Wall Street sees gold prices challenging $2,500 next week, Main Street sentiment is more restrained
The gold market had plenty of significant economic data and in-depth Fed speak to digest this week, and the result was one of the most dramatic moves for precious metals markets this year.
Spot gold kicked off the week trading at $2,361.17 and spent Sunday and Monday treading water while eagerly awaiting the key inflation data to come. Tuesday morning brought a mixed PPI report, but markets took comfort in comments from Fed chair Jerome Powell two hours later when he told the Foreign Bankers’ Association that he was confident the central bank would not need to hike again. Gold prices turned positive on the week early Wednesday morning, and when the April CPI report showed month-over-month improvement, that was all traders needed to begin pushing the yellow metal higher still.
Wednesday evening’s triple top at the $2,400 level stalled momentum in the near term, with spot gold trending steadily downwards through Thursday's session. But by the North American market open on Friday, the bulls had returned in force, and once they propelled gold decisively through $2,400 per ounce around 10:00 am EDT, they never looked back.
The latest Kitco News Weekly Gold Survey has the overwhelming majority of industry experts believing gold prices could reach or surpass their all-time highs, while retail traders are a little more restrained on the precious metal’s prospects.
“I am bullish on Gold for the coming week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. “The US Dollar appears to be backing off a bit along with treasury yields. Also, if it does break out over $2400 resistance, technically that could open the door to a potential run at the $2,500 big round number.”
James Stanley, senior market strategist at Forex.com, also believes gold has further to fly in the near term.
“Bulls put on a show this week and the move was pretty clean for the most part,” he said. “That continued the breakout from the falling wedge/bull flag in the prior week, and this week was all higher-highs and lows with a really strong move on Friday morning.”
“Chasing fresh highs is always a challenge but the 2400 level has quite a bit of reference given the tests last month, and so far on Friday there’s been indications of acceptance above that price,” Stanley added. “This keeps the door open for a possible run up to $2500.”
“Unchanged,” said Adrian Day, President of Adrian Day Asset Management, who expects gold will have trouble holding Friday’s lofty highs. “We shall likely see another attempt to cross $2,400 and then a small retreat. But gold’s resilience has been impressive, and sooner rather than later it will breach that level.”
“Dip buyers showed up in a big way over the past week, and the buzz around gold is building,” said Adam Button, head of currency strategy at Forexlive.com. “There are signs the US economy is slowing; more of that would bring rate cuts forward.”
Button said that this recent move is a continuation of the broader rally, and it’s being driven by the same source.
“This rally started in China, and China continues to show up,” he said, adding that recent data show Turkey and much of the Middle East are also buying bullion.
Button pointed out that this week’s meeting between Russian President Vladimir Putin and Chinese Premier Xi Jinping is also very bullish for gold prices.
“If you're a gold bull, the picture of Xi and Putin hugging is as good as it gets,” he said. “They're trying to create a multipolar world, and you can't do that if you're relying on the dollar.”
This week, 14 Wall Street analysts participated in the Kitco News Gold Survey, and after Friday’s breakout, the bullish sentiment was as strong as it’s been this year. Eleven experts, representing 79%, expected to see gold prices climb higher still next week, with only two analysts, or 14%, predicting a price decline. One lone expert, representing 7% of the total, saw gold trending sideways during the coming week.
Meanwhile, 144 votes were cast in Kitco’s online poll, with Main Street investors positive but not to the same degree. 83 retail traders, or 58%, looked for gold to rise next week. Another 30, or 21%, predicted it would be lower, while 31 respondents, representing 21%, expect the precious metal to remain rangebound during the week ahead.
After this week’s inflation data drama, markets will get a bit of a break next week. Wednesday will see the release of U.S. existing home sales for April, along with the FOMC minutes from the April/May monetary policy meeting. On Thursday, markets will receive the S&P Flash Manufacturing and Service Sector PMIs, weekly jobless claims, and April new home sales, and Friday will feature the April durable goods report.
Marc Chandler, Managing Director at Bannockburn Global Forex, sees evidence that gold prices are a little too high after this week’s breakout.
“Gold reclaimed the $2400 level ahead of the weekend and is poised to post a record high close (spot market),” he said. “The momentum indicators give the yellow metal scope to challenge the intraday high from April 12 near $2431.50. A note of caution is from the Bollinger Band, set two standard deviations above the 20-day moving average. Gold is trading above it. Also, I suspect that the US rate adjustment (lower with the 2yr yield bottoming near 4.70%) and softer dollar (euro is up for five consecutive weeks) is over or nearly so.”
Darin Newsom, Senior Market Analyst at Barchart.com, thinks gold may give back some of its recent gains.
“Purely a technical read as June looks to be nearing a potential top of its 5-wave short-term uptrend,” he said. “Daily stochastics indicate the contract is sharply overbought. As of early Friday morning, I have a reversal pattern telling me the trend is set to change, but there is a lot of week left today. We’ll see what happens through Friday’s close or possibly early Monday morning.”
