Crypto Push

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​Solana: This minor setback did not stop SOL accumulation by day traders Solana’s [SOL] rebound to the $14.80 price mark prior to the Federal Reserve’s meeting on 14 December caused it to lead the cryptocurrency market with the highest intraday rally. However, contrary to what was expected, the Federal Reserve raised the federal funds rate by 50 basis points (bps), following four consecutive increases of three-quarters of a percentage point in recent months. This caused SOL to shave most of its intraday gains to exchange hands at $14.28 at press time, a 4% decline from the intraday high of $14.86 registered on 14 December. No cause for alarm Although SOL’s price declined following the Federal Reserve’s announcement, the on-chain assessment revealed that the market did not suffer any mass hysteria, which often led to significant token dumping in the past. Data from the on-chain analytics platform Santiment showed that SOL’s Exchange Funding Rate remained positive even after the announcement. A positive funding rate indicates that long-position traders are dominant in the market, which is often a bullish sign. At press time, SOL’s Average Funding Rate was 0.000133. Furthermore, SOL’s social dominance did not log any significant spikes following the rate hike by the Federal Reserve. A sudden surge in an asset’s social dominance following a major event is mostly market hysteria that usually precipitates a price reversal. On a decline as of this writing, SOL’s social dominance was pegged at 1.278%. Day traders say yay to the accumulation SOL’s assessment on a 4-hour chart to understand the behavior of day traders revealed a rally in coin accumulation. At press time, SOL was oversold as its key indicators were positioned at oversold highs. For example, the Relative Strength Index (RSI) was stationed at 83.27. Likewise, on an uptrend, SOL’s Money Flow Index (MFI) was seen at 63. Since the rate hike, SOL’s RSI and MFI have climbed steadily to be pegged at their current position. This showed that despite the minor price retracement following the Federal Reserve’s announcement, day traders did not stop buying SOL. Moreover, SOL’s Directional Movement Index (DMI) revealed that buyers had control of the intraday market at press time. The buyers’ strength (green) at 32.47 was solidly above the sellers’ (red) at 15.97. Additionally, the Average Directional Index (ADX) showed that the buyers’ strength was a rock-hard one that sellers might find impossible to revoke in the short term. At press time, SOL’s price was up by 3% in the last 24 hours, and its trading volume was up by 50% within the same period- the highest daily trading volume in the last week.

​Ethereum Classic: This metric could be a game changer for ETC and its investors Ethereum Classic [ETC] retested its short-term descending resistance line last week. The price delivered a sideways performance rather than a bearish retracement or a bullish breakout. Fast forward to the present and at press time, ETC showed signs of price slippage. ETC has been trading alongside the resistance line for the last few days and recent observations point toward a potential bearish outcome. One of those observations was market cap outflows. ETC’s market cap fell by roughly $82 million in the last 24 hours at the time of writing. This was the largest daily drop in market cap that the cryptocurrency experienced in the last seven days. Furthermore, the bearish observation wasn’t the only indicator of Ethereum Classic’s bearish start. The social dominance metric also witnessed a significant downfall in the last 24 hours. This indicated that investor attention was shifting elsewhere. The Binance funding rate also tanked substantially especially in the last two days. This confirmed that the demand in the derivatives market also subsided. Should investors expect a deeper ETC crash? The market cap drop and other metrics pointed towards a bearish bias. While this looks like the start of a bearish retracement, there were some factors that stood for ETC while some that stood against it. One of the key factors suggesting a significant likelihood of a bearish outcome was ETC’s price action. ETC was down by roughly 5% in the last two days. While this might seem like a small drop, the key takeaway was that it threatened to push the price back into the narrow support and resistance range. Investors can expect a strong bearish performance if the selloff gained traction, resulting in more outflows. On the other hand, there was still a significant probability that ETC whales may scoop up more ETC. This could potentially support a bullish bounce. The main reason why there was a likelihood of a strong bullish bounce was the fact that investor sentiment witnessed a change of heart. However, weighted sentiment still witnessed an upsurge despite the overall downside. What’s ETC’s final stance? There was no doubt that Ethereum Classic looked bearish at press time. However, the weighted sentiment could be a game-changer as far as expectations were concerned. If investor sentiment continues rallying, then it means we might see significant accumulation. Such an outcome will likely cushion ETC from more downside and potentially favor the bulls.

