• Terra Classic’s bulls were controlling the market at press time. 
• Whales’ USTC holdings increased, but its Social Volume dropped. 

The tokens of the Terra ecosystem, like Terra Classic [LUNC] and TerraClassicUSD [USTC], have shown remarkable performance in terms of price action.

While most cryptos struggled to lift their prices, both LUNC and USTC were up by double digits in just the last 24 hours. What’s behind this rise?

A look at the history

To understand the significance of recent developments, it’s important to turn back the clock to May 2023, when the Terra ecosystem’s stablecoin, USTC, depreciated from its $1 value and reached 35 cents.

This episode not only caused the network’s native token to plummet, but it also kicked off a bear rally, which resulted in a massive drop in the global crypto market capitalization.

As an effort to revive the ecosystem, community voters passed a proposal in late May to launch a new blockchain named “Terra 2.0” without a stablecoin.

The new blockchain’s native token was named LUNA, while the previous LUNA token was rebranded as Terra Classic, LUNC.

Is Terra Classic’s fate changing?

However, things started to turn in Terra Classic’s favor in the recent past. AMBCrypto reported earlier that Binance [BNB], which is the largest crypto exchange in the world, made an announcement that somewhat gave hope for a trend reversal.

Notably, Binance Futures launched the USD-M USTC Perpetual Contract on the 27th of November 2023, with up to 50x leverage.

Since then, both tokens have displayed a promising bull rally. During the last seven days, LUNC’s price has rallied by more than 100%. The token’s value increased by over 45% in the last 24 hours alone.

According to CoinMarketCap, at the time of writing, it was trading at $0.0002331 with a market capitalization of over $1.35 billion, making it the 51st largest crypto.

Another good news was that Terra Classic’s burn rate has also been on the rise since the beginning of this month. To be precise, to date, over 8.3 trillion tokens have been burned until press time.

AMBCrypto then checked LUNC’s daily chart to find what was supporting its surge. We found that, as per indications of the Bollinger Bands, LUNC’s price was in a high volatility zone at press time.

The MACD also displayed a clever bullish advantage in the market. Moreover, both its Relative Strength Index (RSI) and Money Flow Index (MFI) had values above 90.

Though these metrics were bullish, only time will tell how much longer the token can hold such high numbers, as these numbers might cause increased sell pressure in the coming days.

Source: TradingView

The market’s overall confidence in Terra Classic also remained high at the time of writing. This was evident from the fact that both LUNC’s Galaxy Score and AltRank improved in the last week. Its Social Dominance also increased by 85%.

It was interesting to see that LUNC’s Market Dominance surged by over 100% last week, which could be attributed to its recent price gains.

Source: LunarCrush

Surprisingly, while investors’ confidence in LUNC remained high, stakers had something else on their minds. AMBCrypto took a look at Luncmetrics data and found that the token’s staking ratio plummeted over the last 30 days.

At press time, LUNC’s staking ratio only stood at 14.9%, with a total of over 1 trillion LUNC tokens staked.

Source: Luncmetrics

USTC is also on par

Like Terra Classic, USTC also showed signs of improvement. Though the stablecoin has a long way to go to reclaim its $1 value, these recent developments do give hope for a full-scale recovery.

According to CoinMarketCap, USTC was up by more than 41% in the last seven days. At the time of writing, it was trading at $0.06548 with a market cap of over $587 million. These recent gains allowed the coin to reclaim its lost market cap.

The rising market cap was accompanied by a more than 100% rise in trading volume, reflecting investors’ willingness to trade the coin.

AMBCrypto then checked Santiment’s data and found out that investors were buying USTC at the time of the report. This was evident from the massive drop in its Exchange Inflow.

Read Terra Classic’s [LUNC] Price Prediction 2023-24

The whales’ faith in the stablecoin was high at press time, as its supply held by top addresses increased. This indicates that the whales are expecting the coin’s price to rise further.

However, it was surprising to see that, despite such a promising uptick, USTC’s Social Volume dropped over the last seven days, as did its Social Dominance.

Source: Santiment

• MATIC was up by 3% in the last seven days, along with a rise in volume. 
• Selling pressure on the token was high at press time.

Polygon [MATIC] gained upward momentum last week as its price chart remained green, allowing it to reclaim its lost market capitalization. The hike in its price might be attributed to the blockchain’s achievements. 

Polygon’s achievements are remarkable!

Over the last week, Polygon’s price has rallied by more than 3%, giving investors hope for a further rally. At the time of writing, it was trading at $0.8134 with a market capitalization of over $7.5 billion.

The good news was that its price uptrend was accompanied by a rise in its trading volume. While the token’s price increased, the blockchain as a whole registered promising growth as well.

Today In Polygon, a popular X (formerly Twitter) recently posted a tweet highlighting the blockchain’s achievements. The most notable ones include Polygon PoS, which averaged over 10 million daily transactions in the last week.

Unique gaming addresses on the blockchain also increased by 80% over the last 30 days. Another notable update regarding Polygon was that new weekly contracts deployed on blockchain reached an all-time high for two consecutive weeks.

Mentioning Polygon zkEVM, it recorded a 3-month high in daily transactions with over 100 thousand. Additionally, zkEVM’s total transactions crossed the $8 million mark, reflecting increased usage and adoption.

Should MATIC investors worry?

