Polygon (MATIC) Makes Final Splash: Can MATIC Break Out for a $1.73 Rally?

https://coinedition.com/polygon-matic-makes-final-splash-can-matic-break-out-for-a-1-73-rally/

  • Polygon completes final MATIC release, fully circulating its 10 billion token supply.
  • Transition to Polygon 2.0 introduces POL as the new ecosystem currency.
  • Analysts predict MATIC could rally to $1.73 with sustained support above $0.96.

Polygon has recently finished the final release of the native token, MATIC, in the market, providing the foundation for the adoption of Polygon 2.0. The transfer comprised 273 million MATIC tokens with a value of around $253 million to the Matic Foundation and is a timely milestone as the whole MATIC supply is now in circulation. The event took place during the evening of February 21, 2024, and has been a central point for the market watchers and participants too.

Transition to Polygon 2.0

Polygon is a leader in Ethereum scaling solutions, always developing to improve its ecosystem. The last token release follows its roadmap to Polygon 2.0, bringing an improved version of its platform. The upgrade aims to cement Polygon’s place in the blockchain industry by introducing a new token, POL, which will be the central currency in the Polygon ecosystem. The switch from MATIC to POL, the long-term vision of the project, is expected to last for four years.

MATIC/USD 24-hour price chart (source: CoinStats)

The post-token release moment, however, registered a MATIC dip to $0.94 value. This price action has been observed critically, given MATIC’s historical $1 resistance. However, at press time, the bearish rally had cooled off, with prices exchanging hands at $0.9637, a 1.38% decline from the intra-day high. MATIC’s market capitalization and 24-hour trading dipped by 1.30% and 17.58%, respectively, to $9,260,629,631 and $634,109,79.

Nevertheless, analysts consider this to be a short-term hindrance and demonstrate by below-the-surface patterns that an optimistic future is still appropriate. An analyst noted the formation of the symmetrical triangle, suggesting what could be a substantial rally and reaching as high as $1.73, as long as MATIC sustains a close above $0.96.

Comparative Performance and Efficient Analysts

MATIC has, however, faced difficulties in market performance compared to its peers despite being a significant Layer 2 scaling solution in Ethereum. Within the last year, MATIC declined 32%, with other Layer 2 tokens going ahead of it, i.e., OP and SKL. Nevertheless, the market mood is positive. Analysis indicates that MATIC is set to stage a massive comeback, with forecasts giving an anticipated wave towards the $1.8-$2.0 line influenced by market dynamics and FOMO.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

JasmyCoin: Short-Lived Hype or Sustainable Growth? Decoding the Price Surge

https://coinedition.com/jasmycoin-soars-96-amid-regulatory-changes-in-japan/

  • JasmyCoin surges 96% weekly, hitting $0.01188 amid whale moves.
  • Japan’s regulatory reforms boost JasmyCoin’s bullish sentiment.
  • JASMY’s market cap climbed 36%, and trading volume reached $831.37M.

The main Japanese cryptocurrency project, JasmyCoin, has witnessed an unprecedented upsurge in market value. This digital asset has shown a 96% gain over the last week and a 123% growth in the previous month. This growth path has attracted investors and analysts, resulting in much speculation about the factors catalyzing this growth trajectory. At press time, JASMY exchanged hands at $0.01188, a 37.86% surge from the intra-day low.

JASMY/USD 24-hour price chart (source: CoinStats)

Whale Movement Triggers Market Sentiment

One of the key moments in this story is the activity of two influential JasmyCoin stakeholders, who are commonly referred to as “whales,” who have withdrawn a total of 665.6 million JASMY tokens, or an equivalent of almost $5.36 million, from the Coinbase exchange

This significant development has added support to the buying pressure in the market. Besides, these whales have gathered JASMY from October 2021, with a total of 1.223 billion tokens, emphasizing a continued attraction to an asset that suffered losses.

Regulatory Reforms Reassure Investors

Further, the crypto investment environment in Japan is changing considerably, most notably after the Japanese authorities’ official approval of venture capital investments in crypto projects. This regulatory change directly benefits JasmyCoin, Japan’s largest crypto project. The tie between JasmyCoin and DWF Labs, an influential organization known to manipulate cryptocurrencies’ values, only elevates the bullish market sentiment.

Concurrently, the optimistic view of JasmyCoin is not just about market movements and regulation news. JASMY has been projected a bullish target price of $0.30 by influential figures in cryptocurrency, such as the prominent analyst called “The Wolf of Memes Street.” This forecast is supported by the rising demand from Japanese venture capitalists and the general crypto community’s energy.

Japanese Crypto Ecosystem Consequences

The legal changes to be implemented in Japan, intended to make direct investments of venture capital companies in cryptocurrency projects more accessible, are a significant move ahead for the country’s digital economy. 

This regulatory ease is expected to let loose a pipeline of domestic funding to web3 companies, which subsequently would reduce their reliance on foreign capital. The step is expected to promote innovation and expansion in Japan’s growing cryptocurrency sector, which is a fertile ground for new start-ups and technologies.

The market response to these developments has been overwhelmingly positive, with JasmyCoin’s trading volume soaring to $831.37M after a 24.53% rise. The community surrounding JASMY is optimistic and eagerly awaiting further advancements, as reflected in the increase in market capitalization by over 36% to $587.75M.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

PIXEL Token Skyrockets to All-Time High: What’s Behind the Surge?

https://coinedition.com/pixel-token-skyrockets-to-all-time-high-whats-behind-the-surge/

  • PIXEL surges 10% in 24 hrs, hitting $0.6872, with a $452M market cap, signaling strong investor interest.
  • Trading volume hits $1.4B, surpassing Dogecoin, Avalanche, Cardano, and Polygon.
  • Pixel platform saw over 260,000 daily active users post-Pixel launch.

The Ethereum-based token, PIXEL, has had a remarkable debut on the cryptocurrency market. Having increased over 12% in value during the first 24 hours of trading, PIXEL is now the most discussed asset within crypto and gaming. 

On Feb 19, with the surge of the price to an all-time high of $0.6872 and a market capitalization of $452 million, the performance of PIXEL suggests the popularity and potential of the company in the digital gaming market.

PIXEL/USD 24-hour price chart (source: CoinStats)

At press time, PIXEL was exchanging hands at $0.5748, a 3.27% surge from the intra-day low of $0.4691.

Unprecedented Trading Volume

Additionally, the trading volume for PIXEL reached $1.4 billion, making it the seventh-most traded cryptocurrency in daily volumes. PIXEL’s activity surpasses several popular cryptocurrencies, such as Dogecoin, Avalanche, Cardano, and Polygon, which indicates immense investor interest and confidence in PIXEL.

This surge underscores PIXEL’s immediate impact on the market and its leading role in the gaming token sector, outpacing competitors by a significant margin. Moreover, the listing on Binance simultaneously is a key moment for PIXEL, bringing many new players to the Pixels platform. 

Consequently, Pixels registered an unprecedented growth in daily active users, surpassing 260,000. The increased active participation highlights the mounting enthusiasm and anticipation for the PIXEL token and the broader Pixels gaming ecosystem.

PIXEL’s Multifaceted Utility

PIXEL’s appeal lies in its investment potential and multifunctional utility within the Pixels ecosystem. Moreover, PIXEL facilitates various transactions, purchases, and premium features within the game as a governance and utility token. 

This includes everything from NFT minting to VIP memberships and guild participation, enhancing the overall gaming experience for players. Additionally, PIXEL empowers its holders with governance rights, allowing them to partake in key decisions regarding the community treasury.

Rapid Adoption and Future Prospects

The launch of PIXEL coincides with migration to the Ronin network and play-to-airdrop campaigns. These initiatives have increased player engagement, prompting approximately 28,000 top players to be rewarded and causing an increase in player accounts.

As PIXEL integrates further into the Pixels universe and the broader crypto-gaming ecosystem, its early success heralds a promising future. With its use cases and initiatives by the Pixels team, the token’s debut sets a solid foundation for sustained growth and engagement within the Web3 gaming sector.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Kaspa (KAS) Hits New All-Time High, Can It Climb Higher? Indicators Weigh In

https://coinedition.com/kaspa-kas-hits-new-all-time-high-can-it-climb-higher-indicators-weigh-in/

  • Kaspa surges 32.10%, outstripping the broader market’s 6.70% gain.
  • Investor confidence surges as trading volume rockets 186.50%, hitting $115M in 24 hours.
  • KAS sets a new high at $0.1894, and the market cap soars to $4.27B.

Kaspa (KAS) has made headlines for its outstanding performance in the cryptocurrency market, especially after it set an all-time high. Moreover, in the last week, Kaspa has gained 32.10%, outperforming the broader cryptocurrency market, which rose by 6.70%, and L1 cryptocurrencies, which grew by 5.70%. 

KAS/USD 24-hour price chart (source: CoinStats)

This rally is the most extended series of gains for Kaspa since its outstanding increase during October-November of last year. At press time, KAS was trading at $0.1858, a 12.84% surge from the intra-day low.

Kaspa Outperforms Market Expectations

During the rally, Kaspa’s trading volume skyrocketed by 186.50% in the last 24 hours, hitting $115,381,070. This increase in market activity indicates increasing demand for Kaspa, further confirmed by its most recent record high of $0.1894. Concurrently, the market capitalization soared to $4,277,352,844, a 14.55% surge.

The rally of Kaspa to its new all-time high has become the focus for investors and analysts. The token’s ability to overcome $0.18 has placed it in front of well-known competitors like Cosmos (ATOM) and Theta (TAO) in terms of the token price. However, some claim there is much room for growth in this market area, and Kaspa is expected to reach the top 10 currencies within the market cap.

The success of Kaspa is based on the unorthodox use of blockchain technology, which uses a combination of proof-of-work and GHOSTDAG protocol. The novel protocol allows blocks to be accepted simultaneously, eliminating the usual problem of orphan blocks and enabling faster transaction confirmation. Currently, a new block per second is created by Kaspa, the goal of this project is to reach ten and then even 100 blocks per second, thus revolutionizing the whole concept of blockchain efficiency.

