Crypto Thunderstruck: THORChain (RUNE) 21% Charge Emerges As Top Weekly Gainer

https://www.newsbtc.com/news/crypto-thunderstruck-thorchain-rune-21-surge-emerges-as-top-weekly-gainer/

The dynamic world of cryptocurrencies has once again witnessed a fascinating turn of events, this time with THORChain (RUNE) taking center stage. Over the past seven days, THORChain has experienced a substantial surge in its price, marking an impressive increase of 20.19%. This resurgence has sparked intrigue and excitement among crypto enthusiasts and investors, prompting a closer examination of the factors contributing to this rapid upward movement.

The Catalysts Behind The Surge

RUNE has made a resurgence in recent months from its lows in June to its recent highs gaining 40% during this period. However, its price is still 10% down from the start of the year and there are expectations that this could be an extended bullrun. 

Related Reading: Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop

The surge in THORChain’s price invites a deeper investigation into the underlying dynamics and catalysts that have propelled this substantial price rally. While a myriad of factors often influences the cryptocurrency market, several key drivers may have played a role in THORChain’s recent surge:

Substantial progress in THORChain’s underlying technology, protocol enhancements, and ecosystem expansion has triggered renewed interest and investment. Positive fundamental developments often align with price surges as investors anticipate potential long-term growth prospects. Cryptocurrency markets are renowned for their inherent volatility. While volatility can create risks, it allows traders to capitalize on price swings. The recent surge in THORChain’s price may be driven, in part, by heightened market volatility.

THORChain (RUNE): Forecasting Future Trajectories

Considering THORChain’s recent surge, attention naturally turns to the future prospects of this cryptocurrency. Various experts and analysts have offered their insights into THORChain’s potential trajectory.

Related Reading: GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On?

According to short-term prediction, THORChain’s price could experience a minor retracement to $1.02 by August 16, followed by a recovery to $1.24 by September 9. This prediction underscores the inherent volatility of short-term price movements.

Looking ahead to 2023, divergent forecasts paint a range of possibilities. CaptainAltCoin suggests a potential dip to $0.6726 by October, with the year closing at $0.8817. However, if the bull run continues to persist there could be a spike to $2.12 by the year’s end. 

Navigating The Unpredictable Path Ahead

As THORChain continues its remarkable surge, the crypto community remains captivated by its price movement. The convergence of various factors, including market sentiment, technical indicators, fundamental developments, and overall market volatility, has likely contributed to this recent rally. However, the cryptocurrency landscape is known for its unpredictability, and the path ahead for THORChain remains uncertain.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock, chart from TradingView

Compound (COMP) Bears Take Full Control As Price Dips 20% In 7 Days

https://www.newsbtc.com/news/compound-comp-bears-take-full-control-as-price-dips-20-in-7-days/

Compound (COMP), a leading player in the decentralized finance (DeFi) sector, has encountered a significant setback, witnessing a 20% decline in its price over the past week. The downward trend continued with a 3.06% decrease in the last 24 hours and an additional 0.79% shrinkage in the most recent hour, placing the current price at $55.62 per COMP. Moreover, COMP is now 93.90% below its all-time high of $911.20, a substantial drop from its previous peak.

Related Reading: Crypto Analyst Points To Bitcoin Price History Repeating Itself – Are The Signs Bullish?

Challenges Ahead For Compound

Currently priced at $56.69, Compound (COMP) holds the 85th spot among all cryptocurrencies based on market capitalization. With 7,792,894 COMP tokens in circulation, the token’s total market capitalization amounts to $440,641,903. The current rankings and market performance indicate that COMP faces significant challenges amid recent market conditions. 

Recent price declines have resulted in COMP slipping down the rankings, indicating the need for cautious monitoring of market conditions. In the ever-changing landscape of cryptocurrencies, tokens must continuously adapt to market trends, technological developments, and regulatory changes to maintain and improve their positions. As investors and traders navigate this complex environment, they must exercise due diligence and stay informed about the factors affecting the performance and rankings of tokens like Compound.

COMP Price Analysis And Prediction

This persistent bearish movement is a cause for concern, and potential investors should exercise caution. The current market conditions suggest that COMP is in a downtrend, indicating that the token is experiencing a dip. Various factors, including market sentiment, external events, and regulatory developments can influence price declines of this magnitude.

Examining the situation from a broader perspective, the Compound cryptocurrency’s price trajectory is anticipated to maintain a bearish outlook as long as it remains below the $71 threshold. At present, the trading value rests at $58.28. Should the price break below $51, it is likely to head towards the midpoint of the established trading range, situated at $40. A more substantial retracement would lead to a reevaluation of the lower range boundary, potentially bringing it down to $26.

Related Reading: XRP Whales Trigger Price Decline With Large Selling

However, there is a silver lining for those considering investing in Compound. Over the past 90 days, the token recorded a 44.33% price increase, adding $17.41 to its previous value of $39.28. This demonstrates that Compound has displayed positive performance in the past, indicating the potential for a rebound once market conditions stabilize. The cryptocurrency market is characterized by cycles of ups and downs and historical data suggests that tokens like COMP can recover and experience growth after periods of decline.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Optimism (OP) Tallies 13% In 7 Days Despite High Profile DeFi Hack

https://www.newsbtc.com/news/optimism-op-tallies-13-in-7-days-despite-high-profile-defi-hack/

In the midst of the ever-changing cryptocurrency landscape, Optimism (OP) has shown remarkable resilience, posting a notable price increase of 13.53% in the past seven days. Despite facing a slight decline of 1.80% in the last 24 hours and a further 1.35% shrinkage within the hour, Optimism remains on an upward trajectory.

With the current price sitting at $1.68 per OP and still 48.38% below its all-time high of $3.26, traders and investors are eager to uncover the reasons behind its recent gains. This article explores the factors contributing to Optimism’s recent surge and analyzes its prospects.

High Profile Hack Could Stall Optimism (OP) Bullish Trajectory 

Optimism’s positive trajectory took an unexpected turn when Coinbase’s newly launched BASE network, built on the Optimism Stack, fell victim to a backdoor contract exploit. This unfortunate event resulted in the loss of 597 Ether, equivalent to approximately $1 million.

The exploit involved infiltrating a backdoor contract on the BASE Chain, which enabled the continuous minting of tokens that were subsequently sold for profit. The exploiters managed to mint 40 different tokens, generating significant profit, which was then moved out of the perpetrators’ address.

Related Reading: Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning

As BASE anchors the OP Stack, there are concerns that the recent exploit could have repercussions on all associated protocols, including the Optimism network. Furthermore, the hype surrounding BASE had attracted several new addresses to the Optimism network, potentially dampening investor sentiment and a subsequent impact on OP’s price.

The number of active addresses on the Optimism network increased following BASE’s launch in late February. However, the recent hack may stall this growth, as investors might exercise caution in the wake of the exploit.

Will The Bulls Sustain The Impressive Rally?

Despite the recent BASE exploit, Optimism (OP) has managed to maintain a sense of optimism in the market. The OP/USD daily chart displays promising signs of bullish momentum, with the bulls surpassing critical support levels. Short green candlesticks formed above the $1.631 support level indicate the market’s resilience and determination to keep the price afloat despite the challenges posed by the recent exploit.

The technical indicators further reinforce the bullish outlook for Optimism. The Moving Average Convergence/Divergence (MACD) remains above the signal line, characterized by green histogram bars that signify the asset’s bullish momentum. Additionally, the Relative Strength Index (RSI) has entered the overbought region, reaching a value of 75. This suggests a considerable increase in buying pressure on OP as investors show confidence in the token’s potential for future growth.

Related Reading: Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends

However, while the market sentiment remains positive, traders and investors should exercise caution. The recent BASE exploit has raised concerns about the potential impact on Optimism’s network and the broader sentiment surrounding the token. 

The cryptocurrency market is known for its volatility, and external events can have significant implications for token prices. It is crucial for market participants to closely monitor developments related to the exploit and assess any potential consequences for Optimism’s price trajectory. Despite the positive indicators and bullish momentum, staying informed and vigilant in such a rapidly changing market is essential for making well-informed decisions.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Maker (MKR) Signals Bullish Price Formation – Is $1.300 Around The Corner?

https://www.newsbtc.com/maker-mkr/maker-mkr-signals-bullish-price-formation-is-1-300-around-the-corner/

Maker (MKR), one of the prominent players in the decentralized finance (DeFi) space, has experienced a remarkable 11% price surge in the past seven days. Despite a slight drop in the last hour, the token’s performance remains impressive. 

Maker (MKR) Bullish Price Sentiment

Maker’s recent price performance has been noteworthy, with a solid 11% increase over the past week. The token also recorded a 4.21% price increase in the last 24 hours, indicating strong momentum in the short term. However, a minor correction of 0.81% in the past hour highlights the market’s volatility.

Currently trading at $1,220.43 per MKR, the token remains 80.75% below its all-time high of $6,339.02. While the recent price surge is encouraging, it is essential to consider the historical context and the factors influencing the crypto market’s dynamics.

The MakerDAO community recently voted in favor of a temporary increase to the interest rate paid to holders of the protocol’s decentralized stablecoin, DAI. This proposal introduced the Enhanced Dai Savings Rate (EDSR), a mechanism to temporarily boost the Dai Savings Rate (DSR) to users during periods of low utilization.

Proposed by Maker founder Rune Christensen, the EDSR could increase the effective DSR to 8% when the utilization ranges from 0% to 20%. The mechanism is designed to decrease the DSR as utilization increases gradually.

Related Reading: Shiba Inu Reclaims 14th Spot In Market After 5% Jump

This isn’t the first time Maker has adjusted the DSR. In the past few months, the protocol has raised the DSR thrice: first to 1% in November, then to 3.3% in May, and finally incorporating a marginal increase to 3.49% in June. The latest EDSR proposal aims to incentivize DAI holders and stimulate demand for the stablecoin.

Stimulating Demand For DAI

Despite the recent increase in the DSR, data from Dai Stats shows that investors have only deposited $307 million in the DSR, representing a modest 6.7% of the total supply of DAI. The amount of DAI in circulation decreased to $4.6 billion from over $6.9 billion in the previous year.

In response to the declining circulation of Maker’s dollar-pegged stablecoin, the protocol is taking proactive steps to spur demand for DAI. By enhancing the interest rate DAI holders can earn, the protocol aims to attract more users and create a favorable ecosystem for DAI utilization.

Related Reading: Tether (USDT) Market Cap Reaches New Peak, Edges Toward $84 Billion Mark

The broader stablecoin market has also experienced a downtrend, with the total market capitalization sinking to $127 billion from nearly $160 billion a year ago. The introduction of EDSR is seen as a strategic move to increase the appeal of DAI and strengthen its position in the competitive stablecoin landscape.