​Here’s how far Polkadot’s top 5 parachains have grown in terms of TVL Polkadot has maintained a strong presence in the list of top crypto projects by market cap. Many savvy analysts observing the crypto space have high expectations for this crypto project, especially due to its different approach. But there is one other measure of growth that may help investors understand what to expect in 2023 in terms of growth, and where that growth is likely to come from. Polkadot parachains are optimistic Total value locked (TVL) is one of the best yardsticks for measuring network growth. Recent data revealed a list of Polkadot parachains that have so far achieved a sizable TVL growth. According to the list, the Acala network had the highest TVL at $204 million. Parallel was a close second with a $196.6 million TVL. Moonbeam, Bifrost and Astar also made the list. The TVL growth achieved by these Polkadot parachain projects might seem unimpressive at first glance. But what makes it interesting is that this is growth that has been achieved within the last 12 months. Why is this important? They achieved such growth during some of the most difficult market conditions for the crypto market. The same projects, and others building on Polkadot, have strengthened the network’s potential for 2023. Polkadot is in a better position to leverage growth in the blockchain industry now more than ever. It underscores the robust potential for growth. Polkadot has announced a new staking dashboard designed to make it easier for users. This is a move that could trigger a massive increase in TVL in the next few months. Evaluating the potential impact on DOT The above observations conclude that Polkadot is already on a healthy momentum as far as growth is concerned. It is also preparing to leverage more growth in the coming year. But can investors and traders tap into that growth through its native cryptocurrency, DOT? The answer will depend on the level of demand it can command in the market. DOT’s weighted sentiment metric registered a sharp upsurge towards the end of November. Unfortunately, it was quickly hosed down, leading to dampened investor sentiment. The surge indicates that investors were optimistic about DOT’s prospects. However, the rapid sentiment shift suggests a lack of market confidence. It also failed to sustain strong volumes, suggesting that demand is still low. Although spot demand has been low, some observations in the derivatives market suggest improvements. The demand for DOT has improved gradually since the last week of November, according to the Binance and DYDX funding rates. Unfortunately for DOT holders, the improvements in derivatives demand show no correlation with the price. DOT experienced price slippage in November, and the same trend continued in the first week of December. It traded at $619 at press time.

​Maple Finance ends ties with Orthogonal Trading over loan default One of the biggest crypto lending protocols, Maple Finance, recently revealed that it would break connections with another crypto enterprise, Orthogonal. The latter’s financial situation prevented it from being able to pay back its debt, which had a role in the former’s final choice. What does this payment default mean for the Maple ecosystem? Bad debt in bad faith The relationship between Maple Finance and Orthogonal Trading ended on 5 December and was publicly stated by Maple Finance. Maple Finance accused Orthogonal of making false statements about the company’s financial health. Its inability to repay a $10 million USDC stablecoin loan from a credit pool run by M11 Credit exposed the misrepresentation. Before their failure on 4 December, Orthogonal had been a sizable Maple borrower. On Maple, it managed and underwrote a credit pool. After severing ties with Orthogonal, the lending platform stopped having the trading business act as a pool delegate. With $31 million in current liabilities over four loans, M11 Credit has filed a notice of default to Orthogonal for the entirety of the USDC stablecoin pool’s outstanding loans. In addition, the $5 million (3,900 wETH) in wrapped ether (wETH) loans that Orthogonal has from a second Maple lending facility administered by M11 Credit are also in arrears. The Nexus disconnect Nexus suffered a loss as a result of the default by Orthogonal. After Orthogonal Trading’s recent default, Nexus, a cryptocurrency insurer, warned that it could lose 2,461 ether (ETH), or roughly $3 million, and announced that it has begun withdrawing all funds from the impacted wrapped ether credit pool. According to the report, this amounts to 1.6% of Nexus’ total assets. In addition, troubled market maker Auros Global still owes $7.5 million (6,000 wETH) in loans from the same pool after defaulting on a $3.1 million (2,400 wETH) loan earlier this year. Maple’s TVL withering? According to statistics from DefiLlama, a study of Maple’s Total Value Locked (TVL) revealed that it had been on a downward trend. The chart showed that its TVL was currently somewhere around $18.29 million. The TVL had lost more than $25 million in less than seven days as of 1 December when its value was $43.54 million. Despite their remarkable performance after the event, this latest development demonstrated that DeFi platforms were not immune to the FTX collapse.

