Crypto Push

2022-12-26 20:10:00 ​Polkadot investors could have a merry start to 2023 if DOT goes with this flow

Polkadot’s [DOT] recent price action was not up to the mark as it registered negative weekly growth. As per CoinMarketCap, DOT was down by nearly 3% over the last seven days. Furthermore, it was trading at $4.49 with a market capitalization of over $5.1 billion.

A celebration for investors
As per CryptoQuant, Polkadot’s Relative Strength Index (RSI) and stochastic were both in oversold positions. This was a major bullish indicator that suggested a price surge in the coming days.

Interestingly, Polkadot Insider, a popular Twitter handle that posts updates related to the Polkadot ecosystem, revealed its weekly stats. This further established the popularity of Polkadot in the crypto community.

Furthermore, as per the tweet, Polkadot’s social engagement exceeded 43 million, reflecting its popularity. Not only that, but Polkadot’s Galaxy score also looked positive.

Furthermore, Polkadot’s metrics also showed signs of recovery, as most metrics suggested that the token’s price would rise in the coming days. For instance, DOT’s Bionance funding rate registered an increase, reflecting its demand in the derivatives market.

DOT’s development activity also went up, which could be taken a positive signal. DOT also managed to remain popular as its social volume spiked last week.

The ‘but’ investors should watch out for…
While the metrics looked bullish, DOT’s market indicators revealed an ambiguous picture. For instance, the Exponential Moving Average (EMA) Ribbon pointed out that the bears were leading the market.

Moreover, the Chaikin Money Flow (CMF) also registered a slight downtick, which was concerning. Nonetheless, the Moving Average Convergence Divergence (MACD) suggested that the bulls might soon take over as it displayed the possibility of a bullish crossover.

DOT’s Money Flow Index (MFI) also registered an uptick, which was in the buyers’ favor. Open / Comment

2022-12-21 22:00:04 ​Assessing MATIC’s path for coming days with these Polygon updates at hand

The year 2022 was quite the opposite of eventful for the crypto industry, as the market witnessed a number of crashes that shook investors. Despite the market’s high volatility, Polygon [MATIC] continued to improve its network and hit several milestones along the way.

For instance, Polygon recently mentioned in a blog that its total number of unique addresses reached the 200 million mark. This in itself could be considered as a major achievement, reflecting the increased adoption of the blockchain.

Something more in store
Polygon successfully processed over 960 million transactions this year and had 778,000 smart contracts deployed on its network. This was almost a 153% year-on-year growth.

Apart from the statistics, Polygon was also on fire in terms of partnerships and integrations in many fields, including, DeFi, GameFi, NFT, and more.

Starting with the Polygon and Meta partnership, in which the latter began testing a digital collectibles feature on Instagram in May. This partnership allowed select U.S. creators to share NFTs that they had created or bought.

Furthermore, Starbuck also worked with Polygon to provide the blockchain technology to build its recently announced Web3 experience, named Starbucks Odyssey. In fact, recently Polygon partnered with Herity network and Phi that will help the network grow in Web3.

What 2023 might look like
Despite Polygon’s achievements over 2022, MATIC was seen struggling to push its price upward. This could be attributed to the current bearish market.

According to CoinMarketCap, MATIC registered almost 15% negative weekly gains, and, at press time, was trading at $0.79 with a market capitalization of $6.9 billion.

Furthermore, Santiment’s chart revealed that MATIC’s Market Value to Realized Value (MVRV) Ratio was the lowest in the past three months. This could be an indication of a market bottom.

Interestingly, MATIC also managed to increase its popularity as its social volume went up. As per CryptoQuant’s data, MATIC’s exchange reserve was decreasing, which too is a positive signal as it indicates less selling pressure.

Nonetheless, MATIC’s network growth went down, which might be concerning. Therefore, considering all the updates and on-chain metrics, it is likely for MATIC to bounce back in the coming year if the market conditions get favorable. Open / Comment

2022-12-19 08:00:13 ​Are Arbitrum, Optimism already banking on a profitable 2023? This report suggests…

According to data provided by Messari, a crypto analytics firm, layer-2 solutions, such as Arbitrum and Optimism witnessed improvements in terms of adoption. This could be due to the growing TVL share of both L2s.

Arbitrum and Optimism: Competing in the big leagues
Messari’s data further found that Arbitrum and Optimism had grown in terms of total value locked (TVL) share. These protocols outperformed other protocols such as Fantom and Solana in this category.

One reason for the same would be that as technology has progressed, it has become easier for projects to port over to rollups like Arbitrum and Optimism. Centralized exchanges have also integrated these layer 2 solutions.

