BLOC Coin Price Prediction 2023
What are the key takeaways on the BLOC coin price prediction for 2023 and beyond?
• Bloc Money is still trying to find its feet in the crypto market.
• After several hiccups during development, the token is not listed on any major centralized exchange. Only a few obscure exchanges offer the token for trading.
• The recovery of the Bloc Money token will depend heavily on developing a solid use case and disruptive products for the ecosystem to boost its acceptance.
About BLOC coin
The BLOC coin price prediction for 2023 may not be a rosy one for HODLers of this token. Listed a few months ago on the Tradeogre centralized exchange and a few decentralized exchanges, Bloc Money has shed nearly 80% of its listing value in its pairing with Tether (USDT).
This situation has left many wondering what the future holds for BLOC and whether the Bloc coin price prediction will be favourable.
Bloc Money: The journey so far
BLOC, the Bloc Money blockchain project token, debuted as far back as 2018 on centralized exchanges. The highest price ever recorded on the BLOC/USD pair was $0.06. This is about as good as things got for the token, as the price has steadily declined since then.
The token was able to ride the market's bullish run in 2021, but never recovered its 2018 highs as it touched off the $0.04 mark. The recent bounce of this token has enabled it to pull off from all-time lows, but its present value remains more than 95% off its listing high.
A look at recent charts of the BLOC/USD pair suggests that the price action has stalled, and volumes on the token have dried out. For instance, the BLOC/USD pair was last traded on the Uniswap exchange on 7 January, 2023, with a very thin volume and virtually no liquidity. On other exchanges, total trade volume was just $3.0633613, according to data from Binance. This is a far cry from its early days when it traded with reasonable liquidity.
If you had invested $1,000 into the BLOC/USD pair at its all-time lows, you probably would have doubled your money. But whether you could have pulled it out on the back of such low liquidity is another story entirely.
So, what has gone wrong with BLOC?
• The token's listing came when the crypto market was in general decline.
• The crypto market continues to face downside risks from rising inflation in the US, causing the market to lean heavily on USD longs in anticipation of further interest rate hikes by the Fed.
• Liquidity has dropped off heavily, with only a few dollars-worth of the token being transacted daily. Simply put, there is not much trading interest in the asset currently.
Bloc coin price prediction for 2023
The crypto market’s recovery has stalled after Bitcoin hit the 25k resistance mark. With the price pulling back slightly, this has also kept any altcoin recoveries at bay. To get a reasonable definition of what the Bloc Money token may do in 2023, one has to look at some of the project's fundamentals and the charts to get a glimpse of the future price action of this token.
Bloc Money was conceptualized in 2019 as a project to popularize the use of the blockchain in an environmentally sound manner. However, the project ran into problems soon after when the initial development team left the project, necessitating the sourcing of a new team to complete the project. Perhaps the biggest issue that the Bloc Money project has had fundamentally is the lack of a use case that resonates with the market.
BLOC/USD: May 2022 to February 2023
One of the products that Bloc Money was to implement was PayChange. PayChange was conceptualized as a one-stop listing for business owners accepting cryptos as a payment method to get their business listed and found on the PayChange Map. That way, businesses would be accessible to millions of users who spend cryptos by viewing the listings close to them on the GPS-enabled PayChange map. In return, users would get cashback and other benefits for using the PayChange app to shop at these businesses.
PayChange was supposed to disrupt the advertising business, cutting out the likes of Facebook by offering a means of bringing crypto-using shoppers to the PayChange-listed businesses. This would have allowed companies to reduce their ad spend and share these savings with the customers as incentives. It is currently unclear what has happened to this product. From the look of things, it never really took off.
So we have a situation where anyone trading the BLOC/USD pair would be hard-pressed to find any intrinsic fundamentals to drive any price recovery. This leaves the BLOC coin at the mercy of the market's vagaries. Bitcoin has shown some recovery in 2023, but this has largely stalled. Altcoins depending on Bitcoin to achieve some recovery have also stalled.
Trading on the BLOC coin currently suffers from very low liquidity. For instance, in the 24 hours preceding the writing of this piece, the token only saw $12 worth of transactions, despite an uptick in its share price by close to 50%. Recent price action on BLOC/BTC has oscillated between 0.00000002 acting as the floor and 0.00000004 functioning as the ceiling.
A steep surge in buying volume must accompany any radical upticks in the price of this crypto. Currently, this is absent. The present scenario does not favour much of a bullish BLOC coin price prediction.
However, a market bounce led by a Bitcoin recovery above the $25,000 resistance mark on the BTC/USD pair may lead to a short-term recovery. Until that happens, the range defined above remains the limits of the BLOC coin price prediction.
Author: Eno Eteng
Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about cryptos, FX and CFDs. Since 2009, he has been a consultant for several companies in the financial market space. His work can be seen on several forex and crypto-related blogs and trading educational websites.