​Terra LUNA Classic [LUNC] Price Prediction 2025-2030: Can LUNC go back to $0.2 soon? The Terra Luna Classic (LUNC) rose by 11% within a day, from $0.0001605 to 0.0001906 today. The rise in prices has been witnessed by all the tokens; so far, LUNC’s price has fallen by 20% since the now-bankrupt cryptocurrency exchange FTX collapsed. LUNC has been at the root of the crypto market’s difficulties since May this year. It is once again among the worst-hit coins in the second crypto crash of the year. Though LUNC has shown some resistance recently, it remains to be seen how the LUNC coin reacts to the market in the coming weeks. Another factor influencing its price movement is how the industry responds to the changing regulatory status across countries. The decline in LUNC prices this week was brought about due to the FTX debacle that has adversely affected the entire cryptocurrency industry. No token has been able to escape the heat in the market and LUNC has witnessed a drop of 15%. Luna Classic (LUNC) is supported by nearly 40 decentralized applications (dApps), and the number is growing. After the world’s largest exchange by volume announced a higher frequency of LUNC burn, analysts predict that the asset will soon surpass Dogecoin and Shiba Inu. Because the coin is currently falling in value, it’s possible that investors are still concerned about whether the price of LUNC will rise. Transactions on the Terra 2.0 blockchain are validated through the proof-of-stake (PoS) consensus mechanism. The leading cryptocurrency, Ethereum, has also transitioned from a proof-of-work to a proof-of-stake mechanism. This has only made the competition among PoS blockchains tougher. The network has 130 validators working at a given point of time. As a PoS platform, it is considered to be a very eco-friendly token. Why do these projections matter? A stablecoin is intended to safeguard coin holders against the volatility of other cryptocurrencies. It is pegged to either a fiat currency such as USD or to a supporting cryptocurrency. Terra USD (UST) was pegged to Luna Classic (LUNC- then, only LUNA). This is where the problem began. A cryptocurrency is in no way equivalent to gold reserves. As UNA prices got destabilized, it adversely affected UST prices too, and the entire stablecoin system collapsed in May 2022. For a few initial years, LUNC kept performing well. And, it was even among the top 10 cryptocurrencies by market value by the end of 2021. But the Terra system collapsed in May 2022 leading to a fork. It, basically, launched a new version of Luna. The Terra Ecosystem Revival Plan 2 was implemented according to which both versions of the Luna token can exist. Undoubtedly, the future of this cryptocurrency is crucial in determining if a failed crypto can make a comeback and grow. Well, its performance after the May 2022 debacle has been, so far, less than celebratory. But if LUNC trades well in the future, it will be a cause of celebration not only for this particular cryptocurrency but for a lot of other cryptos. LUNC’s price, volume, and everything in between Since its launch in 2019, LUNC’s price kept floating around $0.2 and $1.3 until April 2021. When the crypto market boomed in mid-2021, its price began to increase. And, it nearly touched $100 by the end of the year. Starting from 2022, it kept oscillating between $50 and $100 and reached an all-time high (ATH) of $119.18 on 5 April 2022. The next month, its price began to fall and the Terra system collapsed in mid-May. At press time, it was trading at $0.00017858.