Sean Lusk, co-director of commercial hedging at Walsh Trading, was watching the entire commodity complex catch fire on Friday, with precious metals leading the way.
“We're at $2,410, we're back up to high,” he said. “Silver's caught fire here, copper's caught fire as an industrial metal, platinum. It's really been a hell of a ride.”
“You can make an argument that crude's underperformed, still up a little over 10 on the year, nothing crazy,” he added. “But if that gets going that's going to bring everything else up. We’ll probably get a real hot summer here.”
Lusk told Kitco News that the combination of high inflation, massive debt issuance, and runaway central bank currency printing is pushing market participants into precious metals and other commodities.
“We've just printed too much money, and now you see the result of it,” he said. “Where are they putting all the money? Aside from, buying dips in equities, big money is going into metals as an inflation hedge. And not just us, but even economies around the world are doing the same thing. They're increasing their holdings, and nobody knows where to be.”
Lusk said that he can’t imagine a better situation than the current one to drive gold prices higher.
“It's a perfect storm of bullishness,” he said. “You have geopolitical worries. You had the pandemic. And what does our government do right after that? Prints more for all these funding projects that really haven't started yet. Now you're in a campaign year, so all those things, as they relate to gold, just create more uncertainties on the back end, and that's why you continue to run here.”
“It just goes back to the old adage, any time we create more of something, it's worth less,” Lusk said.
“Gold is headed higher, likely to take out $2,448.8 in the days ahead,” said Michael Moor, Founder of Moor Analytics. “We held exhaustion at $2,288.5 with a $2,285.2 low and rallied $138.5. The break back above $2,302 (+1.6 per/hour) has brought in $121.7 of strength. We took out final exhaustion at $2,385.3.”
And Kitco Senior Analyst Jim Wyckoff sees further gains for gold prices next week. “Higher, as charts firmly bullish,” he said.
Popular cryptocurrency analyst and trader Michaël van de Poppe has liquidated his Bitcoin holdings. Van de Poppe, a prominent figure at the Amsterdam Stock Exchange known for his sharp market insights, announced this strategic move to his 718,100 followers on social media platform X on May 16.
Despite Bitcoin’s strong performance and institutional support, Van de Poppe clarified that his decision to liquidate was not due to losing confidence in Bitcoin’s future. Instead, he aims to strategically reallocate his investments into altcoins, where he anticipates greater potential returns later in the year. As such, this move is part of a broader strategy to capitalize on market dynamics and emerging opportunities for Van De Poppe.
Institutional Influx and Evolving Bitcoin Dynamics
Van de Poppe highlighted the increasing involvement of major institutional investors in the Bitcoin market, citing the recent approval of the Spot Bitcoin ETF as a significant milestone.
Institutions such as pension funds, insurance companies, and hedge funds are now heavily investing in Bitcoin, further legitimizing its role as a mature financial asset. Additionally, the potential introduction of spot Bitcoin trading by CME Group has reinforced Bitcoin’s standing in the financial ecosystem.
However, Van de Poppe pointed out that Bitcoin’s traditional four-year cycle, heavily influenced by halving events, is becoming less predictable. He explained, “That automatically means that the simplicity of the four-year cycle is going to diminish over time and that the halving will have a reduction in impact over the cycles, as institutions care more about risk appetite in their portfolio combined with macroeconomic events taking place.”
Van De Poppe Turns to Altcoins, Eyes Big Gains
Van de Poppe is confident that altcoins like Ether, XRP, Solana, Cardano, and Shiba Inu have the potential to higher returns than Bitcoin in the present market environment. Traditionally, there’s a market shift from Bitcoin to altcoins around the halving cycle. However, given Bitcoin’s persistent strength during this cycle, he expects an upcoming transition that could greatly benefit altcoins.
He also discussed the possible impacts of a spot Ethereum ETF getting the green light despite the existing regulatory challenges. Van de Poppe suggests that the market might be undervaluing the chances and timeline of this approval, which could trigger a significant market shift if it comes to fruition.
High Risks for Potential High Rewards
Acknowledging the high risks associated with his strategy, Van de Poppe expressed confidence in achieving substantial returns, ranging from 300-900% in Bitcoin value within the next 6-12 months. Additionally, he projected overall potential returns of 900-4500% over the next 12-24 months, provided Bitcoin stabilizes.
Additionally, Van de Poppe argued that altcoins have faced undue downward pressure recently, making their potential upside significant and undeniable. He emphasized that Decentralized Physical Infrastructure Networks (DePIN) and Real-World Assets (RWA) are poised for substantial growth. As more traditional companies transition into the Web 3.0 ecosystem.
DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.
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$2,500 gold is in play this week – Forex.com’s James Stanley
Gold prices have broken out of a near-term bearish technical pattern and the yellow metal is poised once again to surpass its all-time highs, according to James Stanley, Senior Strategist at Forex.com.
