What’s Next for Cardano Price As Djed, an Algorithmic Stablecoin, Enters the Market?
Cardano’s Djed is live! It hits the mainnet at times when most of them have been undergoing frightful days. Meanwhile, the launch did offer a notable push to the ADA price but it was only a short-lived rally that appears to have settled.
The token has been attempting rigorously to slice through the crucial $0.4 resistance levels but is constantly failing to do so. However, the rally continues to trade in an ascending trend, indicating that it is confident of reviving a bullish trend.
The ADA price has been trading below the 200-day MA levels since the beginning of 2022 and has never attempted to test these levels. However, since the beginning of 2023, the price has inflated and raised close to MA levels. Woefully, the price has been facing constant hindrances at these levels, but bulls appear to be poised to keep up the momentum of the rally and reach the desired target at the earliest.
Cardano Active Address See Notable Swing
However, the bears may certainly not hold the dominance for a long time as the market participants have intensified their activity on the platform. The Daily Active Address(DAA) that tracks the number of addresses contacting the platform is maintaining a notable upswing.
Presently, the levels have rebounded from the bottom at around 52K and raised beyond 85.5K, and heading towards 100K. In the meantime, the ADA price also maintained a significant upswing. With the jump in the DAA, the transaction volume also spiked, indicating the shift of focus of the market participants over the platform.
Another indicator that is pointing toward a giant price action is the MVRV ratio trending within the negative levels for quite a long time. The MVRV ratio is the comparison between the market value to its realized value that further determines whether the token is undervalued or overvalued.
Presently, the MVRV ratio has been trading within the negative levels for quite a long time, hence indicating the traders accumulating the tokens constantly as the ADA price, currently is undervalued.
Collectively, Cardano’s price appears to have been preparing for a notable rally, where-in the rally may catch up, regardless of whether the bullish market sentiments prevail within the market or not. Therefore, after accumulating some strength, the ADA bulls are believed to uplift the price beyond the pivotal resistance soon.
Snowfall Protocol enters the DeFi market, giving Lido DAO and Bitcoin Cash a run for their Money!
Snowfall Protocol (SNW) has recently made its debut in the DeFi space and has since been grabbing eyeballs for its incredible performance. Analysts and investors have now started questioning whether Lido (LDO) and Bitcoin Cash (BCH) even stand a chance against this debutante.
Let’s take a closer look at what Lido (LDO), Bitcoin Cash (BCH), and Snowfall Protocol (SNW) bring to the table.
What is Lido DAO (LDO)
Lido DAO (LDO) is designed to be a liquid staking solution for Ethereum, through which users can stake ETH tokens with no minimum deposits or infrastructure maintenance. The staking rewards from these deposits can be used without lock-ups across the DeFi ecosystem. The Lido DAO builds liquid staking services and is responsible for governing the direction of Lido.
The native utility token of Lido DAO is LDO, which is used to grant DAO governance rights, manage fee parameters and distribution, and govern the addition and removal of Lido DAO node operators.
What is Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a decentralized peer-to-peer electronic cash system that enables swift payments with high transaction capacity (big blocks), privacy, and micro fees. Bitcoin Cash (BCH) blocks can go up to 32 MB, thus ensuring faster and less expensive verification of BCH transactions even as the network keeps growing.
BCH is the native token of the Bitcoin Cash (BCH) system. Users can make Bitcoin Cash (BCH) payments directly from one person to another, just like physical money, but without any interference from centralized payment processors or banks.
What is Snowfall Protocol (SNW)
The Snowfall Protocol (SNW) is a multi-chain interoperability protocol that enables secure cross-chain transactions and asset transfers between blockchains. It is built for fungible and non-fungible tokens. The mission of the Snowfall Protocol (SNW) is to enable simple and secure participation for everyone in the DeFi and cryptocurrency ecosystem.
The Snowfall Protocol dApp allows users to swap assets across EVM and non-EVM compatible chains, thus enabling communication with all blockchains.
