Posted on

MATIC Advances 6.5% In Last 7 Days – Can It Sustain Gains For Another Week?

The year 2022 saw the value of Polygon’s native token MATIC drop by 64%. But the network started this year on a positive note, with the price shooting up 8% according to the charts. However, can MATIC maintain this momentum? 

On-Chain Developments To Play A Big Role For MATIC

The Layer 2 ecosystem has been seeing on-chain developments grow. Just before the turn of the new year, Polygon’s first prediction market Bhavish Finance made several records that brought Polygon in the spotlight. Uniswap, a decentralized exchange in the ecosystem, ended 2022 with a $28 billion annual volume. 

The DEX surprisingly accomplished that with a sub-$100 million TVL, but as of writing Uniswap’s TVL on Polygon is at $111.21 million, according to the DEX’s public dashboard. 

 

These bullish developments, however, are preceded by big news on Polygon’s NFT arm. DeGods and y00ts, two of the biggest names on Solana, will bridge their collections on Polygon and Ethereum on Q1 of 2023. 

This would inevitably bring interest on Polygon’s NFT market, pushing the price of MATIC upwards. However, with the nearing timeline of the ‘Shanghai’ network upgrade of Ethereum, Polygon’s main offering, which are low gas fees due to a better roll-up protocol, will be challenged.

With this in mind, it remains to be seen what developments on-chain would differentiate Polygon with Ethereum’s upgrade and other L2 protocols. 

Crypto FUD Will Strengthen Bears Long-Term

The crypto market has definitely suffered from last year’s big collapses. But the FUD (fear, uncertainty and doubt) that came about these events might be strengthened as Huobi, a centralized exchange, seems to be melting down in real time. 

Recent news shows that the CEX will be laying off 20% of its employees. Tweets about Huobi’s situation show that Justin Sun, the touted shadow owner of Huobi, has been converting billions of his crypto to fiat on Binance. 

The exchange itself is also observed to have increased withdrawals in the past couple of days. This led to some speculation that the exchange could be the next FTX. Any negative development here would affect Polygon as insolvency news hit the crypto markets particularly hard. 

Short- to mid-term however, MATIC has some room to grow as the current support at $0.7538 proves to be a barrier for the bears.

Previous bullish on-chain developments also help investor sentiment to remain positive. But with the token’s strong correlation with ETH, negative macros could pull the king of altcoins down along with MATIC. 

Investors and traders should target $0.8106 price resistance to continue the bullishness of MATIC. 

-Featured Image: The Daily Hodl

Posted on

Cardano Whales Start 2023 With Accumulation Trend That Could Be Bullish For ADA

Cardano (ADA) has seen some pretty tragic price action in the last couple of months, which has dragged its price down toward two-year lows. It still continues to maintain this downtrend and is barely moving, just like the rest of the crypto market, but some developments among large ADA investors could see some bullish momentum for the digital asset.

Cardano Whales Begin Accumulating In New Year

Toward the end of 2022 when momentum in the crypt market was dropping, there had been some selling from large ADA investors. This was not out of the ordinary as the holidays have historically triggered selling and profit-taking. 

Cardano whales had sold over 569 million ADA during this time. The result was more selling pressure on the digital asset that dragged its price down below $0.25, making its lowest price point since early 2021. As Santiment notes, this saw the total holdings of investors holding between 1 million and 100 million ADA on their balances drop drastically just as 2022 drew to a close.

Cardano (ADA)

However, this investor class seems to have entered the new year with renewed vigor as they have already begun buying back the tokens they had dumped. The report shows that in the first five days of 2023, these large investors have already added more than 217 million ADA to their stash. This brought the percentage of supply that they now hold back up to the 57.22% level, not the highest it’s ever been, but certainly an encouraging figure.

ADA Enjoys The Spoils Of Accumulation

The price of ADA is already reacting to the number of coins that these Cardano whales are buying. Over the last 24 hours, the cryptocurrency has jumped back into the green, and its price has already moved above $0.27 once more.

A continuation of the accumulation trend could possibly lead to a much larger break out for the digital asset, especially now that investor sentiment is doing much better. If this happens, a 10% upside that pushes ADA’s price above $0.3 will be easily achieved.

Cardano (ADA) price chart from TradingView.com

Perhaps more important is the fact that the bulls are already mounting support at the $0.26 level. The successful switch from a resistance point to a support point also shows the determination of the bulls to continue the uptrend.

However, there is still the threat of bears dragging down the price of the digital asset, especially with trading volume not growing as expected. Another fall below $0.25 will likely end up putting ADA’s price at pre-2021 levels.

Posted on

AVAX Value Drops By 2% Following Grayscale Removal of Avalanche From Large Cap Fund

In its latest quarterly update, Grayscale announced the rebalancing of funds for the fourth quarter of 2022. As part of the rebalancing, Grayscale sold off a certain amount of its Digital Large Cap Fund and dumped its held tokens, including Avalanche Network token AVAX.  