Enhancing Network Capabilities

To help its fast growth, Kaspa has implemented several functionalities that allow for better network performance. These are reachability checks to guarantee network integrity, blockdata pruning for economical data management, and SPV proofs for transaction simplification. The subnetwork support also paves the way for improvements that can result in new security features and transaction-handling techniques.

KAS/USD Analysis

The Relative Strength Index (RSI) rating of 76.42 on the KAS/USD 4-hour price chart, which is heading downward, indicates that the asset is overbought and may be due for a correction. If the RSI continues to dip below 70, it may suggest a shift in market sentiment toward selling pressure.

KAS/USD 4-hour price chart (source: TradingView)

Furthermore, the Moving Average Convergence Divergence (MACD) movement above its signal line with a rating of 0.009385 suggests positive momentum in the short term. The MACD histogram also shows an increase in positive momentum, implying that the price will continue to rise. If the MACD remains above the signal line and the histogram shows positive momentum, the asset will likely see more price increases.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ethereum Co-founder Backs AI: Don’t Miss the Green Wave in Big Data Tokens

https://coinedition.com/ethereum-co-founder-backs-ai-dont-miss-the-green-wave-in-big-data-tokens/

  • SingularityNET, Fetch.ai, and Ocean Protocol demonstrate AI’s impact on blockchain functionality.
  • Vitalik Buterin advocates AI for Ethereum security, citing bug detection and code verification enhancement.
  • AGIX, FET, and OCEAN reflect recent bullish rallies, highlighting market interest in AI-blockchain integration.

The co-founder of Ethereum, Vitalik Buterin, has openly stated his excitement concerning the AI technologies that can be used in the Ethereum system. This is in light of a growing discussion about the convergence of these two revolutionary technologies, with Buterin, in particular, noting the ability of AI to contribute to code verification procedures and bug detection, which he identifies as a key technical problem for Ethereum.

Role of AI in Ethereum Security Enhancement

Ethereum’s Vitalik Buterin is especially interested in the possibilities of AI-assisted formal verification of code and bug detection. This space, he points out, is fertile ground for innovation as a result of the current weaknesses that are associated with code bugs.

Such bugs put the integrity and security of the Ethereum network at great risk, and therefore, the need for more efficient and effective solutions is high. Buterin’s proposal of AI interventions offers a possibility that would enhance the dependability of smart contracts and, hence the entire Ethereum blockchain.

Challenges and Opportunities in Code Verification

The talk about the incorporation of AI into the Ethereum framework also has some technical challenges. Critics, like Wolfgang Grieskamp from Aptos Labs, argue that it is the intrinsic complexity of the Ethereum Virtual Machine (EVM) that makes verification difficult.

Grieskamp emphasizes the challenges in dealing with the indirect branching of EVM, a characteristic that creates problems in the verification of control flow. Nevertheless, the story of AI aiding in more secure and robust blockchain ecosystems still sounds very attractive.

The operations of platforms, including SingularityNET, Fetch.ai, and Ocean Protocol, also add to the discussion of the intersection of AI and blockchain. These platforms are leaders when it comes to AI in improving the functionality of the blockchain, such as the creation and monetization of AI services, automation of business processes, and supporting the safe exchange of data. The benefits of AI incorporation are demonstrated in their achievements, offering a tiny window to a world where blockchain and AI collaborations promote innovation.

SingularityNET: An AI Service Market

SingularityNET is a key player in this domain, offering a platform that is based on blockchain technology, which helps in the development, sharing, and monetization of AI services. Its internal market allows users to buy various AI functionalities using AGIX, which is the native cryptocurrency.

This model not only democratizes AI technologies but also shows real-life examples of AI and blockchain integration opportunities for a more interconnected and efficient digital ecosystem.

AGIX/USD 24-hour price chart (source: CoinStats)

Concurrently, in the last  24 hours, AGIX’s bullish momentum has had the upper hand after support at $0.4469 was established. As a result, bulls pushed the price to an intra-day high of $0.5674 at press time, a 24% from the support level.

Fetch.ai: Automating Business Processes

Likewise, Fetch.ai takes advantage of AI and machine learning to make processes run smoothly, especially when it comes to data processing and trading. Using FET, its native cryptocurrency, Fetch.ai rewards engagement in its network, demonstrating the AI’s mastery of automating and optimizing complex processes within and outside the blockchain world.

FET/USD 24-hour price chart (source: CoinStats)

FET has also had a notable bull rally in the past 24 hours, with the price soaring from an intra-day low of $0.8019 to a high of $0.9188 before facing resistance.

Ocean Protocol: Safe Data Monetization

Ocean Protocol has a different perspective as it is concentrated on safe data exchange and monetization. Running on the Ethereum blockchain, it enables persons and companies to exchange and earn money from data, preserving privacy and control.

This measure points out the crucial role AI plays in improving data security and accessibility, further closing the gap between blockchain technology and AI progress. Concurrently, Ocean Protocol’s native cryptocurrency, OCEAN, has enjoyed a bullish rally, soaring over 20% in the last 24 hours, with its price at $0.7926 at press time.

OCEAN/USD 24-hour price chart (source: CoinStats)

During the rally, the price bounced between an intra-day high and low of $0.6473 and $ 0.8001, respectively.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will INJ and AAVE Navigate Market Volatility to Emerge as Top Performers?

https://coinedition.com/will-inj-and-aave-navigate-market-volatility-to-emerge-as-top-performers/

  • INJ sees a slight uptick, now at $34.61, hinting at a bullish reversal amidst $254M trading activity.
  • Injective Protocol’s gas-free cross-chain trading fuels popularity, with market cap soaring over $3.2B.
  • AAVE eyes the $100 mark after a 0.44% increase, signaling substantial accumulation and potential breakout.

The bearish channel formation of the Injective Protocol (INJ) has been observed recently, attracting the attention of many investors and analysts. At the purchasing price of $34.61, the protocol has had a slight upward trend of 0.97% for the past 24 hours.

INJ/USD 24-hour price chart (source: CoinStats)

If the bullish surge breaks through the intra-day high of $35.87, the next resistance level to watch out for is around $38.50. However, if the bearish momentum persists, the price could return to the $32.00 support level. However, the community expects a bullish reversal, considering the robust framework of INJ and its ability to aid in decentralized finance (DeFi) transactions.

INJ Market Dynamics

INJ’s trading activity has been massive in the past day, getting well above $254 million. This is a strong interest and activity around the asset, which can be seen as a prelude to more volatile price movements in the upcoming period. With a market cap of over $3.2 billion, Injective Protocol is a critical DeFi player, ranked 33 by CoinMarketCap.

As a result, analysts are closely watching the created bearish channel, the breakout of which could result in a bullish trend. This trend would increase INJ’s worth and strengthen its position in the DeFi market. The protocol’s unique way of allowing cross-chain derivative trading without gas fees has been one of the primary reasons for its popularity and adoption.

Aave’s Position

Concurrently, Aave, another significant DeFi player, presents evidence of accumulation, signifying a possible breakout. Aave is now at $93.57, an increase of 0.44% in the last 24 hours. With a market capitalization of about $1.38 billion, Aave is strategically positioned in the lending sector, making it a crucial element to watch.

AAVE/USD 24-hour price chart (source: CoinStats)

If the bulls break above the resistance level of $94.94, Aave’s next target might be the psychological level of $100. This would not only strengthen its position as a significant player in the DeFi industry, but it would also attract other investors and drive additional expansion. If Aave fails to break past the resistance level, it may have a little retreat before attempting another breakout.

The fact that the platform can provide several DeFi products and services, including unique flash loans, among other innovations, keeps it interesting for investors and users. However, many consider this slight surge to lead to a major breakout since the asset shows signs of accumulation.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will BEAM Bounce Back After $5.14M kirilm.eth Phishing Scandal?

https://coinedition.com/will-beam-bounce-back-after-5-14m-kirilm-eth-phishing-scandal/

  • The stolen BEAM was converted for 1,629 ETH, unsettling the BEAM market.
  • Post-phishing, BEAM sees volume surge, hinting at potential market stabilization.
  • kirilm.eth loses 180.25M BEAM ($5.14M) to a phishing attack, sparking a 7% market drop.

kirilm.eth was involved in a phishing attack that took place on February 15, costing them 180.25 million BEAM, worth about $5.14 million.

Following the attack, the stolen BEAM was converted into 1,629 Ethereum (ETH), valued at $4.6 million. The move proved destructive to Kirilm.eth, having caused waves in the BEAM market, leading to a 7% price decrease.

Concurrently, BEAM’s market capitalization and 24-hour trading volume dipped by 4.55% and 1.38% to $14,424,788 and $1,003,331, respectively. At press time, BEAM exchanged hands at $0.09765, a 4.31% decline from the intra-day high of $0.109, according to data from CoinStats.

BEAM/USD 24-hour price chart (source: CoinStats)

Sentiment Turns Sour After Phishing Attack

The impact of this phishing scam is already reflected in the market dynamics of BEAM. This situation was reported by the platform LookOnChain, a blockchain analytics platform, and attracted much notice of the rapid fall in the value of BEAM. The market reaction was immediate, and the token became associated with a bearish sentiment.

This feeling was also supported by CoinGlass, a derivative data provider, who declared an 11.20% decrease in open interest of this token. The reduction in the open interest and subsequent drop in the price indicates an uncertain period for BEAM that would lead to a potential downtrend.

Although the market saw the initial shockwaves caused by the phishing scam, there are seemingly signs that it may stabilize. Data provided by CoinGlass showed that there was a significant rise in volume after the accident.

BEAM Volume

This increase in the number of transactions might indicate that traders and investors have started using the volatility or the coin is about to enter a consolidation stage. Community and market observers are closely following these developments, with an anticipation of recovery from this unforeseen shock.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will VeThor (VTHO) 65% Surge Hit the Anticipated $0.01 Mark Soon? Analyst Weighs In

https://coinedition.com/will-vethor-vtho-65-surge-hit-the-anticipated-0-01-mark-soon-analyst-weighs-in/

  • VeThor Token soared 66.96% in the last day, hitting $0.006148 with a 147% weekly increase.
  • VTHO’s market cap reached $447 million as VTHO’s trading volume spiked by 433%.
  • Technical signals hint at VTHO’s bullish momentum, with increased volatility.