Though the current price action and the aforementioned updates looked optimistic, things might turn sour for MATIC. Adrian Zduńczyk, a popular crypto investor, revealed that MATIC might witness a bear rally.

It’s interesting to note that the tweet mentioned the possibility of MATIC’s price plummeting while Bitcoin’s [BTC] price rises over the coming days.

AMBCrypto then checked MATIC’s on-chain metrics to see whether this outcome was likely. As per our analysis, after a substantial improvement in the MVRV ratio, the metric registered a slight decline on the 3rd of November.

The token’s Supply on Exchanges remained higher than its Supply outside of Exchanges, meaning that selling pressure was high.

However, whales’ confidence in MATIC was high, as evident from the spike in the token’s Whale Transaction Count. Additionally, the supply held by top addresses also increased.

Is your portfolio green? Check out the MATIC Profit Calculator      

Another positive development was revealed to AMBCrypto when we checked Hyblock Capital’s data. Our analysis pointed out that, during Polygon’s liquidations, its price dropped in the last week.

However, after a short price correction, MATIC’s went beyond its initial levels. This was optimistic for MATIC, as it suggested that the token might continue its bull rally. 

Source: Hyblock Capital

• BONE and SHIB were up by 15% and 1.7% over the last week, respectively. 
• The metrics and market indicators of both tokens remained mostly bullish. 

One of the most popular tokens of the Shiba Inu [SHIB] ecosystem, Bone ShibaSwap [BONE], registered a double-digit rally last week. Not only BONE, but the chart of the network’s flagship token, SHIB, also remained green.

A possible reason behind this uptrend might be found in Shibarium’s performance.

The Shiba Inu ecosystem is turning bullish 

CoinMarketCap’s data revealed that BONE was up by more than 15% over the last seven days. At the time of writing, it was trading at $0.7092 with a market capitalization of over $163 million.

While BONE’s price rallied, SHIB’s price also gained upward momentum. At press time, SHIB was up by 1.7% in the last 24 hours and was trading at $0.000008533 with a market cap of over $5 billion.

AMBCrypto looked at Santiment’s data and found that BONE’s popularity in the crypto market rose over the last week, as evident from its consistently high Social Volume.

However, the same can’t be said for Shiba Inu, as after a spike on the 29th of November, its Social Volume dropped as of press time.

A possible reason behind both of these tokens’ price uptrends could be attributed to Shibarium’s latest achievement.

LUCIE, an official X (formerly known as Twitter) handle of Shiba Inu, recently revealed that Shibarium’s daily transactions hit a new high of 5.1 million.

Things improved further, as at press time, Shibarium’s daily transactions reached 7.4 million. As per Shibariumsacn.io, the L2 has processed a total of more than 19 million transactions and 1.9 million blocks.

Its total number of wallet addresses also reached 1.27 million.

Source: Shibariumscan.io

Will the uptrend last?

AMBCrypto checked Shiba Inu’s metrics to find whether it could sustain its rally. As per CryptoQuant’s data, SHIB’s exchange reserve was decreasing, suggesting that buying pressure was high.

The token’s Funding Rate increased along with its price. This meant that derivatives investors were buying SHIB at a higher price. Additionally, its Open Interest also increased as per Coinglass — yet another optimistic metric.

Source: Coinglass

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Mentioning BONE, its MACD displayed a clear bullish advantage in the market. The token’s Money Flow Index (MFI) also rested well above the neutral mark, which showed increased chances of a continued uptrend. 

However, nothing can be said with certainty as BONE’s price touched the upper limit of the Bollinger Bands. This could increase selling pressure and, in turn, put an end to BONE’s bull rally.

Source: TradingView

• Negative sentiment around Shiba Inu was high, and market indicators looked bearish.
• Nonetheless, Shibarium’s adoption was on the rise as its metrics increased. 

Shiba Inu [SHIB] witnessed a massive spike in its burn rate in the last 24 hours, reflecting its deflationary characteristics. However, despite the meme coin burning a substantial number of tokens, its price action continued to remain bearish during the same period.

Shiba Inu is burning fast!

SHIBBURN, a popular Twitter handle that posts updates related to the blockchain’s burn rate, recently posted a tweet revealing that Shiba Inu burned a total of 83,307,739 SHIB tokens in the last 24 hours over four transactions.

This massive burn pushed the meme coin’s 24-hour burn rate by more than 900%, which looked impressive. To date, more than 490 trillion SHIB tokens have been burned. 

Generally, when tokens are burned, the circulating supply of assets drops, creating more demand. This in turn causes a hike in that asset’s price. However, this was not the case with SHIB this time, as its daily chart was red.

According to CoinMarketCap, SHIB was down by more than 2% in the last 24 hours. At the time of writing, it was trading at $0.000008195 with a market capitalization of over $4.8 billion.

AMBCrypto then checked SHIB’s metrics to better understand what was not working in the meme coin’s favor.

As per our analysis, SHIB’s MVRV ratio dropped over the last week. Its 1-week price volatility also plummeted. Interestingly, while its price registered its latest drop, negative sentiment around the token increased substantially.

However, the meme coin continued to remain whales’ favorite. According to WhaleStats, SHIB was the most traded token among the top 100 ETH whales in the last 24 hours.

SHIB’s MACD remained in the bears’ favor. Its Money Flow Index (MFI) also registered a slight downtick. Additionally, its Relative Strength Index (RSI) was resting near the neutral mark, increasing the chances of a continued downtrend in the coming days.

