The DEX has witnessed increased activity in November
GMX broke from consolidation and is a buy on a retracement
GMX token (GMX/USD) has doubled in price. Trading at just $25 on November 10, the cryptocurrency touched a high of $59 on December 2. The gains come amid an influx of investors post-FTX collapse. As of press time, GMX was trading at $56.
The collapse of the FTX exchange fueled demand for decentralised exchanges or DEX. Among the DEXs that became popular were GMX and Uniswap. Both platforms saw increased investors’ interest, fueling gains in the native tokens. Yet, on November 28, GMX saw $1.15 million in daily trading fees. The fees surpassed those earned by Uniswap for the first time in history. That underlined that investors look at the lesser-known DEX as a serious rival to Uniswap.
Market analyst Zen commented on the recent performance of GMX compared to Uniswap. The market analyst says GMX’s performance stems from investors receiving favourable trading fees of about 30%. Users on Uniswap do not get shares from the protocol’s trading fees. Zen says that GMX is a buy-and-hold in the bear market. He also lauds the platform as being the second-highest platform consistently after Uniswap.
Technically, GMX broke above a resistance at $49. The cryptocurrency has also been trading on an ascending channel, now invalidated as the price broke out on the upper band.
An RSI reading of 70 suggests that GMX is entering overbought levels. The cryptocurrency is also facing minor resistance, and a correction could occur before the next bull leg.
When to buy GMX?
A breakout at the crucial resistance and strong fundamentals supports buying GMX. However, from the price action and indicators, GMX could be due for a correction.
A potential price retracement towards $49 is on the horizon. Investors should take advantage of a correction and buy lower.
JasmyCoin has recovered by double digits in a week
The token has hit a descending trendline
JASMY could correct in line with the longer-term bearish momentum
JasmyCoin (JASMY/USD) saw rising trading volumes on Friday amid a mixed cryptocurrencies trading. The token, ranked lowly at #543 on CoinMarketCap, has witnessed a 13% surge in the past week. The weekly gains now take bulls to an important level that would determine if investors will see further gains.
JASMY is the native token of the Internet of Things’ Tokyo-based firm Jasmy Corporation. The company enables the buying and selling of data by connecting service providers and users. From the decentralisation perspective, the Jasmy platform allows users complete control of their personal information. This is enabled by enabling IoT through blockchain technology. In short, Jasmy aims to provide a platform where users can freely, easily, and safely move data.
JASMY saw increased interest in 2021 at the height of the crypto boom. It has since crashed and trades at just $0.004. The price compares to a high of $0.35 in November 2021 – a significantly depressed price level. With the renewed gains, how far can this token go?
JASMY meets resistance at the descending trendline
The technical outlook shows that JASMY has met resistance at the descending trendline and 50-day MA. Since August, JASMY has always been rejected at the descending trendline. Although bulls are attempting a break above the 50-day MA, they are under bear pressure.
The MACD indicator shows improving momentum for JASMY. Nonetheless, we see that the token has always corrected anytime the MACD has approached the neutral level since August.
What next for JASMY?
The bear momentum is in place for JasmyCoin despite the weekly recoveries. To buy the cryptocurrency, wait for the price to break above the descending trendline or the 50-day MA.
The bullish expectation could be invalidated if the past price action of the cryptocurrency repeats itself. Bulls should keep off for now until the cryptocurrencies sentiment improves.
Where to buy JASMY
Coinbase
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.
With a prolonged bear market, cryptocurrency bulls may face difficulties in generating sustainable profits. But have you ever thought about staking? Staking is when you lock up your digital assets on exchanges to earn interest or reward. Even when the price is low, you can make money through staking. More so, at the low valuations of most tokens, you can get more at a lower price. Here are cryptocurrencies trading at or below $1 you can stake.
Cardano
Cardano (ADA/USD) is one of the best tokens to stake under $1. The cryptocurrency trades at $0.3 after a prolonged crypto winter. However, with the recent Vasil upgrade, Cardano is a top contender as one of the best blockchains around. As more entities join the network, Cardano will continue to grow, and the staking feature will become more popular.
You can effectively stake on Cardano through a staking pool. Staking on centralised exchanges like Binance allows users to lock their digital assets at different time frames. Users can also run their staking pool.
Where to buy ADA
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.
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.