What’s Next For Maker (MKR)?

As Maker continues improving the DAI ecosystem, investors closely monitor its governance decisions and the market’s response to the enhanced interest rate mechanism. The success of the EDSR proposal could drive further adoption of DAI and contribute to its overall liquidity in the market.

Moreover, the broader crypto market’s performance and regulatory developments will determine Maker’s future trajectory. If the bullish sentiments continue, Maker could surpass the $1,300 resistance point but if the opposite occurs the next support levels are $1,200 and $1,180. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Casper (CSPR) Spikes 15% Following Key Partnership – What’s Next?

https://www.newsbtc.com/news/casper-cspr-spikes-15-following-key-partnership-whats-next/

Casper (CSPR) has been making significant strides in the cryptocurrency market, attracting attention with its aim to accelerate enterprise and developer adoption of blockchain technology. As a live proof-of-stake blockchain built off the Casper CBC specification, Casper offers unique features and growth potential, drawing interest from investors and enthusiasts alike.

In the past week, there has been a significant upturn in its on-chain volume. Casper has experienced a substantial price surge in the past 24 hours, with its value increasing by 4.62%. This surge has created excitement among investors, especially as the cryptocurrency has displayed steady growth over the past 7 days, gaining an impressive 14.58%. The positive price movement has generated enthusiasm and optimism among Casper investors, who are pleased with their returns during this period.

As of the latest data, Casper (CSPR) is ranked 84th among all cryptocurrencies, with a current price of $0.04035. The circulating supply of Casper stands at 11,202,499,993, contributing to a total market capitalization of $456,309,769. The cryptocurrency’s recent performance has been particularly noteworthy, showcasing impressive short- and long-term growth.

Collaboration With INX Boosts Market Sentiment

A contributing factor to Casper’s recent growth can be attributed to its strategic partnership with INX, a United States-regulated broker-dealer. Casper’s equity was tokenized and listed through this collaboration, enhancing investor confidence and further supporting the cryptocurrency’s upward trajectory. This strategic move has enabled Casper to tap into new markets and expand its reach to a broader audience.

Related Reading: Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why?

Casper’s price surge aligns with the optimistic market sentiment toward cryptocurrencies. The growing interest from institutional investors and the increasing mainstream adoption of digital assets has instilled confidence in crypto. Additionally, influential figures within the blockchain industry have shared positive views on cryptocurrencies, including Casper, contributing to the overall positive outlook.

Casper (CSPR) Price Analysis

Casper has experienced a consistent upward trend in July after it bottomed at $0.0365. Since then, its price has increased by 30% and has hit heights of $0.0405. This positive trend is likely to continue in the coming weeks with more developments expected to be deployed on Casper.

From a technical analysis standpoint, Casper exhibits promising signals. The daily chart reveals the formation of a bullish falling wedge pattern, indicating a potential trend reversal.
CSPR has also surpassed the 25-day exponential moving average and is currently testing the 50-day MA. If the bullish trend continues the next resistance point is $0.40 while a bearish downturn will see the support at $0.0397.

Related Reading: Why Worldcoin (WLD) And PEPE Dominate The Crypto Market Trends This Week

As Casper continues to gain visibility and traction in the market, its future growth potential remains promising. The cryptocurrency’s underlying technology, including its proof-of-stake consensus mechanism, offers scalability, security, and energy efficiency. These features position Casper as an attractive enterprise adoption and long-term development candidate. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Maker (MKR) Surges 26% In A Week As Token Buyback Program Goes Live

https://www.newsbtc.com/maker-mkr/maker-mkr-surges-26-in-a-week-as-token-buyback-program-goes-live/

In the past week, Maker (MKR) token has captured significant attention in the crypto market, surging an impressive 26%. This remarkable price action coincides with the introduction of a groundbreaking token buyback program by the leading decentralized finance (DeFi) lending platform, MakerDAO. As the DeFi ecosystem continues to expand, Maker (MKR) stands out as one of the largest and oldest DeFi lending protocols, gaining popularity for its issuance of the widely used DAI stablecoin with a market value of $4.6 billion.

MKR Token Buyback Program Triggers Surge

The recent surge in Maker (MKR), the governance token of the $5.3 billion decentralized finance (DeFi) lender MakerDAO, can be attributed to the implementation of a token buyback program. The token buyback scheme, named the Smart Burn Engine, is designed to remove MKR tokens from the market. The mechanism involves allocating excess DAI stablecoins from Maker’s surplus buffer to purchase MKR tokens from a UniSwap pool. The governance proposal behind this initiative aims to strengthen the token’s value and governance while actively engaging MKR holders in voting on crucial proposals.

Related Reading: Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap

According to blockchain data, the lending platform is poised to remove approximately $7 million worth of MKR governance tokens from the market over the next month through this buyback initiative. With the token’s total market capitalization standing at around $1 billion, the buyback represents a 0.7% reduction in the token’s supply per month, potentially enhancing MKR’s scarcity and value proposition. This strategic move is likely to attract further interest and investment from the crypto community.

The token buyback program has already shown promising results, with MakerDAO purchasing approximately $230,000 worth of MKR tokens within the last 24 hours. This early success indicates positive momentum and investor interest in the buyback initiative. 

Maker: Significant Developments In 2023

In addition to the token buyback program, MakerDAO has been proactively diversifying its revenue streams by investing its DAI reserve assets into traditional financial products, such as bank loans and government bonds. This strategic decision has proven to be fruitful, as it enables the platform to generate sustainable revenue from yields, providing a solid basis for potential growth and long-term value. Unlike meme coins lacking tangible business prospects, Maker’s diversified revenue streams instill confidence in investors and the broader DeFi community, making it an attractive investment option.

Related Reading: Bitfinex Hackers Surrender: Couple Agrees to Forfeit 120,000 Bitcoin in Plea Deal

Beyond the token buyback and DAI reserve investments, MakerDAO is also undergoing a significant overhaul that includes upgrades for both the DAI and MKR tokens. Furthermore, the platform is transitioning into smaller autonomous organizations known as SubDAOs, which have the potential to issue their own tokens. These developments signal a dynamic future for MakerDAO and highlight the platform’s commitment to continuous innovation and progress.

Over the past 24 hours, there has been a 9.98% decrease in the price. However, in the last hour alone, the price has shown a modest increase of 0.28%. As of now, the current price of MKR stands at $1,094.53. It’s important to note that Maker is currently 82.73% below its all-time high, which was recorded at $6,339.02.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from istock, chart from TradingView.

AVAX Tallies 23% In The Past Week, Buyers Accumulate For Potential Breakout

https://www.newsbtc.com/avalanche/avax-tallies-23-in-past-week/

Avalanche (AVAX), the native token of the Avalanche blockchain, has witnessed a notable price surge of 27.39% over the past seven days, capturing the attention of traders and investors. Currently facing strong resistance at the EMA50 daily level, AVAX is showing promising signs of potential bullish momentum. As buyers accumulate AVAX anticipating a breakout, optimism grows within the market.

As of the latest data, Avalanche is trading at $15.45 per AVAX, showcasing impressive price growth within the past week. With a circulating supply of 345,845,505.008 AVAX, the token’s total market capitalization stands at $5,294,894,681.68. Furthermore, AVAX has experienced a substantial surge in trading volume, which has increased by $2,091,996,941.63 in the last 24 hours, marking a significant 381.96% rise. In the past day, approximately $547,703,576.77 worth of AVAX has been traded.

AVAX: Strong Resistance And Accumulation

The EMA50 daily level has emerged as a formidable resistance point for the coin, presenting a considerable challenge for buyers to overcome. However, buyers’ increasing accumulation of AVAX indicates a positive sentiment and a belief in the token’s potential to breach the resistance level. Traders have noticed similarities between AVAX and other successful cryptocurrencies, drawing comparisons that suggest a potentially significant price surge.

Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board

Looking at the technical indicators, its relative strength index is at 65 in the neutral zone between the oversold region of 50 and the overbought region of 75. The Moving Average Convergence/Divergence (MACD) is currently in the buy zone which is a bullish signal. In addition, the histogram bars are green and signal that a bullish trend is ahead and if the bulls persist, the crypto is likely to have a sustained uptrend in the coming days

Growing Investor Interest And Bullish Sentiment

The ongoing accumulation of AVAX demonstrates a growing interest and confidence among investors in the token’s underlying technology and future growth potential. As buyers strategically position themselves at key support regions, they aim to capitalize on the anticipated breakout and potential price appreciation. This accumulation activity is a positive indicator for AVAX and reinforces the belief that the token’s price could experience a notable upward movement.

Market participants closely monitoring Avalanche have identified similarities between its current price pattern and other successful cryptocurrencies. In particular, the comparison with SOL, which experienced a significant surge after successfully breaking through a crucial resistance level, adds to the overall bullish sentiment surrounding AVAX. These comparisons contribute to the growing optimism within the market.

Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party?

While the accumulation of AVAX and the anticipation of a breakout are encouraging signs, it is essential to acknowledge the highly volatile nature of the cryptocurrency market and the potential influence of various market forces. Traders should exercise caution and consider other technical indicators and market factors that may impact AVAX’s price trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Polygon (MATIC) Flexes Muscles In The Last Week With 27% Gain – Details

https://www.newsbtc.com/matic/polygon-matic-flexes-muscles-in-the-last-week-with-27-gain-details/

Polygon (MATIC) has demonstrated a significant price surge in the past week, rising by 27.39%. This bullish momentum has been further reinforced by a 9.38% increase in the last 24 hours. However, in the most recent hour, the price experienced a slight decline of 1.04%. Currently trading at $0.84 per MATIC, the cryptocurrency remains 71.11% below its all-time high of $2.92.

Reasons For The Price Movement

Multiple factors have contributed to the recent price movement of the crypto. Firstly, a favorable court ruling for XRP ripple effect on market sentiment, potentially influencing the performance of other cryptocurrencies like MATIC. The court’s determination that XRP is not a security has provided investors reassurance and positively impacted the overall cryptocurrency market.

Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party?

Furthermore, the increased activity of decentralized applications (Dapps) on the Polygon Network has significantly driven up demand for MATIC. The network’s reputation as a scalable and efficient solution for the Ethereum network has attracted numerous developers and users to build and interact with Dapps on the platform. This heightened interest in the Polygon Network has increased demand for MATIC tokens.

Additionally, the highly anticipated launch of Polygon 2.0 has generated excitement within the community. This proposed upgrade aims to enhance the functionality and scalability of the Polygon Network, allowing for the support of multiple chains without compromising security. If successfully implemented, Polygon 2.0 could further solidify MATIC’s position as a leading blockchain solution, potentially attracting more investors and driving higher prices.