The governance token of the Snowfall Protocol is SNW that gives users the right to vote on improvement proposals within the Snowfall DAO. SNW also serves as a utility token, giving users access to fee discounts on snowfall bridges and entry to weekly or monthly raffles.
Which token shows more potential? LDO, BCH, or SNW?
Lido DAO (LDO) reached its all-time high price of $11 on 16th November 2022. Today, a year later, the price of Lido DAO (LDO) has dropped drastically to $1.22—a reflection of the declining interest in Lido DAO’s offerings.
Bitcoin Cash (BCH) reached its all-time high price of $4,355.62 on 20th November 2017. Today, five years since then, the price of BCH has dropped to $102.60.
SNW was launched as the governance and utility token of the Snowfall Protocol, with 95,000,000 SNW tokens available at $0.005 per coin in the first presale stage. SNW increased by 80%, reaching a price point of $0.009 and eventually going as high as $0.015 by the end of the first presale stage.
On 2nd November 2022, SNW entered its second presale stage, selling at $0.025. This success of SNW in the first two stages is predicted to remain consistent in the third (last) stage, too. Based on customer purchasing behavior, the SNW price is expected to touch $0.075 by the end of the token’s last presale stage.
The Snowfall Protocol may be a newcomer in the DeFi space, but the numbers don’t lie!
In contrast to the declining performance of Lido DAO (LDO) and Bitcoin Cash (BCH), the Snowfall Protocol (SNW) is only showing positive growth, both in terms of token price and buyer sentiment. With the price point still affordable and the protocol giving away up to 5 million tokens, now is the best time to buy into the success of the Snowfall Protocol.
Learn more about Snowfall Protocol (SNW):
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
XRP Price Enters Final Capitulation Phase, This is When it May Hit an ATH Above $4
The bulls are slowly turning in favour of XRP as the asset has been withstanding huge bearish pressure for quite a long time. The asset is among the cryptos which failed to mark a new high during the recent rally and hence the market sentiments are expected to coil up in the favour of the asset shortly.
Considering the long-term, weekly chart, the XRP price is again heading lower to test the crucial trend line for the first time in the last 4 years. Previously, the price tested these levels and surged extremely high with a rebound to mark highs above $3.5. Now, when a similar price movement is expected to occur, a rebound may raise the price above $4 to mark new highs.
It has to be noticed that the XRP price had dropped to the lowest FIB levels at 0, and after a brief consolidation, the prices rose remarkably. However, similar price movements have been noticed as the price is again heading towards the lower FIB levels. Therefore, following a bearish trend, the XRP price is expected to drop hard and reach the trend line, somewhere in the first few days of 2023.
Interestingly, it coincides with the dates of the final ruling in the Ripple vs SEC case, which may induce significant bullish momentum. Moreover, if the ruling turns in favour of Ripple, the probability of relisting XRP on the US-based exchanges may rise, which may in turn impact the XRP price positively.
However, after reaching the highs, the price is primed to witness a major dump that could engulf more than 80% of the profit gained, pushing the asset into a deep and extended bearish well.
Elon Musk Enters Twitter Headquarters With Sink–’Let That Sink In’
Elon Musk appears to be on track to fulfill a deadline on Friday to finalize his on-again, off-again acquisition of Twitter, averting a court battle over the $44 billion agreement, which he admits is excessively priced.
Musk also updated his Twitter profile to “Chief Twit” and tweeted a video of himself bringing a sink into the social network’s California offices. On Wednesday, he was walking through the office carrying a sink bowl as he awaited the end of his $44 billion takeover transaction on Friday.
“I’m excited about the Twitter situation.” I think it’s an asset that has just sort of languished for a long time but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now,” Musk said during a recent Tesla earnings call.
Musk, who had previously expressed interest in purchasing Twitter, abruptly ended the agreement in July. The Tesla CEO said that by exaggerating the quantity of spam and false bot accounts on its network, Twitter had broken the terms of their mutual purchase agreement. Twitter filed a lawsuit to enforce Musk’s commitment to the contract he signed in April to buy the dominant social media platform after he sought to cancel the deal.