​​PancakeSwap’s progress may not sit well with investors, is CAKE the culprit PancakeSwap CAKE recently revealed that they have been working with Hashflow to bring a new syrup pool and farm to PancakeSwap. Before voting on PancakeSwap, the hashflow must receive more than 60% support for the syrup pool and farm. Furthermore, CAKE also topped the list of projects that were the most viewed and trending on CoinMarketCap, and a possible reason for this might be the aforementioned update. Apart from CAKE, QUACK and BabyDoge also made their place in the top three. With all these developments on the chain, CAKE’s price action decided to take the opposite route. As of 30 November, CAKE registered negative daily gains. CoinMarketCap’s data revealed that at the time of writing, CAKE was down by nearly 1% in the last 24 hours. Furthermore, CAKE was trading at $3.96 with a market capitalization of more than $622 million. Let’s have a look at CAKE’s on-chain metrics to understand what the last weeks of this year might have in store for it. Is CAKE’s goodwill dwindling? Santiment’s data revealed that CAKE’s daily active addresses kept declining over the last month. This indicated a lower number of users present on the network. Moreover, CAKE’s weighted sentiment was also considerably lower, suggesting less popularity for the token in the crypto community. However, the Market Value to Realized Value (MVRV) ratio gave slight hope as it registered upticks. This indicated a price hike in the coming days. Furthermore, CAKE’s burn rate was optimistic, with over 6 million CAKE tokens worth $27 million burned. Can the market indicators give relief? Most of the market indicators also painted a bearish picture for CAKE, which suggested that investors might have a hard time ahead. For instance, the Chaikin Money Flow (CMF) registered a steep downtick, which was bearish. Moreover, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the upper hand in the market as the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Strength Index (RSI) provided some much-needed relief by going up during the last few days. This could be a sign of a price surge in the coming days.

​Litecoin investors should read this before taking a position on LTC Litecoin’s [LTC] sojourn in recent times produced profits, much to the delight of cryptocurrency investors. At press time, its seven-day performance was 23.18%, making it the best-performing crypto out of the top-cap assets. However, Litecoin risked losing its dominance, and investors expecting a repeat of last week’s performance need to be cautious. Read AMBCrypto’s Price Prediction for Litecoin 2023-2024 According to LunarCrush, Litecoin had lost its position as per social mentions and engagement, as it dropped below the 128th position. So, there was the likelihood of the position affecting the price. No loyalty to the cause As of this writing, LTC was trading at $77.91. Although it was an increase from the last 24 hours, some indicators showed that the uptick could be shaky. According to the four-hour chart, LTC was close to hitting the oversold level. This was because the Relative Strength Index (RSI), at 61.53, indicated that there has been a lot of accumulation lately. Once the RSI hits 70, a reversal from a strong buying momentum could be imminent. A look at the Directional Movement Index (DMI) indicated that the bears and bulls were in a struggle for control. While the buying power (green) was still above the selling (red), the Average Directional Index (ADX) showed signs of a fall from its value at 27.61. In a case where the ADX drops further, LTC could succumb to selling pressure and choose the downward path. The above chart also pointed to the Exponential Moving Average (EMA). As of this writing, the 20 EMA (blue) maintained its position over the 50 EMA (yellow). At this point, it meant that LTC’s value might still increase far better than the 4.78% 24-hour uptick. With the indicators at crossroads, a preferable stance for investors might be to observe the condition before taking a position. Litecoin peaks have been affected Away from its price action, the on-chain positions of LTC, which had initially reached the apex, were down. According to Santiment, the one-day circulation had dropped to 247,000, despite hitting 1.34 million some days back. This implied that the number of LTC transactions that had taken place had substantially subsided. Hence, you could relate this position to reducing demand for the coin. On other ends, the NFT trades volume had also winded down. With the NFT volume already down to 175,000, traders who were seemingly interested in owning digital collectibles linked to the crypto had slowed their accumulation. So, the LTC ecosystem, at large, could be affected by the reduction in activity.