Source: TradingView

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

This is how Shibarium is doing

While SHIB’s price continued to dwindle, the situation was different with Shibarium. This was evident from the latest data, which revealed that the total number of Shibarium wallets reached 1.2 million.

The L2 has processed over 4.2 million transactions and 1.8 million blocks to date. However, it was interesting to note that after spiking on 23rd November, Shibarium’s daily transaction graph went down.

Source: Shibariumscan.io

• BTC was down by nearly 1% over the last 24 hours. 
• Social metrics were high, but other indicators looked bearish. 

Bitcoin [BTC] has not been very volatile of late, as its price took a sideways trajectory. As AMBCrypto reported earlier, investors might have to expect a few more slow-moving days, which was further established by the latest datasets.

Notably, Bitcoin’s MACD and Money Flow Index (MFI) looked bearish. But can anything cause a change in the trend in the near term?

Bitcoin might not get volatile

IntoTheBlock recently posted a tweet highlighting that the 30-day average intraday move for Bitcoin was going lower than traditional markets. This indicated a period of relatively low volatility for BTC.

Moreover, AMBCrypto found that while BTC’s price went sideways, its Open Interest remained relatively high. High Open Interest generally indicates that the ongoing price trend might continue further.

Has anything changed overnight?

Though BTC did not register much movement, investors continued to accumulate at press time. This was evident from the fact that BTC’s Exchange Outflow spiked in the recent past.

On top of that, BTC’s Supply on Exchanges remained lower than its Supply outside of Exchanges, suggesting that buying pressure on the coin was higher than selling pressure, reflecting investors’ confidence in the king of cryptos.

Source: Santiment

Things looked good for BTC on the social front too, as its Social Dominance surged by more than 50% over the last week. But despite the sluggish price movement, Bitcoin’s Market Dominance registered an increase, which looked optimistic.

However, a bearish metric was the coin’s AltRank, which increased over the last seven days.

Source: LunarCrush

When AMBCrypto checked BTC’s daily chart, we found that not much had changed over the last few hours. The MACD continued to show an ongoing tussle between the bulls and the bears at press time.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The Bollinger Bands’ data also revealed that the coin’s price was in a less volatile zone.

However, the Relative Strength Index (RSI) went sideways, but its Money Flow Index (MFI) looked bullish as it moved up slightly in the recent past. At press time, BTC was trading at $37,787.55, with a market capitalization of over $739 billion. 

Source: TradingView

• dYdX announced new features on its blockchain.
• However, DYDX was down by over 8%, and other metrics looked bearish as well.

It has been two days since dYdX [DYDX] progressed from its beta stage to full production trading on the blockchain. Notably, Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and Chainlink [LINK] will be available to trade on the platform.

The launch made dYdX a topic of discussion in the crypto community. This was evident from the considerable spike in its Social Volume over the last few days.

However, the launch did not go as expected, as the token remained under the bears’ influence. AMBCrypto gleaned that most of the above mentions might have been negative, as DYDX’s Weighted Sentiment registered a massive drop, per Santiment.

Is DYDX’s declining price good for investors? 

The launch failed to affect the token’s price positively. According to CoinMarketCap, DYDX was down by more than 8% in the last seven days. At the time of writing, it was trading at $3.20 with a market capitalization of over $587 million.

A look at the token’s on-chain data revealed what went wrong. As per AMBCrypto’s analysis, DYDX’s MVRV ratio dropped over the last few days.

Its Network Growth also declined, meaning that fewer new addresses were trading the token at press time.

Source: Santiment

Nonetheless, its Exchange Outflow spiked on the 30th of November. This meant that investors used DYDX’s declining prices as an opportunity to accumulate more of the token.

But will an increase in buying pressure be enough to lift DYDX’s price in the coming days?

Realistic or not, here’s DYDX’s market cap in BTC’s terms   

DYDX’s MACD displayed a clear bearish advantage in the market. Its Relative Strength Index (RSI) took a sideways path, suggesting that investors could expect a few slow-moving days.

However, DYDX’s Bollinger Bands revealed that its price was entering a less volatile zone, decreasing the chances of a continued downtrend. Its Money Flow Index (MFI) also registered an uptick at press time — a positive sign.

Source: TradingView

Posted: November 30, 2023

• Whales may help kick-start Chainlink’s bull run. 
• LINK has to go above a key resistance level in order to start another rally. 

Chainlink [LINK] displayed a rally over the last few weeks, which allowed it to inch closer to the top 10 cryptos by market capitalization. Considering this performance, can the token enter the top 10 list anytime soon? 

Chainlink is popular among whales

While LINK’s price rallied, its popularity among whales also increased. Inasmuch, on the 29th of November, crypto analyst Ali pointed out that Chainlink had witnessed its largest spike in whale transactions for 2023.

Santiment also had an interesting update, pointing out that a massive amount of older coins had moved wallets. Such moves are generally followed by “big price movements.”

Therefore, if history is to repeat itself, investors might witness another bull show from LINK in the coming days.

The possibility of a LINK rally is…

According to CoinMarketCap, LINK’s price moved down marginally in the last 24 hours. At the time of writing, it was trading at $14.52 with a market capitalization of over $8 billion, making it the 12th largest crypto.

But before LINK begins its bull rally, the token must go above a key resistance level.