Expectations For Polygon

Looking ahead, Polygon holds promising prospects for further growth and development. With a total value locked (TVL) of $1 billion on the Polygon Network, the platform has established itself as a prominent second-layer scaling solution for Ethereum. The increasing TVL, which has grown from $878 million in the previous month, indicates a rising demand for Polygon’s processing capabilities and underscores its potential for further adoption and expansion.

The impending launch of Polygon 2.0 adds a layer of anticipation. This upgrade will introduce new features and improvements, enhancing the network’s efficiency and functionality. If successfully implemented, Polygon 2.0 could attract even more users, developers, and investors, ultimately driving up the price of MATIC.

Polygon ecosystem have also enjoyed a bullish rise: source @coinstats

However, it is essential to exercise caution and closely monitor the market. While the current price movement suggests positive momentum, competition from other scaling solutions, such as Arbirtrum (ARB) and Optimism (OP), should be considered. Additionally, developments in privacy implementations utilizing zero-knowledge proofs could introduce new dynamics to the market.

Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board

Investors and traders should remain attentive to updates regarding the Polygon 2.0 upgrade, ongoing market trends, and any significant announcements within the cryptocurrency ecosystem that may impact the future performance of MATIC. By staying informed and exercising due diligence, market participants can make more informed decisions regarding their investments in Polygon.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from istock, chart from TradingView.

Solana (SOL) Tallies 10% Gains On Weekly Chart – Will It Cross $25?

https://www.newsbtc.com/news/solana/solana-sol-tallies-10-gains-on-weekly-chart-will-it-cross-25/

Solana (SOL) has witnessed a remarkable recovery in the past week, showcasing a string of steady gains. Presently, SOL has increased by 10% and is actively traded at $21.80, reflecting a slight uptick in the crypto’s price.

While it’s important to note that SOL remains significantly distant from its all-time high of $260, the recent upward motion has lifted its value beyond the $20 mark, indicating promising signs of an extended bullish sentiment

What’s Behind SOL Rise? 

There are several factors right now that could have influenced the rise in SOL’s price. These include macroeconomic factors such as inflation and crypto regulation in different areas. In addition, Solana has experienced some success in adoption with some ecosystems adopting the token and launching cross-chain bridges. 

Related Reading: XRP Next Step: Here’s Why An Upward Move Could Be Likely

However, the most likely factor is the increase in DEX volume recorded this week. Blockchain analysis platform DefiLlama revealed in a report earlier in the week that Solana had experienced a spike in DEX volume. According to the report, SOL’s DEX volume surged by over 80% and is ranked fifth within the crypto market. This development is likely to have boosted its price action in the past week. 

Nonetheless, the Total Value Locked (TVL) has not reacted to this uptrend and has been stagnant since its decline last November following the FTX collapse. Currently, the TVL sits at around $275 million with no noticeable increase in value despite the gains of SOL in recent days. 

Solana (SOL) Price Outlook And Prediction 

SOL is currently trending upward and has continued its positive price action towards the weekend. However, the intermittent red candles on its weekly chart show that the bears are active this week. 

Looking at the technical indicators, its relative strength index is at 50 in the neutral zone between the oversold region of 35 and the overbought region of 75. The Moving Average Convergence/Divergence (MACD) is currently in the buy zone which is a bullish signal. In addition, the histogram bars are green and signal that a bullish trend is ahead and if the bulls persist, SOL is likely to have a sustained uptrend in the coming days. 

SOL is trading at $21.83 after it found critical support at the $15.43 price level weeks ago. This puts the altcoin close to the $22.50 resistance level.

Related Reading: PEPE Bulls Losing Steam? Fatigue Appears To Undermine Price Rally

A break above the $22.50 resistance level will help to boost its price to reclaim the $25 psychological resistance level. If this happens, SOL will likely rally to the $23.00 resistance level after breaking above $22. However, a price decline below $20 in the short term remains possible due to external market conditions that are bearish. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Bone ShibaSwap (BONE) Spikes 43% In A Week – Here’s Why

https://www.newsbtc.com/shiba-inu/bone-shibaswap-bone-spikes-43-in-a-week-heres-why/

BONE, the governance token of Shiba Inu, has experienced a significant uptick in the past week with its price surging by double digits during this period. At the time of writing, BONE has seen an increase of 0.5% in the past 24 hours reaching $1.20. Additionally, the token has witnessed a weekly rise of more than 40% making it the best performer among the top 100 tokens. 

BONE upp by 43% in the past week: Source @coingecko

This spike holds major significance as BONE has managed to be bullish despite the recent market sell-off, which has left the crypto market in a bearish state. The recent growth of BONE could be attributed to the statement of Shitoshi Kusama, the lead developer of Shiba Inu. 

Kusama Provides Tentative Date For Shibarium Launch 

Kusama had earlier in the week disclosed a potential date for the launch of Shibarium, the highly anticipated Layer-2 blockchain that would power the Shiba Inu ecosystem. According to a blog post on July 6, Kusama stated that the mainnet launch of Shibarium could be discussed and unveiled at the Blockchain Futurists Conference scheduled to take place in Toronto in August. 

Related Reading:  Stellar (XLM) Sheds 13% As Bearish Sentiment Takes Over

Kusama further defined the role of the multiple token systems that would be supported by Shibarium. According to him, the Shiba Inu ecosystem would be divided into four sections with each section utilizing a unique token. SHIB would be used to govern the community, while BONE governs and support community technology (such as Shibarium gas fees), LEASH would cater to community security and provides exclusivity, and TREAT moderates and enhances community projects. 

Following this disclosure, the price of BONE experienced a major uptrend due to the positive sentiments from the community. BONE’s unique role in relation to Shibarium gas fees makes it a vital token within the Shiba Inu ecosystem. 

Related Reading: PEPE Bulls Losing Steam? Fatigue Appears To Undermine Price Rally

Shibarium is also seen as a significant development and has attracted the attention of many within the crypto community. Since its launch on March 11, PuppyNet, the testnet for Shibarium has displayed remarkable activities. The testnet has witnessed more than 27.5 million transactions from over $17 million wallets. This high level of activity on the Shibarium testnet is a major indicator of the potential of the network and BONE is central to this. 

BONE Price Prediction 

 BONE has experienced a consistent upward trend since June 11, after it bottomed at $0.665. Since then, its price has increased by 100% in today’s trading reaching a high of $1.35.  This positive trend is likely to continue in the coming weeks with more developments expected to be deployed on Shibarium. 

This will invariably trickle down to BONE providing more thrust for the memecoin to break new resistance limits. At the moment the current resistance mark is $1.5 and if there’s a major correction, the next support levels are $1.30 and $1.25, respectively.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from unSplash, chart from TradingView and Coingecko

Stellar (XLM) Sheds 13% As Bearish Sentiments Take Over

https://www.newsbtc.com/news/stellar/stellar-xlm-sheds-13-as-bearish-sentiments-take-over/

In the past week, Stellar (XLM) experienced a decline in price, moving from $0.1 to $0.096. This represents a decrease of -13.42% in value. Furthermore, in the past 24 hours, XLM recorded a minor drop of -0.61%. These price movements indicate a slight bearish sentiment prevailing in the crypto market, with XLM being influenced by the broader market conditions. The recent downtrend in XLM’s price suggests that bears currently have the upper hand, while the scope for bullish activity appears limited.

What Could Be Responsible For The Recent Price Dip?

The Stellar ecosystem has been rife with developments in recent months, with the biggest being the launch of the Spacewalk bridge that connects the blockchain to Polkadot. The bridge was meant to enable smooth transfer of the USDC stablecoin between the two blockchains fostering increased utility and potential demand within Stellar’s ecosystem. 

However, this has not gone to plan, as Stellar’s price has failed to match the positive advancements in its ecosystem. Instead, bearish sentiment has engulfed XLM, which has contributed to the recent downward price movement.

Related Reading: XRP Next Step: Here’s Why An Upward Move Could Be Likely

The bearish sentiment indicates that market participants are cautious about XLM, leading to selling pressure and a lack of significant buying interest. It is important to consider the impact of market sentiment on short-term price fluctuations, as it can create challenges for price recovery and limit the potential for bullish momentum in the near term.

What’s Next For Stellar (XLM)?

Although XLM is currently experiencing a bearish sentiment, the long-term prospects for the cryptocurrency remain positive. Stellar’s roadmap for 2023 focuses on enhancing network utility through strategic initiatives. This includes making innovation easy and scalable through Soroban development, scaling and decentralization endeavors, and improving developer wallet tools. Stellar aims to win over builders by accelerating the growth of widely-used assets, promoting accessibility and user-friendly apps, and leveraging smart contracts for sustainable use cases in the DeFi ecosystem.

Related Reading: Circle Intervenes, Freezes $63 Million From Multichain Hack

Furthermore, Stellar’s focus on utility and building trust involves engaging in public policy, raising platform awareness, and maintaining high-quality wallet products. These initiatives are designed to strengthen Stellar’s position in the market and drive future growth. While short-term price movements may be influenced by market sentiment, the long-term success of Stellar relies on the execution of its strategic initiatives and the adoption of its network utility.

As a result, XLM’s value could potentially increase in the future, with projections indicating the possibility of reaching $0.11 by 2024. Investors and traders should closely monitor the progress of Stellar’s roadmap and evaluate market conditions when considering the future prospects of XLM. At press time, XLM was trading at $0.09691 per coin with a 1-hour price increase of 1.1%.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from iStock, chart from TradingView

Compound (COMP) Grows 33% In 7 Days As Whale Activities Soar

https://www.newsbtc.com/news/compound-comp-grows-33-in-7-days-as-whale-activities-soar/

Compound (COMP), the governance token of the Compound protocol, has experienced a remarkable surge in value over the past week, positioning itself as one of the top gainers in the cryptocurrency market. The token’s price has risen by an impressive 33% within a span of just seven days. 

Whale Activity Behind Price Increase

The recent surge in COMP’s price can be attributed to several factors. One significant catalyst is the presence of whale activity and potential institutional investors. Blockchain analytics firm Lookonchain shed some light on this phenomenon, revealing that a notable wallet identified as ‘0x0D5’ has been involved in substantial transactions involving COMP. 

Related reading: ENS Rises 10% As Ethereum Name Service Considers Expanding To Layer-2

The wallet transferred 3 million USDT to Binance and extracted 50,000 COMP, equivalent to around $2.26 million, just two days ago. Shortly after, the same entity withdrew an additional 120,000 COMP, valued at approximately $5.53 million, from Binance. This also followed the activities of other whales who moved significant volumes of COMP during this period. These significant transfers often indicate bullish behavior and can have an impact on the token’s supply and demand dynamics, thus influencing its price.