AVAX has slipped by 2% following the sell-off in the past 24 hours. According to Grayscale, the sold-off AVAX tokens were replaced with the purchase of the existing fund components in proportion to their respective weightings.

Grayscale Purchased And Existing Tokens

The AVAX sell-off was only part of the CoinDesk Large Cap Select Index and Grayscale Digital Large Cap Fund. In its CoinDesk Smart Contract Platform Select Ex ETH Index and Grayscale Smart Contract Platform Ex-Ethereum Fund portfolio rebalancing, the company sold off Algorand native token ALGO.

In its CoinDesk DeFi Select Index methodology, Grayscale adjusted its DeFi Fund’s portfolio and purchased Synthetix (SNX) after selling some existing assets. 

As of now, the Grayscale portfolio fund now includes 65% Bitcoin (BTC), 30% Ethereum (ETH), 1.86% Cardano (ADA), 1.39% Polygon (MATIC), and 1% Solana (SOL). Meanwhile, its DeFi Fund’s Fund Components include  65.05% Uniswap (UNI), 12.39% Aave (AAVE), 8.15% MakerDAO (MKR), 6.02% Synthetix (SNX), 4.58% Curve DAO Token (CRV), and 3.81% Compound (COMP). 

Since July, Grayscale has been carefully monitoring the CoinDesk Large Cap Select Index. The index launched in April tracks the market capitalization-loaded performance of “the largest and most liquid digital assets.”

During Grayscale usage of the Index, the quarterly scheduled rebalancing resulted in the dumping of Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Polkadot (DOT), and more Uniswap (UNI) purchases.

AVAX Slips After Grayscale Dumped

Before the sell-off, AVAX was still sitting at a $12 zone; however, after Grayscale dumped its holdings, the AVAX token dropped by 2% and traded at $11.39 Friday morning. 

AVAX has appreciated over the past months. It has surged from around $9 to $13. Notably, Grayscale fund’s portfolio, which currently has $163 million in assets under management (AUM), only held a small portion of AVAX tokens. As of September 30, AVAX made up less than 1% of the company’s fund’s assets, according to its previous quarterly report.

There was no significant move from ALGO, which was also removed from the Grayscale portfolio fund. It fell from a range of $0.17 to $0.15. As of the time of writing, ALGO currently trades at $11.73 with a 24-hour trading volume of $45 million. 

AVAX price chart on TradingView

On the other hand, AVAX seems to be gaining momentum to the upside at the time of writing as it has already formed a retracement; a reversal is likely to happen. AVAX currently trades at $11.73, down by 0.8% in the last 24 hours, with a trading volume of $125 million over the same period.

Posted on

Polkadot (DOT) Inks 10% Rally In Last 7 Days, Makes Case As ‘Non-Security’ Asset

Polkadot (DOT) is riding a solid bullish momentum that enabled it to stay in the green for the past 24 hours and maintain significant gains in the last seven days.

According to tracking from Coingecko, at the time of writing, DOT is changing hands at $4.69, tallying a weekly hike of 10%.

Moreover, the 13th largest cryptocurrency in terms of market cap has managed to trim its 30-day losses down to just 11.4% although it is still several miles away from its all-time high value of $54.98%.

Holders, though, need to be cautious as some of its technical indicators show that Polkadot’s surge might be short-lived.

DOT might soon experience strong selling pressure as indicated by its Relative Strength Index (RSI) which is currently hovering at the 50% region.

DOT No Longer A Security

Although there’s a lot of uncertainty in DOT’s future as far as trading price is concerned, it would seem that the crypto asset has put itself in a very good position to avoid being choked by strict regulations that threatens the broader crypto space.

Following the collapse of the FTX exchange platform that made investors lost a lot of money and the continued proliferation of crypto scams, analysts expect that international governments will soon bring the hammer down to better regulate ownership, selling, buying, trading and use of cryptocurrencies.

Polkadot, however, could be safe from this looming threat as according to Web3 Foundation, the altcoin is no longer considered as a security but more like a software.

In addition, the team behind the project have been proactively working with the U.S. Securities and Exchange Commission (SEC) for a more sensible regulation.  In doing so, DOT might have just saved itself from this market landscape-changing development.

Polkadot Price Forecast

As there is no clear timetable yet for the enforcement of additional regulations for the crypto space, DOT investors need to turn their focus first on what awaits the digital asset in the days to come.

According to Coincodex, Polkadot’s price is poised slightly increase within the next five days as the digital currency is forecasted to change hands at $4.73.

The 30-day forecast for the altcoin is also bullish as it is predicted to make a significant jump from its current trading value all the way up to $6.26.

-Featured image: Coin Guru

Posted on

Cardano (ADA) Leads Gains Among Top Coins, Is It Set To $0.50?

Cardano (ADA) is currently trading at $0.2752, with an increase of over 65% in its trading volume at $304.79 million. Its price change in 24 hours is +$0.006083 representing a 2.17% increase. Also, the 24-hour low of ADA is $0.2681, while its high is $0.27562. The market capitalization has risen by 2.25% to $9.51 billion. It is currently ranked among the top ten cryptocurrencies, according to CoinmarketCap, at number 9. 

