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Uniswap sellers pause but RSI develops bearish divergence

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Cryptocurrencies have experienced higher volatility since the bear took over. For example, the price of the nascent cryptocurrency Bitcoin dropped to $18,363 on October 13 and has since fallen back to $19,354 today. Unlike other major coins that are creeping in, Uniswap’s original token, UNI, represents higher gains. Despite its price I touched $5.50 when BTC fell on Thursday, UNI added over 14% after today and reached a high of $6.49.

At the time of writing, the value of the token is hovering around $6.20, up 0.96% in the last 24 hours. Uniswap market capitalization is also pointing to an upward trend, which indicates that the crypto winter is beginning to ignore the project. Its capitalization increased to $4.70 billion, which is an increase of 0.24%.

MACD line for financial indicators and RSI indicates bearish divergence

In line with our daily price analysis, the UNI Index against the US Dollar is showing an upward trend ahead. The price action forms a high/low pattern that indicates an upward trend for the coin. As recent price action shows, investors missed no opportunity and called all swing lows. Similarly, Uniswap ended the retracement phase below $5 last week and now appears to be finding resistance above this. The expected price range for the token in October remains between $5.3 and $7.

Contrary to positive events within the UNI network, the Moving Average Convergence/Difference (MACD) line, an oscillator used to indicate market trends, is currently pointing towards the bearish signal of the coin and is crossing the line. Similarly, the Relative Strength Index (RSI) is showing a bearish divergence as its top continues to decline towards the 50 region.

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UNI is currently trading at $6.15. | Source: UNIUSD price chart from TradingView.com

Uniswap to publish to zkSync for cheaper fees and improved security

UNI is the governance token of the Uniswap decentralized exchange, which allows users to trade and sell cryptocurrencies using smart contracts. Users and organizations seem to be pushing for privacy in the sector, which leads to adoption and positively affects pricing. For example, on Wednesday, October 12, 2022, the Coin Center, a research center specializing in cryptocurrency, filed a lawsuit against the Office of Foreign Assets Control (OFAC). About the restrictions on Tornado Cash, a privacy mixing tool (Decentralized Crypto Acrobat). In contrast, almost the entire market reacted by turning green as the news spread.

Notably, today’s announcement of Uniswap could become a catalyst for a price increase of the token. Exchange his Uniswap announce To build on zkSync to improve privacy and security.

zkSync uses a new technology, also known as ZK Rollups, to enable faster transactions at the lowest cost of gas. The company decided to publish a privacy-focused second tier after completing a governance vote. Offering a minimum fee without compromising security will attract more users and speed up network activity.

zkSync’s parent company, Matter Labs, has commented that the move will join new users. Moreover, the lower network fees compared to Ethereum will make the platform more attractive. The company noticed in the current situation;

There is great value in Uniswap being available on an EVM-compliant ZK Rollup. Deploying zkSync early helps solidify Uniswap’s place as the premier DEX and thought leader.

Therefore, with the launch of zkSynce on the mainnet over the next six weeks, investor portfolios may benefit from the growth of the project. In addition, the token may enjoy resistance above $7 in the coming days, which is difficult for investors to manage.

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Featured image from Pixabay and chart from TradingView.com

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Cryptocurrency

Cake does not look delicious to investors despite the progress of the network

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Recently, PancakeSwap worked with Hashflow to offer HFT payouts on their staking platform. The tweet notes that this will make it possible for someone to “farm” HFT tokens to make a profit using PancakeSwap.

For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is the norm in the DeFi community.

Let’s take a quick look at Cake’s recent performance:

  • Overall, DEX is making great strides
  • When compared to its risks, CAKE’s volatile price and low yield make it unattractive
  • If a bearish breach occurs, the price could drop below $3.575

PancakeSwap’s positive developments don’t end here. DEX made headlines in October when it offered its community to switch from BNB chain to Aptos mainnet. The vast majority of the local population responded positively to this plan.

In contrast, CAKE, the native currency of PancakeSwap, is Struggle. From what we can tell, CAKE is on an upward trend, but a monthly pessimistic commentary overshadows the positive picture.

Not attracting potential funders enough?

CAKE might be a nice asset, but it’s currently performing poorly. After dropping sharply due to the demise of FTX, the price is now only fluctuating sideways.

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The coin has since recovered, with the latest support at $3,943. Its price fluctuates between $4,433 and $3,575 per share.

Chart - TradingView

As a symbol, my path scales Likewise, it does not look particularly attractive. The Sharpe ratio is -1.96, which indicates a discrepancy between the risk inherent in the asset and the return on investment. Asset volatility is at its highest level since June.

Technical indicators are a mixed group of neutral and bullish indicators. With an R-value of 0.22, the regression analysis indicates that the sideways trend will continue.

The RSI is rising, which may indicate a price increase in the near term.

Can cake ever be delicious again?

The unexpected stability of the Bollinger Band increases the sideways price movement.

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Since most moving averages, including the EMA bar, show strong sell signals, moving averages pose a problem.

The support at $3.93 is undoubtedly strong, as the red candle currently has a longer bottom wick as a sign of strength. However, the ascending triangle formation will provide some support for the bears.

If the bears gain momentum and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.

CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com

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Russia’s Sber Bank integrates Metamask into its blockchain platform

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Russia’s largest bank – formerly Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.

on November 30 officially announce New opportunities for its blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This will allow developers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks, the bank said.

Sber’s latest addition also brings integration with the MetaMask cryptocurrency wallet into the main software, which is used to interact with the Ethereum blockchain. The integration allows users to perform transactions using tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.

“The Sber Blockchain Lab works closely with third-party developers and partner companies, and I am excited that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, Head of Blockchain Lab. He noted that the newly integrated features will help Sber unite developers, businesses, and financial institutions to explore practical business applications from blockchain, Web3, and decentralized finance.

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As mentioned earlier, Sberbank has been actively developing blockchain products in recent years, Submit an application with the Bank of Russia To launch its own stablecoin “Sbercoin” blockchain platform in early 2021. After obtaining central bank approval in the spring of 2022, Sber finally It announced its first cryptocurrency transaction in June. The majority shareholder of Sber is the Government of Russia, owning 50% + 1 of the shares.

Speer’s announcement came shortly after Russian President Vladimir Putin He called for an open settlement network based on the blockchain. He criticized monopoly in global financial payment systems, expressing confidence that technology based on digital currencies will lead to independence from banks. At the same time, Putin’s government does not allow its citizens to use cryptocurrencies as a means of payment Comprehensive ban on payments using Bitcoin (BTC) in early 2020.

Related: Telegram’s founder wants to build new decentralized tools to combat abuse of power

In late November, Russian lawmakers also discussed possible legal amendments so the government could do so Launching a national crypto exchange. The effort is said to be backed by both the Finance Ministry and the Bank of Russia, which are known to have a lot of contention when it comes to regulating the local crypto market.