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​​Exec claims FTX crisis will show who the ‘survivors’ are Following FTX’s collapse, the calls for stronger and tighter regulations are certainly getting shriller. At the same time, industry leaders are cautious yet hopeful about the future of the crypto-industry. During a CNBC interview yesterday, Galaxy Digital CEO Michael Novogratz said that the collapse of FTX has led to a trust deficit in the crypto-sector. The whole industry has failed to self-regulate, he said, adding that companies engaging in derivatives trading should be and will be regulated. A lack of self-regulation? Novogratz also discussed the financial irregularities at FTX as the crypto-exchange didn’t have an internal accounting department and its transactions were intertwined with its affiliate Alameda Research. He added that crypto-exchanges like BlockFi had clearer terms on what customer funds would be used for. There are already 150 million people who have invested in Bitcoin. Therefore, there is no way that Bitcoin, Ethereum, or blockchain in genera; are going away, Novogratz added. Wood steadfast on her Prediction for BTC reaching $1 billion by 2030 Ark Invest CEO Cathie Wood was on the same page as Michael Novogratz when she reiterated her prediction of Bitcoin climbing as high as $1 million by 2030. Speaking to Bloomberg, Wood claimed that the blockchain technology underlying Bitcoin, Ethereum, and other tokens has not skipped a beat. Wood added that though institutional investors could delay adopting cryptocurrency for some time now, things will come around once more understanding of the issue develops. According to the exec, the ongoing crypto-winter is an opportunity to put the altcoin’s infrastructure and investment thesis to the test. “Sometimes you need to battle test, you need to go through crises… to see the survivors.” Only recently, Cathie Wood’s Ark Invest bought shares in Grayscale’s Bitcoin Trust (GBTC) worth $4.2 million. This, despite the fact that Grayscale did not disclose details about GBTC’s Bitcoin backing, citing “security reasons.” Ark Invest’s GBTC holdings currently stand at $6.54 million. Here, it’s worth noting that Wood was quick to add that FTX was engaged in fraudulent behavior. Even so, the industry will soon take the right path, she concluded. Mainstream media’s “soft corner” for SBF FTX’s collapse has led to shrill calls for tighter and stricter regulations by the government on the cryptocurrency industry. At the same time, Crypto-Twitter is livid that FTX leader Samuel Bankman-Fried “SBF” is being treated with kid gloves by the mainstream media. Recent pieces by the New York Times and Wall Street Journal have been called fluff as they failed to highlight the illicit activities at FTX.

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​​XMR’s decline on the social front has more to show than just bearish signals Privacy-focused cryptocurrency Monero XMR faced investor concern recently as its social metrics decreased. Based on revelations from Santiment, not only did the social volume shrink, but its social dominance followed suit. Santiment’s on-chain data showed that XMR’s social dominance had initially spiked to 3.576% on 19 November. However, it did not take long for the dominance to drop significantly to 0.464%. This state implied that XMR was not near the top of asset discussions across the crypto ecosystem. The token’s social volume followed a similar path and was up to 49 at press time. This meant that investors were not looking towards the crypto for buying positions. Socials have their roles to play… The aforementioned drops spread to other aspects of Monero, with the volume unable to escape the impact. As of this writing, XRM’s volume had decreased 13.74% to $49.07 million, according to CoinMarketCap. Thus, XMR’s transactions had declined over the last day, resulting in minimal transactions on the network. However, there was a positive to pick out from Monero’s on-chain status, as the development activity recorded increases since 16 November. This meant that upgrades were active on the network and XMR was not left stunted per the chain improvement. Interestingly, decreases weren’t just the order of the day, and the development activity was not alone in registering an increase. According to Sanitment, the weighted sentiment also played its part. Between 19 and 20 November, the weighted sentiment left the -0.057 region to take its place at 7.609. At this point, it meant that XMR still held its ground of relevance around the crypto community. What’s with the price of XMR? XMR was trading at $132.65 at press time, a 0.53% decrease in the last 24 hours. Nonetheless, it seemed that the coin was heading towards sustainable buying momentum. This was because the Relative Strength Index (RSI), at 43.39, signaled an upward movement from its formerly overall region. Additionally, the Bollinger Bands (BB) showed signs of XMR exiting the low volatility zone with a possible hike. Where the BB successfully edged towards extreme volatility, XMR was likely to sustain buying pressure. It could also lead to a price increase. However, considering the current market condition, these indicators might not be enough to place price projections.

