Metacade (MCADE) is one of the best-performing cryptocurrencies in the world, having jumped by more than 275% from its all-time low since going public in April this year. This impressive performance is not only due to the cryptocurrency market’s general bullishness but also three main reasons why the Metacade price will likely continue to soar in the near term.
First, macro events favor cryptocurrencies and other assets. The Federal Reserve’s decision to hike interest rates by 0.25% brought them to about 5.25%. Analysts believe that the Fed has now ended its hiking cycle since there are signs that the American economy is slowing. Furthermore, the banking sector is at its biggest risk in years, with some banks collapsing. Therefore, it is likely that Metacade will and other altcoins will do well because of Bitcoin’s role as a haven.
Second, important news could push the token higher. The number of MCADE holders has continued to rise in the past few weeks, and the token is gaining traction. Additionally, the developers are working to get the token listed in more centralized exchanges, with Binance and OKX among the potential listings. The developers are also working on the Metacade game, which is expected to be launched soon. Historically, crypto tokens tend to do well ahead of a major event.
Third, the technicals are supportive. On the four-hour chart, Metacade’s price has been bullish in the past few weeks, moving above the important resistance point at $0.034, the highest point on April 20th. It has now retested that price in what is known as a break and retest pattern, supported by the 50-period moving average. Therefore, the token will bounce back as buyers target the all-time high of $0.045.
In conclusion, Metacade (MCADE) is a cryptocurrency that has shown impressive growth potential, and there are three main reasons why its price will likely continue to soar in the near term. First, macro events favor cryptocurrencies and other assets. Second, there is important news that could push the token higher. And third, the technicals are supportive. Therefore, investing in Metacade may be smart for investors looking to add a potentially high-performing cryptocurrency to their portfolio.