AMBCrypto’s analysis of Hyblock Capital’s data revealed that the token’s liquidation increased substantially when its price reached the $15.4 mark. Therefore, if the token has to increase its market cap, it must go above that mark.

Source: Hyblock Capital

However, quite a few metrics remained bullish, increasing the chances of an uptrend. For instance, as per CryptoQuant, LINK’s exchange reserve was low, meaning that investors were buying the token at press time.

The evidence of high buying pressure was further compounded by other metrics. AMBCrypto found that LINK’s Supply on Exchanges dropped in the recent past, while its Supply outside of Exchanges increased.

Read Chainlink’s [LINK] Price Prediction 2023-24

Additionally, a look at Coinglass’ data revealed that Chainlink’s Open Interest dropped while its price went sideways. This suggested that the possibility of a trend reversal was high.

However, it was interesting to see that the supply held by top addresses remained flat at the time of writing.

Source: Santiment

Posted: November 30, 2023

• The top 10 Tether wallets held tokens worth $15.23 billion at press time.
• Market indicators suggested that investors might expect a few slow-moving days. 

Bitcoin [BTC] has displayed a steady increase in its value over the last few weeks as its value remained above the $37,000 mark. In fact, the price of the king coin recently went above $38,000.

If the latest data is to be considered, things can get even better in the coming days as the top players in the crypto market show trust in BTC.

Bitcoin remains bullish

CoinMarketCap’s data revealed that its price rallied by more than 4.5% over the last week. In the last 24 hours alone, BTC was up by over 3.3%. At the time of writing, it was trading at $38,225.01 with a market capitalization of over $747 billion.

As reported earlier by AMBCrypto, it was interesting to note that Bitcoin holders display unwavering confidence in the king coin despite market fluctuations. The coin was experiencing strong momentum, coinciding with substantial holder positions.

Amidst this, Santiment recently posted a tweet pointing out a noteworthy development. As per the tweet, BTC’s Supply on Exchanges has continued to move into self-custody.

Though this reflected a hike in buying pressure, it also hinted at a decline in trust in CEXes in the recent past.

While this happened, the 10 largest Tether [USDT] exchange wallets increased their holdings.

The tweet mentioned that the top 10 Tether wallets held $15.23 billion, pushing exchange buying power to its highest level in 17 months. Whenever stablecoin’s supply, including Tether, increases, it suggests that the market’s buying capacity is high.

Therefore, buyers can further exert buying pressure on BTC over the coming days, which could result in a continued bull rally over the coming weeks.

Is Bitcoin actually ready for a bull run?

AMBCrypto then had a look at CryptoQuant’s data to understand whether buying pressure on the coin was high. As per our analysis, BTC’s exchange reserve was dropping, which looked optimistic. Also, its Binary CDD was green.

This meant that long-term holders’ movements in the last seven days were lower than average, reflecting their will to hold their assets.

In fact, Bitcoin’s Coinbase premium was also green, suggesting that investors in the United States were buying the coin at large.

Source: CryptoQuant

Read Bitcoin’s [BTC] Price Prediction 2023-24

However, upon closer inspection, AMBCrypto found that investors could expect a few slow-moving days before BTC’s price action turned volatile. Notably, the MACD displayed a tussle between the bulls and the bears.

At the same time, the Money Flow Index (MFI) registered a slight downtick and was headed towards the neutral mark. Nonetheless, the Relative Strength Index (RSI) remained bullish as it rose at press time.

Source: TradingView

• USTC and LUNC both registered double-digit growth over the last few days.
• LUNC’s market indicator, however, suggested that the token might witness a price correction.

Terra Classic [LUNA] and TerraUSD [USTC]  have taken a massive blow over the last few years since the stablecoin’s depegging. In fact, the episode initiated a disastrous bear market, the effects of which are still visible.

However, Binance, which is the largest crypto exchange in the world, recently made an announcement that somewhat gave hope for a trend reversal. Here’s a closer look at the Terra ecosystem to better understand what investors should expect from LUNC over the months to follow.

Why is Terra suffering?

To give a perspective, TerraUSD depreciated from its $1 value in May 2022, which caused an outburst across the entire crypto market. Not only did Terra ecosystem tokens fall, but top coins like Bitcoin and Ethereum also took a blow.

Since then, the entire Terra ecosystem has been struggling, including LUNC. But things might look different for Terra in the coming months as Binance has made a major announcement.

Binance Futures launched the USD-M USTC Perpetual Contract on 27th November 2023 with up to 50x leverage. The maximum funding rate of the USTCUSDT Perpetual Contract at the time of launch was +2.00% or -2.00%.

Thanks to that, moist Terra ecosystem tokens such as USTC and LUNC gained bullish momentum. To be precise, both tokens were trending on CoinMarketCap at the time of writing this article. 

Here is how Terra Classic and TerraUSD are doing

According to CoinMarketCap, USTC was up by more than 36% in just the last 24 hours. At press time, it was valued at $0.05032 with a market cap of over $451 million.

Thanks to the spike in positive sentiment around the coin, general investors’ confidence was also high. This was evident from the rise in its total number of holders.

However, AMBCrypto’s analysis revealed that the whales did not have much faith in USTC as its supply held by top addresses dropped in the recent past.

Source: Santiment

Like USTC, Terra Classic also initiated a promising bull rally. As reported earlier by AMBCrypto, LUNC displayed a laudable performance in the recent past as its price rallied by double digits.

