the spotlight with its remarkable $9.8 million presale in the crypto world, where innovations emerge quickly. The platform’s introduction of a DeFi card redefines how we utilize cryptocurrencies, seamlessly integrating them into our daily financial activities. This initiative promises a future where digital currencies like Ethereum and Bitcoin are as straightforward to spend as traditional fiat money.
BlockDAG’s ecosystem is designed to facilitate online shopping, ATM withdrawals, and in-store purchases with cryptocurrencies, setting a new benchmark in the crypto-payment domain. As Chainlink (LINK) crypto and Ronin price prediction make their mark in the blockchain landscape with their unique offerings, BlockDAG’s DeFi card emerges as the best crypto platform in modernizing how we transact with digital currencies.
Chainlink: Bridging Smart Contracts with Accurate Data
Chainlink distinguishes itself by ensuring that blockchain applications receive timely and accurate external data, a critical component for executing smart contracts. This capability is vital for decentralized finance (DeFi) applications that rely on current market data to function correctly. Chainlink’s network, supported by a robust community of developers and users, is instrumental in enhancing the reliability and functionality of blockchain applications, making it a cornerstone of the DeFi movement.
Ronin’s Rising Star in Blockchain Gaming
The Ronin network has recently seen a surge in its valuation, particularly following Coinbase’s announcement to include Ronin in its trading offerings. This development and its presence on Binance have significantly elevated Ronin’s market presence. Designed for high-speed, low-cost transactions, Ronin is particularly suited for blockchain-based gaming, offering a scalable solution for game developers and players alike. With technical indicators showing positive momentum, Ronin is positioned as a lucrative asset within the gaming and blockchain ecosystem.
BlockDAG: Simplifying Crypto Spending with the DeFi Card
At the forefront of this financial revolution is BlockDAG, with its pioneering DeFi payment card, designed to make spending cryptocurrencies as easy as using a traditional debit card. This innovation addresses a significant hurdle in the widespread adoption of cryptocurrencies, offering a practical solution for everyday transactions. BlockDAG’s focus on low fees, global accessibility, and a streamlined signup process exemplifies its commitment to user convenience and financial integration. The BDAG presale has mirrored the project’s strength with more than $9.8 million raised so far.
As BlockDAG prepares to launch its next presale batch, the platform continues to break down barriers between digital and traditional finance, offering users a versatile and secure method to manage and spend their cryptocurrencies. This development benefits existing crypto enthusiasts and those new to the space as an alternative to Chainlink (LINK) crypto, providing an accessible entry point to digital finance.
Unique Position in the Crypto Market
While Chainlink and Ronin each contribute valuable innovations to the blockchain sector, BlockDAG’s DeFi payment card directly tackles the practical challenge of utilizing cryptocurrencies for regular purchases. By blending digital currencies’ adaptability with fiat transactions’ familiarity, BlockDAG is pioneering a convenient, secure solution for daily financial operations. This advancement makes BlockDAG a compelling platform for individuals looking to deepen their engagement with cryptocurrencies or integrate them more fully into their financial lives.
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Economists forecast initial jobless claims to increase from 210k to 215k in the week ending March 23. According to preliminary numbers, the Michigan Consumer Sentiment Index slipped from 76.9 to 76.5 in March.
Other stats include Chicago PMI and pending home sales data. However, barring sizeable deviations from forecasts, these will likely play second fiddle to the jobless claims and sentiment numbers.
Beyond the numbers, investors must consider FOMC member speeches. Recent Fed speeches created uncertainty about the timing of a Fed interest rate cut.
Short-Term Forecast
Near-term AUD/USD trends will hinge on Australian retail sales and US inflation figures. Soft Aussie retail sales figures could end bets on an RBA rate hike. Conversely, hotter-than-expected US inflation numbers could impact the number of Fed rate cuts in 2024. The net effect could be an AUD/USD drop below the $0.64500 handle.
AUD/USD Price Action
Daily Chart
The AUD/USD remained below the 50-day and 200-day EMAs, confirming the bearish price trends.
An Aussie dollar return to the $0.65500 handle would give the bulls a run at the 50-day EMA. A breakout from the 50-day EMA could bring the $0.65760 resistance level and the 200-day EMA into play.
Aussie retail sales and the US economic calendar need consideration.
Conversely, an AUD/USD drop below the $0.65 handle could give the bears a run at the $0.64582 support level.
With a 14-period Daily RSI reading of 44.36, the AUD/USD could fall through the $0.64582 support level before entering oversold territory.
High risk warning:
Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.
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FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.
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The technological advancements and ever-evolving market adoption trends are certain in the crypto market. While Avalanche (AVAX) and Aptos (APT) face price correction, Borroe Finance ($ROE) has evolved as a better option for investors. Meanwhile, Borroe Finance has already sold more than 267 million $ROE tokens. This is a testament to $ROE’s early adoption. Let’s find out more about top DeFi coins–$ROE, AVAX, and APT.
