Kategorie: Crypto News

The Perpetual Protocol price is defying gravity even as other cryptocurrencies crash. The PERP token is trading at $0.7800, which is about 50% above the lowest level this year. The token has a market cap has jumped to more than $55 million, making it the 356th biggest coin in the world.

What is Perpetual Protocol?

Perpetual Protocol is a leading decentralized exchange (DEX) that enables people to buy and sell cryptocurrencies. It mostly focuses on perpetual futures, which are similar to other futures products but those that don’t have an expiry date. Some of its top competitors are platforms like dYdX, FTX, and BitMex.

The platform has more than $30 million in total value locked (TVL), which is lower than its all-time high of over $51 million. Unlike most exchanges, Perpetual Protocol and other derivative products have seen relatively higher volume during this crash since they allow people to make money as prices retreat.

Perpetual Protocol has made some important strides in the past few months. For example, the developers launched V2 of its platform on Optimism, one of the fastest-growing blockchain projects. This launch had some important features such as the integration with Uniswap v3, which allowed liquidity providers to employ a powerful liquidity provision strategy.

Another useful feature offered by Perpetual Protocol is Perp-Curie Arbitrageur. This opn-source product enables people to execute an arbitrage trade between Perpetual Protocol v2 and FTX. 

It is unclear why the Perpertual Protocol price is soaring. A likely reason is that investors are now buying the dip as they anticipate strong performance of the platform as volatility continues. Since there is no major news, this rally can be part of a pump and dump scheme among traders.

PERP price prediction

The four-hour chart shows that the PERP price declined to the YTD low of $0.4975 during the weekend. It has managed to bounce back and move slightly above the 25-day and 50-day moving averages. The coin remains below the important resistance level at $1, where it struggled moving below in May this year. At the same time, the MACD indicator has moved close to the neutral point. 

Therefore, in my view, I suspect that Perpetual Protocol will resume the bearish trend and retest the important support level at $0.50

The post Perpetual Protocol price prediction as PERP defies gravity appeared first on CoinJournal.

Aave has had its ups and downs over the last two months. However, during this period, the price action has largely remained below $50. Aave dropped significantly as well at the start of June. However, it has recovered and has now reclaimed several key support zones. Here are the highlights:

• AAVE has broken two resistance zones in recent days.

• The coin smashed past $61.25 and went on to also surge past $70.56.

• Aave has also seen gains of 20% over the last 24 hours.

Data Source: TradingView 

Why Aave’s momentum is strong?

Although in general, the crypto market has rebounded, Aave has just shot up. Aggregated gains over a 7-day period are now at 17%, one of the highest in the top 50 cryptocurrencies. But the bullish breakout appears to have a lot of room to run. 

The coin is now above two critical support zones. We expect this run to continue and eventually settle above $80. After that, Aave will likely pull back slightly. But it will not lose the $60 support, at least not any time soon. The surge in Aave also comes against the backdrop of improving conditions in the market. 

It seems investors are now growing confident that the US Fed and other major central banks are serious about tackling inflation. But despite this, there are still several economic risks at play that could sip capital out of the crypto market. 

For now, it seems Aave is recovering some of the major losses seen last week. The coin will however need to break above $100 to erase the June collapse.

Can Aave hit $100?

At the end of May, AAVE was well above $100. But weakness in the market has put so much pressure on the DeFi token. 

We don’t see it regaining $100 in the near term. In fact, a practical trading range over the coming few weeks will be between $60 and $80.

The post Aave jumps 20% in a steady bullish reversal appeared first on CoinJournal.

VeChain announced today that its long-awaited VIP-220 feature has finally gone live. The feature is seen as a huge step in VeChain’s effort to achieve the Proof of Authority 2.0 consensus. It is a step closer to making the chain more efficient and less costly compared to other competitors. Here are some of the highlights:

• VIP-220 began testing on a private test net today

• The news did not have any big impact on the price, with VET seeing a modest 5% rise.

• But VIP-220 is huge for the long-term success of VeChain.

Data Source: TradingView 

What will VIP-220 do for VeChain?

VIP-220 is the last part of VeChain’s proof of Authority 2.0 consensus. So far, the first two components which include verified randomness or VRF have already been launched. VeChain is simply getting closer to deploying an elaborate PoA with a small number of validators. 

PoA is seen as an innovative way to scale blockchains, reduce fees, and create a green and energy-efficient decentralized future. Also, VeChain is expected to integrate advanced data security tools to ensure user info is protected. With PoA, the mass adoption of blockchain technology could finally become a reality. 

This will put the chain and its native token VET on the cusp of great success. For now, this news hasn’t really moved VET’s price that much. The coin was in fact up by just 5% at press time. But from a long-term point of view, it’s definitely worth noting.

Why VeChain is not surging

The on-chain news we have seen today should be enough to get VeChain to surge by at least 10%. However, this has not happened and is largely down to the uncertainty in the market. 

For now, many investors are just watching to see how the market will play out. Underlying fundamentals are taking a back seat in favor of overall sentiment.

The post VeChain surges modestly despite major chain update appeared first on CoinJournal.