In 2020 and early 2021, the stock-to-flow (S2F) bitcoin price model captured widespread attention. Although bitcoin currently stands over 13% below its peak value reached in March, the Power Law Corridor model has become increasingly influential. Many hold the view that the Power Law model’s support line has remained steadfast for over ten years and […]
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BONK Price Jumps Over 30% As Robinhood, Revolut Listing Speculations Gain Traction
The crypto world is always buzzing, and this week, it’s the Shiba Inu-inspired BONK, built on the Solana blockchain, making the headlines. Its price has experienced a remarkable jump, exceeding 30% in just the past week, fueled by whispers of potential listings on two major platforms: Revolut and Robinhood.
The Spark That Ignited The Frenzy
Rumors emerged suggesting BONK could soon become available to Revolut’s staggering 38 million user base. The speculation didn’t stop there, with talk of a “Learn and Earn” campaign potentially adding another half a million to the BONK community.
Robinhood Whispers Stir The Pot
Robinhood, synonymous with the meme stock frenzy of 2021, is known for its ability to bring lesser-known assets to the forefront. The mere possibility of BONK finding a home on its platform sent the price hurtling upwards.
Barking At The Moon Or Running With The Pack
Before you grab your leash and join the BONK bonanza, remember this: these are just rumors. Neither Revolut nor Robinhood has confirmed anything, and diving headfirst into unconfirmed news is never a sound investment strategy.
Additionally, memecoins are notorious for their wild price swings. BONK itself experienced a meteoric rise of 4,424% in 2023, followed by a sharp correction. While the potential upside is tempting, be prepared for some serious volatility.
Digging Deeper Into BONK’s Territory
It’s crucial to remember that BONK isn’t just a meme coin riding a rumor wave. It has carved its own niche within the Solana ecosystem. Major exchanges like Binance and Coinbase already offer BONK trading, and it even played a role as an incentive within the Solana Saga smartphone project. This suggests that BONK isn’t simply a flash in the pan, but a project with some established groundwork.
Investment Considerations: Weighing The Risks And Rewards
The potential impact of major platform listings is undeniable. Increased accessibility could significantly boost BONK’s adoption and potentially positively impact the broader Solana ecosystem. However, the lack of confirmation surrounding the rumors and the inherent volatility of meme coins necessitate a cautious approach. Before investing, thorough research and a clear understanding of the risks involved are paramount.
BONK’s recent price surge serves as a reminder of the fast-paced and ever-evolving nature of the crypto world. While the unconfirmed rumors offer a glimpse of potential opportunities, investors need to proceed with caution, remembering that the path to crypto riches is seldom straightforward. Whether BONK will truly “bark its way” to mainstream adoption or retreat to the shadows remains to be seen.
Featured image from Adobe Stock, chart from TradingView
AVAX Smashes South: Can Avalanche Find Traction After 15% Plunge?
AVAX, native token of the Avalanche network, made a resounding entrance into the cryptocurrency markets at the onset of the year, establishing itself as a prominent player and outpacing many other altcoins.
The initial enthusiasm surrounding AVAX, however, underwent a notable transformation as the narrative took an unexpected turn. Presently, the token finds itself perched at .65, reflecting a marked shift from its earlier bullish trajectory. Over the last seven days, AVAX has encountered a challenging period, sustaining a 15% loss.
AVAX Downturn Sparks Concerns, Social Silence
The reasons behind this recent downturn could be multifaceted, ranging from market sentiment shifts to external factors influencing broader cryptocurrency trends. Investors and market analysts are closely monitoring the situation to discern the underlying dynamics at play and determine whether this is a temporary correction or indicative of a more sustained trend.
Furthermore, a curious case emerges – the dwindling social volume. Despite AVAX’s resilience, online chatter surrounding the platform has taken a nosedive, raising questions about the sustainability of the coin.
The diminishing social volume might suggest a divergence between market performance and investor sentiment, prompting a closer examination of factors influencing both the cryptocurrency’s value and the perception within the community.
Positively, though, the market capitalization of Avalanche has risen by more than 5% in the past few days, indicating a greater influx of investors.
Not too long after Grayscale’s Digital Large Cap Fund adopted the layer-1 blockchain, Avalanche saw a robust comeback. With billions of cryptocurrency assets under its management, Grayscale is one of the biggest digital asset managers.
The inclusion of AVAX in Grayscale’s fund indicates that institutions will still be interested in Avalanche until 2024 and beyond.
