Plume debuts tokenized Mineral Vault amid hunger for RWA yield, CEO says
According to Chris Yin, investor demand for RWAs is moving upstream from tokenized treasury bills to private alternative assets.
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According to Chris Yin, investor demand for RWAs is moving upstream from tokenized treasury bills to private alternative assets.
An analyst has explained how Dogecoin has been forming a Falling Wedge pattern recently, breaking which may kickstart a new bull rally. Dogecoin Has Been Moving Inside A Falling Wedge Recently In a new post on X, analyst Ali Martinez has discussed a pattern that has recently been forming in the 1-day price of Dogecoin. The pattern in question is the “Falling Wedge” from technical analysis (TA), which is a type of Wedge. A Wedge pattern appears when the price of the asset consolidates between two converging trendlines (that is, the lines have different slopes and are angled inwards). Depending on where this consolidation is headed, the pattern is termed as Falling or Rising. Related Reading: Why Has Bitcoin Been Bearish Lately? CryptoQuant Head Chimes In In a Falling Wedge, the upper line of the pattern connects lower highs in the price, while the bottom one connects lower lows. Similarly, a Rising Wedge has the upper line joining together higher highs and the lower one with higher lows. Just like other TA consolidation patterns, the upper line may continue to act as a source of resistance in the near future, while the lower one may provide support. Also, a break out of either of these trendlines can suggest a continuation of pattern in that direction. Wedges specifically are considered to be formations that lead to a reversal, so a break in the direction opposite to that of the Wedge may be considered to be more likely. Dogecoin has recently been showing a Wedge-like consolidation towards the downside in recent months, so the coin may be forming a Falling Wedge pattern. Below is the chart shared by Ali that showcases this formation. As is visible in the graph, the Dogecoin price has recently made an apparent retest of the bottom line of this Falling Wedge pattern and has found support at it. Thus, it’s possible that DOGE may now see a surge towards the upper trendline. Before the coin retests the upper line, though, there is perhaps another important level it has to surpass first: the 0.236 Fibonacci Retracement level. Fibonacci Retracement levels are based on ratios that are found in the famous Fibonacci series. These levels correspond to the percentage of drawdown as measured between two fixed levels. In the current case, Ali has taken the top of the Falling Wedge as the start of these levels (that is, the 100% or 1 mark). Related Reading: Bitcoin Momentum Indicators Are All Showing Death Cross: Say Hello To Bear Market? The analyst notes that if Dogecoin can manage a sustained close above the $0.10 level (that is, above the 0.236 Fibonacci Retracement), it may be able to start a rally toward the $0.15 level. From the current price of the memecoin, such a potential run would mean an increase of around 53%. It now remains to be seen how DOGE develops in the coming days and whether it would be able to follow any similar trajectory or not. DOGE Price Dogecoin had fallen under the $0.090 mark a couple of days back, but the asset appears to have rebounded as it has now recovered to $0.098. Featured image from Dall-E, charts from TradingView.com
Bitcoins (BTC) price action has remained tepid for a while as the flagship crypto has continued to swing below and above $60,000. This hasnt deterred specific crypto wallets, which have continued to accumulate as much BTC as they can. The Ethereum token ETFSwap (ETFS) has also witnessed impressive demand, with over 500 million tokens during […]
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Ethereum, the second-largest cryptocurrency by market cap, has recently shown signs of a shifting market sentiment and momentum, according to an analysis by a CryptoQuant analyst named Percival. The analyst disclosed that various market conditions and technological developments have impacted Ethereum’s momentum and have led to mixed views on its future growth trajectory. Related Reading: Ethereum Price Trims Gains: Is the Rally Losing Steam? Ethereum’s Market Sees Shift Percival, highlighted that Ethereum has faced a decline in activity due to the rise of other blockchains with greater accessibility, more advanced technology, and faster update cycles. According to the analyst, “the positive Momentum sentiment is far below expectations.” So far, the open interest in Ethereum futuresa measure of capital flowing into derivative contractsreached $9.2 billion, with a notable inflow of $2.12 billion in August 2024. This represents a 30% rise but pales compared to the $6 billion inflow observed between April and May, reflecting only half of that previous momentum. Another major observation of the analysis was the Coinbase Premium Gap, indicating the differential between the price of Ethereum on Coinbase and other global exchanges. A slowdown in selling pressure from US-based investors suggests a possible positive shift in market sentiment. However, the market is still waiting for a significant influx of capital to drive a strong rally for Ethereum. The analyst pointed out that any future price recovery would depend on substantial investment inflows, which have yet to materialize. Furthermore, after the Federal Open Market Committee’s (FOMC) announcements, Ethereums gas fees surged, hinting at a possible shift of capital from traditional treasuries into decentralized finance (DeFi). The analyst mentioned an instance: the DeFi lending platform Aave, which operates on the ETH network, has seen a moderate rise in fee collection, from $42 million in March to $43 million in August. Ethereum Network Lags Behind While Percival noted that from an economic perspective, Ethereum needs to revert to its max fee pass gas mean, aligning its growth with its intrinsic value, the analyst also suggests that Ethereum currently faces several internal gaps. Although the technology ecosystem around Ethereum is expanding, the network seems to be lagging behind the competition, according to Percival. The CryptoQuant analyst reveals that this disconnect between Ethereums capabilities and its technological rivals has led to a significant shortfall in investment. Moreover, the limited inflow of small capital and lack of consistent use suggest that even minor investments are not being sustained over time. Related Reading: Ethereum Taker Buy/Sell Ratio Is Rising Again What It Means For ETH Price The analyst’s take is further validated by the fact that Ethereum’s network has faced increased competition from alternative blockchains like Solana, Binance Smart Chain, and others that boast higher transaction speeds and lower fees. This has, to some extent, diverted attention and investment from Ethereum to these newer ecosystems. Featured image created with DALL-E, Chart from TradingView
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The post Crypto News: Bybit Islamic Account, Visas Crypto Push & FTX first appeared on StealthEX.
Velar Dharma integrates with Xverse to offer seamless Bitcoin L2 swaps in the wallet. Velar is now the exclusive Bitcoin L2 swap provider for Xverse’s users. The Partnership enhances Xverse users’ access to fast, secure, and competitive swaps. Velar Dharma, a Bitcoin layer 2 (L2) trading protocol, has integrated its services with Xverse, a leading […]
The post Velar Dharma partners with Xverse Wallet to enable Bitcoin L2 swaps appeared first on CoinJournal.
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