“Gold prices broke out of a falling wedge pattern in a very big way last week,” Stanley wrote. “Coming into April Gold prices were flying higher, eventually pushing weekly RSI into deeply overbought territory.”
He said that when gold prices failed to hold above the $2,400 per ounce level, it triggered a strong pullback that drove gold down $100 in relatively short order.
“But, just like Gold bulls failed to gain acceptance above the $2400 level, Gold bears struggled to gain acceptance below $2300,” Stanley said. “There was a single daily close below that price but in the days after, buyers returned to hold support above the level while also building in a backdrop of higher-lows.”
Stanley said this price action is what created the falling wedge pattern on the daily chart “as sellers were showing more aggression at highs or near resistance but suddenly showed passiveness near lows or at support.”
Turning to the price action seen this week, Stanley noted another technical pattern that he gleaned from the pullback: “a Fibonacci retracement that has continued to show inflections.”
“Taking the April high down to the May low produces a 61.8% Fibonacci retracement at $2372.68,” he said. “That’s what helped to hold the highs on Friday before a pullback appeared.”
Stanley said the pullback ran all the way down to the 38.2% retracement level. “That plots at $2336.31, and that price helped to hold the lows on Monday and into Tuesday, at which point bulls came back,” he said. “That then led to a run and a pause at the 61.8% level, followed by extension up to the 76.4% retracement at $2395.18, and that’s so far held the highs for this week.”
He added that the pullback from this level “has so far held support on a re-test of support at prior resistance, at the same 61.8% retracement of 2372.68.”
Moving forward, Stanley said “the big question is whether bulls have the drive to push a weekly close above the $2400 level,” something that XAU/USD has yet to achieve.
“The two instances that we did have of price testing over that level were met with fast pullbacks, with the second test also showing a lower-high,” he noted. “This provides some context should continuation show, and gold bulls holding the bid above the big figure would illustrate a strong response to the pullback that started a month ago.”
Above the 2400 level, Stanley pointed out the prior inflection points at the $2,417 and the $2,431 levels, after which there would be no prior barrier standing in the way of gold’s march to $2,500 per ounce.
“Given that price would be at fresh all-time highs beyond 2431, a degree of projection would be required to set shorter-term resistance levels,” he said. “[T]his could put focus on spots such as 2450 or 2475 before a test of 2500 could come into the picture.”
After forming a triple top pattern just below the $2,400 level shortly after 9 pm EDT Wednesday evening, gold prices have trended lower on Thursday. Spot gold last traded at $2,376.42, down 0.41% on the session at the time of writing.
On May 15, Bitcoin (BTC) recorded its largest single-day gain in nearly two months as weaker U.S. economic data raised the likelihood that the U.S. Federal Reserve will ease monetary policy with interest rate cuts in the coming months.
The price of the benchmark cryptocurrency soared to an intraday high of $66,567.91 during the last 24 hours. And according to prominent Bitcoin analyst Willy Woo, the bull cycle is only starting.
Woo Expects Bullish BTC Price Breakout Before October
Willy Woo, a popular on-chain Bitcoin strategist and managing partner at CMCC Crest, told his 1.1 million followers on the X platform that he envisions a Bitcoin price breakout before October 2024. Woo believes the subsequent Bitcoin rally in 2025 will be “one for the record books”.
The crypto guru says increased global liquidity, which normally bodes well with risk assets like Bitcoin, will spur the stratospheric BTC rally:
“Global liquidity forming a bullish ascending triangle.”
An ascending triangle is typically a bullish indicator that forms when an area of horizontal resistance is continuously tested while higher lows are successively created.
Woo Forecasts When Bitcoin Mining Pressure Will Ease
In a related post, Willy Woo noted that the Bitcoin price advances parabolically roughly two to five months post-halving. Bitcoin underwent its fourth halving event on April 19th.
In Woo’s view, inefficient miners are eliminated from the ecosystem after the halving. According to the analyst, they prefer to dump their Bitcoin holdings before dying. This leaves only the fittest miners to survive, operating “on fatter margins so don’t need to sell.” This dynamic is expected to push miner sell pressure out.
Fellow Bitcoin analyst PlanB agrees with Woo, stating that Bitcoin miner revenue “historically recovers 2-5 months after a halving, and after that bitcoin price goes vertical.”
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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Gold, silver see strong gains following cooler U.S. inflation report
Gold and silver prices are sharply higher in midday U.S. trading Wednesday following a U.S. inflation report that came in just a bit cooler than expected. A drop in the U.S. dollar index and in U.S. Treasury yields today also worked in favor of the precious metals market bulls. June gold hit a three-week high and was last up $30.20 at $2,390.10. July silver was last up $0.998 at $29.70 and hit a four-week high today.
