Schlagwort: crypto business

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Zilliqa (ZIL) could accelerate gains by nearly 100% before any major sell-off

Zilliqa (ZIL) has shot up massively in the last few days. The coin gained nearly 100% in one single day, and while most investors were expecting an immediate pullback, bulls just kept the coin going and going. It seems there are no sellers for ZIL, and it is likely this will remain the case for a while. Here are some pointers:

  • The recent two-week rally by ZIL has been astonishing, to say the least.

  • At one point, the coin was up 225% in just seven days before retreating slightly.

  • We do not see any sell-off pressure, and ZIL could add another 100% in the near term.

Data Source: Tradingview 

Zilliqa (ZIL) – Bulls are fully in charge

In most cases, when coins rally to the extent that ZIL has, it’s natural to expect that there will be a pullback. But don’t bet on ZIL to do this in fact, bulls are in full control right now. We expect the gains to extend further to around $0.15 before there is any loss of momentum. 

ZIL is currently trading at around $0.09. Although it has lost about 5% for the last 24 hours as some holders cash in, we expect the bullish momentum to resume. The $0.11 mark will be the most difficult for bulls to break through. 

While we expect the current ZIL momentum to rise above that, if bulls are not able to break the resistance, ZIL will fall. But this will not be a huge pullback. In fact, it will be a modest pullback to $0.08 which will still put ZIL at an all-time high in 2022.

How to play the Zilliqa (ZIL) uptrend

Well, the best play here will be to buy. As for the short-term traders, close when the price hits $0.15. For long-term investors, the risk of a major sell-off after $0.15 will increase. It would be best to see if the coin hits that mark and then track the pullback before you buy.

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Huobi Token (HT) sees modest gains after it announced plans to launch a new crypto ETF in Hong Kong

The Huobi Token (HT) reported modest gains in 24-hour intraday trading on Tuesday. This came despite reports that the exchange was planning to launch a brand-new crypto ETF in Hong Kong. The coin remained largely unchanged for most of the day. Here is what to know:

The new Crypto ETF is expected to track some of the major crypto assets

It will largely target retail investors around the world

Huobi is now seeking approval from Hong Kong authorities to get this done.

Data Source: Tradingview 

Will the new ETF have any effect on Huobi Token (HT)?

Based on how investors have so far reacted to this news, it doesn’t seem like there will be a lot of price action as a result. But this is not a small thing by any means. For so many years, ETFs have provided an easy way for retail investors who have limited knowledge of the market to invest money with minimal risk. 

If something like that can be introduced in crypto, it could bring in more retail accounts to Huobi in the long run. Besides, it will also be a nice way for Huobi to bypass restrictive laws in Hong Kong that only allow crypto assets to be sold to professional investors. The potential of this opening up the huge Chinese market for crypto traders is massive.

Is Huobi (HT) worth it?

Huobi is one of the largest crypto exchanges in Asia. The platform has however had to deal with so many restrictions over there. But we are seeing more creative ways to bypass these laws. 

If indeed the ETF will be approved, it would open up more potential for the exchange. This would then mean more fees and more revenue. Based on these details, Huobi would be a good catch for longer-term value investors.

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Why has Compound (COMP) price jumped by more than 10% today?

Compound (COMP) price has surged 10% today at a time when the majority of cryptocurrencies are bullish with the likes of Bitcoin reaching three months high.

At the time of writing, Compound was trading at $143.91 up 10.19% after a slight pullback from a daily high of $148.10.

But why is the coin price skyrocketing? This article focuses on the factors behind the current Compound rally.

What is Compound (COMP)?

In a nutshell, Compound (COMP), is the native token of Compound, a DeFi lending protocol where users can get crypto loans or earn interest by offering their crypto assets to the platform for it to lend them out to others.

Why is Compound price rising?

The two main factors being attributed to the current surge in the price of Compound coin are the recent protocol upgrade announcement and the community’s response to the announcement.