Meanwhile, Avalanche’s circulating supply shrank significantly in the latter half of 2023, fueled by a surge in activity surrounding “inscriptions.”
Avalanche Surges: Record Token Burns Celebrated
These data-on-chain creations generate transaction fees, which are then permanently removed from circulation through the network’s burn mechanism.
December alone saw a record 195,000 token burn, a testament to the growing popularity of inscriptions on Avalanche.
Experts attribute this trend to several factors. Inscription-based transactions, initially popular on Bitcoin, are finding new life on Avalanche due to their creative potential and contribution to the burn mechanism.
This creates a positive feedback loop, attracting users and further reducing the circulating supply. Additionally, the rise of inscription activity suggests a growing and engaged Avalanche community, which bodes well for the network’s long-term health.
However, the implications of this trend are nuanced. While token scarcity could lead to increased AVAX value over time, similar to Bitcoin, it also raises concerns about rising transaction fees and potential centralization if large inscription projects control a significant portion of the fee pool.
Featured image from Shutterstock
Petition to Stop Proposed Crypto Ban in US Gains Traction
A petition to stop a proposed crypto ban in the U.S. has gained traction. The Chamber of Digital Commerce explained that the Digital Asset Anti Money Laundering Act, introduced by Senator Elizabeth Warren and currently supported by 19 U.S. senators, is “a crypto ban” that “threatens to stifle innovation, harm job prospects, and undermine the U.S. economy in a sector that is burgeoning with potential.”
Petition to Stop Proposed Crypto Ban in US
The “Stop The Crypto Ban” petition, initiated on Change.org by the Chamber of Digital Commerce on Dec. 16, has garnered nearly 10,000 signatures at the time of writing.
“As concerned citizens of the United States, we need you to sign this petition to stop a proposed ban on cryptocurrency,” the leading U.S. blockchain and digital asset trade association wrote. “By signing this pledge, you agree to not support any cosponsor of the Digital Asset Anti-Money Laundering Act in any future election campaign.” The chamber added:
The Digital Asset Anti Money Laundering Act, currently supported by 19 U.S. senators, threatens to stifle innovation, harm job prospects, and undermine the U.S. economy in a sector that is burgeoning with potential. It is a crypto ban.
Senator Warren introduced the Digital Asset Anti-Money Laundering Act in December last year. Experts call the bill “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.” The bill’s supporters have massively grown since its launch.
While acknowledging the importance of regulation for ensuring the safety and integrity of the digital asset space, the chamber expressed concerns about the current form of the legislation, emphasizing that it “is a ban on digital innovation.” The chamber went on to outline its concerns, which encompass potential economic impact, restrictions on innovation, as well as security and privacy issues. Moreover, the petition notes that the bill’s limitations could impede consumer access to a diverse array of financial tools and services provided by the digital asset ecosystem, thereby obstructing financial inclusion and choice.
The senators named in the petition are Elizabeth Warren (D-MA), Roger Marshall (R-KS), Lindsey Graham (R-SC), Joe Manchin (D-WV), Dick Durbin (D-IL), Robert Casey (D-PA), Jeanne Shaheen (D-NH), Michael Bennet (D-CO), Gary Peters (D-MI), Richard Blumenthal (D-CT), Angus King (I-ME), Tina Smith (D-MN), Catherine Cortez-Masto (D-NV), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Ben Ray Lujan (D-NM), Laphonza Butler (D-CA), John Hickenlooper (D-CO), Raphael Warnock (D-GA), and Chris Van Hollen (D-MD).
“Considering these concerns, we, the undersigned, pledge not to support any senator in any future election unless they oppose the Digital Asset Anti Money Laundering Act in its current form. We urge these members to consider the long-term implications of this bill on innovation, economic growth, and consumer freedom,” the chamber stressed, elaborating:
We believe in a future where digital assets are integrated into our economic framework in a way that fosters innovation, protects consumers, and enhances the U.S. economy. We call on our senator to play a pivotal role in shaping this future, not stifling it.
What do you think about this petition to stop the proposed crypto ban? Let us know in the comments section below.
Privacy Protocols Have Not Gained Traction Because ‘User Experience Hasn’t Been up to Par’ — Namada Co-Founder
According to Christopher Goes, the co-founder of privacy-focused blockchain Namada, many privacy protocols have not gained traction primarily because “the user experience hasn’t been up to par.” Part of the reason for this is that existing solutions such as Zcash “often require that users use a specific asset in order to receive privacy.” Another privacy solution, Tornado Cash, offers what Goes described as “suboptimal privacy in order to maintain efficient compatibility with a legacy transparent system.”
