Monat: Januar 2023

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Lido price momentum accelerates; gets extremely overbought

  • Lido DAO price has been in a strong bullish trend in the past few days.

  • It has become the biggest DeFi protocol in the world.

  • It has a total value locked of more than $6.9 billion.

Lido DAO price has done well in 2023 as demand for liquid staking remained high. The LDO token soared to a high of $2.68, the highest point since August last year. It has jumped by more than 80% from the lowest point this year and by 365% from the lowest point in 2022.

Liquid staking demand rises

Lido DAO is a leading blockchain platform that has evolved into the biggest DeFi protocol in the world. It has a total value locked (TVL) of more than $6.5 billion, making it bigger than MakerDAO, which has a TVL of over $6.4 billion.  We wrote about this development here.

For starters, Lido is a major player in a small but fast-growing part of the blockchain industry. It operates a liquid staking platform for some of the leading blockchains like Ethereum, Solana, Polkadot, and Kusama. 

For starters, liquid staking is a modified version of staking that is usually more flexible in nature. For convectional staking, users need to lock their coins for a certain period, which is usually a month. Withdrawing funds in that period usually means that the user will lose their staking rewards.

Liquid staking is more flexible since users can withdraw their staked funds at any time. This happens since the users are given a staked token. In the case of Ethereum, they are given the Lido Staked ETH (stETH), which has a total market cap of over $4.4 billion. Lido Staked Solana (stSOL) has a market cap of over $18 million.

Lido DAO price has rallied because of the upcoming Shanghai upgrade on Ethereum’s network. The upgrade will make it possible for people to withdraw their staked tokens in Ethereum. They have staked these coins for a few months. Therefore, investors expect that Lido DAO will have more demand.

Lido DAO price prediction

LDO chart by TradingView

The daily chart shows that the LDO price has been in a strong bullish trend in the past few weeks. In this period, it has managed to move above the important resistance point at $1.8500, which was the highest point on November 4. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level.

Therefore, the coin will likely continue rising in the coming weeks as buyers target the next key resistance level at $3. A drop below the key support point at $1.5 will invalidate the bullish view.

How to buy Lido DAO

The post Lido price momentum accelerates; gets extremely overbought appeared first on CoinJournal.

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Wyre limits withdrawals to 90% of customer funds

  • Wyre will allow its customers to withdraw only 90% of their funds.

  • The company said the move is to allow it to navigate the current market conditions.

  • Wyre’s CEO has become the company’s executive chairman.

Wyre sets withdrawal limits for its customers

Cryptocurrency payment platform Wyre announced over the weekend that it had set a new withdrawal limit for its customers. 

While announcing this latest cryptocurrency news on Twitter, the company said the move was to ensure it could navigate the current market conditions.

Wyre said its customers could only withdraw 90% of their funds. The company wrote;

“While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits”

Wyre added that the move was in the best interest of its community. It added that it is also exploring strategic options that would enable Wyre to navigate the current market environment and deliver on its mission to simplify and revolutionise the global payments ecosystem.

This latest development comes just a few days after the company laid off 75 employees. Similar to other leading crypto companies, Wyre is navigating the current crypto winter by cutting costs in various aspects.

Wyre makes management changes

In addition to the withdrawal limits placed on its customers, Wyre announced a crucial management change within the company.

Wyre announced that CEO Ioannis Gianna has transitioned into a new role as executive chairman. This is part of the major changes to the company’s management structure. 

Stephen Cheng will serve as the interim Chief Executive Officer after serving as the Chief Risk Officer, and Chief Compliance Officer in recent years.

The crypto winter saw Bitcoin lose more than 60% of its value over the last few months. At the moment, the price of Bitcoin stands at $17,200 per coin.

The post Wyre limits withdrawals to 90% of customer funds appeared first on CoinJournal.

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Charles Hoskinson’s new hospital will accept Cardano for payments: ADA soars by 15%

  • Cardano will be accepted at Charles Hoskinson’s new hospital.

  • ADA is the best performer amongst the top 10 cryptocurrencies by market cap.

  • The cryptocurrency market is off to a flying start this week.

ADA outperforms the other major cryptocurrencies

Cardano founder Charles Hoskinson announced the launch of his new hospital called “Hoskinson Health & Wellness Clinic.” The clinic will accept payments for its services in ADA, the native token of the Cardano ecosystem.

This latest cryptocurrency news saw ADA soar by more than 15% in the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap today.

At press time, the price of Cardano stands at $0.3263 and could rally higher soon. The broader cryptocurrency market is off to an excellent start this week. The total cryptocurrency market cap stands at $849 billion, up by nearly 3% in the last 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, is up by roughly 2% today and is finally trading above the $17k resistance level. 

Key levels to watch

The ADA/USD 4-hour chart is bullish, as Cardano has been performing well over the last few days. The technical indicators show that ADA is currently outperforming the broader market.

ADA/USD Chart By TradingView

 

The MACD line is deep within the positive zone, indicating that the bulls are currently in charge. The 14-day RSI of 84 shows that ADA is currently close to the overbought region.

If the rally continues, ADA could surge past the first major resistance level at $0.3443 before the end of the day. The second major resistance level above $0.370 could be hard to surpass in the near term.

The bears might regain slight control of the market if the bulls run out of steam. If that happens, ADA could drop below the first major support level at $0.2921 over the coming hours.

Where to buy Cardano now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ADA with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ADA with OKX today

The post Charles Hoskinson’s new hospital will accept Cardano for payments: ADA soars by 15% appeared first on CoinJournal.