To be specific, LUNC was up by more than 23% in just the last 24 hours. At the time of writing, it was trading at $0.0001194 with a market cap of over $394 million, making it the 71st largest crypto.

The token’s burn rate has also been relatively high over the last week, as it burned a substantial number of tokens.

As per the latest tweet from LunaClassic HQ, nearly 29 billion LUNCs have been burned, which accounted for nearly 37% of its supply.

AMBCrypto then had a look at LUNC’s derivatives metrics to see what they suggested. As per our analysis, Terra Classic’s open interest shot up along with its price.

Whenever open interest rises, it increases the chances of the current price trend continuing. Therefore, it seems likely that LUNC will continue its bull rally over the coming days.

Source: Coinglass

Going forward

As the open interest growth looked ambitious, AMBCrypto then checked LUNC’s daily chart to see whether the token would sustain its uptrend over the weeks to follow. At first glance, the MACD displayed a clear bullish upper hand in the market.

Realistic or not, here’s LUNC market cap in BTC‘s terms  

However, the rest of the metrics had a different story to tell. LUNC’s price touched the upper limit of the Bollinger Bands, which caused a trend reversal and pushed LUNC’s price down. The Money Flow Index (MFI) entered an overbought position.

Furthermore, the Relative Strength Index (RSI) also enters a similar zone. This can initiate selling pressure on Terra Classic, which can be concerning for its ongoing bull rally.

Source: TradingView

Posted: November 29, 2023

• The number of DOGE holders surpassed 5 million, reaching an ATH.
• Market indicators looked bearish on the meme coin. 

Dogecoin [DOGE] has been experiencing a promising rally over the last few weeks, which allowed it to rise in market cap.

However, DOGE’s weekly chart revealed a key resistance level, which the meme coin has to cross in order to sustain its uptrend.

Dogecoin is inching toward a key resistance level

CoinMarketCap’s data revealed that the price of the top meme coin surged by more than 8% in the last seven days. In the last 24 hours alone, DOGE pumped by over 4.5%.

At the time of writing, DOGE was trading at $0.08107 with a market capitalization of over $11 billion.

In fact, IntoTheBlock’s data revealed that market confidence in DOGE had also soared in the recent past. This was evident from the fact that the total number of Dogecoin holders reached an all-time high of over 5 million.

However, though things looked promising, DOGE has a challenge to overcome in order to maintain its bull run. Ali, a popular crypto analyst, recently posted a tweet pointing out how DOGE faces a major hurdle at $0.087.

He said:

“This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.”

As per the analyst, if DOGE manages to go above this level, the probability of the meme coin doubling its price will become much greater.

The odds of DOGE going above $0.087

AMBCrypto checked Hyblock Capital’s data and found that DOGE has been facing strong resistance at the $0.081 mark. Specifically, the meme coin’s price tested that level twice last week and failed to go above it.

Source: Hyblock Capital

Read Dogecoin’s [DOGE] Price Prediction 2023-24

A few market indicators also implied that the possibility of DOGE’s price action moving sideways was high. For instance, both its Money Flow Index (MFI) and Relative Strength Index (RSI) went sideways. 

However, things can change in the meme coin’s favor as the MACD displayed the possibility of a bullish crossover, which signaled that the meme coin could go above the aforementioned resistance levels.

Source: TradingView

Posted: November 29, 2023

• Fantom’s closed testnet crossed 4 million accounts. 
• Regardless, metrics and market indicators remained bearish on FTM. 

Fantom’s [FTM] closed testnet has come a long way since its launch, as its total number of accounts crossed the 4 million mark recently. Its total transactions surpassed 375 million during the same time period.

However, despite Fantom’s feats, its price action turned in the bears’ favor.

Fantom Closed testnet is performing well

The Fantom Foundation posted a tweet highlighting the network’s achievements on the 27th of November. The tweet mentioned:

“Fanton Sonic Closed Testnet is back with ~4,000 TPS at ~1.3 second finality… The testnet has processed transactions resembling realistic traffic (token transfers, mints, and swaps), which has allowed us to showcase the performance of Sonic in conditions that represent actual usage.”

Over the next few months, the closed testnet will undergo several changes, which could further boost the Fantom network’s popularity.

FTM is going the other way around

While the blockchain’s EVM-compatible testnet continued to grow, its native token’s price action went in the sellers’ favor. According to CoinMarketCap, FTM was down by more than 6% in the last seven days.

At the time of writing, it was trading at $0.29 with a market capitalization of over $813 million.

A possible reason behind this could be the drop in selling pressure. When AMBCrypto analyzed Santiment’s data, we found that FTM’s Exchange Outflow dropped last week. Its MVRV ratio also plummeted, causing its price to sink.

Fantom’s Network Growth declined last week, meaning that fewer new addresses were created to transfer the token. However, its Development Activity remained high, suggesting that the developers were making increased efforts to improve the blockchain.

Source: Santiment

Read Fantom’s [FTM] Price Prediction 2023-24

Upon further inspection, AMBCrypto found that FTM’s Relative Strength Index (RSI) registered a downtick, implying that the token’s price might go down further over the coming days. The MACD also displayed a clear bearish advantage in the market.

On the good side, FTM’s Bollinger Bands revealed that the token’s price was entering a less volatile zone. This could prevent the token’s price from plummeting further. Another bullish signal was Fantom’s Chaikin Money Flow (CMF), which moved northwards at press time.

