The Metacade price jumped 275% from its all-time low. The token will benefit from the Fed’s policy change as US banks crash. Technical indicators support the cryptocurrency.
The Metacade Price Course (MCADE) has performed well since its IPO which took place in April this year. In total, data compiled by Uniswap shows that the token jumped more than 275% from its all-time low, making it one of the best-performing cryptocurrencies in the world.
Below are three reasons why the Metacade price will likely continue to rise in the near term.
Macro Events Favor Cryptocurrencies
The first major reason to invest in Metacade is that macro events seem to favor cryptocurrencies. On Wednesday, the Federal Reserve decided to raise interest rates by 0.25% to around 5.25%. Analysts believe the Fed has completed its hike cycle as there are signs of a slowdown in the US economy.
For instance, the GDP data released last week showed that the economy slowed down in A1. Other data showed that the manufacturing sector continued to contract in April this year. Retail sales have slowed as inflation remains stubbornly high.
More importantly, the banking industry is experiencing its biggest storm in years. On Monday, the FDIC seized First Republic Bank and sold it to JP Morgan. Other banks are at significant risk; this highlights the fact that PacWest shares fell more than 50% on Thursday, while Comerica and Western Alliance fell double digits.
Consequently, it is hard to imagine the Fed continuing to raise rates in a period when banks are collapsing. As such, Metacade and other altcoins are likely to do well due to Bitcoin’s role as a safe haven. In fact, Bitcoin and other major tokens have outperformed stocks this year.
Important Metacade News
The second main reason to invest in Metacade is that there is important news that could drive the price of the token up. The number of MCADE holders has continued to rise in recent weeks. Data compiled by Etherscan shows that the number rose to 9,239, which is much higher than last month. This shows that the token is gaining momentum and the number will soon reach 10,000. The number of MCADE token transfers has increased to over 27,289.
Meanwhile, according to a white paper by Metacade, the developers are working to get the token listed on more centralized exchanges. The token has already been listed on platforms such as MEXC and BitMart. Other potential exchanges that the developers plan to list are Binance and OKX. In most cases, cryptocurrencies tend to do well after a major public listing.
Additionally, the developers are working on the Metacade platform, which is expected to be released soon. If the platform works as well as anticipated, it will help the token gain traction in the coming months. Historically, crypto tokens tend to move well in advance of a major event.
Metacade Technical Indicators Are Positive
The third main reason to invest in MCADE is that technical indicators are positive. The Metacade price has been trending upward for the past few weeks. While rising, the token moved above the major resistance point located at $0.034, it is high from April 20. It has now retested this price in what is known as a breakout and retest pattern.
Metacade is supported by the 50-period moving average. Therefore, the token is likely to rally as buyers target the all-time high of $0.045. A break above this level will take it to the next psychological level, at $0.05.
By Audy Castaneda