Borroe Finance Presale: The Ticket To Heavenly Gains
Borroe Financepresale has become the talk in the crypto town. With its mind-blowing surge in presale, Borroe Finance’s governance token – $ROE has become a hot commodity in the market. This has triggered fear of missing out among investors which fuels them for early adoption.
Besides, Borroe Finance propels an innovative approach, blending AI with blockchain for an effective and smooth fundraising process. On top of that, Borroe Finance also streamlines the NFT funding marketplace with smart contracts. For this reason, $ROE has become one of the top altcoins to watch.
Currently, $ROE is selling at $0.02 in Stage 5. So far, early adopters of $ROE have already amassed 100% ROI from its beta stage. From here, $ROE is expected to pump more. As per its price projection, $ROE will hit DEX (decentralized exchange) at $0.025. This will give an outstanding 150% gain to initial investors.
Given its profitable journey, $ROE has become a hotspot for early adoption. Moreover, experts say $ROE will even touch greater heights once it gets released on exchanges.
Avalanche has shown great resilience in the downturn market for a long time. Avalanche has been in continuous uptrend since the start of 2024. The first half of March added more confidence in Avalanche, making AVAX one of the best-performing altcoins. However, after hitting March’s high, AVAX slid down in the second half of March.
In addition, AVAX faced price correction as the overall market experienced a fall. This coincided with BTC’s drop from its $72,500 level. As of the third week of March, AVAX was trading at around $54.00. This has marked a staggering 14.28% drop for AVAX from March’s high.
Despite this, Avalanche tied a groundbreaking partnership with APP Alipay+. Therefore, this might have a positive sentiment in Avalanche’s price trend in the upcoming days. However, technicals displayed negative momentum for AVAX. The weekly RSI slope fell, prompting a bearish trend for Avalanche.
Experts say if Avalanche dips below $50.00, AVAX will fall to $40.00. That’s why investors are going for $ROE’s rapid adoption for unimaginable profits.
Will Aptos Reach $20?
After a long run in a bearish trend, Aptos finally found its momentum in mid-March. Aptos has started trading in green candles. Moreover, this uptick made APT surpass a key resistance level, bolstering confidence among investors. This significant surge has given investors a beacon of hope of APT touching the $20.00 mark.
Since Aptos broke its key resistance, its next target was $20.00 but it failed to do so. Despite ticking $16.00, APT could not continue its upward movement. In fact, Aptos became a victim of price correction, dipping APT’s price below the $15.00 mark.
As of the third week of March, APT was hovering at around $15.00. This has represented a 6.25% dip in APT from March’s high. Regardless of the increase in volatility, technical indicators showed a positive momentum for Aptos. APT token registered an uptick in RSI level.
Moreover, APT’s MFI also indicated upcoming greens in Aptos’s price chart. Experts say if Aptos gains market confidence, APT might surpass $20.00. This prediction makes APT a top crypto to invest in.
High risk warning:
Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.
Advisory warning:
FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.
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FOREXLIVE™ may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
The recent retracement from the new 2,212 record high hit last week found support at a low of 2,157 last Friday. In addition to the area around the 8-Day line denoting support, the 2,157 low was also at the 78.6% Fibonacci retracement and a top trendline beginning from the swing high on May 1. The relationship with the top trend line shows the market recognizing the price zone represented by the line. This is bullish behavior in an uptrend as prior resistance is now being shown as support. The way should be clear for gold to continue its ascent.
Breakout Signal Above 2,200
Nevertheless, a signal is needed to confirm the bullish thesis. That will be provided on a decisive breakout above yesterday’s high of 2,200. A slightly earlier sign will be given on an advance above today’s high of 2,198.
Gold Remains Above Previous Record High
Gold continues to trade in new high territory above the prior record high of 2,135 from December 4. And it has remained strong enough to not fall back to test that price area as support. In the near-term, it is working on following through from the bullish breakout of a small wedge pattern. When taking into consideration the sharp advance that proceeded the wedge consolidation, a potential upside target can be calculated. The sharp advance began upon the breakout of a large symmetrical triangle pattern on February 29. Counting from that day’s low, a sharp 8.2% six-day advance followed. A similar rise following the wedge breakout would put gold up at 2,320.
Pullback Complete
The first pullback following the wedge breakout last Wednesday should now be complete. But, as noted above, there needs to be another bullish confirmation signal. Once that triggers gold should be heading into two initial potential target zones. The first begins at 2,235 and the second at 2,277. A large rising ABCD pattern completes at 2,298, and as noted above the wedge pattern target 2,320.
For a look at all of today’s economic events, check out our economic calendar.
Decentralized finance (DeFi) protocol Ethena, which offers the $1.3 billion USDe token, unveiled plans Wednesday to debut its governance token by airdropping tokens to users on April 2, according to a blog post.
The protocol is set to airdrop 750 million ENA tokens, or 5% of the total supply. The campaign to earn “shards,” which qualify users for the token airdrop, will end on April 1. Those who unstake, unlock or sell all their USDe before this date will not be eligible for the airdrop.