VeThor Token (VTHO), a significant component in the utility of the VeChainThor blockchain, has experienced a remarkable surge as its price doubled in only 24 hours. The traded data indicates the current price of VTHO as $0.006148, a 66.96% increment from the previous day and an increase of 147% in a week. 

VTHO/USD 24-hour price chart (source: CoinStats)

This pump has pushed the token’s market capitalization to $447 million from its 73 billion circulating supply. Concurrently, VTHO’s 24-hour trading volume witnessed a 433% surge to $346,171,725.

Market Analyst Tells of Risk- But Also Gain

According to crypto analyst Crypto 4Light in video analysis, VTHO is expected to go upward with the crucial resistance level at $ 0.01. Although optimistic regarding the outlook, he warns investors about possible volatility and advocates vigilance against quick asset price hikes and market oversupply. He recommends tra…

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Will Ethereum Reach $10k? Assessing the Bullish Case for ETH

https://coinedition.com/will-ethereum-reach-10k-assessing-the-bullish-case-for-eth/

  • Ethereum’s Denunc upgrade is set to enhance network efficiency in March.
  • Spot Ethereum ETFs could unlock major retail and institutional demand.
  • Institutional interest in Ethereum grows as tech upgrades promise scalability.

Ethereum is the front-runner of the discussion on digital asset space as it continues to evolve, with an estimated potential rise of $11,250 by year-end. This is in light of several developments that could significantly impact its value, such as technological progress, growing institutional interest, and the approval of Spot Ethereum ETFs.

Technological Upgrades Fuel Optimism

Ethereum’s path towards a future enriched in upgrades is already being paved, with important milestones, including the Denunc upgrade scheduled for March and the Proto-Danksharding upgrade to be released later this year. 

These improvements are designed to improve the network’s scalability, efficiency, and, in general, overall performance, which have always been under question because of gas fees and transaction velocity problems. In addition, the deflationary supply model following the 2022 upgrade has created scarcity, a feature that has always been bullish for asset prices.

Institutional Interest and an ETF Bet

The Ethereum narrative has been strengthened more by the emerging institutional interest. Concurrently, JP Morgan analysts and Standard Chartered noted the likelihood of the Ethereum cryptocurrency outstripping Bitcoin as there are technological improvements and a growing ecosystem. 

Moreover, the crypto-verse is rumbling with excitement for the go-ahead of Spot Ethereum ETFs. This would represent a major development, giving regulated access to Ethereum to both retail and institutional investors, and would likely lead to greater demand and appreciation in price.

Ethereum’s Market Dynamics

The market dynamics concerning Ethereum is a favorable case for its bullish move. The launching of Spot Ethereum ETFs and technical enhancements have presented a perfect storm for Ethereum’s price rally

The decreasing balance of Ethereum on exchanges represents an upcoming supply shock. In contrast, activities like EigenLayer staking and major network upgrades like Dencun and Petra signal a strong development ecosystem. In addition to the value created by the mentioned factors, the increasing demand from heavy institutions for Ethereum-oriented products is also a prerequisite for a considerable price rally.

Remarkably, the future of Ethereum is somewhat dependent on its activities. The movements of the bitcoin market and regulatory landmarks, like the approval of bitcoin ETFs, have historically affected the whole crypto market, including Ethereum. 

The future Bitcoin halving and Bitcoin’s price that should rise will also be beneficial for Ethereum in an indirect way because all market activity intensification leads to the interest in each of the main digital assets.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will SEI and IMX Maintain Bullish Momentum Amidst KAS’s Dip?

https://coinedition.com/will-sei-and-imx-maintain-bullish-momentum-amidst-kass-dip/

  • IMX dips to $2.85 after resistance at $3.04 and eyes next support at $2.85.
  • KAS faces a 1.65% decline, testing support at $0.1356 amid selling pressure.
  • SEI surges 11.55% to $0.83, breaking a bearish trend with a solid bullish recovery.

Immutable (IMX), Kaspa (KAS), and Sei (SEI) have seen a surge upwards in the positive direction within a week due to optimism on the crypto market occasioned by the rally that Bitcoin has had to $51K. Nonetheless, the bullish momentum has weakened as profit-taking and market corrections set in.

Consequently, Immutable (IMX) fell in the last 24 hours after failing to surpass the resistance established at an intra-day peak of $3.04. Consequently, IMX hit an intra-day low of $2.85, which support held before slightly recovering to $2.99. 

If the bullish trend manages to break the resistance level, the next level to keep an eye on is $3.15. However, if bearish sentiment takes over, IMX could drop below the support level of $2.85 and test lower levels of support. 

IMX/USD 24-hour price chart (source: CoinStats)

However, during the recovery, IMX’s market capitalization increased by 2.38% to $4,059,645,838, but 24-hour trading volume decreased by 38.16%. This tendency indicates that the market still needs to be clearer about IMX’s future trajectory.

KAS/USD 

Kaspa (KAS) has been in a bearish rally in the last 24 hours, falling from an intra-day high of $0.1438 to a low of $0.1356. KAS at press time, as a result, was still under selling pressure, trading at $0.141, a 1.65% drop from the intraday high. A breach below this support level, however, may dip the price to the next support level at $0.1300 or $0.1250.

KAS’s market capitalization and 24-hour trading volume dropped by 1.45% and 20.18%, respectively, to $3,205,889,135 and $45,102,814. This decline in market capitalization and trading volume implies that KAS might be losing its investors’ confidence.

KAS/USD 24-hour price chart (source: CoinStats)

SEI/USD

On the other hand, the Sei (SEI) bullish recovery just ended the bear rally by finding support on the 24-hour bottom at $0.7215. As a result, the SEI price skyrocketed to equal $0.83 at press time, representing an 11.55% increase from the support. This trend indicates a change in investors’ approach to SEI that may cause prices to rise.

During the rally, SEI’s market capitalization and 24-hour trade volume surged by 11.35% and 8.39% to $2,006,727,228 and $476,251,290, respectively. 

SEI/USD 24-hour price chart (source: CoinStats)

Should the bulls break the resistance level, the next one to watch would be a new all-time high for SEI above $0.8755, only about a month ago.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Is Dogecoin on the Verge of a Breakout After the 250 Million DOGE Transfer?

https://coinedition.com/is-dogecoin-on-the-verge-of-a-breakout-after-the-250-million-doge-transfer/

  • 250M DOGE ($20.67M) moves from Robinhood, hinting at big investor play.
  • DOGE eyes breakout, with Elon Musk’s support fueling optimism.
  • Dogecoin stabilizes, poised for a 30% rally on the technical breakout.

The transfer of 250 million Dogecoin (DOGE), which approximates $20.67 million, from Robinhood to an unknown wallet has led to a frenzy in the crypto community. Whale Alerts, a crypto tracker platform, identified the transaction that indicates a shift in the market dynamics of Dogecoin and the possible involvement of institutional or high-net-worth investors.

This coincides with a critical juncture for Dogecoin, with the digital currency showing signs of a potential market shift after its current accumulation period. Both of the above sentences use different syntax to provide the same information.

Dogecoin’s Market Position and Prospects

Dogecoin has been consolidating over the past 41 days; however, its price has slightly increased. Currently trading at $0.082 per token, Bitcoin’s price hovering around $50,000 has created immense pressure on the coin’s trajectory, which is closely monitored. 

This stability will bring about favorable engenderment for DOGE, which may dramatically increase its value. The market is watching with optimism and keenly following Dogecoin for any signs of a bullish movement.

Recent Performance and Strategic Outlook

While the price of Dogecoin was recently in a correction to $0.07998, the market influence of this virtual currency is very strong. With the drop, Dogecoin was no longer among the top 10 cryptocurrencies by market cap, which it had enjoyed for over a year. Nevertheless, the inherent resiliency of Dogecoin is evident in its whale activities, thus successfully stabilizing the current descent. 

However, DOGE bulls had made a comeback, with the price up from an intra-day low of $0.07957 to a 24-hour high of $0.08295. Concurrently, Dogecoin reclaimed its 10th position after a surge in its market capitalization and 24-hour trading volume by 3.13% and 38.70%, respectively, to $11.79B and $392.4M. 

DOGE/USD 24-hour price chart (source: CoinStats)

The expectancy of Dogecoin going up after a market turnaround is growing, particularly with the absence of significant infrastructure and technical developments. The existence of digital currency depends on the hype about SpaceX’s mission, Doge-1, which has created a buzz, but it is yet to be seen if it can change its market position substantially. The necessity of innovation within the Dogecoin protocol is increasingly apparent to keep investor interest and promote adoption.

A Bullish Outlook Supported by Favorable Factors

The price of Dogecoin has found a steady support range of about $0.077, which might lead to a comeback. The meme coin still controls a notable part of the market even during the crypto bear market, indicating the potential for more gains. 

The involvement and support from prominent figures such as Elon Musk and real-world applications such as integrations in payment systems and a forthcoming space mission give Dogecoin positive momentum for the bulls.

Analysts predict Dogecoin is on the cusp of a symmetrical triangle breakout, which could propel the price by 30% towards the 10-cent mark. This optimistic outlook is contingent on Dogecoin’s ability to maintain a consistent close above the 200 weekly Moving Average, a vital indicator of a bullish trend.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

ZetaChain (ZETA) Records All-Time High as Price Skyrockets Over 35%

https://coinedition.com/zetachain-zeta-records-all-time-high-as-price-skyrockets-over-35/

  • ZetaChain surged 38.97% in 24 hours, reaching a new high of $2.39 amid crypto market optimism.
  • ZETA’s RSI at 80 suggests overbought conditions, hinting at a potential correction.
  • MACD indicates a solid bullish trend for ZETA, supporting further price gains.

ZetaChain (ZETA) has been on a positive streak over the last 24 hours, propelled by crypto market optimism following Bitcoin’s three-year high. As a result, the ZETA price has risen from an intraday low of $1.65 to an all-time high of $2.39 before encountering resistance. At press time, ZETA was trading at $2.33, up 38.97% from the day’s low and 86.55% in the previous week.