​​Singapore’s Deputy PM reiterates decision to restrict crypto-speculation thanks to FTX The downfall of FTX continues to make waves throughout the industry, sending wake-up calls to regulators and politicians alike. Those against crypto have found a new reason to continue opposing this novel technology. On the contrary, those who support it are questioning their decisions after seeing billions of dollars lost in this catastrophic event. The bulk of FTX’s impact has been absorbed by customers based in the West, but that has not stopped other countries from rethinking their approach towards crypto-regulations. The island nation of Singapore is now looking to ramp up regulations that will effectively restrict crypto-trading and speculation. Controversial stance against crypto reinforced by FTX’s collapse Lawrence Wong, the Deputy Prime Minister of Singapore and Minister of Finance, has taken cognizance of the turmoil caused by FTX’s fraudulent business activities. In an interview with Bloomberg, Wong cited this unfortunate event as part of the reason for reinforcing the island nation’s strong position against retail investors speculating and trading cryptocurrencies. He said, “And we’ve said this for a long time, even when people criticized us for saying that, which was that we need to take a strong stance against crypto speculation and trading, especially by retail investors.” Minister Wong clarified that Singapore is open for digital and digital asset innovation, but crypto-speculation is where the country draws the line. The minister agreed on the potential of blockchain technology in revolutionising cross-border payments, financial, and capital markets etc. However, exposing retail investors to crypto-speculation has been deemed risky for a while now. Minister Wong revealed that Singapore has been looking to tighten the regulatory rules around crypto-trading and retail access to this market before the FTX saga unfolded. A consultation paper is in the works for the same. It will review regulations and rules for this industry. Singapore Government lost $275 million in FTX Between October 2021 and January 2022, Singapore-based Temasek Holdings Limited invested $210 million in FTX International and $65 million in FTX U.S for stakes of 1% and 1.5%, respectively. On 17 November, Temasek, a state-backed investment agency, revealed that it would mark down this $275 million investment into FTX to 0.

​​FTX, Binance, and the ongoing market volatility: This is what CZ thinks of it all Changpeng “CZ” Zhao, CEO of Binance, sharply cautioned novice and cash-strapped investors against trading cryptocurrencies. The CEO urged traders to do so especially in the face of the ongoing market volatility and unpredictability. The CEO of Binance urged inexperienced investors to wait through the tumultuous moment rather than risking money needed for living expenses. The Binance CEO stated this an “Ask Me Anything” session led by him on Twitter on November 14. He also stated, “You should not invest in crypto if you’re using money that you need for next week or next month, you should only be using discretionary cash that you don’t need for a long time, like maybe a couple of years.” Zhao advised novice investors and traders to exercise caution before investing money in the market shortly for those who do have that extra cash. Blame it on FTX The crypto exchange leader also mentioned that, “If you don’t know what’s going on, don’t try to guess what’s going to happen. It’s very hard to predict. So we will go through a period of high volatility and unpredictableness.” The FTX problem has had a detrimental impact on the entire sector. Furthermore, several centralized exchanges have had to temporarily suspend withdrawals. This contributed to the increase in market volatility. Zhao, however, reaffirmed that Binance witnessed no such problems. He cited the company’s balance sheet in response to the question of why users ought to keep their trust in the exchange: “We don’t have loans. We don’t have debt. We don’t owe anybody any money. We also did not give loans out of the platform. So we never take user assets and give it to a third party to manage and try to make yields.” Zhao stated that Binance saw withdrawals in the wake of the FTX collapse and other incidents that eroded public support for controlled exchanges. He reiterated that even if Binance failed, the platform would still permit consumers to withdraw their money. A fund to aid crypto projects In the wake of the shocking collapse of FTX and the empire created by Sam Bankman-Fried, Binance plans to set up some recovery plans. The crypto exchange plans on establishing a fund to assist crypto enterprises in need of financial support. Zhao, better known as CZ, stated that any business leaders “with cash who wish to co-invest” were invited to collaborate with Binance Labs on the initiative. Addressing the topic in detail, he stated, “To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.” Although Zhao noted that the company’s investment partners included both centralized exchanges and decentralized protocols to provide customers a choice and help entrepreneurs in their endeavors, the Binance exchange itself is centralized.