These L2 solutions generated user interest through other means as well. For instance, Optimism showed positive growth in the NFT space.

Data acquired by Dune Analytics suggested that the number of buyers of Optimism NFTs had grown significantly over the last few months. Initiatives such as launching Optimism quests and other launches to attract more users paid off for the layer 2 solutions.

Comparisons to be made on Layer 2 solutions
However, the main appeal of the Layer 2 solutions would be their declining transaction fees.

According to data gathered by Dune Analytics, the fees on both the layer 2 solutions had declined significantly. Coupled with that, both layer 2 solutions helped users save funds. Even though both solutions helped users from high Ethereum gas fees, Arbitrum outperformed Optimism and saved users more money.

Both solutions witnessed a spike in activity, too. Over the last three months, active addresses on both solutions noticed a massive spike. However, even in this regard, Arbitrum had more active addresses on its network than Optimism.

Another indicator of the growth of the layer 2 solutions would be the fact that the number of transactions on the solutions was escalating. The transactions being made on their protocols were getting closer to the number of transactions being made on Ethereum.

If these layer 2 solutions transactions continue going in the same trajectory, they might match the number of transactions being made on the Ethereum network.

It remains to be seen whether the L2 solutions would be able to catch up with Ethereum in the future.

At the time of writing, Optimism’s native token, OP, had capitalized on the interest in its network. It was currently trading at 0.9406 after its price rose by 0.43% in the last 24 hours. Open / Comment

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2022-12-15 19:30:00 ​Solana: This minor setback did not stop SOL accumulation by day traders

Solana’s [SOL] rebound to the $14.80 price mark prior to the Federal Reserve’s meeting on 14 December caused it to lead the cryptocurrency market with the highest intraday rally.

However, contrary to what was expected, the Federal Reserve raised the federal funds rate by 50 basis points (bps), following four consecutive increases of three-quarters of a percentage point in recent months.

This caused SOL to shave most of its intraday gains to exchange hands at $14.28 at press time, a 4% decline from the intraday high of $14.86 registered on 14 December.

No cause for alarm
Although SOL’s price declined following the Federal Reserve’s announcement, the on-chain assessment revealed that the market did not suffer any mass hysteria, which often led to significant token dumping in the past.

Data from the on-chain analytics platform Santiment showed that SOL’s Exchange Funding Rate remained positive even after the announcement. A positive funding rate indicates that long-position traders are dominant in the market, which is often a bullish sign. At press time, SOL’s Average Funding Rate was 0.000133.

Furthermore, SOL’s social dominance did not log any significant spikes following the rate hike by the Federal Reserve. A sudden surge in an asset’s social dominance following a major event is mostly market hysteria that usually precipitates a price reversal. On a decline as of this writing, SOL’s social dominance was pegged at 1.278%.

Day traders say yay to the accumulation
SOL’s assessment on a 4-hour chart to understand the behavior of day traders revealed a rally in coin accumulation.

At press time, SOL was oversold as its key indicators were positioned at oversold highs. For example, the Relative Strength Index (RSI) was stationed at 83.27. Likewise, on an uptrend, SOL’s Money Flow Index (MFI) was seen at 63.

Since the rate hike, SOL’s RSI and MFI have climbed steadily to be pegged at their current position. This showed that despite the minor price retracement following the Federal Reserve’s announcement, day traders did not stop buying SOL.

Moreover, SOL’s Directional Movement Index (DMI) revealed that buyers had control of the intraday market at press time.

The buyers’ strength (green) at 32.47 was solidly above the sellers’ (red) at 15.97. Additionally, the Average Directional Index (ADX) showed that the buyers’ strength was a rock-hard one that sellers might find impossible to revoke in the short term.

At press time, SOL’s price was up by 3% in the last 24 hours, and its trading volume was up by 50% within the same period- the highest daily trading volume in the last week. Open / Comment

2022-12-12 23:00:01 ​Ethereum Classic: This metric could be a game changer for ETC and its investors

Ethereum Classic [ETC] retested its short-term descending resistance line last week. The price delivered a sideways performance rather than a bearish retracement or a bullish breakout. Fast forward to the present and at press time, ETC showed signs of price slippage.

ETC has been trading alongside the resistance line for the last few days and recent observations point toward a potential bearish outcome. One of those observations was market cap outflows. ETC’s market cap fell by roughly $82 million in the last 24 hours at the time of writing.

This was the largest daily drop in market cap that the cryptocurrency experienced in the last seven days. Furthermore, the bearish observation wasn’t the only indicator of Ethereum Classic’s bearish start.

