According to GYEN price predictions, GYEN is one of the few stablecoins that may show investors bullish goals. GYEN is projected to touch extreme highs in the future.
According to GYEN price predictions, GYEN is one of the few stablecoins that may show investors bullish goals. GYEN is projected to touch extreme highs in the future.
Stablecoins have become an important sector to regulate the crypto space by providing a stable network. The recent collapse of the famous crypto exchange giant FTX has drained more than 30% of the liquidity of multiple digital assets and stablecoins. GYEN is an excellent addition to the list of stablecoins this year. However, the recent crypto winter has de-pegged GYEN from the Japanese Yen (JPY). Let’s find out GYEN’s current market details, future price expectations, and project analysis with in-depth technical analysis from our GYEN price prediction to help you in making the proper investment decision.
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GYEN: A Quick Overview
GYEN is a stablecoin in the crypto verse and is projected to trade with a 1:1 ratio to the Japanese Yen (JPY). GYEN was established with the purpose of stabilizing the volatility of the crypto market. Several cryptocurrencies experience considerable fluctuations in the price chart, resulting in a problematic situation in storing crypto in the network.
GYEN aims to provide stability by pegging its value to the traditional currency Japanese Yen. To ensure the value of GYEN, GMO-Z.com Trust Company claims to hold an equal amount of GYEN of its total circulation in reserves, which assures users that they can redeem their GYEN for JPY at any time. Overall, GYEN appears to be an outperforming project with the potential to provide the required stability to highly volatile digital assets. However, there is no proper transparency about its reserve holdings, making it difficult to trust the company behind it completely. Let’s find out its current market details to clarify our GYEN price prediction better.
GYEN: Fundamental Analysis And Tokenomics
GYEN is a fiat-backed stable coin that is built on the Ethereum network. On 2 June 2022, GMO-z made a partnership with INX limited, which runs a regulated cryptocurrency exchange. INX brought GYEN and ZUSD stablecoins to retail and institutional investors. The GYEN token allows users to access different functions and offers on the platform.
The whitepaper of GYEN states, “We believe blockchain technology is the future of the internet, and we aim to offer a global payment, money transfer, trading, clearing, and settlement solution that leverages blockchain technology. Therefore, we propose the GYEN and ZUSD stablecoins to alleviate the problems inherent with unregulated and non-fiat-backed stablecoins. We believe these stablecoins represent a significant advancement in digital assets, leveraging the infrastructure, regulatory oversight, and currency stability of the traditional financial system while operating with the speed and efficiency of the internet.”
GMOZ is the only company in Japan to offer a Yen-pegged cryptocurrency, which provides a unique advantage in the crypto market compared to other stablecoins. GMOZ’s Yen-pegged cryptocurrency is convenient and more accessible to Japanese investors and traders. GMOZ’s cryptocurrency offers many benefits for Japanese investors, and those are as follows:
- Being pegged to the Yen, it is less volatile than other cryptocurrencies, which provides more security for storing crypto funds.
- GYEN is more accessible to Japanese investors and traders for daily use.
- GMOZ gets a first-mover advantage in the yen-pegged cryptocurrency market, which makes it stand out in the crypto market.
However, on 12 May, a class action lawsuit was filed against GMOZ.com for misleading investors and dumping millions of dollars in losses. The complaint said: “Investors placed orders believing the coin’s value was, as advertised, equal to the yen, but the tokens they were purchasing were worth up to seven times more than the yen.”
Considering all these, GYEN is making enough efforts to hold its price in the chart as it is making impactful developments to the platform. GYEN can turn out to be one of the most dominating and favorite stablecoins in the future, depending on the crypto market’s favorability.
GYEN Price Prediction: Price History
Before digging in further, it is essential to know about GYEN’s price history to get a rough idea about its past potential and future prices. However, it is to be noted that price history does not guarantee our GYEN price prediction.
Being a stablecoin, GYEN almost maintained its USD value of 1 JPY. However, it witnessed huge ups and downs throughout its journey as it is connected to the fiat currency Japanese Yen, which fluctuates to the US dollar according to market sentiments.
GYEN went live in the crypto market with a trading value of $0.009 on 11 March 2021. The price consolidated in that region until it made a pump on 16 May, reaching a price of $0.01. However, the price then stabilized at $0.009 but made a low of $0.008 on 27 August. GYEN continued in a range-bound area between $0.008 and $0.009 for the next three months. On 18 November, GYEN made a massive pump and reached a price of $0.023; however, the momentum was short-lived as the coin quickly dropped to its stable region.
GYEN Price Prediction: Technical Analysis
The project analysis of GYEN is overwhelming; however, the recent collapse of the popular crypto exchange giant FTX has plummeted several cryptocurrencies to the bottom and drained half of the liquidity of dominating stablecoins. Hence, our GYEN price prediction aims to bring an in-depth technical analysis to guide you in making investment decisions amid the crypto winter.
According to CoinMarketCap, GYEN is currently trading at $0.0071 with an uptrend of 0.31%. Our technical analysis reveals that GYEN may witness more price dips in the chart before initiating a significant bull run along with the crypto market by the beginning of 2023.
