Monat: Mai 2023

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KAVA in danger of erasing gains after 40% spike – here’s what happened?

  • KAVA price jumped more than 40% despite the overall market lull, reaching highs of $1.56 on Binance.
  • While there was no clear trigger for the surge, Kava has had a few major developments in recent weeks.
  • KAVA currently trades around $1.17 and is in danger of giving up all the gains if profit taking deals intensify.

The price of KAVA is up about 9% in the past 24 hours as at 9:30 am ET on Tuesday, 23 May. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit takers. 

But before the current sell-off pressure, the price of the Cosmos zone token had rallied more than 40% to hit its highest level since November 2022.

Kava price sliding after rally to multi-month high

The price of KAVA rose to $1.56 on leading cryptocurrency exchange Binance, with the token spiking 44% from lows of $1.08.  The token’s value was up nearly 63% in the past 30 days.

Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView

Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no apparent trigger for the huge move today. However, here’s why the token’s value might have rallied so hard for a brief moment before investors likely started taking profits.

Although likely a normal pump episode, the price gains follow the recent launch of the KAVA 13 mainnet and the announcement of a new integration with a leading data indexing platform SubQuery. SubQuery’s indexer tool is available across Osmosis, Cronos and Fetch.ai in the Cosmos ecosystem.

The blockchain developer toolkit is also available for Web3 developers across Ethereum, Polygon, BNB, Flare, NEAR, Polkadot, Avalanche, and Algorand. It is offered as a data-as-a-service solution that allows users to focus on core project use cases and the front-end, all without having to first build a custom backend for data processing.

Kava also announced a $5000 giveaway as it celebrated the launch of NFTs and GameFi on its chain.

What next for the KAVA price?

Today’s price surge for KAVA appears to have been an outlier of sorts given the overall outlook of the crypto market. It’s possible such gains will not hold and any correction that follows could wipe all the upside movement.

KAVA/USD might thus retreat to support at $1.10 or lower if current levels near $1.20 fail to hold. On the flipside, an uptick across the market or fresh pump based on new KAVA news could see buyers target a retest of today’s highs.

The post KAVA in danger of erasing gains after 40% spike – here’s what happened? appeared first on CoinJournal.

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Ethereum price prediction: Will ETH top the $2k level soon?

Key takeaways

  • Ether has been trading around the $1,800 region over the past few weeks.

  • The crypto market is slowly recovering from its recent slump and ETH could target the $2k psychological level soon.

  • Ether is yet to test the 11-month high of $2,141 since it reached that level after the Shanghai update.

Ether could test the $2k level soon

Ether, the second-largest cryptocurrency by market cap, has been underperforming in recent weeks. The cryptocurrency has been trading between the $1,750 and $1,850 level over the past few weeks.

The performance coincides with a stagnant performance from the broader cryptocurrency market. The total cryptocurrency market cap has stood around the $1.1 trillion region during that period.

At press time, the price of Ethereum stands at $1,852, up by more than 2% over the last 24 hours. The positive performance comes as the sentiment in the broader crypto market improves.

Investors continue to observe the ongoing debt ceiling talks in the United States, with some of them leaning towards cryptocurrencies as hedge against a possible US debt default. 

Ether, as the second-largest cryptocurrency by market cap, could be one of the biggest winners if the market attracts more investors.

Key levels to watch

The ETH/USD 4-hour chart is looking bullish as Ethereum has been performing well over the past 24 hours. The technical indicators show that ETH could rally higher in the near term.

ETH/USD Chart By TradingView

 

The MACD line is now within the positive zone, indicating that the bulls are currently in charge of the Ether market. The 14-day RSI of 64 also shows that Ether could soon enter the overbought region if the rally continues.

If the current market conditions persist, ETH could test the first major resistance level at $1,921 before the end of the day. However, ETH could need the support of the broader crypto market to reach the second major resistance level at $2,008 in the near term. 

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The post Ethereum price prediction: Will ETH top the $2k level soon? appeared first on CoinJournal.