‘Privacy Loves Company’
Meanwhile, in his written answers sent to Bitcoin.com News, the Namada co-founder stated that while privacy-preserving protocols have seemingly gained traction, this has not translated to better privacy for users. Goes explained that this may be because the “anonymity sets are currently fragmented across an ecosystem of separate tokens, applications, and platforms.”
In order to bring about an improved and better experience for users, Goes said protocols like Namada — a “proof-of-stake L1 for interchain asset-agnostic privacy” — are working on “providing a unified privacy set in which all assets can partake and all chains can connect to.” The co-founder also confirmed reports that Namada has proposed “a shielded airdrop of its NAM token to holders of Zcash and Osmosis.”
Below are Christopher Goes‘ answers to all the questions that were sent to him via Telegram.
Bitcoin.com News (BCN): Most of the blockchains out there are pseudonymous and transparent. Now there is this misconceived notion among the general public that using blockchain is anonymous and even “shady.” In your view, where does this notion come from and what needs to be done to change the perception?
Christopher Goes (CG): I don’t know all the memetic history, but I’d guess that this notion comes primarily from two factors:
First, a confusion between pseudonymity and anonymity. Identities in transparent blockchains like Bitcoin and Ethereum aren’t real names, but rather pseudonymous public keys or addresses. This may seem like sufficient privacy, but the problem is that as soon as an adversary figures out the link between an address and a real identity, they can use the transaction graph to find all the other associated addresses, transactions, and funds. Even if an adversary doesn’t know your real identity directly, they can use statistical linking techniques which take into account metadata such as timing, amounts, and fees, and crawl the internet for messages referencing an address on social media, emails, or payment providers.
Second, the network effects of surveillance technology. Bitcoin and Ethereum’s privacy models haven’t changed, but at first, they didn’t have so many users and starting a surveillance company wasn’t worth the effort – so early users might not have been de-anonymised even though they could have been. Now that these systems have lots of usage, many surveillance companies have optimised their algorithms, collected lots of data, and formed relationships with various parties who purchase their surveillance services.
I think the perception is already changing – primarily as people see surveillance in action. Now the technology must catch up, for privacy is not a feature that can be added on top but rather a part of the definition of a system itself. Privacy is the freedom to selectively reveal oneself to the world, and people want to be free.
BCN: There is no shortage of privacy-preserving protocols and solutions out there. However, what do you think is the biggest privacy problem that these protocols or solutions have not been able to solve yet and why?
CG: Personally, I think that there is a great shortage of privacy-preserving protocols. There are thousands of blockchains, smart contracts, and wallets – 99% of them aren’t privacy-preserving, and all of them should be. Transparent blockchain protocols are easier and cheaper to surveil than the existing financial system by an order of magnitude. In the long run, none of them will survive.
I think by and large privacy protocols haven’t gained traction simply because the user experience hasn’t been up to par. Privacy is hard to build well, and existing solutions often either require that users use a specific asset in order to receive privacy (such as Zcash), or offer suboptimal privacy in order to maintain efficient compatibility with a legacy transparent system (such as Tornado cash). Designing a system which avoids these tradeoffs requires control over the architecture and extensive cryptographic, distributed systems, and system design expertise, which don’t coexist in many places.
BCN: Namada, the Layer-1 blockchain you co-founded, refers to itself as “Anoma’s first fractal instance.” For our readers, can you explain what Anoma, fractal instance, and Namada are?
CG: At the risk of being pedantic, I’m not sure what it means to co-found a blockchain. I have co-founded an organisation which plans to propose a genesis block for a blockchain that we call Namada. Whether or not the blockchain starts is up to the community, not us – we only develop software and make proposals.
Anoma is an intent-centric architecture for decentralised, privacy-preserving counterparty discovery and settlement. Anoma can be used in many different specific configurations and with different security models. While everyone benefits from agreeing on a sufficiently general protocol, there is no one-size-fits-all security model, as appropriate security choices can only be made for a particular context of interaction. Specifically, we expect security domains to correspond to the real topology of commerce, which is localised – if you live in Seattle, you trade most with people in Seattle, somewhat less with people in North America, and very rarely with people in Tibet. Interactions within the context of Seattle should be settled on an instance of the protocol controlled by the people of Seattle – this is what we call a “fractal instance,” and we expect many of them to emerge, specialised to specific areas of commerce, physical localities, and circles of trust.