The social dominance metric also witnessed a significant downfall in the last 24 hours. This indicated that investor attention was shifting elsewhere.

The Binance funding rate also tanked substantially especially in the last two days. This confirmed that the demand in the derivatives market also subsided.

Should investors expect a deeper ETC crash?
The market cap drop and other metrics pointed towards a bearish bias. While this looks like the start of a bearish retracement, there were some factors that stood for ETC while some that stood against it. One of the key factors suggesting a significant likelihood of a bearish outcome was ETC’s price action.

ETC was down by roughly 5% in the last two days. While this might seem like a small drop, the key takeaway was that it threatened to push the price back into the narrow support and resistance range.

Investors can expect a strong bearish performance if the selloff gained traction, resulting in more outflows. On the other hand, there was still a significant probability that ETC whales may scoop up more ETC. This could potentially support a bullish bounce.

The main reason why there was a likelihood of a strong bullish bounce was the fact that investor sentiment witnessed a change of heart. However, weighted sentiment still witnessed an upsurge despite the overall downside.

What’s ETC’s final stance?
There was no doubt that Ethereum Classic looked bearish at press time. However, the weighted sentiment could be a game-changer as far as expectations were concerned.

If investor sentiment continues rallying, then it means we might see significant accumulation. Such an outcome will likely cushion ETC from more downside and potentially favor the bulls. Open / Comment

2022-12-09 18:00:14 ​Here’s how far Polkadot’s top 5 parachains have grown in terms of TVL

Polkadot has maintained a strong presence in the list of top crypto projects by market cap. Many savvy analysts observing the crypto space have high expectations for this crypto project, especially due to its different approach.

But there is one other measure of growth that may help investors understand what to expect in 2023 in terms of growth, and where that growth is likely to come from.

Polkadot parachains are optimistic
Total value locked (TVL) is one of the best yardsticks for measuring network growth. Recent data revealed a list of Polkadot parachains that have so far achieved a sizable TVL growth.

According to the list, the Acala network had the highest TVL at $204 million. Parallel was a close second with a $196.6 million TVL. Moonbeam, Bifrost and Astar also made the list.

The TVL growth achieved by these Polkadot parachain projects might seem unimpressive at first glance. But what makes it interesting is that this is growth that has been achieved within the last 12 months. Why is this important? They achieved such growth during some of the most difficult market conditions for the crypto market.

The same projects, and others building on Polkadot, have strengthened the network’s potential for 2023. Polkadot is in a better position to leverage growth in the blockchain industry now more than ever. It underscores the robust potential for growth.

Polkadot has announced a new staking dashboard designed to make it easier for users. This is a move that could trigger a massive increase in TVL in the next few months.

Evaluating the potential impact on DOT
The above observations conclude that Polkadot is already on a healthy momentum as far as growth is concerned. It is also preparing to leverage more growth in the coming year.

But can investors and traders tap into that growth through its native cryptocurrency, DOT? The answer will depend on the level of demand it can command in the market.

DOT’s weighted sentiment metric registered a sharp upsurge towards the end of November. Unfortunately, it was quickly hosed down, leading to dampened investor sentiment.

The surge indicates that investors were optimistic about DOT’s prospects. However, the rapid sentiment shift suggests a lack of market confidence. It also failed to sustain strong volumes, suggesting that demand is still low.

Although spot demand has been low, some observations in the derivatives market suggest improvements. The demand for DOT has improved gradually since the last week of November, according to the Binance and DYDX funding rates.

Unfortunately for DOT holders, the improvements in derivatives demand show no correlation with the price. DOT experienced price slippage in November, and the same trend continued in the first week of December. It traded at $619 at press time. Open / Comment

2022-12-06 17:30:01 ​Maple Finance ends ties with Orthogonal Trading over loan default

One of the biggest crypto lending protocols, Maple Finance, recently revealed that it would break connections with another crypto enterprise, Orthogonal. The latter’s financial situation prevented it from being able to pay back its debt, which had a role in the former’s final choice. What does this payment default mean for the Maple ecosystem?

Bad debt in bad faith
The relationship between Maple Finance and Orthogonal Trading ended on 5 December and was publicly stated by Maple Finance. Maple Finance accused Orthogonal of making false statements about the company’s financial health.

Its inability to repay a $10 million USDC stablecoin loan from a credit pool run by M11 Credit exposed the misrepresentation. Before their failure on 4 December, Orthogonal had been a sizable Maple borrower. On Maple, it managed and underwrote a credit pool.