This morning’s U.S. consumer price index report for April saw CPI up 0.3% versus the consensus forecast of up 0.4% and compares to the March report showing a rise of 0.4%. The annual CPI April reading was up 3.4% and was forecast at up 3.6% and compares to up 3.8% in the March report. Traders and investors were thinking the CPI report might come in hot today, following the producer price index report for April that was out Tuesday morning and ran hot on inflation. Today’s CPI report falls into the camp of the monetary policy doves, who want to see the Federal Reserve cut interest rates sooner rather than later. That scenario is bullish for the precious metals, from a consumer and commercial demand perspective.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are solidly higher at midday.
Comex copper futures today hit a new record high of $5.1280 a pound. Tighter global supplies, better world economic growth, smelter issues in China, as well as rampant market speculation, are driving the red industrial metal’s price sharply higher. Could copper be the next cocoa? Cocoa futures last year at this time were trading around $3,000 a metric ton. In April, cocoa futures reached a record high of $12,261 a ton.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil prices are near steady and trading around $78.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching around 4.3% and down after the CPI report.
Technically, June gold futures prices hit a three-week high today. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,448.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at $2,400.00 and then at $2,415.00. First support is seen at $2,365.00 and then at $2,350.00. Wyckoff's Market Rating: 7.4.
July silver futures prices hit a four-month high today. The silver bulls have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the contract high of $30.19. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at $30.00 and then at $30.19. Next support is seen at $29.00 and then at today’s low of $28.675. Wyckoff's Market Rating: 8.0.
July N.Y. copper closed up 215 points at 491.65 cents today. Prices closed nearer the session low and hit a record high of 512.80 cents early on today. The copper bulls have the strong overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at today’s high of 512.80 cents. The next downside price objective for the bears is closing prices below solid technical support at 460.00 cents. First resistance is seen at 500.00 cents and then at 512.80 cents. First support is seen at today’s low of 481.40 cents and then at 475.00 cents. Wyckoff's Market Rating: 9.0
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Effective content strategies for engaging potential affiliates in a blog post include creating informative and engaging content that highlights the benefits of becoming an affiliate, providing clear calls-to-action that encourage readers to sign up, and offering exclusive incentives or bonuses for new affiliates. Additionally, bloggers should focus on creating content that speaks to their target audience and addresses their specific needs and interests.
What are the best practices for disclosing affiliate partnerships in blog content?
Best practices for disclosing affiliate partnerships in blog content include clearly identifying any affiliate links or promotions, being transparent about the relationship between the blogger and the affiliate network, and providing honest and unbiased reviews of products or services. Additionally, bloggers should always disclose any potential conflicts of interest and avoid making exaggerated or false claims about the products or services they are promoting.
The price of Bitcoin (BTC) today soared past the $65,000 mark for the first time since May 6. The climb came after U.S. data showed that the monthly pace of inflation was softer than expected in April. This development could spur the Fed’s willingness to begin rate cuts.
Meanwhile, BitQuant, who correctly called the Bitcoin lifetime high before the April halving event, sees Bitcoin hitting $95,000 “in just one move.”
Bitcoin Price Leaps Over $65K
Bitcoin rebounded strongly immediately after the U.S. Bureau of Labor Statistics released its new Consumer Price Index (CPI). The CPI report comes after a slew of higher-than-expected inflation readings, dampening traders’ hopes about when rate cuts might commence this year.
The BTC price now hovers at $66,034, CoinGecko data shows. That’s a 7.29% increase over the last 24-hour trading period. And Ether (ETH), the industry’s second-biggest crypto asset by market cap, was changing hands for $3,007.94 — a 3.9% gain compared to yesterday’s. Over the same period, Solana (SOL) jumped 7.6% to around $154.91.
Bitcoin set a new all-time high in March, nearing breaching the $74,000 level. This was a widely celebrated Bitcoin bull rally that some said showed unique strength despite coming before the long-awaited April halving. But the premier crypto soon fluttered downward, a trend attributed to headwinds ranging from depressing U.S. economic metrics to growing political unrest in the Middle East.
Was the halving priced in, or is a new all-time high for this cycle on the horizon? Analyst BitQuant believes a new peak is imminent.
Bitcoin’s Looming Explosive Price Move To $95,000
Bitcoin is gearing up to continue upward and should advance to an eye-popping $95,000. As per BitQuant, such sky-high BTC price heights are a matter of time.
“$95K will be achieved in just one move, and that is quite obvious,” he postulated on X. “Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows.”
BitQuant was reacting to commentary from fellow crypto analyst Mikybull Crypto, who noted a “cup and handle” formation on Bitcoin’s weekly chart.
The setup comprises a consolidation phase following a run-up, a correction, and an ensuing move higher. In Mikybull Crypto’s view, this results in an astronomical flight to new highs. “The breakout will be explosive and will send it to a cycle top,” he observed in an X post.