COMP Current Price And Future Prospects

The recent price surge and increased trading activity indicate growing investor interest in COMP. The token has surpassed multiple resistance levels and is currently trading above $54.68, boasting a market capitalization of $424 million. 

Moreover, COMP has added over $200 million to its market cap in recent weeks, surging from less than $200 million to its current valuation. The token’s daily trading volume has also witnessed a significant surge, indicating heightened market participation. Over the past two weeks, COMP has exhibited a substantial growth pattern, recording a 70% gain. Starting last month at a low of $25 per token, COMP now commands a price of $55.01.

Related Reading: Ethereum Co-Founder Thinks The Over $40 Billion Staked ETH Can Be Stolen

As Compound continues to attract attention and recognition in the cryptocurrency market, the token’s future prospects appear promising. The presence of whale activity, increased market capitalization, and trading volume suggest that COMP may continue its upward trajectory. However, it is crucial to exercise caution and conduct thorough research before making any investment decisions. 

The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Monitoring market conditions and staying informed about the latest developments is essential for making informed investment choices regarding COMP or any other digital asset.

COMP is trading at around $53 and still shows bullish signs: source @Tradingview

Despite a slight decline of 1.40% in the last 24 hours, COMP saw a growth of 0.26% in the past hour. Currently trading at $53.06 per COMP, the token is still 94.00% below its all-time high of $911.20.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock and charts from Tradingview and Coingecko.com.

Bitcoin Cash (BCH) Up 55% Following BlackRock’s ETF Application, EDX Markets Launch

https://www.newsbtc.com/news/bitcoin-cash/bitcoin-cash-bch-up-55-following-blackrocks-etf-application-edx-markets-launch/

Bitcoin Cash (BCH) has experienced a remarkable upswing, with its value soaring by 55% in the past week. This surge can be attributed to two key factors: BlackRock’s recent application for a Bitcoin spot ETF with the United States Securities and Exchange Commission and the launch of EDX Markets.

BlackRock’s move to seek SEC approval for a Bitcoin spot ETF has sparked a wave of similar applications, generating a bullish sentiment in the cryptocurrency market. This sentiment has had a particularly positive impact on Bitcoin and related projects, including Bitcoin Cash.

Nonetheless, the introduction of EDX Markets, a platform catering to institutional investors, appears to be the primary catalyst behind Bitcoin Cash’s recent price surge. EDX Markets, backed by industry giants Fidelity, Schwab, and Citadel Securities, carries significant weight despite not being registered with the SEC.

Jamil Nazarali, CEO of EDX Markets, expressed confidence in the compliance of the four listed crypto tokens (Bitcoin, Ether, Bitcoin Cash, and Litecoin) with the SEC. The platform’s selective listing of cryptocurrencies, which includes Bitcoin, Ether, Litecoin, and Bitcoin Cash, has been interpreted as a vote of confidence, specifically in Bitcoin Cash. 

The listing of BCH on the EDX Markets exchange is an indication of the token’s regulatory clearance. This interpretation gains significance as the SEC scrutinizes other blockchain projects.

Related reading: Here’s What Caused Bitcoin’s Flash Crash To $29,000

Bitcoin Cash Uptrend Fueled By Volume Spike On Upbit

A major factor that could have influenced the recent uptrend in Bitcoin Cash (BCH) is the short squeeze and an unexpected surge in trading volume on the South Korean exchange, Upbit. A short squeeze occurs when the price of an asset rises, leading traders who had bet against the asset’s price to cover their positions at a loss or face forced liquidation. 

BCH liquidations in the past 30 days: source @coinglass

The volatility in BCH’s price resulted in approximately $19 million in liquidations within the past 24 hours, with short orders accounting for 77% of the total amount. These liquidation levels represent the highest recorded in June 2023, according to data from Coinglass.

BCH’s price remained heavily suppressed throughout the year, fluctuating between $100 and $150. However, its value experienced a significant vertical rise after being listed on EDX Markets. Currently, BCH is trading at $308.72, reaching levels last seen 14 months ago in May 2022.

BCH price has experienced a slight correction from its weekly high: source @Tradingview

According to crypto research outlet The Tie, BCH trading volumes on Binance have reached levels not witnessed in two years. This indicates a resurgence of BCH’s trading interest following its EDX Markets listing. This renewed interest highlights a positive shift in the trading dynamics surrounding Bitcoin Cash.

BCH is trading at $280.7 at press time, with a 5% decline in the past 24 hours.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock and charts from Tradingview, Bloomberg, and Coinglass

PEPE Rising: 63% Weekly Gain Showcases Unstoppable Momentum

https://www.newsbtc.com/news/pepe-rising-63-weekly-gain-showcases-unstoppable-momentum/

The cryptocurrency market has shown no signs of slowing down, with several coins experiencing an extended bull run in recent days. However, amidst this overall market trend, there are still standout performers, and Pepe (PEPE) is one such cryptocurrency that continues to impress.

Related Reading: Momentum: Why The Bitcoin Train Is Ready To Leave The Station

While many altcoins are charting modest gains or losses, Pepe stands out with a remarkable performance. Over the past 48 hours, PEPE has surged by 10%, adding to its impressive weekly gains of 63%. This makes Pepe the second-best performer of the week after Bitcoin Cash. 

PEPE Sustains Positive Momentum

In contrast to the choppy price action seen across the market, Pepe upward momentum remains strong, reflecting positive investor sentiment and demand for the token. This surge in value is particularly noteworthy considering the recent major rally in the market, suggesting that Pepe has managed to sustain and build upon its positive momentum.

Looking at the broader market, Bitcoin (BTC) is currently trading at a critical level of $30,000, with bulls fiercely battling to defend this important psychological and technical support. While Bitcoin has experienced a slight gain of 0.3% in the past 24 hours, it has still recorded a notable weekly gain of 14.4%. Bitcoin’s dominance in the market has also increased, reaching 48% compared to 47.7% the previous day. This indicates that Bitcoin outperforms altcoins, further emphasizing its significance and influence within the market.

Related Reading: Stacks (STX) Rallies By 29% In The Past 7 Days – Here’s Why

As the week approaches, market participants will closely observe the incoming volume and its potential impact on price movements. While the overall market may be experiencing a slowdown, Pepe’s impressive gains and resilience showcase its potential to continue defying the current market trend.

It will be interesting to monitor how Pepe and other cryptocurrencies perform during this period of reduced trading activity. Despite the market’s current challenges, Pepe’s ongoing positive trajectory demonstrates its strength and the growing confidence investors have in its potential for further growth.

What’s Next For The Memecoin?

Pepe has shown resilience in the market and is expected to reach a maximum price of $0.000003 as the market recovers from the crypto winter. The minimum expected price is projected to be around $0.000002, while the average price will likely hover around $0.000002. These price predictions indicate potential growth and stability for Pepe as market conditions improve and investor confidence returns.

Pepe price is still riding the momentum ahead of the new week: source @Tradingview.com

Currently, Pepe is valued at $0.00000147 per PEPE/USD, with a market capitalization of $577.58 million USD and a 24-hour trading volume of $622.48 million USD. Although Pepe has experienced a decline of 0.81% in the past 24 hours, it is important to note that the cryptocurrency market can be highly volatile, and price fluctuations are common. Nevertheless, Pepe demonstrates a substantial market presence and continues attracting investors’ attention.

Featured image from Unsplash.com, charts from CoinMarketCap and TradingView.com

Stacks (STX) Rallies By 29% In The Past 7 Days – Here’s Why

https://www.newsbtc.com/news/stacks-stx-rallies-by-29-in-the-past-7-days-heres-why/

The cryptocurrency Stacks (STX) has recently experienced a remarkable turnaround, with its price bouncing back after reaching a multi-month low of $0.4412. Investors have seized the opportunity to “buy the dip,” resulting in a continuous upward trend for STX over the past few days. As a result, STX is now trading at $0.7916, marking a significant 29% increase from its lowest level this month.

Potential Catalysts For STX

Two primary reasons drive the surge in Stacks’ price. Firstly, the decision by Blackrock to file for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission has sparked positive sentiment. However, uncertainties remain regarding the acceptance of the iShares Bitcoin Trust, as Coinbase is slated to serve as the custodian of the coins. Furthermore, the ongoing conflict between Coinbase and the SEC adds to the regulatory uncertainty surrounding the situation.

Related Readings: Bitcoin Just Gained Over 18% In Seven Days: What’s Happened When This Has Occurred In The Past?

Furthermore, the SEC’s lawsuit against major exchanges Binance and Coinbase is expected to benefit Bitcoin, as both regulatory agencies recognize Bitcoin as a commodity rather than a security. Consequently, many investors in alternative cryptocurrencies may shift their focus to the perceived safety of Bitcoin. Stacks, which is closely tied to Bitcoin’s ecosystem and enables the development of decentralized applications (dApps), stands to benefit from this changing investor sentiment.

The expanding Stacks ecosystem is another significant factor contributing to the rise in STX price. Bitflow Finance, a decentralized finance (DeFi) protocol, recently introduced an sBTC/sBTC stableswap pool, enabling seamless token swaps. This development enhances the utility and adoption of Stacks, ultimately bolstering its positive price performance.

What’s Next For Stacks?

From a technical analysis standpoint, Stacks exhibits promising signals. The daily chart reveals the formation of a bullish falling wedge pattern, indicating a potential trend reversal. STX has also surpassed the 25-day exponential moving average and is currently testing the 50-day MA.

Moreover, the breakthrough of the key resistance level at $0.5281, the lowest point in March, further reinforces the bullish sentiment. As buyers set their sights on the next resistance point at $0.90, a potential 9% increase from the current level, Stacks continues to attract attention.

Related Readings: Mask Foundation Moves 2.5 Million Tokens To Exchanges, Huge Dip Incoming?

The Stacks price is $0.79 at press time, reflecting a change of -2.10% over the past 24 hours. The recent price action has left Stacks’ market capitalization at $1,101,401,654.52. Notably, Stacks has demonstrated an impressive 277.22% change since the beginning of the year, indicating its strong growth potential.

Stacks weekly chart shows bullish uptrend: source @tradingview

STX serves as the native token of the Stacks blockchain, which operates as a layer 2 blockchain network leveraging the security of the Bitcoin blockchain for transaction settlement. With its unique positioning and robust ecosystem, Stacks continues to capture the attention of investors and developers alike.

Featured image from iStock.com and charts from Tradingview and Coingecko.com

BUSD Market Cap Plunge Of 80% In 2023 Raises Concerns Of Impending Collapse

https://www.newsbtc.com/news/busd-market-cap-plunge-of-80-in-2023-raises-concerns-of-impending-collapse/

The fate of Binance USD (BUSD), the stablecoin introduced by Binance, hangs in the balance as its market capitalization has experienced a significant decline of over 80% in 2023.

