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Why is AAVE rallying by more than 15% today?
It has been a positive week for the cryptocurrency market so far, with the prices of most coins up by over 10% in the last seven days
The cryptocurrency market has been performing well since the start of the week. Over the past 24 hours, the total market cap has increased by more than 5%, pushing the total market cap close to the $1 trillion mark.
Bitcoin is trading above $22k once again after adding more than 7% to its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap looks poised to surge past the $1,300 resistance level after adding 6.8% to its value during the same period.
However, AAVE is one of the best performers amongst the top 50 cryptocurrencies by market cap. AAVE has added more than 15% to its value in the last 24 hours, outperforming the other major coins in the process.
The rally comes as the Aave team proposed the launch of a new stablecoin pegged to the US Dollar to its community.
Aave Companies is proposing to the DAO the introduction of a native decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO can be launched on the Aave Protocol, allowing users to mint GHO against their supplied collaterals.
1/ Calling all GHOsts 👻
We have created an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO.
Read more below and discuss your thoughts for the snapshot (coming soon)!👇https://t.co/P7tHl9LbBe
— Aave (@AaveAave) July 7, 2022
Key levels to watch
The AAVE/USD 4-hour chart is bullish as Aave has been performing well over the past few hours.
The MACD line is above the neutral zone, indicating bullish momentum for the cryptocurrency. The 14-day RSI of 70 shows that AAVE could soon enter the overbought region if the rally is sustained.
At press time, AAVE is trading at $71.63. The token could move past the $79 resistance level over the coming hours. AAVE could target the $98 resistance level for the first time this month if the market momentum is maintained over the next few days.
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Here is why MATIC is soaring by more than 13% today
The broader cryptocurrency market has had an excellent week so far and could record further gains in the coming hours and days.
The cryptocurrency market has been performing well since the start of the week. Over the past 24 hours, the total market cap has increased by more than 5% and currently stands at $970 billion.
If the market momentum is maintained, the total market cap could soon reach the $1 trillion mark for the first time in nearly a month.
Bitcoin is trading above $22k once again after adding more than 7% to its value in the last 24 hours. Ether looks poised to surge past the $1,300 resistance level after adding 6.8% to its value during the same period.
However, MATIC, the native token of the Polygon blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 13% in the last 24 hours and 22% in the past seven days.
MATIC’s rally can be attributed to Reddit’s announcement that it would launch an NFT avatar marketplace on the Polygon blockchain. The new NFT-based avatar marketplace will allow Reddit users to purchase blockchain-based profile pictures for a fixed rate, the company added.
Key levels to watch
The MATIC/USD 4-hour chart is bullish as Polygon has been performing well over the past few days.
The MACD line crossed into the positive zone a few days ago and has remained there are MATIC outperformed the broader cryptocurrency market. The 14-day RSI of 76 shows that MATIC could soon enter the overbought region if the coin maintains its current momentum.
At press time, MATIC is trading at $0.6095. If the rally continues, MATIC could surge past the $0.64 resistance level for the first time since June.
The weekend will be an interesting one for the market as a sustained positive performance could see MATIC rally towards the $0.70 psychological level.
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SAND forecast after posting 30% weekly gains
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Sandbox’s native token, SAND, jumps 30% in a week.
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Sandbox is a virtual world for gaming experiences powered by NFTs.
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Holders of SAND tokens could reap long-term gains.
Metaverse-related tokens are currently leading the crypto market recovery. Sandbox’s (SAND/USD) has surged 30% in the past week, while Decentraland’s MANA (MANA/USD) has gained 13.44% in the same period, according to data from CoinMarketCap.
The Sandbox is a blockchain-based virtual world that enables players to monetize gaming experiences using non-fungible tokens. With the Sandbox, gamers can develop digital assets as NFTs, have them in a marketplace, and integrate them into online games.
SAND shows recovery amid bearish momentum
The daily price chart below shows that SAND is trading at $1.27. The token is currently showing bullish momentum, with the 20 and 50-day moving averages joining the support. The RSI remains below the overbought zone.
The monthly price outlook indicates that SAND has remained resilient. The token has only lost 0.78% in the period despite an extended period of a bearish market. However, the metaverse-based token has sunk by 78% year-to-date. SAND peaked at $8.4 in November last year.
Source: TradingView
The Sandbox has gained popularity with its public LAND sales as big corporations move to have a piece of the technology. The platform has secured multiple partnerships with brands including Adidas, Atari, as well as celebrities like Snoop Dogg.
The future of the metaverse will reportedly be decentralized immersive spaces geared toward the advancement of Web3. The COO and co-founder at Sandbox, Sebastian Borget, recently commented that the metaverse would become a virtual realm controlled by the users and a lucrative opportunity.
Borget believes that the metaverse will grow to have job opportunities that are not currently available in the physical world. Sandbox features virtual parcels of land, which are limited. Some of the use cases in the immersive spaces include entertainment, fashion, and retail.
Summary
The value of SAND remains tied to the long-term adoption of metaverse technology. The token derives its value from being a utility token in immersive technology. Another factor to consider is the growth in NFTs, digital collectables used as in-game items. With this in mind, holding SAND could be beneficial in the long run considering its current bear market.
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Mike Novogratz says crypto is 90% through recent carnage
Mike Novogratz says centralized crypto companies like Celsius and BlockFi have exposed the rot that decentralization in crypto sought to remove.
Cryptocurrencies are almost done with the turbulence of the massive deleveraging that has swept through the market wiping out more than $2 trillion of value, says Galaxy Digital CEO Mike Novogratz.
Speaking in a CNBC ‘Squawk Box’ interview on Thursday, the investor talked of the current market outlook as suggesting the worst of it is almost done.
However, while most of the sell-off momentum appears spent, after the “receding tide” revealed just how massively some centralized companies were leveraged, everything will need to calm down before prices begin to go higher again.
Novogratz says meantime, crypto prices might continue to hover sideways or even see fresh downsides until the Fed flinches or new capital comes into the market.
“Can we go lower? Of course we could,” he told CNBC. “It feels that we’re 90% through that deleveraging, but the problem is for you to go much higher, you need the narrative to re-pick and you need new capital to come in.”
„Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging,“ says @novogratz on #crypto. „The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.“ pic.twitter.com/aoWFcorWhX
— Squawk Box (@SquawkCNBC) July 7, 2022
Novogratz blast some centralized crypto companies
Commenting on the woes facing some of the crypto companies, the Galaxy Digital CEO says he expects investigations and even prosecutions over gross misconduct.
He says decentralized companies in crypto like Compound or Aave have functioned “as they were meant to,” with transparency and such.
However, it’s centralized firms that have come in and operated opaquely, leading to all the massive leveraging and interlending that is now pushing most into bankruptcy.
“Look at Celsius for example, no one knew how much leverage they had. Or Three Arrows Capital. I think when all is said and done there will be accusations and prosecutions for fraud. There will be gross misconduct, you know, in some of these companies.”
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