Namada is a sovereign proof-of-stake blockchain, using Tendermint BFT consensus, which enables multi-asset private transfers for any native or non-native asset using a multi-asset shielded pool derived from the Sapling circuit. Namada includes full IBC protocol support, a natively integrated Ethereum bridge, a modern proof-of-stake system with automatic reward compounding and cubic slashing, a stake-weighted governance signalling mechanism, and a dual proactive/retroactive public goods funding system.
Users of shielded transfers are rewarded for their contributions to the privacy set in the form of native protocol tokens. Namada does not implement the full Anoma protocol, which is still in development. Rather, it is focused on providing, supporting, and promoting privacy, now – and the design of Namada makes choices to that end. Namada is not a fractal instance focused on a specific locality (such as Seattle), but rather one focused on a shared interest and value: privacy, and the freedom for which it is required.
BCN: With the growing number of blockchains, it has become more important than ever before to enable communication and transfer of assets between different chains. What are some of the challenges in ensuring composable user privacy across different blockchain ecosystems?
CG: Privacy-preserving protocols are gaining traction, but this doesn’t necessarily lead to better privacy for users, as anonymity sets are currently fragmented across an ecosystem of separate tokens, applications, and platforms. By and large, these privacy-preserving protocols have been designed separately, without consideration as to how they would work with each other. Namada aims to unify these anonymity sets by providing a unified privacy set in which all assets can partake and all chains can connect to. Privacy loves company – the more assets, the more chains, and the more users, the more privacy for everyone.
BCN: Can you tell us how Namada works to facilitate privacy-first interchain transactions and whether it’s capable of making privacy accessible at scale? What chains does it support?
CG: Namada implements something we call the multi-asset shielded pool (MASP). The MASP is an upgrade to the Sapling circuit (originally developed by the Electric Coin Company) which adds multi-asset functionality so that different assets can be used in the same shielded pool and an observer cannot distinguish between them. The MASP treats all assets equally, so it can scale to any number of them users might like. At launch, Namada will connect to the Cosmos ecosystem through IBC and to the Ethereum ecosystem through an integrated Ethereum bridge, so any chains or assets accessible in either of those ecosystems can be sent to Namada, held privately in order to earn shielded set rewards, and transferred privately with the MASP.
BCN: Namada is reported to have recently proposed a shielded airdrop of its NAM token to holders of Zcash and Osmosis, both of which happen to be privacy-focused chains. What’s the logic behind forging closer ties with competitors?
CG: I consider Zcash, Osmosis, and other privacy-preserving chains more generally to be allies, not competitors. Either privacy-preserving systems survive or George Orwell will no longer be considered a fiction writer. We need to work together, and there will be plenty of pie to share around in the end. We’ve chosen to propose alliances with Zcash and Osmosis in particular because those two projects have contributed to essential public goods without which Namada couldn’t exist and because we have high hopes for continued collaborations in the future. More broadly, we hope to do our part to contribute to a positive-sum blockchain ecosystem, forged in a recognition of the preeminent importance of public goods and backed by economic relations of mutual credit between chains and assets.
What are your thoughts about this interview? Let us know what you think in the comments section below.
we2net Gains Strong Traction in Korea with 200+ LP Holders and $760k Initial Liquidity
PRESS RELEASE. we2net, a new DeFi platform that aims to bridge the gap between centralized and decentralized finance, has gained strong traction in Korea with over 230+ LP holders and nearly 0k in initial liquidity within just three weeks of launching its offline development efforts.
According to data analysis, the LP holders’ distribution of the initial liquidity is evenly spread without any large whales, indicating a fair and equitable distribution. we2net is set to launch on April 15, 2023, at 0:00 UTC, and investors can purchase its tokens via PancakeSwap or the official website.
The we2net team is now actively promoting its platform through online marketing efforts and offering attractive incentives to the community to encourage its development. Here’s a closer look at some of the platform’s mechanics:
we2net uses USDT and WE2NET tokens as liquidity pairs. Users only need to add initial liquidity using USDT, and the smart contract will automatically generate WE2NET tokens at a 1:10 ratio and add them to the liquidity pool. This mechanism ensures that both project developers and users enter the market at the same purchase price, resulting in fair profit distribution.
To avoid exchange rate fluctuations, WE2NET tokens are prohibited from trading before the deadline for initial liquidity provision. After trading is enabled, the corresponding WE2NET tokens will be used as LP mining rewards. Additionally, the platform offers generous rewards for referrers, with up to 50% of the user’s fee revenue, while the remaining 50% is allocated to their direct referrers.
