LDO is one of the best performers amongst the top 50 cryptocurrencies by market cap over the past seven days.
Lido DAO rallied by 20% in the last seven days but is slowly retracing.
The token’s rally comes after the Lido v2 mainnet launch.
LDO outperforms the other major cryptocurrencies
LDO, the native token of the Lido DAO, is the best performer amongst the top 50 cryptocurrencies by market cap over the past seven days.
The token added 20% to its value over the past few days despite the poor performance of the broader cryptocurrency market.
The rally was majorly fueled by the mainnet launch of Lido V2. Lido V2 enables Ethereum stakers to burn their stETH (staked ETH) and exit the protocol at a 1:1 ratio.
Another major catalyst behind this latest price rally is the return of depositors to the Ethereum network following the Shapella upgrade. As an Ethereum liquid staking platform, it is not surprising that Lido DAO has seen a surge in transactions over the past few weeks.
Lido DAO enables users to pool their funds to become validators on Ethereum. This allows investors to bypass the Ethereum network’s requirement of depositing at least 32 ETH.
What next for LDO?
Following its rally, what next for LDO? At press time, LDO is trading at $2.26 per coin, up by more than 4% over the past 24 hours.
However, LDO’s rally comes as the broader cryptocurrency market continues to underperform. If the fundamentals of the broader crypto don’t improve, LDO could retrace some of its profits.
LDO could test the $1.92 support level in the near term if the bearish trend in the market persists. However, if the bulls continue to be in control, LDO could rally toward the $2.5 resistance level over the next few hours or days.
Oasis Network will have a token unlock event on 18th May of this year.
The network will unlock tokens worth $10.7 million, equivalent to 2% of all tokens.
Oasis Network’s ROSE token moved sideways this week ahead of a major event in its ecosystem. ROSE was trading at $0.053, where it has been in the past few days. This price is about 11% above the lowest level this month.
Oasis Network token unlock
Oasis Network is a blockchain project that focuses on privacy in decentralized applications (dApps). It is an Ethereum rival that has lower transaction costs and faster speeds. As part of its ecosystem growth, Oasis has launched a $235 million ecosystem fund that makes it possible for people to build decentralized apps.
According to DeFi Llama, Oasis Network has a total value locked (TVL) of more than $6.8 million, which is lower than its all-time high of more than $250 million. In ROSE terms, the network has a TVL of over R123 million. The top dApps in Oasis Network are Fountain Protocol, YuzuSwap, and Lizard among others.
The challenge for Oasis is that it is facing substantial competition in the industry. Some of the top competitors are blockchains like Arbitrum, Ethereum, and Solana.
The most important Oasis Network news this week is the upcoming token unlocks. A token unlock happens when a blockchain releases some of its locked tokens to the market. It happens in a certain period that is pre-determined before the airdrop.
Oasis Network will unlock 199.5 million of ROSE tokens valued at over $10.7 million. That amount is equivalent to about 2% of the total tokens.
Today, there are 5.07 billion tokens in circulation. The number of unlocked tokens stands at over 2.58 billion tokens. If the program works, the total tokens will be unlocked in 2031. In most periods, tokens tend to drop before a major token unlock.
ROSE price prediction
The 4H chart shows that the Oasis Network token has been in a strong bearish trend in the past few weeks. It has already moved below the important support level at $0.057, the lowest level on April 26. This week, the pair has risen slightly and formed a symmetrical triangle pattern that is shown in blue.
The Relative Strength Index (RSI) has moved from the oversold level of 20.15 to above the neutral point. Therefore, there is a likelihood that the token will have a bearish breakout as sellers target this month’s low of $0.048.
How to buy Oasis Network
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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.
Riot Platforms reported strong results for its Q1 last week.
HCW analyst raised his PT on Riot Platforms stock today.
Mike Colonnese explained his bullish view in a research note.
Shares of Riot Platforms Inc have already more than tripled this year but an H.C. Wainwright analyst says further upside will unravel moving forward.
Riot Platforms stock has upside to $13.50
On Monday, Mike Colonnese reiterated his buy rating on the bitcoin miner and raised his price target to $13.50 a share – up another 22% from here.
His bullish note on Riot Platforms stock arrives only days after the company said a number of its key operating metrics, including hash rate, pushed to a record high in its first quarter.