This price gain is due to increased interest and demand for ZetaChain as investors perceive the cryptocurrency’s potential for growth. Furthermore, the positive emotion surrounding Bitcoin’s recent success has encouraged trust in the whole crypto industry, increasing investment in altcoins such as ZETA. 

ZETA/USD 24-hour price chart (source: CoinStats)

Concurrently, ZETA’s market capitalization and 24-hour trading volume increased by 38.17% and 79.42%, respectively, to $548,986,397 and $163,073,616.

ZETA/USD Technical Analysis

The Relative Strength Index (RSI) rating of 80 on the ZETAUSD 4-hour price chart suggests that the cryptocurrency is overbought, implying a possible correction shortly. Despite this overbought scenario, ZetaChain’s strong momentum and bullish enthusiasm may raise its price. 

If the optimistic sentiment persists, ZETA may break over its all-time high and reach new price levels. However, investors should exercise caution, as the overbought condition may result in a short-term fall or consolidation of the market.

ZETA/USD 4-hour price chart (source: TradingView)

The Moving Average Convergence Divergence (MACD) indicator is in the positive range with a reading of 82.18, indicating a strong bullish trend for ZETA. This trend adds to the potential of the price breaking through its previous all-time high

In addition, the MACD histogram also exhibits an increasing trend, indicating that purchasing pressure is building. If the MACD indicator shows positive readings and the histogram continues to rise, ZETA’s price may experience a persistent upward trend.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Dymension’s DYM Token Skyrockets to All-Time High Post-Mainnet Launch

https://coinedition.com/dymensions-dym-token-skyrockets-to-all-time-high-post-mainnet-launch/

  • DYM’s value soars over 92% post-mainnet launch, hitting an $8.31 high.
  • Mainnet event boosts DYM’s market cap by 17.92% and trading volume by 63.89%.
  • “Big Brain Staking” controls 35% of DYM, raising governance concerns.

Dymension is a blockchain platform that has celebrated its mainnet launch, with the cryptocurrency underlying it gaining traction after recording new highs. For the last two days, DYM has observed extraordinary growth in value of over 92%, recording an all-time high of $8.31. At press time, DYM was trading at $7.77, a 17.87% surge from the intra-day low. 

DYM/USD 24-hour price chart (source: CoinStats)

During the rally, DYM’s market capitalization and 24-hour trading volume surged by 17.92% and 63.89%, respectively, to $1,138,271,808 and $634,552,820.

Mainnet Launch Fuels Investor Optimism

The Dymension mainnet launch has been a pivotal event, contributing to the sharp increase in DYM’s value. The platform, known for its modular settlement layer, facilitates the seamless deployment of “rollApps,” blending the functionalities of layer-2 blockchains and decentralized applications. This unique offering has caught the attention of investors and developers alike, drawn to the platform’s promise of simplicity and economic viability in crypto app rollouts.

Moreover, the integration of a DYM/USD price feed by the Pyth Network across over 50 chains has enhanced the token’s visibility and transparency. This development, coupled with the platform’s strategic airdrops, has played a crucial role in driving up the price and market positioning of DYM.

Addressing Initial Technical Challenges

Despite the positive momentum, Dymension’s journey has been challenging. The blockchain faced transaction processing issues and delays shortly after its launch, with some users experiencing difficulties adding the blockchain to their crypto wallets. Validators, crucial to the network’s functionality, encountered consensus challenges, further complicating the initial rollout.

However, the Dymension team swiftly addressed these challenges, reaffirming their commitment to providing a robust and reliable platform. The resolution of these initial technical difficulties has restored confidence among users and investors, contributing to the ongoing rally in DYM’s price.

Validator Dominance Raises Concerns

Amidst the excitement, the dominance of “Big Brain Staking,” a validator controlling over 35% of staked DYM tokens, has emerged as a point of contention. This concentration of influence has sparked debates within the Dymension community, with some expressing concerns over the potential impact on network governance and transaction processing.

The Dymension team is proactively engaging the community to help resolve these issues and achieve a harmonized yet decentralized network. The continuous dialogue and transparency programs are vital in keeping investor confidence up and promoting long-term growth.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

BitTorrent’s BTT Price Surges: Will it Impact TRX Price?

https://coinedition.com/bittorrents-btt-price-surges-will-it-impact-trx-price/

  • BitTorrent Chain launch propels the ecosystem with 238.74B BTT revenue.
  • BTT peaks at $0.00000114, marking a 35% surge with a record 7.9M miners.
  • AcTron maintains a stablecoin lead, which is pivotal despite TRX market dips.

The native token of BitTorrent, BTT, has seen a massive rise in value with a 35% increase over the past day, soaring to an intra-day high of $0.00000114 before facing resistance. At press time, the BTT’s bullish momentum was still in control, with the price up 32% from the intra-day low trading at $0.00000104.

BTT/USD 24-hour price chart (source: CoinStats)

This surge in BTT’s market performance captures the attention of many, bringing into question implications for other associated platforms such as Tron (TRX).

BTT’s Increased Miner Activity and Storage Contracts

One of the major drivers behind BTT’s recent rally is a significant rise in network miner activity. The active miner count of 7.9 million is higher than ever, ensuring its network’s highest level of security and stability. Furthermore, the growth in storage contracts that have already surpassed 141 million demonstrates an increasing need for decentralized storage services, which continues to drive BTT’s use and adoption.

Revenues in the BitTorrent ecosystem also show a sharp upward trend, with figures above 238.74 billion BTT. This financial development is a sign of the strength and possibilities in this ecosystem. In addition, the launch of the BitTorrent Chain (BTTC) mainnet in December 2023 further strengthens the storyline through faster and cheaper transactions within the BitTorrent ecosystem.

Implications for Tron (TRX)

The rise in BTT’s value and the developments within the BitTorrent ecosystem inevitably lead to speculations on potential implications for Tron (TRX) due to the interdependence of the two platforms. The current market dynamics for TRX, as shown by a recent sell signal of the TD Sequential indicator, may indicate an emerging bearish trending period ahead. This is opposite to the bullish momentum we can see in BTT, creating an intricate relationship between these two tokens.

Although TRX faces some initial challenges, Tron’s dominance in the stablecoin market remains undisputed. The network’s considerable portion of the USDT circulation speaks for its central position in the stablecoin ecosystem. Additionally, Tron’s constant development of infrastructure, such as the Delegated-Proof-of-Stake (DPoS) mechanism and TRON Virtual Machine(TVM), make it scalable with innovation to remain relevant in the blockchain.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Shiba Inu Price: Will 500% Surge in Whale Activity Lead to an Imminent SHIB Rally?

https://coinedition.com/shiba-inu-price-will-500-surge-in-whale-activity-lead-to-an-imminent-shib-rally/

  • SHIB’s bullish trend stalls near $0.00000892, with a 0.19% drop, but whale activity surges, signalling a potential rally.
  • Whale transactions spiked by over 500% in 24 hours, moving $25 million worth of SHIB in 33 transactions.
  • The daily burn rate skyrockets by 282%, eliminating 6.64 million SHIB tokens, enhancing scarcity and potential value.

Shiba Inu (SHIB) has been bullish over the previous 24 hours, despite starting the day with negative momentum. However, bullish momentum faded after failing to break through the intra-day high of $0.00000892, causing a fall to $0.000008842 by press time, a 0.19% drop from the day’s high.

SHIB/USD 24-hour price chart (source: CoinStats)

Shiba Inu’s Whale Activity and Burn Rate

Concurrently, Shiba Inu has had an uptick in whale activity and burn rates, signalling a vibrant period of transactions and potentially setting the stage for a rally. 

According to IntoTheBlock’s data, transactions exceeding $100,000 increased, escalating from 544 billion SHIB tokens to 2.82 trillion within 24 hours. 

This leap represents a more than 500% increase in transaction volume, moving from a valuation of $4.88 million to $25 million. The remarkable aspect of this growth is that it materialized over just 33 transactions, indicating that larger volumes of SHIB are being moved per transaction by these whale accounts.

Alongside the spike in whale transactions, the SHIB ecosystem observed a significant rise in token burn rates. Shibburn’s reporting shows a 282% increase in the daily burn rate, which, while monetarily less impactful compared to whale transactions, plays a crucial role in reducing the overall token supply, potentially influencing the coin’s value positively. 

Over 24 hours, approximately 6.64 million SHIB tokens were eliminated from circulation, underscoring the community’s efforts to enhance the coin’s scarcity and value.

SHIB/USD Technical Analysis

The Chaikin Money Flow (CMF) rating of 0.04 on the SHIBUSD price chart indicates that the market for SHIB/USD is under minor purchasing pressure. This pattern shows that investors are interested in buying SHIB/USD, which may increase its value. 

If the CMF rating continues to grow, it may suggest more purchasing pressure and further drive the value of SHIB/USD. Furthermore, the diminishing token supply due to the community’s efforts to remove tokens from circulation may add to the coin’s scarcity and boost its value in the long term.

The Know Sure Thing indicator (KST) rating of -77.0731 and rising movement implies that the momentum for SHIB/USD may be shifting. While the KST rating remains low, the upward increase suggests a turnaround in the trend. If this rising trend continues, it may attract additional investors, raising the value of SHIB/USD.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Privacy Under Attack? Binance Delists Monero, Price Tanks

https://coinedition.com/privacy-under-attack-binance-delists-monero-price-tanks/

  • Monero (XMR) value plummets by 25% post-Binance delisting news.
  • Binance ends Monero trades and withdrawal support by May 20, 2024.
  • Oversold Monero market hints at price hikes despite ongoing selling pressure.

Binance has notified its users that it will delist Monero (XMR), a cryptocurrency known for providing privacy features. This has caused an uproar in the market, leading to a significant depreciation of Monero’s value, which currently stands at a six-month low.

XMR/USD 24-hour price chart (source: CoinStats)

Binance to Remove Monero Trading Pairs

Binance’s announcement outlined the delisting of Monero together with other tokens, including Aragon (ANT), Multichain (MULTI), and Vai(VAI). The listings will be removed on February 20, 2024. 