Trading at just $1, staking on Tezos (XTZ/USD) can generate passive income in a bear market. Tezos is an open-source smart contract protocol. Users can generate new digital assets and dApps on Tezos.
Staking on Tezos gives the user an annual yield of around 3%, less the validators’ fees. The rate changes depending on varying criteria. After you delegate the tokens to a staking pool, it will take about five weeks to receive the first reward. After that, the rewards are received around every 3 days.
Where to buy XTZ
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.
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.
Algorand is regarded as a Pure Proof of Stake (PPoS) protocol. It uses the Byzantine consensus and adopts a more egalitarian approach compared to the PoS systems. The protocol does not fork, yet it is known for immediate transactions.
Algorand’s native token ALGO price is just $0.24, and staking it presents limited restrictions. From as low as one ALGO, you can get started on Algorand. The staking rewards depend on how long you delegate your assets.
Where to buy ALGO
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.
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.
In a nutshell, there are numerous cryptocurrencies you can stake at or below $1. The list above is not exhaustive but offers some of the most sound tokens you can start for your staking journey.
The launch of an NFT marketplace and expected staking feature is boosting the token.
Further recoveries will depend on whether a breakout will occur at $4.2.
ApeCoin (APE/USD) has risen by double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost an intraday 0.78% as it hit a crucial resistance. The recent launch of an NFT marketplace has been fueling gains alongside an expected staking interface.
Staking allows users to lock their crypto tokens to a protocol to earn rewards. By staking, users contribute towards the stability of the ecosystem. Beginning December 05, APE staking will go live and pave the way for a pre-deposit. APE holders will start to earn rewards on December 12. The announcement, made on November 23 by Horizen Labs, however, raised criticism over the locking out of users in some territories, including the US. Regulatory concerns were cited as the reason for blocking them.
Nonetheless, investors could be accumulating APE ahead of the crucial December date. Should this turn out to be a bullish trigger, APE would break out and overcome a prolonged downside. It is still too early to speculate, as we have seen cryptocurrencies reacting ahead of major developments. With that in mind, keeping a tab on the technical side of APE trading would help.
The long-term technical outlook is bearish for APE. The token’s price is testing the resistance at $4.2, and momentum has weakened slightly. The resistance lies in the same zone as the long-term descending trendline.
The MACD indicator has turned bullish and shows momentum is building for APE. The RSI is above the midpoint, indicating that the buyers remain in control.
Should you buy APE?
A breakout at $4.2 or the descending trendline would be needed before buying APE. A successful breakout would take the token to $5 and potentially above $6.
If the breakout fails at $4.2, APE could witness consolidation below the crucial resistance.
Where to buy APE
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.
Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.
Fantom token has recovered by 28% in the last seven days
Developments around Fantom asset base have boosted the cryptocurrency
FTM has hit a descending trendline and could correct
Fantom (FTM/USD) trades at $0.24 as of press time, its highest level in nearly a month. The cryptocurrency has risen by 28% in the past week, a robust recovery since it bottomed at $0.17. The gains come amid positive cryptocurrency news.
The latest FTM gains came as reports suggested that the Fantom Foundation earns consistent profits. According to the financial records dated November 28, Fantom was generating more than $10 million annually. The reports also indicated that Fantom could have about $340 million worth of digital assets. The assets could last 30 years without the foundation having to sell its stash of FTM tokens.
With many crypto firms and exchanges under a liquidity crunch, the records of Fantom boosted investors’ confidence. Addresses holding Fantom tokens saw a strong increase in November from the smallest to the largest investors. The accumulation suggests that investors anticipate a recovery in the cryptocurrency’s price, which has lost 93% from its ATH. But can buyers sustain the recovery?
Technically, the Fantom token has recovered above crucial support at $0.20. The recovery has seen the cryptocurrency move above the moving averages. However, the token remains trapped by a long-term descending trendline.
The RSI reading shows that FTM is nearing overbought levels at the descending trendline. A possible correction could occur before buyers have a chance to break the crucial barrier.
What next for FTM?
A breakout above the descending trendline will confirm further gains in Fantom token. A breakout will allow buyers to ride to $0.30 next and $0.40.
On the flip side, FTM will be rejected at the descending trendline. That will allow bears to force a correction back to $0.20. However, with growing FTM accumulation, buyers may crave another chance to break above the descending trendline.
Where to buy FTM
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.
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.