One notable aspect of we2net’s liquidity provision mechanism is that it shares the privilege of adding initial liquidity with all investors, unlike traditional DeFi projects where the project developers are responsible for adding initial liquidity, which can lead to uncertainty and potential rugpool scenarios. By sharing this privilege with investors, we2net achieves a truly community-driven and decentralized approach.
Furthermore, the number of tokens issued is pegged to the amount of initial liquidity added, ensuring that there are no unexpected token issuances by project developers. In terms of referral mechanics, users can obtain their referral link on the official website and earn up to 50% of the transaction fee revenue as a reward, depending on their levil. This incentivizes users to continue to promote the project and expand the user network, as evidenced by the ongoing promotion of the project’s rank-gifting activities.
Overall, we2net’s innovative approach to liquidity provision and referral mechanics, coupled with its successful offline development efforts, bode well for its future growth potential. As it enters the DeFi market on April 15, it will be interesting to see how it continues to differentiate itself from other projects and gain a foothold in the highly competitive DeFi space.
Website link: https://www.we2.net/en
Telegram: https://t.me/we2netEn
Twitter: https://twitter.com/we2net
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides
Bitcoin price gained bullish momentum above the ,500 resistance. BTC could rise further if there is a close above the ,000 resistance.
- Bitcoin started a decent increase above the ,500 and ,650 resistance levels.
- The price is trading above ,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near ,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if there is a close above the ,000 resistance.
Bitcoin Price Gains Bullish Momentum
Bitcoin price formed a base above the ,200 support zone. BTC started a steady increase and was able to clear the ,500 resistance zone and the 100 hourly simple moving average.
During the increase, there was a break above a major bearish trend line with resistance near ,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement level of the downward move from the ,589 swing high to ,000 low.
Bitcoin price is now trading above ,500 and the 100 hourly simple moving average. It is testing the 1.618 Fib extension level of the downward move from the ,589 swing high to ,000 low.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the ,950 level. The first major resistance is near the ,000 zone, above which the price may perhaps accelerate higher. In the stated case, the price could test the ,500 resistance. The next major resistance is near ,000, above which the price could gain pace for a move towards the ,800 zone.
Dips Supported in BTC?
If bitcoin fails to climb above the ,000 resistance, there could be a downside correction. An immediate support on the downside is near the ,800 level.
The next major support is near the ,500 zone or the 100 hourly SMA, below which the price decline further. In the stated case, the price might drop towards the ,200 support zone. Any more losses might call for a test of the key ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,800, followed by ,500.
Major Resistance Levels – ,950, ,000 and ,500.
Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction
The 2022 crypto winter seems to be one of the most severe bearish trends in cryptocurrency history. This saw the entire crypto market cut down by over 50% in value since the beginning of the year. Also, the situation in the crypto market got worse with the collapse of the Terra-LUNA ecosystem.
However, the crypto market is recovering slightly from its trauma in the year’s first half. Bitcoin price is suddenly picking up despite its week’s instability and swings.
According to the data from Glassnode, a blockchain analytics firm, the derivatives of the leading cryptocurrencies are making positive progress. Bitcoin and Ethereum derivatives are receiving increased attention from investors with more trading of BTC futures and higher ETH holders.
The record from Glassnode indicates that the Bitcoin derivatives market has a slight directional bias. This means that investment in the market is coming with more caution from the investors. But on the side of Ethereum, there is evidence of optimism from the investors.
The network records more demands for ETH against little withdrawals from the wallets. These overall events for Ethereum could be due to the upcoming Merge.
As per Glassnode’s Future Open Interest (BTC) Metric, investors seem to have more confidence in the derivatives market. They are laying aside the events and fear that came with the collapse of Terra-LUNA tokens. Also, the effect of the May-June mining capitulation is wading off gradually.
Glassnode noted the increasing stability in futures trading volume. It recalled that the past 12 months from the sell-off since May 2021 posed a structural dip in trade volume. However, it seems to be staging a come-back as it boasts per day.
Also, the futures markets passed through a structural change within the past one and half years. This was at the beginning of 2021, as the Bitcoin price was in a bullish trend. The underlying spread was stable even as leverage was going up.
