DeFi market fell off cliff in Q2 but users haven’t given up hope: Report
While on-chain activity slowed down, the DeFi industry has managed to retain most of its daily active users.
While on-chain activity slowed down, the DeFi industry has managed to retain most of its daily active users.
A bottle of very expensive whisky is being auctioned off with an NFT to authenticate true ownership of it, along with artwork made special for the event.
An Indian development firm looks to create a bridge between sustainability and blockchain technology with a proprietary layer-1 protocol incentivizing the use of United Nations sustainable development goals.
The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping […]
The native token of Avalanche, AVAX, registered a strong upswing this week, suggesting that the altcoin is gaining a lot of traction at its current prices. As of this writing, AVAX is trading at $19.95, up 1.9% in the last seven days, data from Coingecko show, Friday. The token’s market value grew by more than 4 percent in the preceding 24 hours and by more than 11 percent on Tuesday, a swift comeback from its bearish performance over the weekend. Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt AVAX Token Enjoying Decent Accumulation Trade volume increased by 73 percent during intraday trading. This indicates that the token is now being acquired and that buyers are actively trading AVAX. The most recent increase in AVAX’s price happened after the stock retested its June support levels. This result is consistent with AVAX’s fluctuating price behavior since it broke out of its wedge shape. Image: The Coin Republic If this performance continues over the following two weeks, a minor uptick can be anticipated before resistance materializes. The AVAX price has transformed the $18.26 barrier into a support base, together with the 50 and 200 Exponential Moving Averages. These factors are crucial for determining the future direction of Avalanche. Avalanche Seen Retesting $21 Level Provided the price of the token bounces off this level, investors can anticipate a 10% increase to retest the 200 four-hour moving average at $20.01. If buyers persist and overcome the aforementioned level, Avalanche will retest the $21.47 barrier. AVAX reached a low of $16.37 on Wednesday before the bulls reclaimed the driver’s seat. The token traded around $18.20 on the day after facing some resistance because of sale pressure close to the 50 percent level of the relative strength index. The token traded around $18.20 on the day after facing some resistance because of sale pressure close to the 50 percent level of the relative strength index. Since Wednesday, the Money Flow Index (MFI) for the altcoin has indicated substantial accumulation. AVAX total market cap at $5.6 billion on the daily chart | Source: TradingView.com Avalanche TVL In DeFi Increases Meanwhile, Avalanche’s Total Value Locked for the second quarter decreased by almost 70% in USD terms quarter-over-quarter, although the amount of AVAX locked in DeFi grew. Suggested Reading | Loopring Wobbles In Last 2 Months – Can LRC Stay In The Loop? Recent market volatility has not affected the network’s health, as network staking and decentralization have remained robust throughout the bear market. AVAX provides many advantages on the on-chain side of things as well. For instance, its supply held by whales increased substantially from its monthly low of 43.55 percent on Thursday to its monthly high of 43.89 percent on Friday. After experiencing remarkable growth beginning in 2021, the Avalanche network’s usage numbers stabilized and its financial performance improved in the first quarter of this year. Several significant milestones contributed to the results of the first quarter, including the execution of growth plans, subnet development, and ecosystem expansion. The outlook for Q2 2022 is optimistic, and strong momentum is anticipated to continue. Featured image from Fintechs.fi, chart from TradingView.com
It now costs less to mine a single Bitcoin which could help to reverse the falling profitability trend while lowering power demands on the network.
According to Globant, 34% of gamers are interested in conducting crypto transactions in the Metaverse, while 16% have purchased NFTs in the past.
Polkadot has witnessed continued downfall in price since the last month. It has now established its support level at $6.30, however, the coin has been trading very close to that support level. After it broke below the $6.66 support line, the coin has spiralled downwards. It retested the $6.30 level the past month. Technical outlook for the coin displayed build up of bullish pressure. The price of the altcoin has remained sandwiched between the $6.58 and $6.30 levels over the last trading sessions respectively. DOT has continued to face rejections at the $7 level and that had exhausted the bulls on the chart. Broader market weakness is also to be blamed for DOT’s mundane price action. DOT briefly traded below the support line of $6.30 in July which had led to a sell-off on the chart. Indicators display recovery of buying strength. If buyers regain the momentum then there is a chance for DOT to climb above its immediate resistance mark. Polkadot Price Analysis: Four Hour Chart DOT was trading at $6.53 at the time of writing. If the coin manages to trade at this price level for a significant period of time then it might topple over the $6.66 resistance mark. Once it moves above the $6.66 mark, Polkadot can attempt to revisit the $7 price ceiling. If Polkadot trades above $6.80 then it could invalidate the bearish thesis for the coin. On the flipside, being stuck at the present price level for too long could drag DOT down to $5.90. Trading volume of Polkadot declined which indicated that buying strength remained less in the market. Technical Analysis DOT pictured recovery of buying strength on the chart as coin moved upwards. Buying strength displayed an uptick on the four hour chart. In accordance with the same, Relative Strength Index swiftly climbed above the zero-line. A reading above the zero-line indicated that buying pressure took over the market. It is too early to say if the bearish action is fading out, DOT’s price action could also be a brief relief rally. Price of DOT also rose above the 20-SMA as demand for the coin shot up. This signalled that buyers were responsible in driving the price momentum in the market. Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? The altcoin captured the rise in price and reflected it in the technical indicator. Awesome Oscillator determines the price movement and registers reversal in the same. AO pictured green histograms as price direction showed reversal on the chart. These green histograms on the AO were buy signal for the coin. Bollinger Bands points towards price volatility and fluctuations. The narrowing of the bands indicated that price of DOT will trade around the same levels over the upcoming trading sessions. Related Reading | Why StarkWare Faces Backlash Over Token Design Featured image from The Market Periodical, chart from TradingView.com
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The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’ Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes The Ministry of Internal […]