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bemo launches first liquid staking protocol on TON blockchain

  • bemo says DWF Labs will be the first liquidity provider to stake TON.
  • TON holders will deposit TON on bemo and receive staked TON (stTON).
  • Users can start staking with as low as 1 TON.

bemo, one of the leading decentralised finance (DeFi) platforms and liquid staking provider, has announced the launch of the first ever liquid staking protocol on the The Open Network (TON) blockchain.

The launch follows a partnership between the DeFi platform and DWF Labs, a leading digital assets market maker and top Web3 investment firm.

TON liquid staking- how it works

According to details on the bemo website, TON holders can earn passively from their tokens when they deposit TON on bemo. In return, they receive staked TON (stTON) that can be transferred or traded or put to work in the DeFi ecosystem.

Users can start staking with as low as 1 TON, which is significantly lower compared to the widely required minimum stake of 10,000 TONs on other platforms.

DWF Labs becomes first LP to stake TON

bemo noted that liquid staking services are witnessing rising investor interest as the DeFi ecosystem expands. 

Per details the bemo team shared with CoinJournal, the partnership with DWF Labs demonstrates both the commitment the teams have towards developing the TON ecosystem and the massive investment potential TON offers.

As part of its growth plans, bemo is eyeing more institutional investors and private clients. It aims to reach $100 million in TVL by the end of the year. 

Major rivals in the growing liquid staking environment are Lido (stETH), Coinbase Wrapped Staked Ether (CBETH) and Rocket Pool (rETH). The platforms each account for more than $1 billion worth of staked coins.

DWF Labs becomes the first liquidity provider to stake the Toncoin (TON) tokens on the TON network, the announcement stated.

The post bemo launches first liquid staking protocol on TON blockchain appeared first on CoinJournal.

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Cardano price prediction as volatility slips to January lows

  • Cardano’s ADA price volatility has dropped to the lowest level since January.

  • The coin’s volume has been in a strong downward trend since January 9.

Cardano price moved sideways on Tuesday as the coin’s volume retreated and volatility dropped to the lowest level since January. ADA dropped to a low of $0.3705, where it has been at in the past few days. This price gas crashed by more than 20% from the highest point this year.

Volatility and volume slips

Cardano, like other cryptocurrencies, has been in a tight range in the past few days as investors focus on the debt ceiling issues. Democrats and Republicans have disagreed on how to raise the debt ceiling ahead of the June 1 deadline.

As we wrote in this article, interest in Bitcoin and other cryptocurrencies has fallen to the lowest level in two years. Additional data shows that the volume of cryptocurrencies traded in most centralized and decentralized exchanges has been falling.

On a positive sign, the total value locked (TVL) in Cardano’s ecosystem has been growing. Data compiled by DeFi Llama shows that the TVL has jumped to $197 million, the highest level since May last year. This level is much higher than last year’s low of about $70 million.

In ADA terms, the TVL in the ecosystem has jumped to A$187 million. Most dApps in the ecosystem have seen their TVL jump in the past few weeks. They include the likes of MinSwap, Indigo, WingRiders, Liquid, and MuesliSwap among others.

There are otherr positives in Cardano, according to data compiled by IntoTheBlock. In a note, the analytics company said that the number of transactions in the ecosystem has jumped. Transaction volume rose by 205% between January and this week. Most of the users mostly engaged in Cardano are small traders with between $10 and $50.

Cardano price prediction

The daily chart shows that Cardano has been moving downwards in the past few days. It has fallen below the year-to-date high of $0.4628 to the current $0.3725. It has crossed the 50-day moving average, signaling that bears are taking over.

Most importantly, we see that the Average true Range (ATR) has crashed to the lowest level since January 8th of this year. ATR is one of the most popular indicators that measures volatility. Another important indicator shows that volume has been falling since January 9.

Therefore, the outlook of Cardano is neutral with a bearish bias. If there is a bearish breakout, the next level to watch will be at $0.2990, the lowest point on March 10.

How to buy Cardano

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Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

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The post Cardano price prediction as volatility slips to January lows appeared first on CoinJournal.