The delisting includes all Monero trading pairs, including those with major cryptocurrencies such as Bitcoin (BTC), Ether(ETH), Tether USDT) and Binance’s BNB coin. This action will automatically cancel all pending trade orders for these pairs after the cessation of trading activities.

Withdrawal Support and Conversion Concerns

The exchange further stated that delisted token withdrawal support will conclude on May 20, 2024. Post this deadline, there is a possibility of converting the delisted XMR tokens into stablecoins, although this is not guaranteed. If the conversion occurs, Binance has promised to issue a separate notification concerning this conversion, ensuring users’ accounts will be credited with the stablecoins. 

Binance has cited several criteria for its decision to delist Monero, emphasizing the importance of contributing to a healthy and sustainable crypto ecosystem. Factors such as evidence of unethical conduct, negligence, and responsiveness to the exchange’s due diligence requests played a significant role in this determination. 

XMR/USD Market Reaction

After the announcement of delisting, Monero’s price plunged by almost 25 % in hours. Despite a slight recovery, the price is still much lower than before, underscoring the market’s responsiveness to exchange listings and regulatory actions.

The widening Bollinger bands on the 24-hour XMRUSD price chart, with upper and lower touching $185.4384 and $126.3983, respectively, indicate high volatility in Monero market movement

However, a short-term price recovery is possible with a green candlestick forming above the lower band and the price indicating upward momentum. If the candlestick closes above the lower band and the price breaks through the $150 resistance level, Monero may be in a bullish trend.

After bouncing back from 20, the Monero market has an RSI rating of 35.54, making it look oversold and poised to have a price increase soon. Nevertheless, traders should be careful because the RSI is still below the 50 level, implying that bearish momentum can also exist.

In addition, the MFI rating of 41.52 and pointing south signifies that selling pressure is still in the Monero market. This may limit the potential for price increases in the short term because a decline of MFI means more money is being withdrawn from the market rather than flowing into it.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

How Will JUP Price React? Analyzing the Impending Liquidity Shift

https://coinedition.com/how-will-jup-price-react-analyzing-the-impending-liquidity-shift/

  • JUP’s price faces a crucial transition with LFG pool adjustment, trading at $0.5255 after an 8.93% drop.
  • Marc Colcer’s bullish stance on JUP amplifies market anticipation for liquidity adjustments.
  • LFG’s 74M USDC balance is pivotal in JUP’s market dynamics, as it sees a $0.55 potential recovery.

Jupiter Exchange’s native token, Jupiter (JUP), is poised for a significant transition. The DeFi community closely monitors the token, especially as the exchange announces a crucial adjustment to its LFG launchpool liquidity. Scheduled for tomorrow, this move is set to recalibrate the market dynamics for JUP.

JUP’s Price Trend

Currently trading near the $0.5255 mark, JUP has exhibited a pattern of price fluctuations after recording an all-time high six days ago, reflecting its trading community’s vibrant activity and speculations. Despite a history of predominantly bearish trends since its launch, the token recently achieved a modest gain, positioning it above the $0.5 level. 

However, on the last day, bearish momentum had the upper hand, with the JUP price falling from a high of $0.5678 to an intra-day low of $0.5166, where support was established. As a result, JUP was down 8.93% at press time, exchanging hands at $0.5255. 

JUP/USD 24-hour price chart (source: CoinStats)

If the bearish trend breaches the $0.5 support, the next level to watch for is around $0.45, potentially attracting further selling pressure. However, if the support at $0.5166 holds, there might be a chance for a short-term recovery towards the $0.55 resistance level. 

The LFG Launchpool’s Role

Central to this narrative is the LFG launchpool, recognized for its robust mechanism for providing backstop liquidity. With a substantial balance of 74 million USDC earmarked for team liquidity, the pool’s dynamics are sensitive to the price movements of the JUP token. 

This interplay between the launchpool’s balance and the token’s price is critical to Jupiter Exchange’s strategy, reflecting its commitment to fostering a transparent and community-centric platform.

Moreover, the exchange maintains a consistent policy regarding launchpool fees, directing a significant portion to the DAO. This strategic allocation is crucial for meeting the operational demands of the platform, ensuring its sustainability and growth.

Market Enthusiasts’ Perspectives 

Adding to the fervor around JUP’s upcoming liquidity adjustment, prominent market figures like Marc Colcer have openly expressed their optimism. Colcer’s endorsement, rooted in his extensive experience with the platform and the broader Solana ecosystem, amplifies the positive outlook for Jupiter Exchange and its native token.

As the community braces for the impending liquidity adjustment in the LFG launchpool, the focal point is the final trading price of JUP. This price will dictate the volume of JUP tokens to be withdrawn from the pool, marking a pivotal moment for the token’s market trajectory. Market participants and stakeholders await this development, ready to gauge its impact on JUP’s valuation and the broader dynamics of the Jupiter Exchange.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Will ADA Rally to $4-$5? Network Surge and Tech Advancements Show Optimism

https://coinedition.com/will-ada-rally-to-4-5-network-surge-and-tech-advancements-show-optimism/

  • ADA eyes $4-$5 by 2026 amid a surge in network activity.
  • Plutus script growth to 18,821 fuels Cardano’s ecosystem expansion, supporting 157 live projects.
  • Cardano’s support is above $0.488, with predictions of a bullish surge to $8 by 2025.

Cardano’s native token, ADA, is gearing up for an impressive ascent, with experts forecasting its value to reach between $4 and $5 by 2026. This projection stems from increased network activity, strategic technological advancements, and a burgeoning ecosystem that continues to attract developers and users alike.

Cardano (ADA) Surge in Network Activity

A recent surge in Cardano’s network activity underscores the platform’s expanding influence in the digital currency market. Data reveals that the number of processed payments on the network has witnessed a significant uptick, with Cardano handling 255,000 transactions in a single day. Concurrently, the ecosystem has seen the daily creation of 5,500 new wallets, a clear indicator of growing user engagement and adoption.

This heightened activity has increased daily active addresses, jumping from 31,000 to 45,000, and boosted daily transactions, which soared from 54,000 to 80,000. Such metrics reflect Cardano’s capacity to facilitate a high volume of transactions and its potential to scale and accommodate a larger user base.

Technological Innovations 

Cardano’s commitment to continuous improvement and innovation is pivotal to its projected growth trajectory. The network has made significant strides in enhancing its infrastructure, particularly in developing and implementing Plutus scripts. These scripts, crucial for deploying smart contracts, have remarkably increased, with Plutus V2 scripts reaching 18,821. 

The platform’s ecosystem is also experiencing rapid expansion, with 157 projects launched and an additional 1,322 in active development. This vibrancy within the Cardano ecosystem is a testament to its robust framework and the trust developers place in its capabilities. 

However, despite the positive sentiment, ADA has seen a bearish rally in the last 24 hours after failing to breach the intra-day high of $5048. As a result, ADA dipped to an intra-day low of $0.4885, where support was established. ADA was exchanging hands at $0.4656 at press time, a 1.26% decline from the day’s high.

ADA/USD 24-hour price chart (source: CoinStats)

Market Sentiment and Price Projections

Despite a challenging market environment characterized by fluctuating sentiment, Cardano’s price has demonstrated resilience, with a strong support level above $0.488. Analysts predict a bullish turnaround, drawing parallels to the ADA’s historical performance, which saw a significant rally following a period of consolidation.

Crypto analyst Ali Martinez suggests a similar pattern could unfold, with ADA entering a consolidation phase before igniting a bullish run that could see its price reach as high as $8 by January 2025. While such predictions are optimistic, they underscore confidence in Cardano’s long-term value proposition and its ability to navigate the volatile cryptocurrency market.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Is SHIB on the Verge of a Rally? Key Factors Suggest Positive Momentum Ahead

https://coinedition.com/is-shib-on-the-verge-of-a-rally-key-factors-suggest-positive-momentum-ahead/

  • Shibarium’s milestone of three million blocks hints at increased demand for SHIB.
  • A 99% surge in whale activity suggests a potential market shift and an upturn in SHIB’s valuation.
  • SHIB’s increase in trading volume signals growing investor interest despite a minor price setback.

Shiba Inu (SHIB) has recently caught the attention of investors and enthusiasts alike. Despite a minor setback of 0.56% in its value over the past 24 hours, bringing the price to $0.000008991 at press time, the token demonstrates promising signs of a bullish trajectory. This sentiment is bolstered by a 12.31% increase in trading volume, amounting to $71,587,618, suggesting a heightened investor interest.

SHIB/USD 24-hour price chart (source: CoinStats)

Over the past month, Shiba Inu’s price has been dramatic, oscillating between $0.00000846 and $0.00001049. However, market analysts speculate this could lead to a potential floor price, setting the stage for an impending rebound. The anticipation is for SHIB to initially target the $0.00001 mark, with aspirations to ascend to its all-time high.

Is Shibarium the Catalyst?

The Shibarium platform, Shiba Inu’s layer-2 scaling solution, remains a factor in the token’s performance. The network recently surpassed a milestone of three million blocks, underscoring its growing adoption and utility. This development not only showcases Shibarium’s competitive edge against rivals like Polygon and Arbitrum but also hints at increased demand for SHIB, potentially mitigating sell-off pressures and propelling the token toward notable gains.

Concurrently, a surge in whale activity has also been observed, with a 99% increase in large transaction volumes, indicating a robust engagement from substantial investors. This uptick, represented by 973.25 billion SHIB transactions, equals approximately $8.77 million. Such movements often herald significant market shifts, suggesting a potential uplift in SHIB’s market valuation.

SHIB/USD Technical Analysis

The Relative Strength Index (RSI) rating of 43.76 and upward movement on the SHIBUSD price chart indicate that the SHIBUSD price is gaining momentum and may continue to increase in the near future. This implies that traders’ enthusiasm is increasing, which might lead to greater purchasing activity and higher prices. If the RSI rating continues to rise and crosses 50, it will confirm the positive momentum and may draw even more traders trying to profit from the rising trend.

