Schlagwort: crypto business

The GMX price has been in a slow recovery as investors attempt to buy the dip. The token is trading at $21, which is the highest it has been since July 3rd of this year. It has jumped by more than 120% from the lowest level in June this year. GMX has a market cap of over $168 million. 

What is GMX? 

There are primarily two main types of cryptocurrency exchanges: centralized and decentralized platforms. In the past few years, the concept of decentralized exchanges has become so popular that analysts believe that they will soon overtake centralized exchanges like Coinbase and Binance. 

GMX is a relatively small but fast-growing decentralized perpetual exchange that enables people to buy and sell crypto derivatives in just a few steps. Unlike centralized exchanges, you don’t need to register. Instead, all you need is to connect your wallet to its platform and start trading. 

Read our review of the best crypto exchanges.

GMX makes it possible for people to use leverage to maximize their crypto investments. It also has substantially lower fees than other perpetual protocols. In addition to trading, one can easily swap coins in a few steps. 

GMX uses two smart contracts that are all easily available to most users. Its main platform was built on Arbitrum, which is well-known for its low fees and high performance. It is also available on Avalanche. According to its website, GMX has helped to facilitate over $47 billion in trading volume from over 69k users. 

GMX has two tokens: GMX and GLP. GMX, the main coin, is the utility token for the ecosystem. It accrues about 30% of the total fees earned from the ecosystem. Holders earn about 21% on both Arbitrum and Avalanche. On the other hand, GLP is the liquidity provider token for the network. It accrues about 70% of its fees. 

GMX price prediction 

The hourly chart shows that the GMX token price has been in a slow upward trend in the past few days. The coin has managed to move above the ascending trendline that is shown in blue. It is also hovering around the 25-period and 50-period moving averages. 

A closer look shows that it has formed what looks like an ascending head and shoulders pattern. Therefore, we can’t rule out a situation where the GMX price makes a major pullback in the coming days. If this happens, the next key support level to watch will be at $18.

The post GMX price has staged a slow recovery. Is it still a good buy? appeared first on CoinJournal.

The Origin dollar price joined other cryptocurrencies in a strong sell-off as investors waited for the upcoming American inflation data. OGN, the network’s coin, is trading at $0.2170, which was the lowest level since June 18th. It has crashed by more than 40% from its highest point this month, bringing its total market cap to about $111 million.

What is Origin Protocol and why is it falling?

Origin Protocol is a blockchain project that is at the intersection of three well-known industries in the decentralized industry: DeFi and NFTs. 

DeFi is an industry that is attempting to change how people handle finances. Instead of using centralized companies like banks, DeFi is enabling people to use organizations backed by smart contracts. Anyone can participate in this Decentralized Autonomous Organization (DAO) by buying th OGN token.

Origin Protocol’s DeFi platform is made possible by Origin Dollar (OUSD), which is an algorithmic stablecoin. Unlike popular stablecoins like USDT and USDC, OUSD is not backed by fiat currencies. 

Like Terra UST, OUSD is an algorithmic stablecoin that aims to achieve its peg through arbitrage. According to CoinGecko, Origin Dollar has a total market cap of over $66 million, making it the 319th biggest cryptocurrency in the world.

Like Anchor Protocol, Origin’s DeFi product enables OUSD holders to earn interest by just holding the coin. At the time of writing, the coin has an APY of 12.50%, which is a higher yield than what fiat currencies like the US dollar earns. 

Origin Protocol also owns Origin Story, a platform in the NFT industry. The platform enables people to mint NFTs and sell them in the platform. They can personalize their storefronts and engage their audience easily.

The OGN price has declined recently mostly because people are worried about both the DeFi and NFT ecosystems. There are concerns about the future of the OUSD and the fact that NFT sales are falling.

Origin Protocol price prediction

The four-hour chart shows that the OGN price has been in a strong bearish trend in the past few weeks. It has managed to move below the support at $0.2365, which was the lowest level on July 1st. It has also dropped below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the oversold level.

Therefore, the Origin Protocol price will likely continue falling as sellers target the key support at $0.1900. 

The post Origin Protocol price prediction: Is it safe to buy the OGN dip? appeared first on CoinJournal.