After Musk attempted to back out of the deal in April, a judge had given him until Friday to complete the acquisition. Twitter and Musk have not indicated whether the deal has been finalized. Although Musk made a grand entry at the company’s office, it was unclear at the time of his purchase of Twitter had been completed.
According to a report published last week by The Washington Post, Musk informed potential investors that, should he acquire Twitter, he intends to lay off approximately 75 percent of its 7,500 employees. Documents and unidentified sources familiar with the discussion were mentioned by the news portal.
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Quant Enters Top 30 Crypto, QNT Price Rallies 40% in 7-Days
Quant price witnessed a growth of more than 100% in the past couple of hours to mark new highs at around $213. The asset reached an 18-month high and marked its presence within the top 30 crypto assets as per the market capitalization. Meanwhile, the QNT price with the next leg up is expected to surpass Monero & Cronos which hold a $2.6 billion market cap each.
Will QNT price continue with the current upswing or the bears will take over control over the rally?
Quant is among the cryptos that have decoupled from the rest of the market sentiments and ranged high, recovering the losses incurred during the unfamous crypto crash in May 2022. The price has been ascending for over a month now and hence is expected to undergo another x or 2x jump to hit $300 in the coming days. But how?
Ever since the QNT price marked its bottom below $45 in July, it ignited a parabolic recovery and appears to have accomplished more than 50% of it. On the other hand, the RSI has surged to 86.14 and has been trending within the oversold levels for the past couple of days. Therefore, one can expect the bulls to get exhausted a bit which may drag the price slightly lower, and could be back below $200 for a while.
However, this may cause a catapult action, causing the price to rise above the gained levels and eventually surpass the first barrier at $270.16 by the end of October. Meanwhile, social sentiments are strengthening, supporting the claim of a healthy upswing in the QNT price in the coming days.
As per the data from LunarCrush, Quant price ranked number 1 among all other 3928 altcoins in the crypto space. The past social activity was extremely bullish for the asset as the mentions for the platform raised by more than 43% while the engagements by 64%. Also, the number of social contributors spiked by more than 65%.
In addition to being the number one altcoin, Quant(QNT) price was ranked 76th in terms of weekly performance, 131st in terms of price change, 50th in terms of trading volume, 14th in terms of social volume, and 8th in terms of social score. Therefore, after a minor pullback, the price is believed to regain bullish momentum and propel high.
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Ethereum Officially Enters The PoS Era, MEXC Is The First Exchange To Open ETHW Deposit
At 06:43 (UTC) on Sept. 15, 2022, Ethereum completed its merge at the block height of 15,537,393 and officially switched to the proof-of-stake consensus mechanism. From then on, Ethereum bid farewell to the seven-year proof-of-work (PoW) mini
At the same time, Ethereum had officially hard forked from Ethereum, retaining the PoW consensus. As the network token ETHW of the Ethereum forked chain, it has been actively opened for deposit and trading by various mainstream trading platforms.
At 15:20 on Sept. 15, MEXC opened ETHW deposits, which is the first cryptocurrency trading platform on the entire network to open ETHW deposits. According to the calculation of the ETHW deposit, only 49 blocks are needed to complete the deposit process, which is currently the fastest account deposit speed among trading platforms.
According to CoinGecko data, the real-time price of ETHW is 13.01 Tether (USDT), and the 24-hour trading volume reached $74.05 million. Compared with mainstream trading platforms, the comprehensive indicators of MEXC, FTX and Bybit are among the top three from the perspective of trading volume, depth and price difference. From the trading page of ETHW on MEXC, the absolute value of the price difference between bid buy and ask price is only 0.002, which is the smallest, and the trading volume and depth indicators perform better.
In fact, MEXC is not only the fastest platform to open ETHW deposits within a single day but also the first to announce its support for the Ethereum 2.0 mainnet Merge and the first to list Ethereum’s potential forked chain tokens.
According to MEXC’s announcement, MEXC has been supporting the trading of the “potential forked token ETHW” as early as Aug. 5. Currently, the token can be exchanged for ETHW, the real Ethereum network token. At the same time, the real Ethereum network token ETHW obtained outside the trading platform can also be deposited on MEXC for trading purposes.