Source: TradingView

Posted: November 29, 2023

• During the last token unlock, DYDX’s price action did not turn bearish.
• DYDX was down by more than 4% in the last 24 hours, and negative sentiment around it was dominant.

Dydx [DYDX] is expecting its next token unlock, which will inject tokens worth hundreds of millions of dollars into the market soon. Such a massive jump in circulating supply can have a negative impact on the token’s price action.

Therefore, to better understand what to expect, let’s have a look at past data. 

All about DYDX’s upcoming token unlock

According to Lookonchain’s latest tweet, Dydx will unlock 150 tokens, which are worth more than $500 million, on 1st December 2023. Out of which, $280.35 million will be available for investors.

Apart from DYDX, Optimism [OP], Hedera [HBAR], and Sui [SUI] are also expecting a next round of token unlocks over the coming days.

Token unlocks are often followed by price drops because of the demand and supply theory. Whenever a token’s circulating supply rises, its demand drops, causing its price to plummet for a short period of time.

However, when DYDX unlocked its tokens last time, things did not go the bad route. DYDX last witnessed a token unlock on 31st October, 2023.

AMBCrypto’s look at Santiment’s data further revealed that DYDX’s price was not affected much. Rather, its value started to pump a few days after that, thanks to bullish market sentiment.

However, it should be noted that negative sentiment around the token spiked during the previous unlock. 

Source: Santiment

What to expect from DYDX

Since this time the blockchain will be unlocking a massive number of tokens, the probability of DYDX’s price plummeting seems high.

Market sentiment around the token also looked bearish, which was evident from its low weighted sentiment. But its social volume was high, meaning that DYDX remained a topic of discussion in the crypto space. 

Source: Santiment

According to CoinMarketCap, DYDX was down by more than 4% in the last 24 hours.

At press time, it was trading at $3.17 with a market capitalization of over $582 million. Things can get worse even before the token is unlocked, as market indicators look bearish.

Read Dydx’s [DYDX] Price Prediction 2023-24

Its MACD displayed a bearish crossover. Both Money Flow Index (MFI) and Chaikin Money Flow (CMF) went down, which increases the chances of a continued downtrend.

Therefore, investors must remain cautious before making a decision on DYDX ahead of its upcoming unlock.

Source: TradingView

Posted: November 28, 2023

• Blur’s NFT trade counts and trade volume in USD remained high last week.
• The token was down by 8%, and most indicators were bearish. 

Blur [BLUR] displayed an incredible performance on the price front over the past few days. The token’s price action took off when it announced the closure of its second season of airdrops.

The airdrop had an immediate positive impact on the token’s value, as its price rallied by more than 33% in the last seven days. While the token’s price moved up, its NFT ecosystem also picked up pace.

BLUR’s NFT space is booming

According to CryptoDep’s tweet on the 27th of November, Blur was the top NFT project in terms of social activity. The project boasted more than 2.5 million social intersections and a social dominance of 0.24%.

AMBCrypto’s check of Santiment’s data revealed that BLUR’s total number of NFT trade counts also remained high last week. Moreover, its NFT trade volume in USD spiked in the recent past.

Source: Santiment

The NFT marketplace also fared well against its top competitor, OpenSea. AMBCrypto’s analysis revealed that its trade counts were marginally similar to those of OpenSea.

In fact, BLUR managed to outperform OpenSea by a considerable margin last week in terms of trade volume, which looked optimistic.

Source: Dune

BLUR’s bull rally has ended

Though its NFT metrics looked promising, the token’s bull rally ended as its daily chart turned red. According to CoinMarketCap, BLUR was down by more than 8% over the last 24 hours.

At the time of writing, it was trading at $0.4855 with a market capitalization of over $539 million.

Buying pressure on BLUR, however, remained high, as evidenced by its Supply on Exchanges, which was lower than its Supply outside of Exchanges. Whales’ confidence in the token was also high, as evident from the hike in its supply held by top addresses.

Source: Santiment

How much are 1,10,100 XRPs worth today?   

AMBCrypto then checked BLUR’s daily chart to better understand the future of its price. Its MACD displayed the possibility of a bearish crossover.

Its Money Flow Index (MFI) and Chaikin Money Flow (CMF) both registered downticks as well, implying increased chances of a continued downtrend in the near term.

Source: TradingView

Posted: November 28, 2023

• Bitcoin’s Open Interest reached an all-time high on the 27th of November.
• BTC was down by 1.2% last week, but metrics were mostly bullish. 

Bitcoin [BTC] underwent a bull run over the last 30 days, with its price rallying 9% over this time frame. But the king coin’s fortunes soon turned, as BTC’s movement turned sideways over the last week.

According to CoinMarketCap, BTC was down by over 1.2% in the last seven days. At the time of writing, it was trading at $36,897.06 with a market capitalization of over $721 billion.

This is what Bitcoin’s metrics suggest

But investors should not lose hope, as AMBCrypto found that Bitcoin has been up to something all this while. Notably, CryptoCon pointed out in a tweet that BTC has hit the 3.5 Advance/Decline Ratio (ADR) level for the first time in this cycle.

The advance-decline ratio (ADR) is a popular market-breadth indicator used in technical analysis. It compares the number of stocks that close higher against the number of stocks that close lower than the previous day.