SHIB/USD24-hour price chart (source: TradingView)

Furthermore, the Moving Average Convergence Divergence (MACD) rating of -0.00000019, above the signal line, supports the notion of a prospective upward rise in the SHIBUSD price. This crossing is a positive indicator, indicating that purchasing pressure is building and may lead to an additional price rise.

Moreover, the histogram trend exhibits positive momentum, with bars rising above the zero line. This trend implies a rising positive trend and signals that purchasing activity will likely continue soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

LUNC Sees Relief Rally: Can SAPP, ROSE, FLR, PYTH and GMR Follow Suit?

https://coinedition.com/lunc-sees-relief-rally-can-sapp-rose-flr-pyth-and-gmr-follow-suit/

  • Terra Classic (LUNC) surges 11.65% to $0.0001139 after Binance’s token burn, signaling a bullish trend.
  • Flare (FLR) shows a robust 13.54% price increase, while Pyth Network (PYTH) experiences modest gains of 1.17%.
  • Sapphire (SAPP) and Oasis Network (ROSE) face minor declines, contrasting with Gamercoin (GMR) rising by 3.55%.

The cryptocurrency market has recently witnessed a significant shift in momentum, with Terra Classic (LUNC) at the forefront of this change. The digital asset found support at the $0.00009 level, leading to a remarkable, bullish double-bottom pattern that broke through the $0.0001 resistance. 

This movement aligns with a broader altcoin market experiencing a much-needed relief rally, raising questions about the potential impact on other cryptocurrencies such as Sapphire, Oasis Network, Flare, Pyth Network, and Gamercoin.

LUNCUSD Technical Analysis

Despite the positive trajectory, Terra Classic faces challenges in maintaining its price, hinting at the possibility of a false breakdown and an extended correction phase. However, the breakout from the downward trendline signals a fresh opportunity for recovery. 

The altcoin’s ability to hold above the flipped support at $0.0001 is crucial for confirming its readiness for a higher rally. At press time, LUNC was trading at $0.0001139, an 11.65% surge from the intra-day low. In addition, LUNC market capitalization and 24-hour trading volume surged by 11.45% and 4.56% to $652,768,164 and $171,541,381, respectively.

LUNC/USD 24-hour price chart (source: CoinStats)

The recent performance of Terra Classic can be attributed to several external factors, including Binance’s decision to burn 5.57 billion LUNC tokens. This move contributed to the price surpassing the key resistance level of $0.000103, hinting at a stronger recovery trend fueled by buyer interest. The nearly 1000% spike in trading volume post-breakout underscores the market’s optimism toward Terra Classic’s upward trajectory.

SAPP, ROSE, FLR, PYTH, GMR Price Trend

Sapphire (SAPP), currently trading at $0.008737, has experienced a 6.46% decrease in its value over the last 24 hours. Similarly, Oasis Network’s (ROSE) price, at $0.1131, reflects a 1.93% decline in the same timeframe. The 24-hour trading volume of Oasis Network soared by 5.50% to $78,099,210.

Moreover, Flare’s current price at $0.031777 and a 13.54% increase suggest a positive market sentiment and potential growth trajectory. This contrasts with Pyth Network, which, despite a modest 1.17% increase, has its price set at $0.497802. Pyth Network’s market cap dipped by 0.93% to $745,882,820, while the 24-hour trading volume dropped by 40.25% to $102,231,693, respectively.

Aligning with the uptrend, Gamercoin (GMR) is trading at $0.006248 and has seen a 3.55% increase from its 24-hour low. Concurrently, GMR’s 24-hour trading volume surged by 6.30% to $75,906.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

ZETA Soars Over 60%, Recording All-Time High Ahead of ZetaChain Mainnet Launch

https://coinedition.com/zeta-soars-over-60-recording-all-time-high-ahead-of-zetachain-mainnet-launch/

  • ZETA surges by 64% pre-mainnet launch, hitting an all-time high of $1.26, thanks to major exchange listings.
  • Integrating BNB Chain at ZetaChain’s mainnet launch promises enhanced liquidity and cross-chain innovation for users.
  • ZetaChain prioritizes security, taking cautious steps to safeguard against potential vulnerabilities in its cross-chain operations.

ZetaChain is on the brink of unveiling its mainnet, promising to revolutionize the crypto space by enabling seamless cross-chain interactions. The impending launch, set to occur in just a few days, aims to bridge the gap between significant networks like Bitcoin, Ethereum, and others, fostering a unified platform for diversified networks.

ZETA’s Surge Amid Market Decline

Ahead of its mainnet debut, ZetaChain’s token experienced a substantial surge, defying the broader market downturn. The token’s value escalated by 64%, reaching an all-time high of $1.26. At press time, ZETA was trading at $0.9173, a 67.11% surge from the intra-day low.

This spike came from the token’s listing on prominent centralized exchanges, including Bitfinex and OKX. Market observers attribute this surge to the heightened anticipation surrounding ZetaChain’s cross-chain capabilities and the robust support from a consortium of investors.

ZETA/USD 24-hour price chart (source: CoinStats)

However, ZetaChain’s goal of integrating multiple blockchains brings complexities, particularly regarding security. Past instances involving platforms like THORChain and pNetwork, which suffered significant hacks, underline the inherent risks associated with cross-chain operations.

ZetaChain acknowledges these concerns and is taking deliberate steps to mitigate potential vulnerabilities. The platform intends to adopt a cautious approach to expanding its Total Value Locked (TVL), ensuring a fortified environment against unauthorized intrusions.

Unlocking New Use Cases

ZetaChain stands at the forefront of innovation, poised to unlock many new applications in the crypto realm. By facilitating interoperability among diverse blockchains, the platform could enable the creation of Bitcoin-backed stablecoins, decentralized exchanges leveraging BTC as collateral, and more.

Developers, in particular, stand to benefit immensely. They will gain the flexibility to build applications on any supported chain while tapping into the resources and functionalities of others, breaking free from the constraints of single-chain ecosystems.

BNB Chain Integration

A key highlight of ZetaChain’s strategy is the inclusion of BNB Chain at its mainnet launch. This integration not only expands the platform’s reach but also enriches the ecosystem with enhanced liquidity and diversified functionalities.

BNB Chain users will gain direct access to ZetaChain’s offerings, paving the way for innovative applications and seamless cross-chain transactions. This strategic partnership symbolizes ZetaChain’s commitment to fostering an inclusive, interconnected blockchain environment.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Cardano (ADA) Poised for Surprising Rally, Analysts Anticipate Major Gains

https://coinedition.com/cardano-ada-poised-for-surprising-rally-analysts-anticipate-major-gains/

  • ADA’s rally potential grows as transactions surge, hinting at accumulation by major holders.
  • Smart contract activity on Cardano’s blockchain signals increased utility, fueling optimistic price forecasts.
  • Technical analysis reveals ADA’s RSI and MA crossover, pointing towards a potential bullish cycle amidst mixed market signals.

According to analysts, Cardano (ADA) appears poised for a rally that could catch many by surprise. In addition, recent analysis suggests that ADA’s price trajectory is shaping up in a way that could lead to substantial gains. This optimism comes despite ADA currently trading at $0.4924, down by 2.49%. However, while the market capitalization has dipped by 2.48% to $17,429,843,107, the 24-hour trading volume has surged by 4.65% to $468,232,128.

ADA/USD 24-hour price chart (source: CoinStats)

Influence of Large Holders and Smart Contract Deployments

Into the Block Insights indicate that large holders’ activities may influence ADA’s price dynamics. The platform’s data reveals a notable increase in transactions involving substantial sums of ADA, hinting at the potential accumulation by key market players. Concurrently, Cardano’s ecosystem continues to exhibit growth in smart contract deployments, signaling robust development activity and increased utility of the Cardano blockchain.

However, the Cardano community finds itself at a crossroads, with divergent views on the asset’s future trajectory. While some, like cryptocurrency observer Eric Wall, express skepticism about ADA’s ability to maintain its position among the top digital assets, others foresee a bright future. Dan Gambardello has been vocal about the potential for a dramatic price surge, suggesting that ADA could experience unprecedented gains.

ADA/USD Technical Analysis

Technical indicators, in addition, provide mixed signals for ADA. The Relative Strength Index (RSI) analysis suggests that while ADA has experienced bullish momentum similar to past cycles, there is room for correction. The RSI rating of 44 and moving south indicate that ADA may be approaching oversold territory. If the RSI continues to decline and falls below 30, it could indicate a potential buying opportunity for traders.

The intersection of moving averages, particularly the 20-week and 50-week, traditionally signals a transition between market phases. Current patterns indicate that the ADA might be entering a new bullish cycle sooner than historical trends have suggested, according to a crypto analyst. Moreover, on the 24-hour price chart, the 50-day MA (black) has crossed the 20-day MA (blue) from below, with the former and latter ratings at 0.554 and 0.504, respectively.

ADA/USD 24-hour price chart (source: TradingView)

In addition, the Money Flow Index (MFI) rating of 51.52 suggests moderate buying pressure in the market for ADA. If the MFI rating continues to increase and the moving averages maintain their bullish crossover, it could indicate a strong upward trend for ADA soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

BONK Dives Over 8% Amid Mounting Selling Pressure: Will Support Level Hold?

https://coinedition.com/bonk-dives-over-8-amid-mounting-selling-pressure-will-support-level-hold/

  • BONK (BONK) faces an 8% drop in 24 hours, testing support at $0.00001103 amid increasing selling pressure.
  • BONK’s market cap and trading volume dropped by 7.34% and 14.55%, signalling waning investor confidence.
  • Technical indicators like MACD, RSI, and Aroon suggest a bearish trend for BONK/USD in the short term.

Bonk (BONK) has been in a bearish rally over the last 24 hours, dropping from an intra-day high of $0.00001207 to a low of $0.00001103, where support was reached. This price drop is likely attributable to increasing selling pressure and profit-taking by traders.

Despite the negative trend, the support level shows there may still be some buying activity at this price point, given BONK’s 0.83% increase in the previous week. At press time, BONK was trading at $0.00001109, down 8.23% from its 24-hour high.

If this bearish trend continues, it could potentially test the next support level at $0.00001050. However, if buying pressure increases and the support level holds, BONK may have a chance to recover and retest its previous high. 