It is understood that MEXC is a world-leading user-friendly cryptocurrency trading platform, providing one-stop services for trading spot, leveraged exchange-traded funds (ETFs), perpetual futures, NFT Index, etc. With over 7 million users worldwide, MEXC is also the cryptocurrency trading platform that owns the fastest launch of popular projects on the entire network and the most abundant tradable categories.
Also, according to CoinGecko data, MEXC currently supports more than 1,500 cryptocurrencies for spot trading, more than 120 cryptocurrency futures trading and more than 300 cryptocurrencies for leveraged ETF trading.
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Terra Classic (LUNC) & Terra (LUNA) Price Enters Distribution Phase! What’s Next?
The post Terra Classic (LUNC) & Terra (LUNA) Price Enters Distribution Phase! What’s Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
While the crypto space is hopeful for a short-term bounce, the ongoing correction may indicate the resurgence of the bears. Terra (LUNA) price was closer to hitting a double-digit figure and Terra Classic was approaching $0.0006 when the bears quickly jumped in to squeeze the rally.
Presently, both the sister tokens are attempting very hard to regain the bullish trend, but until the markets remain bullish, these tokens could continue to be within the distribution phase.
Terra Classic(LUNC)
- The LUNC price continues to trade within the raising wedge which is generally considered as bearish
- Currently, the price is holding the lower support and may ignite a strong rebound very soon
- The upswing may carry the price back towards the monthly highs close to $0.0006 which may further result in a significant drop ahead
- The price could fall back to the lower support and if the bulls fail to hold, may eventually slice through these levels and plunge below $0.0004 levels.
- However, the price may not remain under $0.0004 for a longer time as the bulls get a good opportunity to get into the game
Terra (LUNA)
- Terra price is manifesting a complete diverse trend as despite being bearish, the asset is trading within a bullish pattern
- The asset has dropped not because the bears extracted their profit, but mainly due to the bulls taking a back-foot as the buying volume has dropped heavily
- Presently, the LUNA price needs to rebound from the lower support and hit the upper resistance, where-in the asset may find itself within a decisive phase
- If the bulls regain their strength, the price may eventually breakout out off the bullish flag to rise above $8
- On the other hand, if the price fails to hold the support, it may drop to the levels between $4 to $5 and ignite a rebound, which appears to be more unlikely at the moment
Bitcoin Enters Its Worst Month! Here’s How BTC Price Might Perform?
Statistically speaking, September was a poor month for the bitcoin market. Investor returns have been negative for the previous four September. The value of the largest cryptocurrency has dropped 20% since August 1. The technical analysis may point to a further fall in September as the trading session for today comes to a conclusion.
Since 2017, September has generally been a poor month for Bitcoin. In the previous five years, the average monthly decline in the price of bitcoin was 8.5%. Crypto analysts, however, think that this year is different since fundamentals and on-chain activity have increased along with adoption because of the price decline.
A market-wide sell-off caused the price of Bitcoin to fall below $21,000. The price of Bitcoin has been inactive for a while. Due to the low percentage of fees in total block rewards, there is less demand on the Bitcoin network. In the past, the BTC has always been oversold and bearish if the proportion of fees in the block reward falls below 3%. The negative cycle typically ends once the indicator rises above 3%.
Traders ought to hold out until the entire block reward goes over 3% in terms of fees. It will signal rising network demand, pointing to possible market strength. The network demand is still minimal, thus the new bull cycle is still some way off. Investors should therefore watch for a bearish rally to indicate a clear positive trend.
What are the Expert Opinions?
The price of Bitcoin at $19.9k, in the opinion of cryptocurrency analyst Michal van de Poppe, may further decline. A $19.5K sweep is anticipated. Additionally, he favors a break of $20.6k at shorter time frames to signal the end of a bullish trend.
Since the majority of cryptocurrencies are trading below their 20-day SMA, the crypto market is weak and stagnant, claims Crypto Birb. For Bitcoin to succeed, a break above the 200-WMA at $23k is necessary.