From November 2022 to June of the current year, BUSD’s market capitalization has plummeted from USD23 billion to USD4 billion. Notably, the capitalization suffered an 18% loss in May alone, as reported by CCData, an analysis company.

TrueUSD (TUSD) Gains Traction As BUSD Market Cap Declines

As the market capitalization of BUSD continues to decline and reach a critical level, representing less than 5% of the overall stablecoin market capitalization, Binance has begun actively promoting the adoption of TrueUSD (TUSD).

While TUSD’s market capitalization still falls slightly below that of BUSD, currently standing at over USD3.1 billion, it has surpassed BUSD in terms of trading volumes. According to data provided by CCData, the trading volumes of TUSD have tripled, indicating a growing interest and usage of the stablecoin.

Related Reading: Mask Foundation Moves 2.5 Million Tokens To Exchanges, Huge Dip Incoming?

TrueUSD (TUSD), introduced in 2017 by TrustToken, has emerged as the fifth-largest stablecoin in the market, trailing closely behind BUSD. Functioning as an Ethereum-based ERC-20 token, TUSD secures its value with dollar reserves deposited in multiple US-based banking entities. The company behind TUSD ensures a 1:1 convertibility with the US currency, instilling confidence in its stability and reliability among users.

As BUSD’s market capitalization experiences a significant decline, the growing popularity and trading volumes of TUSD serve as a testament to the increasing demand for an alternative stablecoin option. Also, Binance’s shift towards promoting TUSD suggests a strategic response to the changing landscape of stablecoin usage and market dynamics.

The steep decline in BUSD’s market capitalization can be attributed to its impending discontinuation. In February 2023, NewsBTC reported that Paxos would cease issuing the BUSD stablecoin due to an ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC).

As per Paxos’ official statement, BUSD will be redeemable until February 24, 2024, marking the potential date for its exit from the market.

Investors Move To USDT As It Nears Its All-Time High Capitalization

As the market capitalization of Tether (USDT) continues to rise steadily, approaching its all-time high, investors are taking notice and making strategic moves. According to data from CoinMarketCap, USDT’s current market capitalization stands at $82.9 billion (USD), close to its previous peak of $83.2 billion, reached in May 2022. This upward trajectory has prompted investors to diversify their portfolios and explore alternative stablecoin options.

Related Reading: Bitcoin Just Gained Over 18% In Seven Days: What’s Happened When This Has Occurred In The Past?

Also, Investors are drawn to USDT due to its stability and pegging to the US dollar, offering a reliable store of value amidst market fluctuations. With its widespread acceptance and liquidity, USDT has become a preferred choice for traders, providing a convenient and secure means of preserving their capital during volatile market conditions.

At press time, USDT was trading at $0.9780 per coin with a 24-hour price increase of 1.38%.

USDT imarketcap is currently around $83 billion: source @Tradingview

Featured image from iStock, charts from Tradingview and CCData

Polygon (MATIC) Witnesses High Volatility Amid Positive Developments

https://www.newsbtc.com/analysis/matic-analysis/polygon-matic-witnesses-high-volatility-amid-positive-developments/

Polygon (MATIC), one of the prominent Web3 networks, has recently experienced a period of volatility in its price. Currently trading at $0.625112 USD, with a 24-hour trading volume of $547,815,952 USD, MATIC has shown a 9.63% increase in the last 24 hours. Polygon has rebounded from the bearish sentiments earlier in the week. This comes on the back of recent developments within the Polygon ecosystem towards increasing utility and partnerships with key financial institutions. 

Polygon Launches ‘The Value Prop’

Polygon has made an important announcement, launching “The Value Prop,” an open database of blockchain use cases. This comprehensive catalog contains over 300 applications and diverse use cases across multiple business sectors, blockchain networks, and geographical locations. The initiative aims to showcase positive applications for blockchain technology, presenting it as a versatile tool beyond asset trading.

Matic Is up 5.9% in the past 7-days: source @coingecko

Related Reading: Percentage Of ETH Addresses In Profit Reaches 5-Month Low

Amid the negative sentiment surrounding blockchain technology due to regulatory pressures on major market participants like Binance and Coinbase, Polygon’s move to highlight real-world applications is significant. It aligns with the belief among Web3 experts and industry players that blockchain should be viewed as a general-purpose technology addressing real-world challenges.

Web3 Development And Positive Trends

Polygon’s efforts to boost Web3 development and unlock new use cases align with the industry’s overall trajectory. Ripple (XRP) recently partnered with Banco de la República, Colombia’s central bank, to explore blockchain use cases. This indicates a growing recognition of the potential of blockchain technology beyond cryptocurrencies.

Polygon’s co-founder, Sandeep Nailwal, also launched the Nailwal Fellowship, a grant program providing financial support and resources to early-stage Web3 developers. This initiative offers funding, mentorship, and access to top founders and investors, nurturing the growth of the Web3 ecosystem.

Related Reading: Shiba Inu (SHIB) Positive Social Sentiment Sparks Bullish Speculation

Despite the U.S. banking crisis contagion, Web3 development has shown resilience. According to Alchemy, a blockchain developer platform, Q1 2023 witnessed rapid growth in Web3 development. The number of developer teams working on the Alchemy platform reached a record high, with increased activity compared to the previous year.

Future Prospect For Polygon

MATIC, the native token of Polygon, is trading in the positive zone and is up 9% in the last 24 hours. At the time of writing, the price is $0.6228, according to TradingView chart. However, amid the price volatility, the launch of “The Value Prop” and the focus on Web3 development suggest potential positive catalysts for Polygon’s future performance.

As the blockchain industry continues to evolve, market participants will closely monitor the progress of Web3 development, the expansion of real-world use cases, and the regulatory landscape. These factors will significantly impact the prospects of Polygon and its native token, MATIC.

Featured image from iStock, charts from Tradingview and Coingecko

Binance Coin (BNB) Faces Sideways Movement, Bears Threaten Further Sell-Off

https://www.newsbtc.com/news/binance-coin/binance-coin-bnb-faces-sideways-movement-bears-threaten-further-sell-off/

Binance Coin (BNB), the native token of the Binance exchange, has recently experienced a period of sideways movement. Despite reaching a weekly high of $307 on June 4th, BNB’s price has encountered resistance and is currently trading at $246.2. This article provides an analysis of the recent price action, discusses the potential reasons behind BNB’s performance, and explores the future prospects for the coin.

The recent decline in BNB’s price can be attributed to several factors. Firstly, the overall market sentiment has been influenced by a broader correction in the cryptocurrency market. Many altcoins, including BNB, have witnessed a decrease in value as investors take profits and adjust their portfolios. Additionally, concerns over regulatory developments and market uncertainties have added to the selling pressure on BNB.

Bearish Threat And Technical Indicators

Despite attempts by bulls to regain control, bears pose a significant threat to BNB’s price stability. The crucial resistance level of $308 has become a battleground for market participants. If the bears manage to break down this level, it could trigger a further sell-off, potentially pushing the price lower. 

Technical indicators paint a cautious picture for BNB. The Moving Average Convergence Divergence (MACD) indicator has exhibited a bearish crossover, signaling a continuation of selling pressure in the near term. Furthermore, the Relative Strength Index (RSI) currently stands at 35.63 levels, suggesting that there could be a further downside if buying pressure does not increase.

Related Reading: PEPE Jumps Nearly 10% In 24 Hours, Sparking Speculation Of A New Rally

Moreover, the 50-Weekly Moving Average positioned below the 200-Weekly MA indicates a bearish trend for BNB. This configuration suggests that the price could continue downward in the coming days unless significant positive developments or market catalysts emerge.

What’s Next For BNB?

Market participants will closely monitor the price action around the critical resistance level of $308. A successful breach above this level could ignite renewed bullish momentum, potentially leading to a recovery in BNB’s price. Traders and investors will also pay attention to any regulatory developments and market trends that could influence BNB’s performance.

Despite the current challenges, Binance Coin holds promise as a key player in the cryptocurrency ecosystem. As Binance continues to expand its services and offerings, including its decentralized exchange (DEX) and various partnerships, there is potential for increased adoption of BNB, which could positively impact its price in the long run.

Related Reading: Percentage Of ETH Addresses In Profit Reaches 5-Month Low

It is important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. Investors are advised to conduct thorough research, stay informed about market developments, and exercise caution when making investment decisions. At press time, Binance Coin (BNB) was trading at $246.2 with a daily price increase of 2.93%.

Binance coin still trading below the $250 resistance mark

Featured image from iStock.com, charts from TradingView

Terra Classic (LUNC) Analysis: Is The $0.00012 Target Within Reach?

https://www.newsbtc.com/terra-luna/terra-classic-lunc-analysis/

During the past seven days, the price of LUNC, the cryptocurrency of Terra Classic, has displayed a back-and-forth movement characterized by alternating green and red candles. This pattern suggests a lack of dominance from buyers or sellers, indicating uncertainty in the market regarding the direction of the trend. 

Related Reading: Bitcoin (BTC) Lower Timeframe Outlook: $26,800 Breakthrough Could Spark Rally

The recent legal actions taken by the US Securities and Exchange Commission (SEC) against prominent crypto exchanges like Binance and Coinbase could contribute to this hesitation among market participants. As a result, the Terra classic coin is anticipated to undergo a prolonged period of consolidation in the upcoming days, as the overall trend remains bearish due to the influence of a wedge pattern.

LUNC Price Analysis, Impact Of Regulatory Actions On Crypto Market

In the midst of regulatory actions taken against major crypto exchanges, caution and uncertainty have permeated the cryptocurrency market, impacting traders and investors alike. This climate of uncertainty is reflected in the LUNC price chart, where alternating green and red candles indicate a lack of clear dominance from buyers or sellers. As market participants await further clarity and resolution regarding the regulatory actions, hesitation in making significant moves has emerged. 

Terra Lunc gains wiped out in the past 24 hours: source @coingecko

Consequently, the Terra classic coin is expected to undergo a period of consolidation, characterized by a relatively stable price, as market participants reassess the situation and evaluate the potential implications of the legal actions on the broader cryptocurrency ecosystem.

Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal

However, it is worth noting that if the LUNC price continues its upward trajectory, it may potentially lead to a retest of the overhead trendline. A successful break above this trendline would serve as a pivotal signal, indicating the beginning of a new recovery rally for LUNC. Such a breakout would represent a shift in market sentiment and attract more buyers into the market, potentially altering the course of the cryptocurrency’s price trajectory.

