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DOGE Technical analysis: A Dormant Volcano With The x2 Perspective
The DOGE cryptocurrency price movement did not change significantly during the trading month. In the previous analysis, we outlined the importance of the $0.1 mark for the medium-term growth wave. Since then, the DOGE price has continued to move within the consolidation wedge and has not fallen below the critical mark. The level of passivity of market participants is outrageous. However, the weakness of the price fall and low volumes during the fall – this is the problem of sellers. No matter how weak or scared the buyers are at the moment, they manage to turn the price in a weekly timeframe. https://www.tradingview.com/x/yhjP15pw/ The main scenario is the $0.26 test remains valid. This mark shows the global trend line of the correctional channel of sellers. In this channel, the DOGE price is traded from June 2021. On the way to the $0.26 mark, buyers will face another problem – the $0.17 mark. At this point, the average trend line of the fall channel. However, a much more important fact is that the range of $0.17 confidently stopped the DOGE price rebound in late November. As we can see in the chart, buyers could not take control of this mark for 5 weeks. Therefore, the probability of a rebound from this mark and a retest of the mark of $0.138 is the main scenario for us. Technical Analysis Of DOGE On The Daily Timeframe https://www.tradingview.com/x/fPReABhr/ Analyzing the movement of the DOGE price on the daily timeframe, we see the beginning of a new growth wave. So far, all this is organized lazily and without confirmed volumes. However, each new wave begins its formation with uncertain movement. To accelerate the potential growth trend, buyers should first go beyond the wedge and break the $ 0.138 mark. Starting from 21 February, sellers took control of this mark. Although at the moment the local low update is rather sluggish, the initiative still belongs to sellers. Breaking and taking control of the $0.138 mark will guarantee buyers a confident continuation of the growth wave. This should be taken into account when planning an investment in the DOGE cryptocurrency. An unsuccessful attempt by buyers to take control of the $ 0.138 mark will increase the risk of the $ 0.113 mark test. However, even such a scenario will be safe for the formation of a new growth trend in the near future. The DOGEBTC Price Is In The Critical Range Of 0.00000290 https://www.tradingview.com/x/iEajwodt/ Hints of positivity can also be found on the DOGBTC global price list. What positive can be find since January 2022? Yes, every next week closes below the opening price. However, pay attention to the local low update from November 2021. In the case of sellers’ strength and the complete disinterest of buyers, the DOGEBTC price had to accelerate its decline. Then we see the price fall stop after updating the low and a signal for reversal. In the weekly timeframe, this means the formation of a medium-term growth wave with the first target of 0.00000350. For a global reversal in the DOGEBTC market, buyers should take control of the 0.00000450 mark.
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Is it possible for NFTs to revive the present bearish DeFi cycle?
The current DeFi market is bearish as most of the tokens are priced low compared to previous months. A bear market can be caused by a variety of events, including bursting market bubbles, a poor or lagging or sluggish economy, wars, geopolitical crises, pandemics, and significant paradigm shifts in the economy, such as changing to an internet economy. Another reason can be the isolation between NFTs and DeFi space. Let’s see how NFTs can help revitalize the bearish DeFi cycle. Isolation between NFTs and the DeFi space Looking back, we can see that NFTs and DeFi protocols have worked separately in the past. However, the current bearish moves in the Defi market may be corrected by the widespread adoption of NFTs. This is because NFTs have the capacity to assign value to nearly any object. DeFi, on the other hand, aids in the unlocking of a certain asset’s worth. When combined together, they can balance each others’ strengths and weaknesses and enhance their capabilities. Application of NFTs to the DeFi world NFTs help revolutionize the DeFi world because of the following reasons Allow for customizable and exact roles for the community members involved such as ‘avatars’ in the Metaverse games and ‘validators’ for any DeFi protocol/blockchain like Cardano. Make a distinction between the cost of government authority and the cost of native tokens. It’s possible to make DeFi a gamification land. Protocols that can fine-tune scarcity and utility-based value. Solves the illiquidity issue with veTokens The intersection of NFTs and DeFi This section will cover a few cases where the intersection of NFTs and DeFi looks promising- Uniswap v3: The only way to introduce concentrated liquidity into Uniswap v3 was to tokenize distinct LP positions. This innovative adjustment resulted in more use, resulting in higher revenues for LPs. Curve Finance- Solidly Exchange: veCRV’s Curve Finance problem was solved by Solidly exchange. Solidly enabled the lock of tokens for ve governance tokens to be tokenized, allowing for a single lock position and several lock positions with different time durations. BinaryDAO.finance: BinaryDAO.finance, a yield DAO, reinvented APR boosting by releasing a collection of 2,500 NFTs with a 25% APR for stakers. In comparison to the status quo of depending on physical locks, the release earned revenue for bootstrapping liquidity and making APR increases liquid. Nacho Finance: Nacho Finance, an algorithmic stable coin technology, is expanding its ecosystem to include a fun and engaging game. Their Luchador NFTs will allow gambling on NFT bouts and reinforce the peg by acting as a black hole for their token’s upgrades. $NACHO Final thoughts UniSwap v3 and Solidly, for example, are very different from NFT assets with defined amounts that are distributed, such as BinaryDAO and Nacho Finance. Both protocols, however, have one thing in common: they both aim to improve the protocol user’s experience. The construction of Defi protocols is significantly influenced by the techniques employed by UniSwap v3 and Solidly. However, the innovation fostered by NFT assets and the related value addition should not be underestimated. Whether you like it or not, widespread integration between DeFi-NFTs is coming.
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Bitcoin (BTC) & Fantom (FTM) Might Face More Downfall, Traders Watch These Levels!
The post Bitcoin (BTC) & Fantom (FTM) Might Face More Downfall, Traders Watch These Levels! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
The crypto market today has turned slightly bullish after a sluggish movement for the last two days. Bitcoin is making an attempt to move towards the $40000 psychological level. ETH too is recovering losses trading at 39,192. Most other alts follow the same trend. Bitcoin (BTC) and the smart contract platform Fantom(FTM) according to a …
USDT Whales Increase Buying Power By 7% in the Last Month Alone
Whales with USDT from $10,000 and $10 million increased their buying power by 7% in the last month. Data from ... Latest Intelligence