Users will be able to claim tokens starting the next day, and ENA will be listed on centralized exchanges, per the blog post. After the airdrop, Ethena will start a campaign with new incentives for the next phase of the airdrop.
Ethena’s USDe token, often referred to as “synthetic dollar,” offers steady yields to investors by using ether (ETH) liquid staking tokens such as Lido’s stETH as backing assets, pairing them with an equal value of short ETH perpetual futures position on derivatives exchanges to keep a “rough target” of $1 price. This is also known as a “cash and carry” trade, which harvests derivatives funding rates for a yield.
The protocol’s USDe token mushroomed recently, growing to over $1.3 billion from $85 million at the start of the year, per DefiLlama data, propelled by its lofty yield due to frothy crypto markets and in anticipation of the airdrop.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The price of dog-themed cryptocurrency Shiba Inu (SHIB) has seen a notable surge in the last 24 hours. Shiba Inu surged by as much as 11% before erasing some of its gains amid profit-taking on the overall cryptocurrency market.
The surge in the SHIB price comes on the heels of the announcement of new listings for both SHIB and BONE ShibaSwap (BONE), the Shiba Inu governance token, and also Shibarium’s gas token.
LBank crypto exchange recently announced a new futures listing: BONE perpetual is now available on the platform with up to 50x leverage.
In another exciting announcement, Binance Futures is set to launch a USDC-margined 1000SHIB perpetual contract with up to 50x leverage. The move, the crypto exchange says, will expand the list of trading choices offered on the Binance Futures platform and enhance users’ trading experience.
Binance Futures will introduce the USDC-margined 1000SHIB Perpetual Contract on March 28 at 7:00 a.m. (UTC), offering up to 50x leverage. The underlying asset for the USDC-margined 1000SHIB perpetual contract is Shiba Inu (1000SHIB), while the settlement asset is USDC.
On March 25, Shiba Inu secured a new listing on Australian crypto exchange bitcoin.com.au, allowing users to buy SHIB on the platform.
The new listings would allow SHIB and BONE tokens to gain increased visibility and accessibility, paving the way for broader adoption and utility within the cryptocurrency space.
SHIB price action
At the time of writing, SHIB was trading up 1.94% in the last 24 hours to $0.00002989, having erased earlier intraday gains that pushed its price to highs of $0.00003187.
SHIB has marked its fourth consecutive day of gains since Friday, March 22. The daily RSI has crossed into the positive zone at 61, signaling an advantage for bulls.
On the upside, according to on-chain data from IntoTheBlock, Shiba Inu faces its next resistance in the range of $0.000034 and $0.000037, where 11.12 trillion SHIB were bought by 64,840 addresses at an average price of $0.000035.
In the case of declines, SHIB key price support lies between $0.000019 and $0.000025, where 77.29 trillion SHIB were bought by 177,860 addresses at an average price of $0.000023.
New Zealand data will kick off the calendar, followed by a speech from Waller. Adam previewed this here:
While on central banks the Bank of Japan ‘Summary’ of its most recent meeting is due today. More on these under the screenshot. The most recent meeting was an historic one, the Bank raised rates for the first time in 17 years and moved up from negative for the first time in 8 years. There should be some good information provided today that’ll give us a little more insight into the Bank’s thinking and how some sort of rate cycle might pan out in the future.
This snapshot from the ForexLive economic data calendar, access it here.
The times in the left-most column are GMT.
The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
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The Bank of Japan (BOJ) releases a “Summary of Opinions” after each monetary policy meeting. It serves as a record of the discussion and views of the Policy Board members on various economic and financial issues.
Key points about the Summary:
The summary includes the views of the Policy Board members on economic conditions, both domestically and globally. This includes assessments of economic growth, inflation, and employment trends, among other indicators.
The summary also outlines the Policy Board members’ views on the effectiveness of the BOJ’s current monetary policy measures, including interest rate policy, asset purchases, and yield curve control. Members may discuss the pros and cons of these policies and their potential impact on the economy.
The summary includes discussions on the outlook for monetary policy and the potential risks to the economy. Board members may express their views on the appropriate timing and direction of future policy changes, as well as the potential impact of external factors such as global economic conditions.
The summary also includes any dissenting views among the Policy Board members. If a member disagrees with the majority view on a particular issue, they may express their own opinion and rationale.
In a few week’s time we’ll get the Minutes of this meeting. The Minutes are a more detailed record of the discussions and decisions made during the meeting.
The Minutes include a more complete record of the views expressed, including any dissents or alternative opinions that may not be included in the summary.
The Summary of Opinions is typically released a few days after the policy meeting, while the Minutes are published about a month later. This means that the Summary of Opinions can provide more up-to-date information on the BOJ’s current stance and view on the economy and monetary policy.
The Summary of Opinions is usually written in a more accessible language, making it easier to understand the BOJ’s views on monetary policy.
The Minutes, on the other hand, are often more technical and may require a deeper understanding of economics and financial markets.
The Summary of Opinions is typically shorter than the Minutes.