Looking at the daily price chart, GYEN recently broke its immediate resistance level of $0.0068 and is aiming to make a breakout above its crucial resistance level of $0.0075. However, the recent demise of FTX is worrying investors and traders about its stability as it is making significant fluctuations in the price chart due to high liquidation and accumulation. GYEN faced rejection at $0.0072 and made a slight bearish candle near its EMA-100 trend line. Moreover, the Balance of Power (BoP) indicator also trades in negative territory at 0.43, hinting at a sharp bearish trend to $0.0068.
The RSI-14 indicator has dropped from a level of 73 to 62, indicating an overbought region for GYEN, which can cause a quick drop for the stablecoin. However, the SMA-14 is slowly progressing to the North as it trades near 53, hinting at a solid bullish momentum after a bearish trend. The MACD line is also trading upwards, supporting a bullish region for GYEN in the upcoming months.
EMA-20 and EMA-50 are crossing each other, which can bring a stabilized support region if GYEN retraces below its 31.8% Fib retracement. The Bollinger bands are forming a falling triangle pattern in the price chart as the lower limit is at $0.00663. If GYEN extends its bearish trend and drops below $0.0066, it can witness a sharp fall and trade near the bottom level of $0.006.
Conversely, a bullish reversal is expected if GYEN takes support near $0.0067 and sparks surges in the price. The Bollinger band’s upper limit is at $0.0073, acting as a strong resistance level for the coin. If GYEN breaks the resistance level, it can pave its way to its EMA-200 trend line, trading at $0.00735.
GYEN Price Prediction By BlockchainReporter
GYEN Price Prediction 2022
According to our GYEN price prediction for 2022, GYEN is predicted to attain a maximum value of $0.008 with an average trading price of $0.007. Our technical analysis reveals that GYEN can go as low as $0.006.
GYEN Price Prediction 2023
Our GYEN price prediction for 2023 expects a maximum trading price of $0.012, with an average trading price of almost $0.01. GYEN might retrace downward with a minimum price of $0.009 by the end of 2023.
GYEN Price Prediction 2024
The GYEN platform boasts of developing robust and overwhelming fundamentals. Our GYEN price prediction for 2024 predicts that the coin will continue its bullish momentum, and GYEN will likely achieve a maximum price level of $0.017. GYEN might record a low of $0.014, with an average trading price of $0.015.
GYEN Price Prediction 2025
Our GYEN price prediction for 2025 anticipates a minimum value of $0.021 and a maximum value of $0.025. Our GYEN price forecast for 2025 predicts an average trading price of $0.023
GYEN Price Prediction 2026
GYEN may witness an exponential rise in 2026 and bring an excellent return on investment to its long-term holders. Our GYEN price prediction for 2026 expects a maximum price of $0.036 with an average trading price of $0.03. GYEN may trade at a minimum value of $0.0.029.
GYEN Price Prediction 2027
The crypto market is building potential for a bullish comeback and is expected to skyrocket in the next few years. Our GYEN price prediction for 2027 suggests that GYEN may reach a maximum trading price of $0.052. GYEN may trade at an average price of $0.045 with a minimum value of $0.043.
GYEN Price Prediction 2028
Our GYEN price prediction for 2028 states that GYEN may touch a maximum price of $0.076 and an average trading price of $0.065. The minimum value for the GYEN cryptocurrency is predicted to hit $0.062.
GYEN Price Prediction 2029
In the upcoming years, GYEN may attract powerful partnerships due to its solid fundamentals and can push its price to the North. Our GYEN price prediction for 2029 expects a maximum price for this coin to be $0.11 and a minimum price of $0.093. GYEN may reach an average value of $0.096.
GYEN Price Prediction 2030
Depending upon the future market sentiments, GYEN can see a maximum price level of $0.16 with an average trading price of $0.13. However, GYEN is projected to hit a minimum value of $0.12 by the end of 2030.
GYEN Price Prediction: Industry Experts
According to Wallet Investor’s GYEN price prediction, the coin may be a lousy investment option as its price can devalue in the future. According to the analysis, GYEN may trade at an average price of $0.0040070 with a minimum value of $0.003029 and a maximum value of $0.005072 by the end of 2023. In 2025, the coin will continue its bearish trend further as it can trade at an average value of $0.000444 with a minimum price of $0.000222 and a maximum price of $0.000666.
DigitalCoinPrice’s GYEN price prediction states that GYEN is expected to exceed $0.0162. By the end of 2023, GYEN is expected to reach a minimum value of $0.0151. In addition, the GYEN price can secure a maximum level of $0.0178. In 2029, the price of GYEN is expected to exceed $0.0698. By the end of the year, GYEN is expected to reach a minimum price of $0.0694. In addition, the GYEN price is capable of getting a maximum level of $0.0712.
Is GYEN A Good Investment? When Should You Buy?
GYEN provides an easier way to switch between crypto and fiat currency. However, a lawsuit was filed against the issuer as it illegally manipulated its volatility in November 2021. GYEN may be a bad investment if considered for the short term. However, it can be invested long-term for a significant ROI. Our GYEN price prediction indicates a price range of $0.0069 as a great buying opportunity to generate an astronomical profit.
Conclusion
GYEN is one of the few stablecoins pegged to the yen fiat currency. The goal of the coin is to maintain stability and always be equivalent to the worth of one Yen. GYEN has made a unique transition in several industries since its launch. Additionally, the coin has received approval from several regulators, governments, and central authorities, allowing more developers to onboard the platform and expand its use. However, before investing in the volatile crypto market, investors are advised to do their own research and conduct investment advice from experts.