Meanwhile, the nearly a dozen new U.S. spot Bitcoin ETFs have seen billions of dollars in inflows so far, which has not only helped re-legitimize crypto given the involvement of trustworthy Wall Street titans such as BlackRock, Fidelity, and JPMorgan but also put considerable buying pressure on Bitcoin.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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Gold, silver see gains following mixed U.S. inflation data
Gold, silver see gains following mixed U.S. inflation data teaser image
Gold and silver prices are firmer in midday U.S. trading Tuesday following a U.S. inflation report that saw hot headline numbers, but the internals and revisions to the report were cooler. June gold was last up $10.70 at $2,353.70. July silver was last up $0.157 at $28.60.
Tuesday morning’s U.S. producer price index for April came in hot, at up 0.5%, month-on-month, versus expectations for up 0.3%. The “core” PPI rate (excluding food and energy) was also up 0.5% in April versus expectations for up only 0.2%. However, the March PPI number was revised to down to minus 0.1% from the originally reported up 0.2%. The April PPI report would have fallen squarely into the camp of the U.S. monetary policy hawks, who want to see the Federal Reserve hold off on any interest rate cuts. However, the big downward revision to the March PPI apparently mitigated the larger-than-expected jump in the April PPI.
The consumer price index comes on Wednesday. CPI is seen up 0.4%, compared to the March report showing a rise of 0.4%. The annual CPI April reading is seen up 3.6% compared to up 3.8% in the March report.
Federal Reserve Chairman Jerome Powell today spoke in Amsterdam to a banking group. Powell said inflation has been higher for longer than the Fed had expected and it looks like it will take longer for the Fed to become confident that inflation is coming down to 2% annually. He said the Fed will keep its restrictive monetary policy in place until inflation recedes to the Fed’s satisfaction. Powell’s comments came as no surprise to the marketplace and markets showed little reaction.
Asian and European stock indexes were mixed to weaker overnight. U.S. stock indexes are mixed near midday.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are lower and trading around $77.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching around 4.5%.
Technically, June gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at this week’s high of $2,370.80 and then at last week’s high of $2,385.30. First support is seen at this week’s low of $2,337.60 and then at $2,330.00. Wyckoff's Market Rating: 7.0.
July silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $29.00. The next downside price objective for the bears is closing prices below solid support at $27.00. First resistance is seen at last week’s high of $29.00 and then at $29.25. Next support is seen at this week’s low of $28.185 and then at $28.00. Wyckoff's Market Rating: 7.0
July N.Y. copper closed up 1,525 points at 491.85 cents today. Prices closed near mid-range and hit another contract high. The copper bulls have the strong overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 515.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 460.00 cents. First resistance is seen at today’s contract high of 502.60 cents and then at 505.00 cents. First support is seen at 485.00 cents and then at 480.00 cents. Wyckoff's Market Rating:
Amidst a broader crypto market pullback spearheaded by Bitcoin’s wavering momentum, Cardano (ADA) is showcasing signs of vulnerability, sparking apprehension among investors.
Since reaching a peak of $0.80 in mid-March, ADA has experienced a significant decline of approximately 45%, sliding into a consolidation phase over the past four weeks. Despite steadfast support from bulls, hovering around the $0.44-$0.45 mark, indications suggest the potential for further downward movement.
Market sentiment was notably stirred by a cryptic tweet from seasoned analyst Peter Brandt on Sunday. While refraining from commenting, Brandt shared a chart depicting ADA’s previous support breach in late April, following a prolonged period above the $0.56 support level.
Brandt’s analysis highlighted looming selling pressure, with ADA now teetering near critical support thresholds at around $0.45. A breach below the latter could signal a deeper descent, echoing Brandt’s cautionary tone.
Echoing Brandt’s concerns, other analysts pointed out bearish indicators, with one trader citing a potential breakdown if ADA fails to rectify a bearish RSI divergence and reclaim key levels.
Conversely, some maintain an optimistic outlook, drawing parallels between Cardano’s trajectory and that of Ethereum in previous cycles. Analyst Dan Gambardello, commenting on Saturday, drew comparisons between Cardano’s current downturn and Ethereum’s past performance, suggesting a cyclical pattern that could lead to future resurgence.
Analyst Javon Marks also expressed bullish sentiments, buoyed by ADA’s recent price surge. Marks projected potential gains of up to 15X, underlining ADA’s substantial progress since breaking through resistance levels.
“Prices of ADA have demonstrated significant advancement, surging by approximately +222% towards its initial target at $2.7709,” Marks told his 38,000 followers on X.
He further speculated that the recent pullback might fortify ADA’s position for further upward movement. Marks elaborated on the potential: “With this breakout holding, another +462% upside could be in the cards to reach this target. However, based on the precedent set by previous breakouts, prices could potentially soar even higher. The $7.80 level could become a reality, marking an over 1,500% increase from current levels.”
Similarly, analyst Ali Martinz recently offered a historical perspective, drawing parallels between Cardano’s current trajectory and past bullish cycles. Martinz’s analysis suggested that ADA’s recent price correction may be a precursor to a parabolic bull run, hinting at substantial upside potential.