As the market dynamics continue to unfold, traders and investors will closely monitor the price action of LUNC, paying particular attention to the development of the wedge pattern and the resolution of regulatory actions. These factors will play a crucial role in shaping the future direction of LUNC and the broader cryptocurrency market.

Will LUNC Price Rise To $0.00012?

Affected by the descending wedge pattern, the LUNC price remains bearish, with the recent reversal signaling a possible decline. This downward movement could lead the price towards crucial support levels at $0.000082 and $0.00007, followed by a lower trendline. On the other hand, a recovery above $0.00012 would require buyers to break above the aforementioned trendline successfully. Currently, the coin is trading at $0.00008718 and appears to be moving sideways, indicating a lack of clear direction from market participants.

Featured Image from iStock and charts from TradingView.com and Coingecko.com

SUI Price Plummets By 38% In 7 Days – Will It Recover Anytime Soon?

https://www.newsbtc.com/altcoin/sui-price-plummets-by-38/

The price of SUI has experienced a significant decline in the past week, dropping by 38.13%. In the last 24 hours alone, the price has fallen by 21.51%. However, there is a glimmer of hope as the price slightly increased by 1.53% in the past hour. Currently priced at $0.58 per SUI, the token is 61.12% below its all-time high of $1.50. The question now remains whether SUI can regain its footing and initiate a recovery.

SUI Coin Faces Bearish Pressure 

The global crypto market cap has dropped below $1.10 trillion again, leading to a negative trading sentiment across most cryptocurrencies. SUI coin, in particular, has experienced a significant decline of over 10% in the past 24 hours, with its price falling below $0.70. The asset’s technical analysis suggests a bearish trend, characterized by high selling pressure and struggles for buyers to reverse the downward momentum.

Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why

On the 4-hour timeframe chart, the SUI coin has been in a downtrend, seeking stable support. It trades below its short-term and long-term moving averages, with the 50-day MA at approximately $0.837 and the 200-day MA at $1.020. This positioning below the moving averages signifies a consistent decline in the coin’s price, potentially indicating a lack of buying pressure and weakened market sentiment.

The immediate support level for the SUI coin is at $0.50, while the resistance level stands at around $0.76. Recent rejection below the resistance level has fueled the downtrend. Furthermore, the Relative Strength Index (RSI) on the 4-hour timeframe chart confirms the bearish sentiment, with an RSI of 17.9 indicating oversold conditions. Sellers currently outnumber buyers, further adding to the downward pressure on the SUI coin.

Partnership With Red Bull Racing: Can This Be A Catalyst For SUI Token’s Revival

The recent multiyear partnership between Sui and Formula One’s Oracle Red Bull Racing team has the potential to rejuvenate the Sui token price. As Sui becomes the blockchain partner of a renowned and globally recognized racing team, it gains exposure and credibility within the crypto and motorsport communities. This association can drive increased demand for Sui tokens, heightening the token’s value.

The collaboration aims to deliver engaging digital experiences for racing fans, creating a loyal user base and bolstering Sui’s reputation. With Red Bull Racing’s previous involvement in the crypto industry, its partnership with Sui signifies a shared interest in exploring the potential of cryptocurrencies and blockchain technology.

Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal

While the partnership’s success and its impact on the Sui token price depend on several factors, including market conditions and investor sentiment, this collaboration holds promising prospects for the revival of the Sui token. Monitoring future developments and market reactions will provide valuable insights into the effectiveness of the partnership in driving the Sui token’s resurgence. At press time, SUI was trading at $0.5904 with a 24-hour drop of 19.8% in its price. 

Sui is currently down by 20% in the past 24 hours: source@Tradingview.com

Featured image from iStock, charts from Tradingview.com

Tron (TRX) Sees 10% Price Surge Following Bittorrent Bridge Launch

https://www.newsbtc.com/analysis/trx/tron-trx-sees-10-price-surge-following-bittorrent-bridge-launch/

Tron (TRX), the native cryptocurrency of the Tron blockchain, witnessed a substantial increase over the weekend. The token spiked by 10% yesterday, buoyed by recent developments within its ecosystem.  However, at the time of writing, it has experienced a slight correction, but all signs show that this could be a bullish signal. 

Tron Spike Due To Bittorent Bridge Launch 

The reason behind this latest surge can be attributed to the recent launch of the BitTorrent Bridge platform, which now allows users to seamlessly transfer their TRX tokens between the Tron blockchain and Ethereum. Justin Sun, the founder of Tron, confirmed this development on the morning of June 2.

The BitTorrent Bridge serves as a decentralized system that facilitates token interoperability across different blockchain networks. Developed by the Tron organization under the leadership of Justin Sun, this platform strengthens the collaborative efforts between BitTorrent and Tron. A notable instance of their collaboration is the BitTorrent Live streaming service, which was launched in 2019 and operates in conjunction with Tron’s system.

Related Reading: Quant Hype Spikes As Price Surges 15% – Is This A Top Signal?

The integration between TRON and Ethereum through the BitTorrent Bridge opens up new possibilities for TRX users while enhancing the interoperability between these prominent blockchains. This breakthrough expands Tron’s presence within the Ethereum ecosystem and has the potential to drive greater adoption of TRX among Ethereum users.

It is important to note that TRX initially existed as an ERC-20 token on the Ethereum network before being migrated to the TRON main network in mid-2018. Since then, Tron has grown into one of the biggest blockchains and currently processes 40% of USDT transactions. 

Related Reading: XRP Climbs 12% As Crypto Celebrates 11-Year Milestone

Tron Price Analysis 

Analyzing Tron’s current price performance, the coin is currently trading at $0.0805. Moreover, Tron has the potential to maintain its position above the moving averages. If the resistance level of $0.085 is breached, it could serve as a catalyst for a bullish trend, potentially leading to further price gains.

The market sentiment appears optimistic as buyers continue to demonstrate a strong commitment. Based on the daily chart analysis, another upward movement in the market price is possible. Therefore, if Tron surpasses the channel’s upper boundary, it could further reinforce the market and reach resistance levels of $0.095, $0.100, and $0.105, respectively.

Conversely, there is a chance of a downward correction, with the support level of $0.082 being a potential target. However, if sellers gain momentum, traders should anticipate a further decline towards support levels of $0.075, $0.070, and $0.065, respectively. Additionally, the Relative Strength Index (14), a technical indicator, is currently situated in the overbought region, indicating the possibility of the bullish trend continuing.

Tron’s price against Bitcoin maintains its position above the 9-day and 21-day moving averages, indicating a potential move towards the resistance level of 330 SAT. However, this resistance level is anticipated to be convincingly surpassed, leading to a market price that closes above it.

-Featured image from Invezz, chart from TradingView.com

Quant Hype Spikes As Price Surges 15% – Is This A Top Signal?

https://www.newsbtc.com/quant-qnt/quant-hype-spikes-as-price-surges-15-is-this-a-top-signal/

Quant (QNT), an Ethereum-based token, has experienced a 15.15% increase in its price over the past seven days. QNT plays a vital role in Quant Network’s Overledger, a suite of enterprise software solutions designed to connect public blockchains and private networks seamlessly. By enabling the creation of multi-chain decentralized applications (mDapps), Quant Network empowers developers to build and operate applications that span across multiple blockchains simultaneously.

With its focus on interoperability, Quant Network’s Overledger solution provides a framework for bridging different blockchain networks, fostering connectivity and facilitating efficient data exchange between disparate systems. The use of QNT within the Overledger ecosystem not only powers these interoperability capabilities but also plays a crucial role in securing and incentivizing participants within the network.

Quant Weekly Movement Has been positive

As the price of Quant (QNT) continues its upward trajectory, the growing interest in the token reflects the recognition of its importance in enabling the seamless operation of mDapps and facilitating cross-chain communication. With Quant Network’s innovative approach to interoperability, the future holds promising possibilities for enhanced collaboration and integration across various blockchain platforms.

Related Reading: Injective Protocol (INJ) Tallies 23% Price Surge In Past 7 Days – Here’s Why

Why’s There A Strong Bullish Sentiment For QNT? 

The recent price surge of Quant (QNT) can be attributed to the transformative power of distributed ledger technology (DLT) and the unique features offered by the Quant platform. DLT, surpassing the limitations of traditional blockchain, provides solutions to unanswered questions, enabling secure and cost-effective asset exchange while driving value, opening new markets, and increasing efficiency for enterprises, governments, and individuals worldwide.

Founded in 2015 by Gilbert Verdian, Quant emerged as a pioneer in harnessing the potential of DLT to empower and expedite people’s lives. As the genesis of Quant, DLT addresses scalability issues by ensuring faster and more affordable transactions, offering a promising alternative to traditional blockchain networks.

The unique utility of Quant (QNT) makes it a very interesting project. And, since utility is one of the major factors that affect the growth of a crypto project, it’s no surprise that investors are turning toward QNT.

What’s Next For Quant?

Quant has caught the attention of investors with its impressive market capitalization of $1,408,329,718 and a notable trading volume of $25,330,831. While it may have been considered the slowest in terms of price movement, Quant has consistently demonstrated growth in the cryptocurrency market. 

Related Reading: Floki Inu Gains Momentum As Chinese E-Commerce Giant Recognizes Its Utility

The optimistic founders of Quant believe that as a leader in the industry, the mass adoption of Quant holds great promise for its supporters. Currently priced at $116, there is anticipation for Quant’s value to soar even higher in response to the increasing demand projected in the future. Based on bullish scenarios and analysis of historical data, the price of Quant is expected to experience a significant rise.

-Featured image from iStock.com, charts from TradingView

Injective Protocol (INJ) Tallies 23% Price Surge In Past 7 Days – Here’s Why

https://www.newsbtc.com/altcoin/injective-protocol-inj-tallies-23-price-surge-in-past-7-days-heres-why/

Injective Protocol, a prominent blockchain platform catering to decentralized applications (dApps), has recently gained significant attention due to the notable surge in the price of its native token, injective (INJ). Over the past week, the INJ token has experienced a remarkable growth rate of 23%. 

This surge reflects the growing market interest in the platform and underscores the utility and governance features associated with the INJ token. Serving as a dual-purpose instrument, the INJ token empowers users by offering them utility within the platform while granting them a say in shaping its future through governance mechanisms. 

What’s The Cause Of The Spike?

At the time of writing, the price of INJ stands at $7.83, experiencing a minor 0.9% decline within the day. However, over the course of the week, INJ has demonstrated a commendable increase of 23%. This surge in price is coupled with a circulating supply of $100 million, contributing to the platform’s liquidity and overall market dynamics. The positive market sentiment and a high Total Value Locked (TVL) have been identified as key factors driving the recent price boom for Injective (INJ).

Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing

Exciting developments lie ahead for Injective as it reveals its plans to revamp its proof-of-stake (PoS) delegation mechanism through the Avalon upgrade. This upgrade will introduce an advanced system, incorporating sub-second block times and layer-1 scalability optimizations. By leveraging the Avalon upgrade, Injective (INJ) aims to enhance transaction speed and efficiency, promising a more seamless user experience on the platform.

The impressive growth of Injective (INJ) and its commitment to innovation through the Avalon upgrade position the project as a notable player in the blockchain industry. With a positive market outlook and advancements on the horizon, Injective (INJ) continues to captivate investors and enthusiasts alike.

What’s Next For Injective (INJ)?

Injective (INJ) is gearing up to revolutionize its decentralized exchange (DEX) by introducing the Avalon upgrade, which promises to deliver improved performance, scalability, and an enhanced user experience. This upgrade is expected to positively impact the price of Injective (INJ), according to analysts who suggest a potential bullish sentiment for the token.

With the Avalon upgrade, Injective (INJ) aims to elevate its DEX to new heights, offering faster and more efficient transactions. Implementing sub-second block times and layer-1 scalability optimizations is poised to attract more users to the platform and drive increased demand for the token.

Related Reading: Floki Inu Gains Momentum As Chinese E-Commerce Giant Recognizes Its Utility

The market outlook for Injective (INJ) appears promising, with analysts predicting a potential price increase. Speculations suggest that the price of INJ could reach $9.74 by the end of 2023, reflecting a bullish sentiment among investors and signaling confidence in the platform’s future growth.

As Injective (INJ) prepares to unlock the full potential of its decentralized exchange with the Avalon upgrade, traders and enthusiasts eagerly anticipate the enhanced performance and scalability it will bring. With positive market predictions, the future looks bright for Injective (INJ) as it aims to solidify its position as a leading player in the blockchain ecosystem.

-Featured image from iStock.com and charts from TradingView.com

European Commission To Present Regulatory Framework For Digital Euro In June

https://www.newsbtc.com/token/european-commission-to-present-regulatory-framework-for-digital-euro-in-june/

Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October.

Digital Euro Regulatory Framework In Progress

In an interview with the ECB’s official site, Panetta confirmed that the eurozone bank is in regular contact with the European Commission to establish a regulatory framework for the digital euro. The digital euro is set to become the official central bank digital currency (CBDC) for the 27 countries in the European Union.

Panetta stated, “We are studying the design of the digital euro, its distribution, and its impact on the financial sector.” He also mentioned that the proposal expected to be presented in June would receive a response from the Governing Council of the ECB in October.

Related Reading: Sui (SUI) Continues Downward Trend As Bears Maintain Control

The Governing Council will then decide whether to initiate a preparation phase to develop and test the digital euro. According to Panetta, the European CBDC testing phase could last two to three years.

If everything progresses smoothly and both the Governing Council of the ECB and the legislators of the European Parliament approve the proposal, the digital euro could be launched in approximately three to four years, estimated Panetta.

Will The Digital Euro Receive Significant Adoption?

During the interview, Panetta was asked about the benefits and potential risks of using the digital euro. In response, he emphasized the need to provide citizens with a risk-free digital means of payment that can be used freely throughout the euro area.

Panetta highlighted that such a solution currently does not exist, pointing out that the card payment market is dominated by non-European companies, specifically referring to Visa and Mastercard. He stated that this situation would be unthinkable in the United States and expressed concern about companies selling users’ personal data.

Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

Panetta also emphasized the importance of central bank money remaining at the financial system’s core. The increasing adoption of cryptocurrencies like Bitcoin (BTC) raises concerns for entities like the ECB.

Addressing concerns about privacy, Panetta clarified that the ECB would not have access to personal data. Financial intermediaries will handle the distribution of the digital euro, and a balance must be found between ensuring confidentiality and combating money laundering and terrorist financing. Panetta noted that the responsibility of finding this balance lies with the legislators.

CBDCs On The Rise 

Central Bank Digital Currencies (CBDCs) are indeed on the rise as countries worldwide explore the potential of digital currencies issued and regulated by central banks. Countries like the Bahamas and Nigeria have already launched their digital currencies, while China and Japan are in advanced pilot stages.

-Featured image from iStock.com, chart from Tradingview.com

Sui (SUI) Continues Downward Trend As Bears Maintain Control

https://www.newsbtc.com/altcoin/sui-sui-continues-downward-trend-as-bears-maintain-control/

The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform. Sui has witnessed a significant decline of 15% in its value over the past seven days, reflecting the broader negative sentiment prevailing in the market.

Sui Dips Below $1 Support Levels

SUI experienced a significant setback this week, breaching its crucial support level at $1. This support had been maintained since early May, providing stability for the token during that period. However, after enduring two weeks of downward-sloping resistance from above, SUI finally succumbed to selling pressure.

Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

The token’s decline reached a low point of $0.95 on Wednesday, marking an all-time low for SUI since its launch at the beginning of the month. This sharp drop highlights the prevailing bearish sentiment surrounding the token and its challenges in the current market conditions.

Technical Indicators Point To Potential Bearish Path

Sui, a layer 1 smart contract platform, distinguishes itself with its unique programming language called ‘Move.’ Developed by the lead executives of Meta’s now-defunct Diem stablecoin project, Sui aims to address common pain points of first-generation blockchains, such as scalability and programmability.

Despite its innovative approach, Sui has struggled to generate substantial gains since its inception in the trading market. In the short term, the coin may continue to experience lower lows. According to technical analysis on TradingView, the current conditions indicate that asset selling might be prudent. Seven of the 11 daily technical indicators are signaling a ‘strong sell,’ with no indicators displaying buy signals.

Related Reading: Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run

Additionally, the relative strength index (RSI) for SUI is currently hovering slightly above 40. With the RSI above 40, it suggests that there is a moderate level of buying pressure, but the overall sentiment remains uncertain.

Sui is trading around the $1 mark amid bearish sentiments: source @tradingview

To counteract this bearish trend, Sui would need to reclaim the $1.05 level as support, which could provide a foothold for potential recovery. However, if Bitcoin fails to maintain its support at $26,000, Sui will likely face further downward pressure, potentially sinking as low as $0.90.

Given the current market conditions and technical indicators, investors and traders should exercise caution and closely monitor Sui’s performance. Evaluating factors such as market sentiment, trading volume, and overall market dynamics will be crucial in determining the future trajectory of Sui and whether it can reverse its bearish trend. At press time, SUI price was $0.987 $ with a 24-hour trading volume of $89,278,135 USD.

-Featured image from iStock, charts from CoinMarket and TradingView.com

NEO Token Surges 10% In The Past 24 Hours – Here’s Why

https://www.newsbtc.com/analysis/neo-price/neo-token-surges-10-in-the-past-24-hours-heres-why/

NEO emerged as the largest gainer among the top 100 cryptocurrencies by market cap in the past 24 hours. At the time of writing, NEO has been trading at $10.75 while managing $106.2 million in volume, according to Coinmarketcap.

The 59th largest crypto, with a market cap of $760.2 million, is also one of the top-performing coins in the past week, with more than 14% gains.

NEO Experiences A Resurgence In 2023

Much like the rest of the crypto market, after the brutal 2022, NEO price surged in value in 2023 to nearly $15 towards the end of February, only to drop under $10 in the second week of March. Over the next month, the price of NEO went upwards before topping at just above $13.50. And last week, NEO went back to around $9 before it started gaining traction this week.

While the exact reasons behind NEO’s current surge are not clear, it is worth considering the recent developments in the project. NEO has recently made a significant foray into the field of artificial intelligence (AI). As AI fever has gone mainstream and permeated the crypto industry, NEO’s integration of AI has sparked excitement and possibilities. 

Related Reading: Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

This convergence of two rapidly evolving fields has the potential to introduce advancements in algorithmic trading, predictive models, forecasting tools, and enhanced security and fraud detection. However, it is worth noting that many crypto projects are leveraging the AI trend without substantial implementation or genuine value, which is a trend observed across various sectors due to the current hype surrounding AI technologies.

In the case of NEO, the project recently announced the winners of its NeoChat ChatGPT launch competition. This investment in AI is likely one of the contributing factors to the recent spike in NEO’s price.

While up 61% in 2023 so far, NEO is still down a whopping 95% from its all-time high (ATH) of almost $200 that was hit in Jan. 2018.

NEO Price Analysis 

The latest NEO price analysis shows the dominance of green candlesticks with slight resistance from the red ones. Yet, the latest chart shows bullish momentum, with the price approaching $10.88 for the second day today. The average of Bollinger bands is set at $10.07 at the time of writing.

Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

The short-term trend line and SMA 20 curve are upward, indicating a bullish uphold. The moving average indicator displays a value of $10.83, the highest value achieved in the past 24 hours.

Neo charts point to a bullish trend: source @Tradingview

From the given NEO price analysis, the bulls are taking over the cryptocurrency with a steep rise in price. This rise may take the current price levels and reach a new high above the $10.90 resistance. The RSI score detected from the hourly chart is 71, which has crossed the overbought threshold set for the coin value.

This affirms the upcoming rise in the price of the support level also continues to increase. The resistance level at $11.29 can be challenged if the buying momentum remains persistent.

-Featured image from iStcok.com, charts from Coingecko and Tradingview

Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

https://www.newsbtc.com/altcoin/kava-kava-price-rallies-10-in-7-days-heres-why/

KAVA, the native token associated with the Kava platform, has experienced a whirlwind week regarding its price swing. The token, which began the week trading around $1.03, surged to $1.23 on May 23, driven by positive news within its ecosystem. 

However, the bull momentum was short-lived, with the token recently experiencing a significant price correction. Nevertheless, at the time of writing, KAVA is up 10% and is one of the top gainers in the crypto market within this period. 

What’s Behind The Recent Spike In Kava?

However, it is important to analyze the factors behind this rally to assess its sustainability. Cryptocurrencies are known for their price volatility, and sudden reversals are not uncommon. In the case of KAVA, the token experienced a swift downturn following the initial surge, raising concerns about the solidity of the upward movement. 

Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close

This pattern is often observed when a rapid rise lacks strong fundamental support, leading to a correction as the market adjusts itself. In terms of recent developments, it was reported that the Digital Asset Exchange Association (DAXA) in South Korea removed investment warnings on KAVA and WAVES, the latter being another digital asset associated with the Waves platform. 

The warnings had been issued due to concerns about stablecoins linked to these assets, which were found to be “not normally linked to 1 dollar”. However, after a thorough review, DAXA determined that the risks associated with KAVA and WAVES had been resolved, allowing South Korean exchanges to resume deposit services for these tokens. This news likely contributed to the positive sentiment surrounding KAVA and may have played a role in the recent price rally.