The circulating supply is 34.52 billion ADA, with its maximum token supply pegged at 45 billion ADA tokens. ADA has performed well recently since the turn of the year, prompting optimism among holders.

With the prolonged crypto winter in 2022, investors are hoping for more favorable market conditions moving forward. Cardano’s recovery has rekindled interest in the project and questions on how long it can sustain the rally.

What Is Behind ADA’s Price Upsurge?

ADA is enjoying increased adoption since its trading volume has increased. Investors and holders of the coin are more likely to buy into the project due to its utility. Cardano is one of the largest blockchains to use the energy-efficient proof-of-stake network.

This proof-of-stake helps in energy saving and environmental protection. Cardano network also supports the creation of smart contracts. These smart contracts facilitate the creation of decentralized applications (DApps) on the Cardano network.

It is also gaining more attention in Web3 and for gaming applications. With faster transaction times and regular upgrades, it is ideal for technological innovation. Cardano upgrades also undergo thorough research and scrutiny before being released to the public.

ADAUSD
ADA Price Prediction

ADA is trading below its 50-day and 200-day Simple Moving Average (SMA). However, the candlestick formation on the chart shows a possible bullish run in the coming days. A thick green candle on the daily chart indicates sustained bullish pressure and will likely continue in the coming days.

ADA’s closest resistance level is $0.329. Other resistance levels are $0.44, 0.595, and $0.777. If the bulls sustain the pressure, it will test the nearest resistance level of $0.329 in the coming days. The support levels of $0.260, $0.262, and $0.265 held and acted as a pivot for the price upsurge. 

The Relative Strength Index (RSI) stands at 49.19, in the neutral zone above the oversold region of 40. However, the RSI will probably rise above 49 in the coming days. The Moving Average Convergence, Divergence (MACD) shows neutrality but indicates a possible uptrend. The MACD line falls under the signal line but is positioned upward.

The price of ADA will record a slight increase in the coming days. However, from the candlestick patterns, many red candles are present. It means that the trend can reverse at any time to a bearish pattern. Expect ADA to increase to $0.329, its nearest resistance level.

Please note that this is not investment advice. The above price predictions are the analysis of the author. Always do proper research and technical analysis.  Invest the amount you can afford to lose.

Featured image from Pixabay and chart from TradingView.com

Posted on

XRP Whales Move Assets As Price Dips, What’s Next?

The crypto market is still recording the swings of the prevailing crypto winter, especially XRP. Most of the assets have not been impressive in their price movements. According to data from CoinMarketCap, the crypto market has pushed the cumulative market cap to around $812.00 billion. This indicated a drop of 0.88% over the past 24 hours.

With the declining market trend, XRP stands among the assets that have lost value. The price dip has attracted crypto whales. They have moved millions of XRP tokens to different crypto exchanges.

Whales Show Interest In XRP

According to WhaleAlert, an on-chain data provider, there have been several transactions involving XRP. It recorded that crypto whales have transferred about 385 million XRP to crypto exchanges within 24 hours. The cumulative tokens are worth almost $131 million in the current market prices.

The data provider noted that besides the most significant single transaction, many whales had moved about 70 million XRP tokens to several crypto exchanges. The value is worth about $25.6 million. The report indicated that most transfer transactions were on Bitstamp, costing $10.1 million. In addition, one of the whales moved XRP tokens worth about $11.8 million to the Bitso crypto exchange.

Also, an unknown crypto whale is reported to have purchased up to 35.1 million XRP tokens. The transaction occurred during this present XRP price dip through the Bitso exchange. As a result, the whale accumulated Ripple tokens worth about $11.8 million.

Notably, the largest single transaction from a whale, as recorded by the data provider, involved a transfer of over 280 million XRP tokens. The tokens are worth almost $95.4 million.

XRP Token Continues To Plummet

Ripple’s native token has not made any unusual movement recently. Instead, XRP has dropped by almost 12% over the past 30 days.

During today’s early trading hours, XRP dipped by 3%. At the time of writing, the token is trading at $0.3364. Also, XRP recorded about $691.2 million as its trading volume over the past 24 hours. Its market cap now sits at $16.93 billion, keeping the token at the 6th position in the CoinMarketCap ranking of crypto assets.

XRP Whales Moves Assets As Price Dips, What’s Next?

The price trend for XRP still has some elements of instability and uncertainty. Recall that over the past three days, XRP indicated slight volatility as the price climbed to around $0.35. The coin showed a considerable presence of the bulls through its price movement. However, XRP still couldn’t sustain the reclaimed value as the token fell to the $0.33 level.

A recent report disclosed that Ripple’s case with SEC might still last longer. Seven days ago, Ripple CEO Brad Garlinghouse estimated that the lawsuit might run for 3 to 4 months more but should end in Q1 of 2023. As the lawsuit is highly linked to XRP, analysts predict a change to a positive direction.