BONK/USD 24-hour price chart (source: CoinStats)

During the slump, the BONK market capitalization and 24-hour trading volume fell by 7.34% and 14.55% to $701,864,960 and $79,045,175, respectively. This decline in market capitalization and trading volume indicates a decline in investor confidence and activity in the BONK market.

BONK/USD Technical Analysis

On the BONKUSD 4-hour price chart, the Moving Average Convergence Divergence (MACD) has dropped below its signal line, with a rating of -0.000000087. This MACD trend depicts a negative pattern for BONKUSD in the short term. Furthermore, the histogram has turned negative, confirming the bearish mood and indicating additional downside potential for BONKUSD.

Supporting the bearish rally, the Relative Strength Index (RSI) dips below its signal line, with a rating of 37.41. This RSI reading implies that BONKUSD is nearing the oversold region, indicating that the price may fall lower. If the RSI goes below 30, it would confirm the negative trend and might lead to further selling pressure.

BONK/USD 4-hour price chart (source: TradingView)

Additionally, the Aroon up (orange) has shifted below the Aroon down (blue), with the former and latter touching at 50% and 100%, respectively. This shows that momentum has shifted from bullish to bearish, with the Aroon up line representing upward price movement and the Aroon down line representing downward price movement. The convergence of these lines indicates that selling pressure is rising, which might send BONKUSD further down.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Crypto Market Bullish as FOMC Approaches: SEI, SUI, SOL Show Strong Gains

https://coinedition.com/crypto-market-bullish-as-fomc-approaches-sei-sui-sol-show-strong-gains/

  • The crypto market is bullish ahead of the Federal Reserve FOMC meeting; Bitcoin broke $43,700.
  • SEI and SUI surged over 8%, with increased market cap and volume, eyeing to breach resistance.
  • Solana’s potential breakout from the descending channel could lead to a $113 target price.

Investors are on edge as the crypto market waits for the impending Federal Reserve FOMC meeting, with the interest rate decision scheduled for January 31. As a result, bullish momentum has revived in the cryptocurrency market as investors anticipate a positive outcome from the conference.

This increased confidence has resulted in an increase in trading volume and a jump in prices for several cryptocurrencies, with Bitcoin (BTC) leading the way after breaking out to $43,700. Concurrently, basking in optimism, Sui (SUI), Solana (SOL), and Sei (SEI) have also experienced significant price gains despite a bearish trend earlier in the day.

SEI/USD

Following a negative trend in the Sei (SEI) market in the early hours of the day, support at the intra-day low of $0.6431 has helped to reverse the downward trend. As a result, the SEI price has gradually increased, reaching a new intra-week high of $0.7569. At press time, SEI was trading at $0.7267, up 10.83% from its intraday low.

SEI/USD 24-hour price chart (source: CoinStats)

During the rise, SEI’s market capitalization and 24-hour trading volume increased by 11.18% and 139.82%, to $1,767,322,504 and $488,183,881, respectively. If the SEI bullish trend breaks through the $0.75 resistance, the next level to watch out for is $0.80. However, if the price fails to break through the $0.75 resistance, there may be a potential pullback towards the support level at $0.70.

SUI/USD 

Sui (SUI) has likewise been on an upswing, increasing 8.30% in the previous 24 hours to a 30-day high of $1.64. This spike underscores the Sui trend’s optimism following a 43% 7-day surge and a 100.79% monthly surge, according to CoinMarketCap. At press time, SUI was trading at $1.55 after failing to maintain its previous high of $1.64.

SUI/USD 4-hour price chart (source: CoinStats)

SEI’s market capitalization and 24-hour trading volume climbed by 8.75% and 83.22%, respectively, to $1,717,451,196 and $834,899,779, indicating investor interest and increasing trading activity.

SOL/USD

Concurrently, Solana’s price saw a 7.90% increase, trading at $104.05 as of press time. Moreover, crypto analyst Ali Martinez has highlighted a significant breakout from a descending parallel channel, suggesting a potential rise in Solana’s value. Martinez’s analysis points to a pivotal moment for Solana, indicating that if it sustains above the $94 threshold, an upward movement toward $113 could be on the horizon.

SOL/USD 24-hour price chart (source: CoinStats)

Consequently, the SOL’s market capitalization and 24-hour trading volume increased during the bullish rally by 8.28% and 70.69%, respectively, to $45,207,383,313 and $3,449,259,937.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

LUNC Ignites Bull Rally With Governance Proposal: Is a Breakout Looming?

https://coinedition.com/lunc-sees-bullish-trend-amid-governance-debate/

  • Terra Luna Classic’s Proposal 12013 aims to eliminate confusion, but preliminary votes show a divided community.
  • LUNC’s burn campaign surpasses 95 billion tokens, with hopes of reaching 100 billion in February.
  • LUNC price consolidation near the upper Keltner Channel band suggests the potential for an upside breakout.

Terra Luna Classic ecosystem validator LuncLive has proposed the repeal of controversial pay-per-job Proposal 11889. This move, encapsulated in Proposal 12013, aims to eliminate the confusion and uncertainty that the initial proposal generated among validators, developers, and the broader community. The proposal seeks to pave the way for a more conducive environment for development and decision-making processes by removing the existing barriers that have hampered progress.

The voting process for the repeal has already showcased the community’s divided stance, with a preliminary tally revealing 25% in favor, 1% against, 46% opting for a veto, and 28% abstaining. The significant portion of veto votes underscores a collective desire to prevent the recurrence of similar proposals, highlighting the community’s call for clarity and effectiveness in governance mechanisms.

Burning Campaign Fuels Optimism

Parallel to the governance turmoil, the Terra Luna Classic community celebrates a remarkable milestone in its LUNC burn campaign, with the total amount of LUNC burned surpassing 95 billion.

This achievement is part of a concerted effort to reduce the token’s circulating supply, bolstering its value and utility. The upcoming monthly burn mechanism by Binance, scheduled for February 1, is highly anticipated, with the community eyeing 100 billion LUNC to be burned.

LUNC/USD Price Analysis

A bullish trend in the Terra Classic (LUNC) market has prevailed over the previous 24 hours, with support established at the intra-day low of $0.00009815. As a result, the positive trend pushed LUNC to an intraday high of $0.0001019 before a modest drop. This rising advance implies strong purchasing demand and suggests that LUNC could continue its positive trend. At press time, LUNC was trading at $0.0001006, up 1.45% from its intraday low.

LUNC/USD 24-hour price chart (source: CoinStats)

LUNC’s market capitalization and 24-hour trading volume increased by 1.54% and 15.6%, to $582.24 million and $33.16 million, respectively. This increase in market capitalization and trading volume reflects the growing interest and activity in LUNC.

On the LUNCUSD 4-hour price chart, the stochastic RSI rating of 54.31 and the upward trend indicate that LUNC’s price has the potential to rise higher. Furthermore, the Relative Strength Index (RSI) of 58.72 suggests that LUNC is now in a bullish trend. These technical indicators and the recent increase in market capitalization and trade volume suggest that LUNC may continue its upward path.

LUNC/USD 4-hour price chart (source: TradingView)

Additionally, the Keltner Channel bands’ linear motion, with the upper, middle, and lower bands touching around $0.0001037, $0.00009963, and $0.00009552, indicate that LUNC’s price is now consolidating within a narrow range. This consolidation phase could lead to an upside breakout since the price is trading near the upper band of the Keltner Channel.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Market Sell-Off Hits TON, RPL, and LEO, Trading Activity Dwindles

https://coinedition.com/market-sell-off-hits-ton-rpl-and-leo-trading-activity-dwindles/

  • TON struggles to break resistance at $2.13, showing the need for more positive momentum.
  • TON, RPL, and LEO prices dropped due to a market sell-off, with the total market cap at $1.7 trillion.
  • RPL and LEO see increased trading volumes despite price drops, indicating continued investor interest and potential buying opportunities.

Toncoin (TON), Rocket Pool (RPL), and UNUS SED LEO (LEO) have all seen price drops in the last day due to a market sell-off. Furthermore, this trend is reflected in the cryptocurrency market value, which has dropped to $1.7 trillion, a -1.03% decrease in the previous 24 hours.

TON/USD

Toncoin (TON) has been under negative pressure over the previous day after failing to break through resistance at the early high of $2.126. As a result, bearish momentum drove the TON price to a low of $2.1067, where it found support.

However, bulls were able to reverse the slump and bring the price back up to $2.12. Despite this rebound, TON is still encountering solid resistance around $2.13 as of press time, signaling that further positive momentum may be required for a major price gain.

TON/USD 24-hour price chart (source: CoinStats)

The TON market capitalization and 24-hour trading volume climbed by 0.63% and 2.05%, respectively, to $7,371,116,635 and $14,133,358, reflecting greater interest and activity in the TON market. This pattern implies that there is still room for more price volatility and that investors are actively trading TON.

RPL/USD

Similarly, Rocket Pool (RPL) has been in a downturn for the previous day after kicking off at $29.7331. Under negative pressure, RPL fell to a low of $29.12, reflecting a drop in investor confidence. The negative trend remained in control at press time, with RPL trading at $28.97, down 1.94% from the day’s high.

RPL/USD 24-hour price chart (source: CoinStats)

Despite a 1.90% drop in market capitalization to $581,066,172, the 24-hour trading volume of RPL increased by 2.31% to $4,485,546. Despite the recent slump, the rise in trade volume demonstrates that there is still interest and activity in the Rocket Pool market. Investors, moreover, may be taking advantage of low prices to purchase RPL tokens.

LEO/USD

Bullish momentum gained the upper hand on the UNUS SED LEO (LEO) market as the day began with a strong trend. However, bullish momentum weakened, giving way to a bearish slump after failing to break above the intra-day high of $4.088. As a result, LEO has fallen to a low of $3.919 at press time, a 2.04% drop from its intraday high.