In addition, the launch of the Kava 13 mainnet and the introduction of GameFi (Game Finance) and non-fungible tokens (NFTs) to the Kava ecosystem have also contributed to the positive momentum for the KAVA token. These developments have attracted attention and interest from users, investors, and traders, potentially driving the token’s price higher.

What’s Next For KAVA?

The price surge experienced by KAVA stands out as an outlier within the broader context of the cryptocurrency market. Considering the overall outlook, such gains may not be sustainable, and a subsequent correction could erase the entirety of the upward movement.

Related Reading: Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here’s Why

If the current levels near $1.20 fail to provide sufficient support, KAVA/USD might retreat towards the support level at $1.10 or even lower.

Kava currently trading below the $1.20 resistance mark: source @tradingview

However, on the other hand, if there is an overall uptick in the market sentiment or if there is fresh, positive news specific to KAVA, it could potentially lead to renewed buying interest and push the price toward a retest of the recent highs. At press time, KAVA sells at $1.134 per token with a slight 0.9% 24-hour increase.

-Featured image from Kava.io, charts from tradingview.com

Conflux Token (CFX) Retraces After 39% Gains In Seven Days

https://www.newsbtc.com/news/conflux-token-cfx-retraces-after-39-gains-in-seven-days/

Conflux (CFX), the token powering Conflux’s high throughput, Tree-Graph powered layer-1 blockchain, experienced a rollercoaster ride in a whirlwind of price fluctuations. Last week, it tumbled to a low of $0.20 per token, leaving observers on edge. However, it managed to climb back up over the course of the week, reaching a level of $0.330.

However, the token has faced a downward trajectory in the past four days, resulting in a decrease of over 19% in price. CoinMarketCap data shows that CFX has dipped around 2% in the last 24 hours. Despite this recent dip, optimistic projections for its future price persist.

While it may have encountered some setbacks, Conflux has remained one of the top performers in the past seven days, impressively gaining over 30% during this period. Maintaining a position above the key support level of $0.295, which aligns with the previous week’s high, provides some stability amidst the turbulence.

What’s Driving Conflux (CFX) Growth?

Conflux (CFX) has been making waves with its remarkable on-the-year gains of approximately 1,700%. Naturally, observers are curious about the role of whales in this upward surge, speculating whether they are driving the buying and pumping of the token. While it’s a possibility, we can’t say for certain.

The impressive performance of Conflux coincides with the optimism surrounding China’s renewed interest in cryptocurrencies. As the country seemingly shifts its stance towards the crypto industry, there are hopes that Conflux will reap the benefits. The project has been actively fostering partnerships with various regional enterprises, positioning itself as a potential frontrunner in meeting regulatory requirements.

Related Reading: XRP Emerges As Top Performing Crypto With 55% Surge – Messari Report

Among its notable partnerships, Conflux has joined forces with Little Red Book, often called China’s equivalent of Instagram. This collaboration opens up exciting opportunities as Little Red Book’s massive user base of 180 million individuals can now showcase Conflux-based non-fungible tokens (NFTs) on their profiles. Additionally, Conflux has forged a partnership with China Telecom, further enhancing its presence and potential within the Chinese market.

Conflux, China Telecom Introduce Blockchain SIM Card

Conflux Network and China Telecom have unveiled the world’s first Blockchain SIM (BSIM) card, a mobile user identification card based on blockchain technology. The BSIM card, resembling traditional SIM cards, is compatible with Android and iOS systems and offers significantly larger storage space and computing power than traditional SIM cards.

The BSIM card goes beyond standard communication functions by generating and storing users’ public and private keys within the card itself. By employing a “private key never leaves the card” approach for digital signatures enhances security and reduces the risk of malware or virus attacks on mobile terminals. Additionally, the card provides encrypted storage and key recovery features and integrates traditional U-shield functions, making it a highly secure Web3 user terminal entry solution.

Related Reading: Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement

This collaboration between Conflux Network and China Telecom showcases their innovation in merging blockchain technology with mobile user identification, introducing a robust and efficient solution for users in the ever-evolving digital landscape.

What Next For Conflux (CFX)?

As long as renowned cryptocurrencies like Bitcoin and Ethereum continue to thrive in the face of global banking system concerns, Conflux (CFX) might also benefit from these favorable market conditions. Additionally, the prospects of significant financial easing from central banks, including the Federal Reserve, could further bolster CFX’s performance.

Hong Kong’s recent decision to legalize certain cryptocurrency trades is a noteworthy development to monitor. This move is seen by many as a testing ground for potential crypto legalization on the mainland. Considering Conflux’s growing popularity and adoption in China, CFX stands to gain as a key beneficiary of this trend. The recent collaboration with a Chinese SIM card company further strengthens the optimism within the crypto community.

These factors collectively contribute to the positive outlook for CFX, as it rides the coattails of established cryptocurrencies, anticipates favorable monetary policies, and capitalizes on potential crypto legalization in China. At press time, Conflux was trading at $0.2962.

Conflux trading below $0.3: source @tradingview

-Featured image from iStock.com, charts from CoinMarketCap and TradingView.com

Bitcoin SV Tallies 10% Gains On Weekly Chart, Nears $40 Mark

https://www.newsbtc.com/news/bitcoin-sv/bitcoin-sv-tallies-10-gains-on-weekly-chart-nears-40-mark/

While the global crypto market capitalization has plunged in the past week, with most coins trading in the red, Bitcoin SV (BSV) bucked the bears. BSV has scored 10% price gains on the weekly chart. The coin gained 2.47% on the last day, showing a 0.57% price increase in the previous hour. With today’s performance, Bitcoin SV joined the list of top-performing coins over the past timeframe and might be nearing $40.

Bitcoin SV Back In The Spotlight

Bitcoin SV was created in 2018 due to a hard fork from Bitcoin Cash led by the controversial Craig Wright. The idea was to create a blockchain that could process transactions faster with a larger block size limit, a major bottleneck for Bitcoin Cash and Bitcoin. 

In addition, BSV has incorporated Ethereum-like capabilities such as native tokens, smart contracts, and other features to ensure interoperability within its blockchain. However, the token has failed to gain the sort of adoption it envisaged and hit an all-time low on May 8, bottoming at $29.17. But a series of events in the Bitcoin ecosystem has made the controversial token jump into the limelight. 

Related Reading: Coinbase Engages Legal And Political Aids In Battling SEC

Top among these is the congestion on the Bitcoin network caused by Ordinals NFT and BRC-20 tokens. Bitcoin SV supporters believe its high transaction throughput and low transaction fees make it a better blockchain than Bitcoin, and the numbers support it. Currently, the average transaction fee on BSV is about $0.035, while average Bitcoin fees have spiked to $31.50 as more users jump on the BRC-20 token trend. This has led to a debate in the Bitcoin community, with advocates for increasing the block size growing louder. 

This move has been rebuffed by core Bitcoin maximalists who believe that increasing this capacity would lead to greater centralization – As fewer people can run a node that operates using higher bandwidth. This could be Bitcoin SV’s gain as proponents believe it could provide an excellent alternative and fulfil llSatoshi Nakamoto’s dream of a peer-to-peer electronic money system as outlined in the original Bitcoin whitepaper. 

Related Reading: Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts

Bitcoin SV Price Analysis 

At the time of writing, Bitcoin SV is trading at $35.98, and if the bullish momentum continues, BSV could target $40 in the coming days. However, before reaching the $40 target, Bitcoin SV bulls may encounter an intermediate hurdle in the $37-$39 range.  

However, before reaching the $0.60 target, the bulls may encounter an intermediate hurdle in the $0.57 to $0.58 range. The SMA 20 is in the buy zone, which could indicate that investors are looking to accumulate more of the token, which is a bullish sign. In the event of a decline, substantial support is anticipated at $32. 

-Featured Image from iStock, charts from TradingView

BRC-20 Tokens Lose 40% Market Cap In 7 Days – Here’s Why

https://www.newsbtc.com/news/bitcoin/brc-20-tokens-lose-40-market-cap-in-7-days-heres-why/

The crypto market has been looking to consolidate following a major price correction earlier in the week. One market that has felt the brunt of this correction is BRC-20 token which has suffered a major dip in its market cap. 

According to brc-20.io, which tracks the nascent market for tokens minted on the Bitcoin blockchain, the market cap of all BRC-20 tokens between May 8 and 11 went from $990,000,000 to $379,000,000, a 62% drop. At the time of writing, the market cap of BRC-20 tokens has rebounded and is around $570,000,000, making it a 40% dip within the seven-day trading period. 

Related Reading: Bakkt Streamlines Apex Crypto Platform By Removing 25 Tokens

The BRC-20 market is largely tied to the capitalization of ORDI token, which dominates more than 80% of the trading volumes. At the time of writing, it is currently trading around $15, down from its all-time high price of $28, achieved earlier in the month. The importance of ORDI in this market means that price variations directly and considerably affect the market cap of BRC-20 tokens. 

 

A Deep Dive Into BRC-20 Token 

BRC-20 is an experimental standard for issuing and transferring fungible tokens on the Bitcoin network. The deployment, issuance, and transfer of these tokens is done via a JSON data entry. Hence its relationship with the NFT Ordinals of Bitcoin. 

The creation of this standard is credited to a developer known as Domo on Twitter. On March 8, the computer scientist announced his progress in this area and acknowledged that it would be difficult for him to take this test further. For this reason, he preferred to share the project with others to experiment with. Since then, the ecosystem has exploded, with more than 14.000 tokens launched, according to brc-20.io.

Although the name BRC-20 is a reference to Ethereum’s ERC-20 standard. However, both standards differ in several of their characteristics, especially due to the differences between the networks in which they work, Bitcoin and Ethereum.

First of all, Bitcoin’s BRC-20 tokens do not have the ability to interact with smart contracts, while ERC-20s do. Other limitations of the BRC-20 tokens compared to those of Ethereum is that they cannot have decimals, be burned or frozen, and have additional functions such as approval or delegation.

Related Reading: PayPal Plunging Despite Increasing Crypto Holdings

BRC-20 Tokens Not Without Controversy

Some Bitcoin maximalists have criticized the growing popularity of BRC-20 tokens due to their effect on the Bitcoin network. There has been growing congestion on the Bitcoin network, and it broke the record for the average number of transactions processed per block with an astonishing 4,373 transactions, marking an all-time high. Nevertheless, proponents of this token standard argue that it expands the Bitcoin blockchain to new possibilities and provides new use cases for the leading cryptocurrency. 

Bitcoin hovering close to the $27,000 mark

-Featured Image from iStock, charts from brc-20.io and Tradingview