Historically, Bitcoin’s ADR hitting these levels has always been a precursor to a bull rally.

It was interesting to know that while Bitcoin’s ADR hit 3.5, its Open Interest reached an all-time high as well. High Open Interest usually indicates higher liquidity for an asset.

This implies that there will be less discrepancy between an asset’s asking price and what another trader is willing to pay.

Is BTC actually preparing for a rally?

AMBCrypto then took a look at Bitcoin’s on-chain metrics to better understand whether the coin was preparing for another bull rally.

Our analysis of CryptoQuant’s data revealed that BTC’s exchange reserve was decreasing, meaning that the coin was not under selling pressure at press time.

Is your portfolio green? Check out the BTC Profit Calculator      

The king coin’s Binary CDD was also green, implying that long-term holders had not made many moves over the last seven days. Thus, LTHs were willing to hold their assets.

However, BTC’s Active Addresses and Transactions plummeted, signaling a potential decline in daily trade — a concerning sign.

Source: CryptoQuant

Posted: November 28, 2023

• Polygon PoS’s total transactions crossed the 3.2 billion mark. 
• MATIC was down by over 9%, and metrics remained bearish. 

Polygon [MATIC] has achieved quite a few milestones in the recent past in terms of network activity. Not only did Polygon PoS’s metrics surge, but the same trend was also noted on Polygon zkEVM’s charts.

However, even as their key stats moved up, MATIC continued to face bears’ wrath.

Polygon’s adoption is on the rise

Today In Polygon, a popular X (formerly Twitter) handle, posted a few tweets highlighting Polygon’s latest achievements on the 24th of November.

To begin with, the Polygon PoS chain reached the commendable number of 3.2 billion total transactions. Moreover, the blockchain’s rollup, zkEVM recorded a three-month high in daily transactions, which sat at over 100k on the 26th of November.

These milestones helped the total number of transactions on Polygon zkEVM cross the eight million mark.

Upon further digging, AMBCrypto found that both Polygon PoS and zkEVM showed growth in the recent past. The Daily Active Addresses and Daily Transactions of both zkEVM and Polygon PoS gained upward momentum in the recent past.

The captured value also improved, as its revenue rose.

Source: Artemis

MATIC’s performance is not satisfactory

While the blockchain’s network activity grew, its native token, MATIC, failed to impress investors. According to CoinMarketCap, MATIC was down by more than 9% in the last seven days.

At the time of writing, it was trading at $0.7548 with a market capitalization of over $7 billion.

AMBCrypto’s analysis of Hyblock Capital’s data revealed that MATIC’s liquidation increased when its price touched the $0.8 mark, after which the token’s price started to drop over the last week.

Source: Hyblock Capital

The fact that MATIC’s selling pressure was high was also proven by Santiment’s data, which displayed that while Polygon’s Supply on Exchanges increased, its Supply outside of Exchanges dropped.

Negative sentiment around the token remained high last week.

Additionally, its MVRV ratio plummeted, which also played a role in MATIC’s downtrend.

Source: Santiment

Read Polygon’s [MATIC] Price Prediction 2023-24

A few of the market indicators also looked bearish. The Money Flow Index (MFI) registered a sharp downtick and Polygon’s MACD displayed a bearish crossover.

However, the Bollinger Bands suggested that MATIC’s price was entering a less volatile zone — a sign that MATIC’s price may not drop further over the next few days.

Source: TradingView

Posted: November 28, 2023

• BNB Chain added a few more dApps to its portfolio. 
• BNB’s weekly chart remained in the red, and market indicators supported the bears. 

Binance’s [BNB] former CEO Changpeng Zhao (CZ) submitted his resignation a few days ago, which caused much trouble for BNB Chain. Not only did BNB’s price drop, but the blockchain’s overall network activity also took a blow.

However, as development around the blockchain continues, several new dApps were launched, which could help turn the situation around. 

CZ’s episode in a nutshell

As reported earlier by AMBCrypto, BNB was recently thrust into the limelight as its CEO, CZ, submitted his resignation as part of the $4 billion settlement between United States regulators. The effects of this episode are still evident.

Notably, AMBCrypto’s analysis of Artemis’ data revealed that both BNB Chain’s Daily Active Addresses and Daily Transactions plummeted over the last few days.

Source: Artemis

The blockchain’s state in terms of captured value also took a blow, as BNB’s TVL registered a sharp decline. On top of that, BNB’s fees and revenue also went downwards in the recent past.

However, BNB Chain did launch a few new dApps, which could help turn the table in the blockchain’s favor over the coming weeks.

As per a recent post from BNB Chain, the blockchain added six new dApps to its vast portfolio. The dApps operate in multiple spaces, such as Gaming, SocialFi, and Infrastructure.

As per the post, the newly added dApps include Dechat, ScarQuest, Sekuya, SinVerse, Ramper, and BinaryX.  The addition of these dApps can help get new users to the network and help lift BNB Chain’s declining network activity over the weeks to follow.

BNB Chain investors are at a loss

Like the blockchain’s network activity, its price action also failed to pick up pace. According to CoinMarketCap, BNB was down by more than 6% in the last seven days. It was trading at $230.92 at press time, with a market capitalization of over $35 billion.

