Schlagwort: crypto business

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Stacks price relentless bull run gains steam: is it still a buy?

  • Stacks is a leading blockchain project that seeks to grow Bitcoin’s utility.

  • STX price has surged hard after the successful launch of Ordinals.

  • It has become extremely overbought signaling a pullback is imminent.

Stacks, a small but fast-growing blockchain project, has become one of the best-performing cryptocurrencies in March. STX, its token, has soared to a high of $0.9800, the highest point since May 2022. It has jumped in the past three straight weeks and by 372% from its lowest point this year.

The main reason for the recent Stacks price surge is the ongoing bets of Ordinals, a Bitcoin NFT platform. Its launch, which has been highly successful, has led many analysts to predict that Bitcoin use case will become more pronounced in the coming years.

For many years, Bitcoin has always had little utility, unlike other blockchains like Ethereum and Internet Computer. This happened simply because Bitcoin does not have smart contract features. As such, it is not possible to build on top of Bitcoin. 

Stacks is one of the biggest blockchains that seeks to provide more utility for Bitcoin. Its technology makes it possible for developers to build dApps in all industries, including DeFi and Non-Fungible Tokens (NFTs). 

Stacks uses the proof-of-transfer mechanism that connects it and Bitcoin. It also has other features that make Bitcoin more programmable and productive. So, how high can STX price jump?

Stacks price prediction

STX chart by TradingView

The daily chart shows that the STX price has been in a strong bullish trend in the past few months. It managed to cross the important resistance point at $0.5237, the highest point on August 8. 

It has jumped to the highest point since May last year and moved above the 50-day and 100-day moving averages while the Relative Strength Index (RSI) has moved to the extreme overbought level. The Stochastic Oscillator has also become extremely overbought. Stacks has also moved to the important resistance point at $1.

Therefore, it seems like STX has more bullish upside in the near term. However, with its price being extremely overbought, there is a possibility that a pullback will happen soon. If this happens, the coin will retreat to the next key support to watch will be at $0.5237, which is about 46% below the current level.

Such a retreat will be part of a break and retest pattern. In price action analysis, such a pattern is usually more bullish in the near term. 

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Lido Finance triggers “staking rate limit” after 150K+ ETH gets staked in a day

  • The highly anticipated Ethereum Shanghai upgrade is only days away now.
  • The Shanghai upgrade is causing a lot of activity on Lido finance.
  • The “staking rate limit” was activated after the daily staking limit of 150,000 Ether was reached.

As reported in our earlier news, the Lido Finance protocol is witnessing a surge in activity amid the upcoming Ethereum Shanghai/Capella upgrade. The rise in activity mainly attributed to increasing ETH staking has consequently caused the price of Lido Dao (LDO), the native token of Lido Finance, to hike considerably over the past few days.

At press time, LDO was trading at around $3.09, up 4.09% in the past 24 hours.

“Staking Rate Limit” activation

Lido Finance had to activate its “Staking Rate Limit” safety feature after over 150,000 ETH tokens were staked in a single day on February 25. According to a tweet by Lido:

“Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked.  Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.”

Lookonchain, a keen on-chain analyst, shared a screenshot that showed that the 150,100 ETH could have been made by a single user, with three deposits of 50,000 ETH each, and one of 100 ETH.

As a liquid staking protocol, Lido Finance allows users to stake Ether (ETH) without needing to lock their tokens, as with most crypto staking platforms. When a user deposits ETH on Lido, he/she is issued with a liquid variant of the deposited ETH, called staked ETH (stETH). The stETH entitled the users to daily staking rewards.

How the rate limit will work

In a guide, Lido Finance stated that the “Staking Rate Limit” acts as a “safety valve” and it aims at limiting the amount of stETH that can be minted during high inflow times so as to mitigate ill side effects like rewards dilution.

In the guide, Liod states that the “Staking Rate Limit”:

“Works by decreasing how much total stETH can be minted at any one time based on recent deposits, and then replenishing this capacity on a block-by-block basis.”

The replenishing capacity is capped at the rate of 6,200 Ethereum ETH per hour.

More than $9.162 billion ETH has been staked with Lido Finance as of February 27, according to the protocol’s website. The amount of staked ETH on the protocol has increased by almost $4 billion since the beginning of the year.

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Binance Coin price analysis: BNB bulls need to strengthen above $300

  • Binance Coin price is around $304, just in the green over the 24-hour time frame.
  • BNB recently rejected from the $340 resistance area.
  • Bears could target $260 if they take control below the psychologically important $300 level.

Most coins are flat as bulls find it difficult to get bears off their backs, with the total crypto market just 1.2% up in the past 24 hours at $1.12 trillion.

The outlook has Binance Coin hovering around $304 after a slight bounce off lows of $297. Binance’s native coin is indeed in the red this past week at -3.6%. 