With strong balance sheet and significant runway for future mining expansion, RIOT is well positioned to outpace growth of network hash rate over the next year.
Riot sees its aggregate hash rate to climb from 10.5 EH/s in Q1 to 12.5 EH/s in the back half of 2023.
Riot Platforms revenue was up 22% sequentially
At $73 million, the Nasdaq-listed firm came in shy of consensus estimates for revenue in its recently concluded quarter.
But the HCW analyst remains constructive on Riot Platforms stock since the revenue still represented a whopping 22% sequential growth. His research note also said:
A premium is warranted given Riot Platforms’ industry leading operating capacity, low electricity costs, and strong balance sheet.
Other notable figures in the company’s earnings release include a 51% year-on-year increase in bitcoin produced and mining margins that more than doubled versus the previous quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s price target) once this year.
Cryptocurrency investors were thrilled to find out that the industry bounced strongly in 2023. In the first quarter, all leading cryptocurrencies rallied, led by Bitcoin.
XRP/USD rallied too. It traded as low as $0.3 in the early days of 2023 and almost doubled by the end of the first quarter.
A combination of prolonged dollar weakness and enthusiasm in the crypto universe was responsible for the rally. Also, the Federal Reserve played with the idea of pausing the interest rate hikes as inflation cooled down.
But instead of the dollar weakness continuing, it stopped. Moreover, the trend reversed, and the dollar rallied so far in the second quarter.
And what markets corrected the most? The ones that rallied the most, such as the cryptocurrency market.
XRP/USD in danger of breaking the $0.3 support area
The technical picture looks increasingly worrying for XRP/USD. Despite the Q1 2023 rally, XRP/USD still moves with a bearish tone.
It appears the rally was nothing but a bear market rally, given the bearish channel remained intact. In fact, the market failed right where it was supposed to – at resistance offered by previous support.
Should the market break below the bearish channel (i.e., below $0.3), the projected measured move points to continued weakness toward the $0.2 area. In that case, the bearish channel is nothing but a continuation pattern in a bearish market that started with a double top pattern in late 2021.
All in all, for bulls to still hope, the market must hold inside the channel. Another attempt to the $0.6 resistance area would be desirable, but one should not discount the increased possibility of breaking below $0.3 and the bearish implications of such a move.
Cryptocurrency prices dived sharply this week partly because of Bitcoin’s congestion.
KAVA, a DeFi-yielding protocol, was one of the best performing tokens.
Cryptocurrency prices had a tough week as concerns about the industry continued. Bitcoin dropped below $27,000 while the total market cap of all digital currencies crashed to $1.10 trillion. Further, meme coins like Pepe, Milady Meme Coin, Mrs Pepe, and Pepe AI have also plunged in the past few days. This crypto price prediction will look at Kava, Render Token, ad Cardano.
Kava price prediction
Kava price has been one of the best-performing cryptocurrencies this week. It jumped to a high of $0.9353, the highest point since April 19th. On the 4H chart, it has moved above the 38.2% retracement level.
Kava has also jumped above the 25-period and 50-period exponential moving averages (EMA) while the Relative Strength Index (RSI) and the MACD have risen sharply.
Therefore, the outlook for the Kava token is bullish, with the next key resistance level to watch will be at $1. This view will be confirmed if it moves above the key resistance point at $0.96, the highest point in April. The stop-loss for this trade will be at $0.84, the lowest point on Friday.
How to buy Kava
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
Render Token price jumped sharply in April as investors cheered the vote to migrate it to Solana. This month, however, the token has pulled back and fallen by 34% from its highest point level. Render has moved to the 50% retracement level and dropped below the 25-day and 50-day exponential moving averages.
RNDR also retested the key support level at $1.6100, the lowest point on April 21st. Therefore, while the token has bounced back modestly in the past few days, I suspect that the bearish trend will resume as sellers target the key support at $1.400.
How to buy RNDR
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Cardano, like other major cryptocurrencies, has been in a steep bearish trend in the past few weeks. The sell-off intensified on April 20th after the coin moved below the lower side of the ascending channel shown in red. It has also moved below the 25-period and 50-period exponential moving averages and the support at $0.3786, the lowest point on April 25.
Therefore, I suspect that ADA price is about to rebound and retest the resistance at $0.3786 and then resume the bearish trend. More downside will be confirmed if the price moves below the support at $0.3500, the lowest point this week.
How to buy Cardano
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