After severing ties with Orthogonal, the lending platform stopped having the trading business act as a pool delegate. With $31 million in current liabilities over four loans, M11 Credit has filed a notice of default to Orthogonal for the entirety of the USDC stablecoin pool’s outstanding loans.

In addition, the $5 million (3,900 wETH) in wrapped ether (wETH) loans that Orthogonal has from a second Maple lending facility administered by M11 Credit are also in arrears.

The Nexus disconnect
Nexus suffered a loss as a result of the default by Orthogonal. After Orthogonal Trading’s recent default, Nexus, a cryptocurrency insurer, warned that it could lose 2,461 ether (ETH), or roughly $3 million, and announced that it has begun withdrawing all funds from the impacted wrapped ether credit pool.

According to the report, this amounts to 1.6% of Nexus’ total assets. In addition, troubled market maker Auros Global still owes $7.5 million (6,000 wETH) in loans from the same pool after defaulting on a $3.1 million (2,400 wETH) loan earlier this year.

Maple’s TVL withering?
According to statistics from DefiLlama, a study of Maple’s Total Value Locked (TVL) revealed that it had been on a downward trend. The chart showed that its TVL was currently somewhere around $18.29 million.

The TVL had lost more than $25 million in less than seven days as of 1 December when its value was $43.54 million. Despite their remarkable performance after the event, this latest development demonstrated that DeFi platforms were not immune to the FTX collapse. Open / Comment

2022-12-03 21:00:04 ​Terra LUNA Classic [LUNC] Price Prediction 2025-2030: Can LUNC go back to $0.2 soon?

The Terra Luna Classic (LUNC) rose by 11% within a day, from $0.0001605 to 0.0001906 today. The rise in prices has been witnessed by all the tokens; so far, LUNC’s price has fallen by 20% since the now-bankrupt cryptocurrency exchange FTX collapsed.

LUNC has been at the root of the crypto market’s difficulties since May this year. It is once again among the worst-hit coins in the second crypto crash of the year. Though LUNC has shown some resistance recently, it remains to be seen how the LUNC coin reacts to the market in the coming weeks. Another factor influencing its price movement is how the industry responds to the changing regulatory status across countries.

The decline in LUNC prices this week was brought about due to the FTX debacle that has adversely affected the entire cryptocurrency industry. No token has been able to escape the heat in the market and LUNC has witnessed a drop of 15%.

Luna Classic (LUNC) is supported by nearly 40 decentralized applications (dApps), and the number is growing. After the world’s largest exchange by volume announced a higher frequency of LUNC burn, analysts predict that the asset will soon surpass Dogecoin and Shiba Inu.

Because the coin is currently falling in value, it’s possible that investors are still concerned about whether the price of LUNC will rise.

Transactions on the Terra 2.0 blockchain are validated through the proof-of-stake (PoS) consensus mechanism.

The leading cryptocurrency, Ethereum, has also transitioned from a proof-of-work to a proof-of-stake mechanism. This has only made the competition among PoS blockchains tougher.

The network has 130 validators working at a given point of time. As a PoS platform, it is considered to be a very eco-friendly token.

Why do these projections matter?
A stablecoin is intended to safeguard coin holders against the volatility of other cryptocurrencies. It is pegged to either a fiat currency such as USD or to a supporting cryptocurrency. Terra USD (UST) was pegged to Luna Classic (LUNC- then, only LUNA).

This is where the problem began. A cryptocurrency is in no way equivalent to gold reserves. As UNA prices got destabilized, it adversely affected UST prices too, and the entire stablecoin system collapsed in May 2022.

For a few initial years, LUNC kept performing well. And, it was even among the top 10 cryptocurrencies by market value by the end of 2021.

But the Terra system collapsed in May 2022 leading to a fork. It, basically, launched a new version of Luna. The Terra Ecosystem Revival Plan 2 was implemented according to which both versions of the Luna token can exist.

Undoubtedly, the future of this cryptocurrency is crucial in determining if a failed crypto can make a comeback and grow.

Well, its performance after the May 2022 debacle has been, so far, less than celebratory.

But if LUNC trades well in the future, it will be a cause of celebration not only for this particular cryptocurrency but for a lot of other cryptos.

LUNC’s price, volume, and everything in between
Since its launch in 2019, LUNC’s price kept floating around $0.2 and $1.3 until April 2021. When the crypto market boomed in mid-2021, its price began to increase. And, it nearly touched $100 by the end of the year.

Starting from 2022, it kept oscillating between $50 and $100 and reached an all-time high (ATH) of $119.18 on 5 April 2022. The next month, its price began to fall and the Terra system collapsed in mid-May.

At press time, it was trading at $0.00017858. Open / Comment