LEO/USD 24-hour price chart (source: CoinStats)

During the downturn, LEO’s market capitalization and 2-hour trading volume fell by 1.81% and 2.28%, to $3,670,104,410 and $1,435,811, respectively. LEO/USD’s next support level might be around $3.800 if the negative trend continues. However, some investors may see this as an opportunity to buy the dip and increase their holdings in anticipation of a potential price recovery.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SUI’s Rounding Bottom Signals Potential Breakout: Is a Rally Looming?

https://coinedition.com/sui-poised-to-breach-resistance-as-indicators-signal-rally/

  • SUI’s recent price correction to $1.31 found strong support, indicating potential for further gains.
  • The rounding bottom pattern in the SUI/USD pair suggests a possible breakout towards $2.00.
  • Strong RSI, MACD, and CMF indicators signal robust bullish momentum for the SUI market.

The Sui (SUI) cryptocurrency has been in an uptrend, capturing the attention of investors and traders alike. Despite stiff resistance at the $1.50 mark, the digital asset exhibits bullish, solid momentum, hinting at potential future gains. In the last 24 hours, however, the SUI has experienced a slight price correction, causing some uncertainty among investors. 

During the correction, the SUI price dipped to an intra-day low of $1.31, where support was found, leading to a bounce back toward the $1.40 level. This price action suggests that there is still strong buying interest in SUI, and investors may see this correction as a buying opportunity to enter or add to their positions. At press time, SUI was trading at $1.43, a 3.19% surge from the intra-day low.

SUI/USD 24-hour price chart (source: CoinStats)

However, market analysis reveals that the SUI/USD trading pair has been forming a rounding bottom pattern, a bullish indicator. This pattern, characterized by a gradual decline followed by a steady rise, suggests that Sui could be on the brink of a significant breakout. A successful breach and closure above the $1.50 threshold could propel the cryptocurrency towards the $2.00 mark, with the ultimate pattern target set at $2.50.

SUI/USD Technical Analysis

The Relative Strength Index (RSI) rating of 63.79 on the SUI price chart indicates that bull momentum is now strong. This tendency shows that the price will likely continue to rise soon. However, if the RSI rating increases above 70, the price may be overbought and due for a drop.

Furthermore, the Moving Average Convergence Divergence (MACD) shift above its signal line with a rating of 0.123341 indicates that bullish momentum is increasing. This MACD shift signals that purchasing pressure is building and may push the price higher soon. However, if the MACD shift reverses and moves below its signal line, it may indicate a loss of bullish momentum and a potential trend reversal.

CMF/USD 24-hour price chart (source: TradingView)

The Chaikin Money Flow (CMF) motion in the positive region, with a reading of 0.15, reinforces the bullish momentum and suggests intense purchasing pressure in the market. This CMF reading indicates a solid flow of money entering the market, strengthening the case for a bull rally.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Is TIA Overvalued? Technical Analysis Offers Mixed Signals

https://coinedition.com/is-tia-overvalued-technical-analysis-offers-mixed-signals/

  • TIA’s dip to $15.63 signals a 5.03% drop in 24 hours, positioning Celestia at 34 with a $2.5B market cap.
  • MACD’s bullish crossover suggests potential upward momentum for TIA, while Aroon indicators favor an uptrend.
  • Celestia’s MFI signifies a balanced market, indicating sustainable growth and investor confidence in TIA amidst market volatility.

Celestia has emerged as a significant player, particularly noted for its innovative approach to blockchain architecture. Its native token, TIA, currently valued at $15.63, reflects a recent downturn after peaking at around $20 in early 2024. This decline, a 5.03% in the past 24 hours, positions Celestia at the 34th rank with a market cap of $2.5 billion.

If the bearish pressure persists and breaks the intra-day low of $15.60, TIA’s next support level could be around $15.40. However, if Celestia can regain momentum and break above the resistance level of $16.00, it may see a bullish come back toward its previous high of $20.

TIA/USD 24-hour price chart (source: CoinStats)

Recent Performance and Market Response

Celestia’s performance, notably influenced by the anticipated TIA staking airdrop, initially saw a dramatic surge. Analysts are observing the situation closely, considering the potential for a rebound, with predictions hinting at a rise to $30. However, current technical analysis presents a more nuanced view.

The Moving Average Convergence Divergence (MACD) shows a bullish crossover, suggesting potential upward momentum. Conversely, the Aroon indicator further supports this uptrend, with the Aroon Up line dominating recent trading sessions.

Significantly, the Money Flow Index (MFI) stands at 56.12, indicating a balanced market. This level steers clear of the extreme conditions often associated with volatile price swings. Consequently, this suggests a trend towards more sustainable growth for Celestia rather than mere speculative spikes.

TIA/USD 24-hour price chart (source: TradingView)

This interpretation is bolstered by Celestia’s trading patterns, which demonstrate investor confidence and a perception of the token as a stable investment option amidst broader market instability.

Moreover, Celestia’s calm trading pattern contrasts with the recent intense fluctuations in many other stocks. This steadiness is attracting investors seeking reliable performance in uncertain times. Additionally, the technical indicators reinforce the sentiment that current price levels of TIA are not fleeting highs but rather reflective of the token’s fundamental strength.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

ENS Price Soars 9% Post-CUBE Exchange Support, Will the Rally Last?

https://coinedition.com/ens-price-soars-9-post-cube-exchange-support-will-the-rally-last/

  • Ethereum Name Service (ENS) price hits $18.46 after CUBE exchange support.
  • Market cap and volume surged by 9% and 54%, showing growing interest in ENS.
  • Technical indicators point to a potential bearish reversal in the ENS market, raising concerns for investors.

Ethereum Name Service (ENS) has been on an uptrend over the previous 24 hours, having found support around the intra-day low of $16. This rise, triggered by the CUBE exchange’s announcement of supporting SNS and ENS domains, has sent the price of ENS to a new high of $18.46. This collaboration with the CUBE exchange is anticipated to improve the accessibility and usage of ENS domains, hence increasing demand for Ethereum Name Service.

At press time, the ENS token was trading at $17.92, up 9.93% from its 24-hour low. If the bullish momentum breaks over the $18.46 resistance, the next level to watch out for is around the $19.00 mark. This might attract additional buyers and lead to more price gains for ENS in the short run. However, if the negative trend regains control, the price of ENS may decline and could revisit support levels near $17.00.

ENS/USD 24-hour price chart (source: CoinStats)

During the upsurge, ENS market capitalization and 24-hour trading volume increased by 9.16% and 54.42%, reaching $547,665,788 and $149,618,299, respectively. This increase in market capitalization and trading volume implies rising interest and activity in ENS, which may contribute to price stability and future growth.

ENS/USD Technical Analysis

On the ENS/USD 24-hour price chart, the Relative Strength Index (RSI) has dropped below its signal line, with a rating of 53.85. This RSI pattern suggests that the ENS market’s bullish momentum may wane. If the RSI drops below 30, it might indicate that the ENS market is turning more negative.

Adding to the gloomy sentiment, the Moving Average Convergence Divergence (MACD) indicator has shown a bearish crossover, with the MACD line crossing below the signal line. This suggests a likely trend reversal in the ENS market and contributes to the weakening of bullish momentum. In addition, the MACD indicator’s histogram has turned negative, indicating a decline in bullish momentum and a probable increase in selling pressure.

ENS/USD 24-hour price chart (source: TradingView)

The Chaikin Money Flow (CMF) rating of 0 strengthens the pessimistic mood in the ENS market. A CMF rating of 0 implies that selling pressure is strong and there is little purchasing demand. This corresponds to the oversold 30 and the bearish crossing on the MACD indicator, presenting a grim picture for ENS market investors.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SOL Soars Over 4% as Solana Debuts Advanced SPL Token Features

https://coinedition.com/sol-soars-over-4-as-solana-debuts-advanced-spl-token-features/

  • Solana introduces SPL Token Extensions, boosting enterprise blockchain adoption and user experience.
  • SPL Extensions like Transfer Hooks and Confidential Transfers open new revenue streams and enhance privacy.
  • SOL price rebounds, trading at $87, following Solana’s strategic SPL Token Extension update.

The Solana Foundation has recently introduced a new set of SPL Token Extensions, significantly augmenting the capabilities of the Solana blockchain network. These developments mark a strategic move by the foundation to facilitate broader enterprise adoption and enhance user experience across its platform.

Enhanced Token Functionality for Diverse Applications

This update brings a suite of advanced features designed to cater to the specific needs of businesses integrating blockchain technology into their operations. Notably, these extensions aim to elevate security and compliance measures, drawing on aspects of permissioned blockchain environments. This move simplifies incorporating blockchain technology for businesses, mitigating the need for extensive technical efforts.

Among the notable additions are Transfer Hooks, Transfer Fees, Confidential Transfers, Permanent Delegate Authority, and Non-Transferability. Each of these features offers unique functionalities: Transfer Hooks allow for detailed control over token transactions, Transfer Fees introduce new revenue streams, Confidential Transfers use zero-knowledge proofs for enhanced privacy, Permanent Delegate Authority provides stringent control mechanisms, and Non-Transferability ensures restricted token transfers for specific use cases like credentialing.

Boosting Enterprise Engagement and Market Impact

Introducing these extensions has already caught the attention of major industry players such as Paxos and GMO-Z.com Trust Company Inc., who are utilizing these new functionalities to issue stablecoins on the Solana blockchain. This move reflects the growing appeal of Solana for enterprise-grade applications in the evolving Web3 space.

Furthermore, Solana’s performance gains in 2023 have attracted significant interest from investors and corporations alike, including big names like Visa and Google. This interest is a testament to Solana’s potential in fostering innovation while maintaining compliance and security standards.

SOL/USD Price Trend

The Solana token (SOL) has shown signs of recovery following its recent price dip below the $100 mark. At press time, SOL was trading at $87.5, up by 4.22% in the past 24 hours. This uptick is potentially influenced by the new SPL Token extensions and the growing demand for Solana’s enhanced functionalities.

SOL/USD 24-hour price chart (source: CoinStats)

In parallel, Solana’s DApp ecosystem demonstrates robustness, with the network’s total value locked (TVL) nearing a three-month high. This growth and the active development of solutions like Firedancer by Jump Crypto, aimed at increasing transaction throughput, positions Solana as a strong contender in the blockchain space.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.