The latest downturn for the BNB value also has it just in negative territory over the monthly time frame.

BNB price analysis: Why is $300 key for bulls?

Binance Coin price broke out from below a key horizontal resistance line at the beginning of the year and today’s bounce from under $300 is indicative of resilience. However, bulls have not had a strong move since the failed breakout and the rejection around $340.

Before the huge FTX-triggered declines in November 2022, BNB had rejected from the horizontal line twice. 

Binance Coin price chart. Source: TradingView

While sideways trading has characterized the last few weeks, the breakdown from the identified resistance has BNB poised near the psychologically important $300. This area is very important to bulls, given the potential for market sentiment to inject volatility in the short-term.

Also, the 50 and 200 day moving averages (EMAs) are key levels to watch. If bears take the upper hand at this zone, its over for bulls as the next major support area would be around $260.

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Voyager is liquidating assets, including 2.2 trillion SHIB: report

  • Voyager reportedly received $100 million in USDC since 24 February.
  • Crypto assets sold include 2.24 trillion Shiba Inu and over 15,600 Ether.
  • Voyager filed for Chapter 11 bankruptcy in July 2022.

Voyager Digital, the crypto lender that filed for bankruptcy in July 2022 amid broader market contagion, has reportedly been selling some of its assets.

Per on-chain data shared by Lookonchain, the Voyager team has recently sold digital assets through US-based cryptocurrency exchange Coinbase. The company is said to have received roughly $100 million in the USD Coin (USDC) stablecoin for sales of tokens such as Shiba Inu, Ethereum and the native Voyager Token.

Voyager has sold over $100 million in multiple crypto assets

As reported by Lookonchain, Voyager started receiving the USDC on 24 February 2023, with the sales having begun on 14 February. 

The tokens sent to Coinbase include 2.24 trillion Shiba Inu (SHIB) worth $28 million, 15,635 Ether (ETH) worth $25 million and 640,000 Chainlink (LINK) worth over $4.74 million.

Voyager has reportedly also sold 28.5 million of its native token VGX for $12.85 million, 350,000 Uniswap (UNI) for $2.28 million and 3.26 million of Decentraland (MANA) worth $2.15 million. In total, Voyager sold tokens daily, with about 23 crypto assets sent to Coinbase exchange, the on-chain sleuth noted.

As of 25 February, Voyager held roughly $631 million in crypto, including over 172,000 ETH worth about $276 million, $186 million in USDC and over 6.5 trillion SHIB worth about $81 million.

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BTC and ETH hold onto support as VC exec maintains bullish prediction

  • Chris Burniske says Ethereum could outperform Bitcoin in March due to the Shanghai upgrade.
  • Burniske is a partner at crypto-focused VC Placeholder and formerly of ARK Invest (crypto division).
  • According to the investor, pullbacks are likely to remain “within current uptrend.”

Chris Burniske, partner at venture capital firm Placeholder and former head of crypto ARK Invest, is bullish on crypto going into March.

The investor believes the recent flip in sentiment has not resulted in deeper rot for major cryptocurrencies, despite the weakness seen across stocks amid investor anxiety over interest rates.

In a tweet posted this weekend, Burniske said the outlook is mostly bullish as recent pullbacks have been largely mild.

“From where I sit, I’m surprised crypto hasn’t pulled back more given weakness in equities and upward repricing in rates — bullish,” he noted.

Ex-ARK Invest head of crypto shares Ethereum and Bitcoin price predictions

Bitcoin and Ethereum have both retreated from year-to-date highs, from above $25k and $1.7k respectively. 

As noted above, the leading digital assets by market capitalization have given up the recent gains amid continued jitters over US inflation data. Buy-side volume has also tanked on shifting sentiment around the regulatory environment in the United States returned sell-off pressure across the markets.  

But while Bitcoin has retraced to support around $23,000 and Ethereum continues to hover around $1,600, the crypto bull says any further losses in the short term are likely to be “within the current uptrend.”

“To those saying some version of “just wait,” sure we could pull back a bit more, but calls for new lows anytime soon are silly. Pullbacks are consolidation within the current uptrend, imo,” the investor added.

In terms of price prediction for the top two coins, Burniske thinks Ethereum will outperform Bitcoin in March. According to him, ETH is likely to gain fresh momentum from the highly anticipated Shanghai upgrade, which is expected to drive staking flows. 

The outlook is supported by on-chain data, which shows new value sent to the ETH 2.0 deposit contract continues to rise. 

Crypto analytics firm Santiment recently shared a chart showing that the number of newly staked coins rose a 5-month high count earlier this week.

The post BTC and ETH hold onto support as VC exec maintains bullish prediction appeared first on CoinJournal.