Monat: Mai 2023

• MASK price is up by double digits today and 17% this past two weeks.
• Most of the gains have come after the team announced it had invested in The Open Network (TON) network.
• MASK price remains nearly 90% down from its all-time high of $41.45.

Mask Network (MASK), a decentralized social network seeking to bridge Web2 and Web3 apps, has seen its price increase by over 10% in the last 24 hours. The current price of MASK is $4.40.

MASK price is up more than 17% this past two weeks.

Why is the price of Mask Network (MASK) up today?

There seems to have been no particular trigger for MASK price rallying by double-digits today. However, it is likely the project’s recent announcement of an investment in The Open Network (TON) continues to boost investor confidence and aiding buying pressure.

Another reason could be the uptick seen today across the broader cryptocurrency market.

Bitcoin price traded above $27k again after it came close to dipping under $26k earlier in the week. This comes after news the US had struck a deal on its debt ceiling, and with BTC up, it’s likely the sentiment cascaded into small cap altcoins like MASK.

At the time of writing, Mask’s daily trading volume is well over $80 million, representing a 148% jump in the past 24 hours. The spike in market activity has seen Mask Network, which is ranked 110 on CoinGecko, hit a market cap of about $354 million.

MASK price prediction

Despite the gains, MASK price remains nearly 90% down from its all-time high of $41.45. The token hit the ATH February 24, 2021.

The current value is however 352% higher than the all-time low of $0.976528, hit on Oct 13, 2022 and today’s gains could, therefore, see traders seek to take profits. While this could happen, some analysts believe that the token is primed for a breakout.

Crypto analyst Captain Faibik says MASK could see a breakout as shown in the chart below shared on Twitter.

The post Mask Network (MASK) price is up 10% today: Here’s why appeared first on CoinJournal.

• LTC bulls need to break above $93, a key hurdle below the psychological level of $100.
• MATIC must reclaim $1 to target the $1.30-$1.50 range, or risk dip to $0.75.
• Elsewhere, ARB is near a key resistance level as Arbitrum price jumps 3.9% amid the market’s reaction to US debt ceiling news.

The US has reached a “tentative deal” on its debt limit crisis after a week of high uncertainty. With the news of the deal seeping through the markets, cryptocurrencies reacted slightly positively as Bitcoin and Ethereum prices rose above $27k and $1.8k respectively.

The outlook was also visible across the top 10 altcoin market, with sentiment relief showing as Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) moved up. Even then, markets remain largely weak as May comes to a close.

Here is what a respected crypto analyst has predicted for LTC, ARB and MATIC.

Litecoin price prediction: $93 key to LTC bulls

In March, LTC creator Charlie Lee offered a huge Litecoin price prediction. Pointing to the 14th ranked cryptocurrency (by market cap today), Lee said Litecoin price could rise to 0.0125 BTC in a new bull cycle. He also believed a downside for LTC could find support at 0.0025 BTC.

The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against bitcoin. In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum.

According to crypto analyst Michael van de Poppe, bulls need to break above a key resistance at $93 on the higher timeframe. The psychological $100 level would then be in sight as buyers eye a halving rally, he tweeted. 

“Many squigglies on this chart, but higher timeframe resistance is at $93. Currently, support found at $82 and a strong bounce -> weekly candle looks good. Next week breaking through $93 and the Halving rally might start.”

Polygon price prediction: MATIC needs to break above $1 again

MATIC has traded lower since March, with an attempt to flip higher running into rejection in April as price fell below $1.00 (CoinJournal highlighted the subsequent price movement here). Although it remains below the dollar, bulls might have the upper hand if they reclaim control above $0.95.

Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC has bounced well above this key area since its NFT announcement during the F1 Monaco GP. Can bulls build momentum from here?

“I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50. If that’s not the case, then short is activated and longs can be taken at $0.75,” the analyst said in reply to one of the requests for altcoin analysis.

Arbitrum price prediction: ARB is near key resistance

Arbitrum, which was trading at $1.20 and 3.9% up in the past 24 hours at the time of writing, needs to hold above the $1.18 level to give bulls an upside boost. That could aid momentum to $1.30, van de Poppe noted.

“Again, into resistance. This means, entries are available at $1.10. If it doesn’t clearly break & flip the resistance at $1.18, I’d assume shorts are triggered when falling back sub $1.18. Otherwise, long continuation trade towards $1.30.”

The post LTC, ARB and MATIC price outlook amid US debt limit “tentative” deal appeared first on CoinJournal.

• MakerDAO is considering a proposal to raise the Dai savings rate (DSR).
• This follows the last change that saw DSR increase to 1%, attracting over 35 million DAI deposits in a month.
• If approved, the latest proposal would see the DAI savings rate increase from the current rate to 3.33%.

MakerDAO, the decentralized finance (DeFi) protocol that issues the DAI stablecoin, has proposed an increase of the Dai savings rate (DSR) to 3.33%. 

The proposal comes a few months after a vote to raise the DSR to 1% from 0.6% saw over $35 million worth of the stablecoin deposited within a month. The latest change was put forward by DeFi platform Block Analitica and is subject to an Executive Vote by MKR holders. 

MKR is the governance token of the Maker lending protocol.

“The Dai Savings Rate (DSR) is a fundamental component within the Maker Protocol system, offering users the opportunity to deposit DAI and receive a consistent interest rate. This interest is accrued in real-time, accumulating from the system’s revenues,” the protocol said.

Implications for the broader DeFi ecosystem

As noted, the DSR plays a key role in MakerDAO’s monetary policy. Other than allowing platform users to earn interest on their DAI deposits, it helps in ecosystem growth with the community incentivized to mint new DAI.

The proposal to increase the DSR comes at a time when interest rates are rising in the traditional financial system.

For instance, the US Federal Reserve has raised interest rates several times in recent months as it looked to combat inflation. The change in the Dai rate also comes as yields on the US Treasury bonds spike, with the 3-month yield at around 5.29%.

Industry experts and observers say MakerDAO’s move could have broader implications for the wider DeFi market.

Primoz Kordez, the founder of Block Analitica, said raising Dai DSR to the proposed 3.33% will have ramifications across the sector as its DSR is the “benchmark for safest DeFi stablecoin yield.”

Dai rate has been low compared to other platforms such as Compound and Aave that currently offer up to 2.5% in rates for the likes of USDT, USDC and DAI. The industry should therefore brace itself for higher rates across lending protocols, stablecoins, bridges and DeFi treasuries, according to one expert.

The post MakerDAO proposal eyes new DAI savings rate of 3.33% appeared first on CoinJournal.