Surge In Open Interest For Ethereum Than Bitcoin
Currently, Ethereum derivatives are receiving more attention from investors than Bitcoin. This appears to be the first time in the history of cryptocurrency to experience such a twist between the two leading assets. While Ethereum derivatives record about .6 billion in ETH, those of Bitcoin are at .8 billion in BTC.
BTC surges above the ,000 mark | Source: BTCUSDT on TradingView.com
Additionally, the outplay depicts that ETH options Open Interest is almost at its ATH as of Nov 2021. This was when Ether hit ,900.
A more acceptable explanation for the price increase is the influence of the upcoming Ethereum Merge. Most investors make bullish bets on prices between ,200 and ,000.
Featured image from BBC, chart from TradingView.com
NewsBTC
Despite Bear Market Uniswap Gains Significant Traction, What’s The Reality?
The past few weeks have brought a positive twist in the flow of events within the cryptocurrency market, especially for Uniswap. Lots of the crypto assets are gaining more value in their prices. This overturns after the severe crypto winter that puts lots of protocol at the edge.
Most witnessed drastic price drops up to 50% since January 2022. The last chaos in the crypto space was better imagined than described.
Additionally, the collapse of the algorithmic Terra stablecoin and its native token, LUNA, spiked the downward trend. Several investors lost millions of dollars, creating tension in the entire crypto industry. Some crypto service companies were thrown off balance as they struggled to be their ship afloat.
However, a few of them still went bankrupt with most of their depositors’ funds locked on their platforms. Some participants in the industry are beginning to lose confidence in digital assets as fear, uncertainty, and doubt gradually crept in.
All seems to be going progressively well for Uniswap, as its native token, UNI, increases its price value. The strength of its price increase has put Uniswap in ranking by market cap among the top 15 cryptocurrencies.
In addition, the Ethereum-based decentralized protocol has experienced a significant surge in value, reaching 150% over the past seven weeks.
Uniswap Sentiment Activity l Source: Sentiment
According to data from Santiment, an on-chain analytics firm, there has been an increased and substantial whale accumulation of the UNI tokens. This explains its recent price rally as well as the surging address activity.
Santiment reported that the Uniswap daily active addresses have risen to over 1,100. With the presence of strong address activity on the network, the protocol has the potential to sustain the current price action.
Uniswap Whale Addresses Push Positive Moves
Uniswap whale addresses have shown a positive move since the crypto crash of May 2022. The addresses have accumulated vast amounts of UNI tokens ranging in massive percentages. In their performance, whale addresses containing up to 100 thousand to 1 million UNI tokens have undergone massive accumulation within the past two weeks.
Also, Santiment noted that the level of transactions they deem to be prominent are those taking about 0,000 or more. It mentioned that such transactions are from the whales and moving back to those seen in May levels.
So, it stated that all the recent significant transactions from the whales are noticeable. This is because such moves accumulated just in the past week before the price climbed to .69.
Uniswap has recently gained massive traction recently l Source: UNIUSDT on TradingView
Besides its price rally, Uniswap has increased its active average trader returns. It currently recorded over 22.5% in its 30-day MVRV.
According to the report from Santiment, the current value is clearly above the danger zone. Despite Uniswap’s impressive price rally, Santiment has advised investors to tread with caution with the protocol.
Featured image from Pexels, charts from TradingView.com
NewsBTC
TA: Ethereum Gains Traction, A Strengthening Case For More Gains
Ethereum gained over 5% and broke the ,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above ,350.
- Ethereum started a strong increase above the ,150 resistance.
- The price is now trading above ,250 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near ,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating near ,300 and might extend rally in the near term.
Ethereum Price Eyes More Upsides
Ethereum formed a base above the ,050 support zone. ETH started another increase and cleared the ,150 resistance.
There was also a clear move above the ,250 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at ,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the recent wave from the ,130 swing low to ,340 high.
Besides, there is a crucial bullish trend line forming with support near ,160 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the ,350 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the ,400 level. Ether price could start another surge if there is a clear move above the ,400 resistance. In the stated case, the price may perhaps test the ,500 level. Any more gains might call for a move towards the ,620 resistance zone in the coming sessions.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the ,350 level, it could start a downside correction. An initial support on the downside is near the ,290 zone. The next major support is near the ,235 level. It is near the 50% Fib retracement level of the recent wave from the ,130 swing low to ,340 high.
The main support is near the ,200 zone and the trend line. A downside break below the ,200 support zone might push the price further lower. In the stated case, the price might drop to ,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone.
Major Support Level – ,235
Major Resistance Level – ,350