ADA was trading at $0.43 at press time, reflecting a 2.32% drop over the past 24 hours.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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How To Excel At Customer Acquisition Through Content Creation With Markethive
Acquiring customers is vital for a business's success, serving as the main driver for marketing efforts and overall business expansion. However, the process has become fiercely competitive and increasingly costly, with the customer acquisition cost (CAC) rising by over 60% in the last six years. This increase in CAC is due to various factors, such as increased competition, rising advertising costs, and changing consumer behavior, making it more critical than ever for businesses to invest in effective customer acquisition strategies like content marketing.
Navigating the crowded online landscape can be a significant hurdle as businesses flock to establish a presence through various digital platforms. However, these channels present a tremendous chance to stand out and acquire new customers through compelling content. By creating informative and engaging content, businesses can cut through the noise and take control of their customer acquisition strategies, empowering them to shape their own success.
It’s exceptional, customer-centric, search-engine-friendly content that resonates with audiences and drives conversions. Search-engine-friendly content refers to content that is optimized to rank high in search engine results pages (SERPs). This involves using relevant keywords that your target audience will likely search for, creating high-quality backlinks from reputable websites, and ensuring the content is easy to read and navigate, with clear headings, subheadings, bullet points, and short paragraphs.
By creating search-engine-friendly content, businesses can increase their visibility and attract organic traffic. While most companies acknowledge the significance of digital content, it's surprising that only a few prioritize crafting high-performing content that delivers results. Instead, they churn out subpar material that lacks impact, leaving a gap in the market for those who do prioritize it.
The Link Between Customer Acquisition and Compelling Content
Today's discerning consumers are highly selective when choosing brands and making buying decisions, much like forward-thinking businesses that capitalize on digital platforms to identify and win over new customers. The significance of content in attracting customers stems from its ability to establish trust.
More than outdated marketing strategies, including catchy slogans and aggressive sales pitches, are needed to grab consumers' attention or sway them; today, they seek out brands that demonstrate reliability and credibility. Studies have shown that 81% of consumers prioritize trust when making purchasing decisions, ranking it second only to the quality and value of the product itself.
By offering informative and insightful thought leadership content, which refers to content that positions the brand as an industry expert and provides unique perspectives on industry trends and issues, businesses cannot only attract but also earn the trust of potential customers. This reassures them of the brand's credibility and reliability, instilling confidence in the effectiveness of content marketing as a customer acquisition strategy.
To foster the trust that consumers hold in such high esteem, they turn to one key source: your content. By developing and disseminating consistent, high-quality content, you cultivate a reputation for expertise, infuse your brand with a distinct persona, and offer tangible benefits that assure consumers of your brand's capability to meet their needs.
But how do you know if your content is effective? Measuring the success of your content marketing efforts is crucial. You can track metrics such as website traffic, engagement (such as comments, shares, and likes), and conversions (such as newsletter sign-ups, downloads, or purchases) to gauge the impact of your content.
Unlocking Customer Acquisition: The Surprising Power of Content Over Advertising
A Common Misconception Many individuals mistakenly believe that marketing revolves solely around advertising. However, those intrusive messages and images that disrupt our online experiences are often more of a nuisance than an effective means of engagement. For most, attempting to read an informative article only to be bombarded with irrelevant pop-up ads is annoying and distracting. It's no secret that these tactics are largely ineffective, yet they come to mind when most people think of marketing.
The term' content marketing' describes content that genuinely assists individuals. This is the essence of effective marketing, and the primary objective of marketing is to attract new customers. Content marketing is effective because it is created by and for people. It is designed to educate, share insights, and inspire progress. Unlike traditional advertising, which often interrupts and annoys consumers, content marketing provides value and builds trust. It’s more successful in acquiring new customers because it focuses on providing help rather than pushing sales.
Optimize Your Online Presence Across Multiple Channels
Don’t Rely On AI To improve your search engine ranking, focus on creating content that directly addresses the search intent behind the keywords and questions your audience poses. Avoid depending solely on AI-generated content. Additionally, content that performs well in search engines will likely be effective in email and social media.
The critical insight from AI-driven content marketing is that it should be leveraged as a supplementary resource rather than a substitute for human creatives. While AI platforms like GPT are increasingly adept at producing content that mirrors human tone and style, they cannot replicate the emotional understanding that underlies effective content marketing.
For example, AI can help with content ideation, keyword research, and even content creation, but it’s the human touch that genuinely connects with the audience. Ultimately, the capacity for empathy sets human writers apart and drives successful content marketing strategies.
Content marketing is essentially centered around helping people. By offering valuable information and addressing users' concerns, content helps users even before purchasing. This approach aims to establish a strong connection with the audience, encouraging them to learn more about your brand and potentially become customers who see the benefits of your products or services in enhancing their lives.