Read Binance Coin’s [BNB] Price Prediction 2023-24

AMBCrypto’s analysis of BNB’s daily chart revealed several bearish market indicators; the MACD clearly displayed a bearish advantage in the market. Its Chaikin Money Flow (CMF) and Money Flow Index (MFI) were both resting well below the neutral mark.

Therefore, it was likely that investors could witness a further price drop. However, if the MFI enters the oversold zone, it could increase buying pressure and cause a trend reversal.

Source: TradingView

Posted: November 27, 2023

• Terra Classic’s burn rate remained high while its price rallied. 
• LUNA also followed LUNC’s course as its price surged in the last 24 hours. 

Terra Classic [LUNC] has displayed a laudable performance in the recent past as its price rallied by double digits. This happened at a time when the token’s burn rate increased, reducing its circulating supply.

But is LUNC’s high burn rate the only reason behind the surge, or are there more things to be considered?

Terra Classic is burning 

A look at CoinMarketCap’s data revealed that LUNC’s price rallied by more than 25% in just the last 24 hours. At the time of writing, Terra Classic was trading at $0.00009977 with a market capitalization of over $578 million, making it the 79th largest crypto. 

A possible reason for this rise could be LUNC’s high burn rate.

For the uninitiated, when tokens are burned, their circulating supply decreases, making that asset more valuable. Inasmuch, AMBCrypto’s analysis of Luncmetrics’ showed that more than 700 million LUNC tokens were burned in the last seven days alone.

In total, over 78.24 billion LUNC tokens have been burned thus far, causing its circulating supply to drop to 5.8 trillion.

Source: Luncmetrics

Apart from the high burn rate, a few metrics also backed LUNC’s recent price uptrend. Notably, its trading volume surged by more than 1000% in the last 24 hours. As a result, LUNC’s Price Volatility 1w also rose, as did its Open Interest, increasing the chances of a continued uptrend.

However, while its price surged, Development Activity around the blockchain dropped.

Source: Santiment

AMBCrypto’s analysis of LunarCrush’s data also found that LUNC’s Social Dominance and Market Dominance increased by 196% and 28% in the last 24 hours, respectively. Another bullish metric was LUNC’s AltRank, which improved during the same period.

Source: LunarCrush

Will the bull rally last?

AMBCrypto then checked Terra Classic’s daily chart to better understand whether the bull run would last. As per our analysis, LUNC’s MACD displayed a bullish crossover. Its Chaikin Money Flow (CMF) also took a northward path, increasing the chances of a continued uptrend.

However, its Relative Strength Index (RSI) was near the overbought zone, a sign of rising sell pressure, which could cause a price correction.

Source: TradingView

Realistic or not, here’s LUNC’s market cap in BTC’s terms  

It was interesting to note that while LUNC rallied, its sister token, Terra [LUNA], also took a similar route. As per CoinMarketCap, LUNA was up by over 14% in the last 24 hours, allowing it to again reenter the top 100 club in terms of market cap.

At press time, LUNA was trading at $0.7925 with a market cap of over $460 million.

Posted: November 27, 2023

• BTC’s mining difficulty increased along with its hashrate. 
• BTC’s price action, on the other hand, remained dormant. 

Bitcoin’s [BTC] mining sector hit an all-time high in the last week, as its “combination of miner rewards and fees” crossed $46.7 million, according to a tweet on the 26th of November by IntoTheBlock. 

Bitcoin’s hashrate reaches ATH!

AMBCrypto took a look at Coinwarz’ data, which revealed that at the time of writing, BTC’s hashrate stood at 458.09 EH/s. An increase in hashrate means that there is an influx of new miners into the network.

Because of the hike in BTC’s hashrate, its mining difficulty also went up. As per Coinwarz, BTC’s difficulty stood at 67.96T at press time.

Source: Coinwarz

AMBCrypto also took a closer look at Bitcoin’s network health to better understand the causes behind its rising hashrate ahead of 2024’s halving.

Ordinals’ demand is rising

Though the hike in hashrate might be because of the upcoming halving, another reason behind the surge was the rise in BTC Ordinals’ demand.

IntoTheBlock’s tweet mentioned that the rising demand for Ordinals was significantly boosting mining profitability. To be precise, the combination of miner rewards and fees hit an impressive $46.7 million, the highest in the past six months.

AMBCrypto then had a look at Dune’s data to see how Ordinals was doing. The total number of inscriptions until press time stood at 44,545,049.

Moreover, BTC’s number of daily inscriptions gained upward momentum over the last week, with the maximum number of inscriptions being “text” types, followed by “image” types.

The rise in Ordinals’ demand was also evident from its fees. AMBCrypto’s analysis found that the amount of Bitcoin inscription fees paid followed a similar increasing trend over the last few days.

Source: Dune

Bitcoin is moving sideways

Even though the blockchain’s mining industry flourished, investors were not feeling their best as BTC’s price took a sideways path last week. According to CoinMarketCap, BTC’s price only moved marginally over the past seven days.

At the time of writing, BTC was trading at $37,381.51, with a market capitalization of over $730 billion.

Is your portfolio green? Check the Bitcoin Profit Calculator  

AMBCrypto’s analysis of CryptoQuant’s data revealed quite a few metrics that might have restricted BTC’s price from moving up. For example, BTC’s net deposits on exchanges were high compared to the last seven-day average, meaning that selling pressure was high.

Additionally, its aSORP was in the red. This suggested that more investors were selling at a profit, indicating a possible market top.

Source: CryptoQuant