  • Announcement on protocol upgrade

After realizing that its reward distribution program has a negative effect on the COMP price, the platform has come up with a protocol upgrade that will help in the growth of the protocol instead of selling off the rewards without necessarily benefitting the existing token holders and users.

The new program kicked off by reducing the existing rewards by half and it will also probably end COMP farming though depending on how the community votes.

  • Community to embrace the new proposal

The community seems to embrace the new proposal with a majority saying that the 50% cut-off will reduce the rampant inflations that have been experienced in the network before.

There was actually a rush by investors to purchase more tokens since the majority believe that the upgrade will lead to a price hike.

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Why did WAVES price rise by 60% today?

WAVES token has shaken the entire crypto market by rallying over 60% in the last 24 hours. Its latest price surge has made it become the 32nd largest cryptocurrency by market cap surpassing Axie infinity (AXS) and Decentraland (MANA).

At the time of writing, WAVE is trading at $52.44, up 63.13% after hitting a high of $53.81 from a low of $32.12 in the last 24 hours. Additionally, WAVES rose from around $8.9 to above $50 in just seven days.

This article focuses on the forces behind the current surge in WAVES’ price.

Why is WAVES price rising?

Before getting into what is behind the price surge, it is important to first explain what WAVES is.

In a nutshell, WAVES is the native token of the Waves blockchain, which is a multipurpose blockchain platform that enables the use of smart contracts and the development of decentralized applications (DApps).

The main reason why the WAVES price is rallying is the recent launch of Waves Labs in the United States and news that it plans to hire experts.

  • Launching of Waves Labs in the U.S

In February, Waves had announced that it will be launching a new venture, Waves Labs, as its next step for the year 2022.

In a press release, the company said that Waves Lab will represent the blockchain in the United States. It will mainly focus on supporting new projects and raising funds on the blockchain

  • Hiring experts

According to verifiable reports, Waves have hired a senior leadership team with some fintech and crypto veterans like Sasha Ivanov, founder of Waves protocol, serving as the firm advisor.

Moreover, the firm is working on establishing decentralized governance that will improve its integration with other blockchains.

Waves‘ current bullish trend shows that there is a growing interest in altcoins including Solana (SOL) Terra (LUNA), and Cardano (ADA).

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Highlights: Crypto market bullish, tech stocks push Wall Street up

The crypto market as a whole is in the green with the majority of top 10 cryptos registering gains over the past 24 hours. 

US indices closed higher yesterday, with tech firms and meme stocks shining. The UK100 (-0.04%) edged lower as hopes of a breakthrough in the Russia-Ukraine peace talks faded.

Tesla Motors stock gained 8% after the carmaker revealed plans to split its stock for the second time in less than two years.  

Top cryptos

After a brief plateau, Terra is surging again, up 9% at the time of writing. Bitcoin registered small gains, trading above $47,000 at time of writing. Other cryptos went on to register some gains, including Ethereum, up around 2%, and Cardano and XRP, climbing 2% and 1%, respectively.

Almost three billion SHIB has been burned over the past week, while around half a billion was burned in 24 hours. Shiba Inu gained 5% so far today.

Top movers

Waves Labs is opening headquarters in Miami after announcing an ecosystem transformation plan in February 2022. The Waves cryptocurrency, which broke the top 50 and is now the 32nd by market cap, has gained 64% on the news.

THORSwap announced $470 million in trading volume for March with around 900% growth. THORChain gained 14% on the news. Loopring added 11%. An upcoming NFT drop is one reason.

Compound jumped approximately 14%. At the other end, Zilliqa lost 11%, reversing its spectacular recent gains over the past several days.

Trending

A new cryptocurrency inspired by Will Smith slapping Chris Rock at the Oscars, Will Smith Inu, started trading on UniSwap and PancakeSwap soon after the event. It gained 10,000% in less than 24 h. 

At the time of writing, it was trading for $0.0000000123 and had gained 38% according to Nomics data.

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