In an era when people are bombarded with information, building a connection with your audience by showing you genuinely grasp their needs is crucial for differentiating yourself from the competition. Advanced AI-powered content marketing tools can analyze the vast expanse of existing content and produce remarkably sophisticated, eerily human-like original content inspired by what's already available.
However, these tools lack a deep understanding of your target audience and the subtleties required to craft content that truly speaks to them. They're also unable to grasp your brand's distinctive character or replicate the unique voice and tone that sets you apart. These personal touches still require a human touch, emphasizing the irreplaceable value of human creativity and understanding in content creation. Your role in this process is invaluable and cannot be replicated by AI, making you an integral and irreplaceable part of the content creation process.
Content + Paid Advertising As explained above, AI-generated content may fall short of achieving the objective businesses want through content marketing, but it’s becoming increasingly prevalent. It’s indeed getting harder, not easier, to acquire new customers through organic means. One way to supplement organic content acquisition is through paid.
Utilizing paid content marketing allows you to promote your existing content to your target audience in the online platforms they frequent. This can include strategies such as sponsored social media posts, pay-per-click (PPC) advertising, and native advertising. It is important to note that paid content marketing is most effective when combined with solid content marketing strategies already in place.
The authenticity of content marketing, once a beacon of uniqueness, has transformed. Content marketing values refer to the principles and beliefs that guide content marketing strategies, such as providing value to the audience, being transparent and honest, and focusing on long-term relationships rather than short-term sales. Integrating a touch of paid advertising doesn't mean compromising your commitment to these values. Instead, it adapts to the shifting external landscape that has altered the playing field.
The landscape of social media platforms like Facebook, LinkedIn, and Google has shifted, posing challenges for brands to reach their desired audience without utilizing paid advertising. Changes in platform policies, such as Facebook's algorithm prioritizing content from friends and family over brand content, and algorithms, such as Google's search algorithm that ranks content based on relevance and quality, have made engaging with the same audience through organic social media content increasingly challenging.
As the internet swells with information, a phenomenon known as Content Shock comes into play. The notion suggests that the quantity of content will continue to rise, posing challenges in capturing consumers' attention amidst their limited time and energy. In response, many companies are incorporating paid advertising into their content marketing approaches to cut through the noise and reach their desired audience.
While content marketing isn't solely dependent on paid advertising, incorporating paid strategies into your overall approach can be a valuable addition for some individuals.
Content + Banner Ads Similar parallels can be drawn with banner advertising. When the first banner ad debuted in 1994, it boasted an impressive 44% click-through rate. Fast forward to today, and that rate has plummeted to a mere fraction of 1%, as internet users have skyrocketed from a mere 30 million to a staggering 5.35 billion.
The internet's content has experienced exponential growth. To put it into perspective, the number of Google searches conducted every minute surpasses the entire online population of 1994, while the number of emails sent in a single minute is ten times that of the 1994 internet user base.
Therefore, the quantity of banner advertisements displayed to various online users has increased. Consumers have become weary of banner ads over the past three decades, ranking them as the second least trusted advertising medium in 2021. Nonetheless, banner display advertising remains the second most heavily funded digital format in the United States.
Banner ad spending reached $58 billion in 2022, representing more than 30% of digital advertising expenditures in the U.S., which is only 10% lower than search ads, which are the leading format. Forecasts suggest that this spending will increase consistently and surpass $78 billion by 2026.
Despite the underwhelming returns, marketers funnel their advertising funds into digital formats without hesitation. I think banner ads still have a place in this modern marketing era, and if we could combine content marketing with banner ads to bring more traffic to our content, that’s a win/win in my book.
Approximately 53% of content creators utilize advertisements to enhance their inbound efforts. They have successfully engaged with quality content by strategically reaching a relevant audience through search and social ads. The key lies in the content itself rather than the advertising format. When crafted into compelling content, ads enhance, rather than hinder, a robust inbound marketing approach.
The digital advertising landscape looked vastly different a decade ago. The majority of online ads were inadequate and annoying. The most advanced format available was the display ad. Unfortunately, most advertisements were intrusive and failed to target their intended audience. Interestingly, research shows that when content is boosted through banner ads, its click-through rate surges by a staggering 800%.
Numerous ineffective advertisements still exist, yet a different type is emerging—ones that could bring value to individuals. These advertisements assist consumers in discovering desired information, ads that amplify great content, and present it to those interested in the topic. Essentially, these ads can be considered inbound in nature.
Maximizing Returns with Content Marketing
Content marketing's proven effectiveness is the primary driver behind leveraging it for customer acquisition. A well-known marketing statistic reveals that leads generated through content marketing come at a significantly lower cost, with a staggering 62% reduction compared to traditional marketing approaches. This is primarily due to content marketing's ability to attract and convert new customers efficiently at a lower expense.
How To Excel In Customer Acquisition Through Content
To acquire customers through content, you must synchronize your content with the stages of the buyer's journey. While all website traffic is beneficial, particularly for new businesses aiming to enhance visibility, a deliberate approach is required for effective customer acquisition through content. This involves aligning your content with the phases of your buyer's journey.