​​Cosmos’ latest development could have this in store for eager ATOM investors Cosmos, which was in the news recently for launching an update around its DeFi network, registered a new milestone in terms of IBC transfers. According to a tweet posted by IOBscan on 10 November, the total value of transfers from Cosmos rounded out to $8.7 million. This spike in the number of transfers could indicate a positive future for the network. Cosmos’ DeFi angle Cosmos’ total value locked (TVL) depreciated after 7 November, as can be seen from the image below. However, after 10 November, there was a slight uptick. This improvement in Cosmos’ DeFi space could be attributed to the launch of a DEX called Duality, which would launch with Interchain Security. After this announcement, Comos’ TVL had appreciated by 18.60%, while its TVL was at $489,966 at the time of writing. Along with the uptick in terms of TVL, ATOM also observed a surge in its volume. Over the past seven days, ATOM’s volume grew from 270 million to 320 million. However, its development activity continued to decline during this period. This indicated that the number of contributions made by ATOM’s team to its GitHub had gone down. Furthermore, along with declining development activity, the fees generated by Cosmos dropped as well. According to data provided by Token Terminal, the fees generated by Cosmos depreciated by 10.5% in the last 30 days. Its circulating marketcap fell by 8.9% during the same period. Along with its market cap, ATOM’s price depreciated as well. After testing the $15.610 support on 5 November, ATOM’s price decreased by 38.85%. The token ultimately tested the $9.49 support level on 10 November. However, since then, its price appreciated by 25%, and was trading at $12.01 as of 11 November. ATOM’s Relative Strength Index (RSI) stood at 45.75, indicating that the coin’s momentum was slightly bearish at the time of writing. However, the Chaikin Money Flow (CMF) registered an uptick over the course of the last few days, implying a positive outlook for ATOM.

​​Ethereum slides rapidly as structure shifts bearish, could more losses follow At the time of writing, the previous 24 hours had seen $357 million worth of positions liquidated across major crypto exchanges. Ethereum ETH saw $90 million and shed nearly 9% of its value in this period. Here’s AMBCrypto’s price prediction for Ethereum ETH for 2022-2023 Bitcoin fell below the $20k level and multiple altcoins posted losses in double-digit percentages in the twelve hours preceding the time of writing. $1446 could be a crucial level for the bulls to defend in the coming hours The two-hour chart showed ETH breaking its structure from bullish to bearish in the past few days. Subsequently, lower lows were formed. On the daily timeframe, a bearish order block was spotted in the vicinity of $1,650. Marked in red, this region posed substantial resistance to Ethereum over the past year. ETH was simply unable to push above $1,650. A recent article highlighted how a push above $1,650 could see ETH surge higher. This did not materialize, as a rejection near the $1,650 mark occurred instead. On the lower timeframe, another belt of support lay at $1,446-$1,495. For ETH, an hourly session close below $1,446 could fuel the bearish sentiment. On the other hand, a defense of the bullish order block that extended up to $1,495 would be a sign that bulls had begun to buy in earnest. The Relative Strength Index (RSI) retested neutral 50 as resistance the previous day and showed strong bearish momentum. The Chaikin Money Flow (CMF) also fell below -0.05 to highlight heavy capital flow out of the market in recent hours. Funding rate shift shows bearish sentiment dominance in recent hours The trading day of 7 November saw the funding rate of the Ethereum switch from positive to negative on Binance and Bybit. This showed that, on some of the major exchanges at least, the sentiment favored the bears. Alongside the fall in price, the Open Interest behind Ethereum also fell. Furthermore, technical findings showed that $1,446-$1,495 would be an important zone of support for Ethereum over the next day or two. A session close below $1,450 could see ETH descend to $1,365.

​​BAYC, MAYC, and Meebits – What is Yuga Labs cooking now Yuga Labs, the organization behind famous NFTs such as BAYC, MAYC, and CryptoPunks, recently added new updates to its Meebits collection. According to a tweet shared by Yuga Labs, the project will be rolling out MB1 – A concept where Meebits holders can get physical access to their NFTs. Turning up the volume In lieu of this announcement, the Meebits NFT collection saw a lot of growth on the charts. According to NFTGo, an NFT analytics website, the overall volume for the Meebits collection appreciated by 178% over the last 24 hours. However, it wasn’t just the Meebits collection that was on the receiving end of a positive hike. Other collections such as the Bored Ape Yacht Club and Mutant Ape Yacht Club from Yuga Labs also noted some improvements. The BAYC collection registered an appreciation of 200% in terms of volume over the last 24 hours. Despite this sudden spike in volume, the overall floor price fell by 17.40% over the last 30 days. However, there were a lot of whale sales that were made, indicating that whale activity around this NFT collection increased. The MAYC collection also noted some growth in terms of volume. However, it wasn’t as significant as BAYC and Meebits as it only hiked by 3.24% in the last 24 hours. Its overall floor price declined by 17% too. Other negative developments for MAYC include the decline in the number of Holders and Traders for its NFT collection. The number of buyers depreciated by 18.44% over the past month and the number of holders declined by 0.24% over the same time period. Despite MAYC’s poor performance, Yuga Labs continues to dominate the NFT market. As can be seen from the chart attached, NFT collections from Yuga Labs continue to have a huge market share, compared to other collections. The growth of Yuga Labs could also impact the development of ApeCoin. At the time of writing, APE was trading at $4.56 and had appreciated by 3.16% over the last 24 hours. However, its volume continued to decline and fell by 9.50% over the same time period.

