Mit seinem Rückzieher bei Twitter hat Elon Musk nicht nur dem sozialen Netzwerk geschadet, sondern auch den Dogecoin ein wichtiges Kursziel verpassen lassen.
STEPN underperforms despite introducing quarterly buyback and burn
The cryptocurrency market has been underperforming over the last 48 hours.
The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours, with the major coins currently trading in the red zone. The total market cap currently stands at around $870 billion.
Bitcoin, the world’s leading cryptocurrency, continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Meanwhile, Ether has maintained its price above $1,000 despite losing 2% of its value today.
GMT, the native token of the STEPN walk-to-earn ecosystem, has lost more than 3% of its value in the last 24 hours. This latest development comes despite STEPN announcing two major updates in the last few hours.
On Tuesday, STEPN revealed that it generated $122.5 million in profits through its platform fees in the second quarter. As a result, STEPN will use 5% of the profits to initiate a Q2 GMT buyback and burn program.
STEPN also introduced a new feature called Health Points (HP) earlier today. The team added that the HP attribute would be displayed in the Sneaker’s background in the form of a capsule.
Key levels to watch
The GMT/USD 4-hour chart is bearish as STEPN has been underperforming over the last 24 hours.
The MACD line is below the neutral zone, indicating bearish momentum. The 14-day relative strength index of 37 shows that GMT could soon enter the oversold region if the bears remain in control.
At press time, GMT is trading at $0.83 per coin. GMT could slip below the $0.731 support level before the end of the day. In the event of an extended bearish performance, GMT could lose its second major support level at around $0.66.
The post STEPN underperforms despite introducing quarterly buyback and burn appeared first on CoinJournal.
Why is Decred up by more than 11% in the last 24 hours?
The cryptocurrency market has underperformed for the second-consecutive day this week.
The cryptocurrency market has continued its poor performance this week. The total market cap is down by nearly 2% in the last 24 hours and currently stands around $870 billion.
If the bearish trend continues, the total market cap could slip below the $850 billion mark soon.
Bitcoin continues to trade below the $20k mark after losing more than 2% of its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, has maintained its price above $1,000 despite losing 2% of its value today.
However, DCR, the native token of the Decred ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. DCR has added more than 11% to its value over the past few hours.
At the moment, there is no catalyst behind DCR’s ongoing rally. It has outperformed the other major cryptocurrencies and the broader cryptocurrency market over the past 24 hours.
Key levels to watch
The DCR/USD 4-hour chart has turned bullish as Decred has been performing excellently over the past 24 hours. The technical indicators show that it is outperforming the broader crypto market.
The MACD line has crossed into the positive zone as DCR has been performing well so far today. The 14-day relative strength index of 69 shows that DCR could enter the overbought region if the rally continues.
At press time, DCR is trading at $24.46 per coin. If the rally continues, it could surge past the first major resistance level at $27.49 before the end of the day. However, it would need the support of the broader crypto market to move past the $30 resistance point.
The bear market is still in play, and DCR could slip below the $21 support level over the coming hours. However, DCR should comfortably defend its price above $19 in the short term.
The post Why is Decred up by more than 11% in the last 24 hours? appeared first on CoinJournal.
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