As prospects navigate through the purchasing process, the type of content that resonates with them shifts. Initially, individuals who land on your website after conducting their first online search for a product or service are probably seeking educational resources to understand the challenges they are experiencing better.
As customers progress through their purchasing decision, they may require additional assurance that your brand is the best fit, and a detailed whitepaper or comprehensive case study can provide the necessary persuasion. The following visual aid can help you strategize the most effective types of content to allocate to each stage of the buyer's journey.
As you tailor your content to resonate with customers at each stage of their purchasing path, keep two key objectives in mind: provide potential buyers with the necessary information based on their current stage and incorporate a Call To Action (CTA) or another incentive to guide them to the next stage of the buyer journey.
Elevate Your Content Marketing with a Strong Blog Presence
A blog is the cornerstone of a successful content marketing strategy. While it's common knowledge that having a blog is essential, simply producing content, no matter how industry-relevant, and waiting for results is not a viable strategy.
To engage your target audience, it's essential to maintain a cohesive and customer-centric tone in your blog posts. Be deliberate and purposeful in your approach. Utilize categories to structure your content to match your content objectives, customer search intent, and buyer journey.
Begin by conducting SEO keyword research and evaluating your current content. From there, establish a strong foundation for your blog by incorporating content optimization strategies and paying careful attention to the technical aspects contributing to its performance. This includes ensuring your blog is prominently featured on your homepage and main navigation, utilizing article page templates, setting up proper URLs, and other essential steps.
At the heart of a successful content marketing approach lies a website with a blog, which has outperformed all other marketing methods. Moreover, studies have shown that blog-equipped websites boast an impressive 434% increase in search engine-indexed pages, resulting in a staggering six-fold rise in revenue.
Valuable gated content, commonly called lead magnets, collects visitor details by providing them with something of great worth in exchange. Gated content takes various shapes, yet it consistently delivers a distinctive and superior offering compared to the content available for free to your visitors.
For instance, if your blog delves into the significance of content audits, consider offering a comprehensive downloadable resource that provides a step-by-step walkthrough of the process. Popular types of gated content that are widely utilized and proven effective include ebooks, whitepapers, checklists, templates, and instructional videos.
Produce Engaging Videos
Video has become crucial in digital marketing as the most sought-after form of online content. Most businesses (86%) have incorporated video into their marketing plans. Furthermore, industry experts forecast that a staggering 82% of internet traffic will be driven by video content by next year.
Explore innovative video marketing strategies, such as documenting daily experiences through vlogs, hosting virtual events and webinars in real time, and showcasing customer testimonials through user-generated videos.
Markethive is poised to revolutionize these formats with its comprehensive video platform, virtual conference spaces, e-commerce storefronts, and broadcasting tools. Moreover, its decentralized blockchain infrastructure, spanning multiple cloud systems, offers a distinct advantage over traditional centralized cloud services like AWS and Cloudflare.
Showcasing Social Proof
Are you someone who reads reviews and testimonials before making a purchase decision? Well, you're not alone! Studies reveal that 88% of consumers place as much faith in online reviews as in personal referrals from friends or family. They typically peruse multiple reviews before finalizing a buying decision.
Showcasing social proof in your content can boost your customer acquisition potential. Practical strategies for achieving this include:
Interspersing customer testimonials and rave reviews throughout your online platform or website.
Showcasing in-depth success stories that highlight your achievements with previous customers.
Featuring authentic content created by satisfied users, such as online reviews, product photos, and video testimonials. (User-generated content)
Building trust with potential buyers is crucial, and social proof helps achieve this by providing tangible evidence that you’ll deliver on your promises. Many customers rely heavily on social proof to make a purchasing decision. By including social proof material in your customer acquisition plan, you can significantly boost the chances of turning leads into paying customers, ultimately driving revenue growth.
Markethive’s Role In Customer Acquisition
Markethive, the blockchain-driven social market broadcasting network, is revolutionizing the media landscape. Its unique iterations, integrations, and upgrades will make it the ultimate tool for customer acquisition for large companies, small businesses, and solo entrepreneurs seeking to craft and disseminate compelling content that resonates with their target audience. This will include press releases and sponsored articles.
In contrast to traditional social media platforms, you retain ownership of your content, assets, and resources. On centralized social media platforms, the content you share becomes the property of the platform itself. They may redistribute it for profit without informing you or seeking your consent despite your view that your content is proprietary.
Watch as this behemoth of all things digital media unfolds and grows, dominating various aspects of marketing and advertising, including customer acquisition, social media, inbound strategies, video advertising, content creation, email campaigns, banner display, and more. Equipped with customized storefronts for individual businesses, SEO optimization, and its crypto, Hivecoin, the currency of Markethive, it is a complete ecosystem tailored for entrepreneurs.
Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.
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