​​Assessing Lido’s new-found whale connection and what it could do for LDO in Q4 The LDO token was observed to be on the receiving end of massive interest from Ethereum ETH whales. The huge interest from large investors could provide LDO with a much needed support to grow. Deep pockets to fill According to a tweet dated 30 October by WhaleStats, a crypto whale tracking platform, LDO was amongst top 10 purchased tokens among 100 biggest ETH whales in the last 24 hours. Furthermore, the whales were also observed to be holding $1 million dollars worth of stETH at the time of writing. As can be seen from the image below, Ethereum staked with Lido also showed massive amounts of growth. This reaffirmed the fact that the general interest behind Lido staked ETH also surged. The interest in stETH may have impacted Lido in terms of its TVL as well. According to DeFiLama, Lido’s TVL grew from $6.03 billion all the way to $7.5 billion over the past month. ‘Fee’ling good Coupled with he aforementioned information, the amount of fees and revenue generated by Lido also increased over the past few weeks. At press time, the amount of fees generated by Lido in the last 24 hours was $1.2 million and the revenue generated was $120,000. The LDO token also showed improvements in its performance. Over the last few weeks, the number of Lido’s daily active addresses increased immensely. During the same period, its network growth showed improvements as well as can be seen from the image below. An increasing network growth implies that the amount of new addresses that transferred LDO for the first time had increased. This inferred that the new addresses may be showing interest in LDO. However despite this growth, Lido token performed poorly in other areas. Its volume for instance, depreciated from 61 million to 32 million in the past week. Furthermore, LDO’s velocity depreciated as well indicating that the frequency with which LDO was being transferred had decreased. These factors coupled with a declining Market Value to Realized Value (MVRV) ratio could paint a negative outlook for LDO in the coming future. At the time of writing, LDO was trading at $1.53 and had depreciated by 8.66% in the last 24 hours. Its volume had depreciated by 7.08% as well in the same time period.

​​Ethereum Classic: Forecasting ETC’s potential to revive from this support level The altcoin’s reversal from the $25.57-mark induced a string of red candles that highlighted an increased bearish edge. The alt could enter a potential squeeze in the coming sessions. At press time, the altcoin was trading at $24.25, down by nearly 3.86% in the last 24 hours. Can a bullish cross on 20/50 EMA sustain a near-term bullish edge? ETC declined by over 47% after rebounding from the $39-ceiling in mid-September. As a result, it hit its two-month low on 13 October. Over the last few days, ETC broke into high volatility after jumping from the $21-zone support range. This buying comeback helped the bears find a close below the 20/50 EMA in the four-hour timeframe. Meanwhile, the gap between the 20 EMA (red) and the 50 EMA (cyan) undertook a bullish crossover to depict a near-term bullish edge. From now on, the altcoin could find immediate support in the $23-$24 range in the coming times. In this case, any rebound could see a bounce-back toward the $26 zone. Any bearish crossover on the 20/50 EMA could hamper the chances of a strong rebound. Should the broader sentiment reignite the bullish vigor, the altcoin would likely see an immediate retest of the $26 ceiling. A close above this resistance range would confirm a robust shift in the near-term momentum in favor of buyers. Improved funding rates, but is it enough? An analysis of the funding rates revealed a rather increasing edge for the buyers over the last few days. These rates strived to hover in the positive zone as they continued their uptrend. Any close above the zero mark would confirm the buying edge. This edge could aid the bulls in protecting the immediate support on the charts. But the Open Interest across all exchanges over the last 24 hours decreased by over 6% over the past day. The corresponding decrease in the price action highlighted an advantage for the bears. Finally, broader market sentiment and on-chain developments would be vital in influencing future movements.