As with all meme coins in the market, SafeMoon (SFM) has been on a persistent downtrend in the last week or so. But it seems the coin is about to hit a trend reversal that could usher a decisive bull run. But how will it happen? We have some answers below, starting with notable highlights.
SFM has found strong support at $0.00118 after the recent pullback.
A trend reversal appears likely after a period of consolidation.
At press time, SafeMoon (SFM) was trading at $0.00103041
Data Source: CoinGecko
SafeMoon (SFM) – The trend reversal to watch
The recent downtrend we have seen in most meme coins has been brutal. But after days of decline, SafeMoon (SFM) has managed to stop the bleeding. Bulls have managed to find strong support around $0.00118. In the last couple of days, SFM has consolidated around this zone, and a trend reversal appears quite imminent.
This will easily push the coin on a decisive bull run. But how high can it rise? The upside for growth is hard to say. But looking at the chart, SFM has established a strong supply zone between $0.00165 and $0.00175.
We expect any bullish run to pull back once that zone is hit. But despite this, SFM will still gain 40% in the rally. Besides, we have seen this price action play out before. Recently, after SFM bottomed at $0.00106, it went on to rally by nearly 30%. There is no reason why this can’t happen again.
What are the benefits of buying SafeMoon (SFM)
Not many investors are going to buy meme coins during periods of market uncertainty. But meme coins can be very good for short-term trades.
At the moment, a short-term play that takes advantage of the 40% swing is very feasible. From a long-term point of view, SafeMoon is still decent. But you have to be prepared for the wild volatility.
The Green Metaverse Token (GMT) emerged as one of the hottest performers in the crypto market over the last few days. The coin started the week surging and outperformed the entire market by a huge margin. But we are now starting to see some pullback. Here are the highlights:
GMT reached $0.43 Monday, a gain of nearly 62%.
However, there seems to be an immediate pullback.
GMT was down nearly 25% at press time, trading at $0.28.
Data Source: Tradingview
Will GMT Stabilize in the days ahead?
A 60% surge is not uncommon in crypto. But it is always expected that after such a bullish run, some correction will come. For GMT, it seems that correction has come almost immediately. After hitting highs of $0.43, the token has now lost almost a quarter of those gains in less than 24 hours.
At press time, the coin was actually trading at $0.28, down around 25% in 24-hour intraday trading. Crucially, GMT has lost a crucial support zone of $0.303. For this reason, we expect the correction to continue in the days ahead until the token bottoms at $0.22. This will represent over 20% in losses from the current price.
The only way this downtrend could reverse is if GMT can find another rally that puts it above $0.4. At this moment, this does not seem likely. Bears have the momentum, and the downward pressure still has some way to go.
Is The Green Metaverse Token a good investment?
GMT is the native utility token for the STEPN network. STEPN bills itself as a lifestyle app that offers a wide range of social and gaming features.
It is part of the Web3 revolution and remains at a valuation of around $167 million. There is a lot of unlocked potentials here, especially from investors who don’t mind being patient.
The introduction of staking could trigger a massive rally
Chiliz is close to launching Chiliz 2.0.
The upgrade comes with multiple benefits, including staking.
Investors can look forward to a rally once the upgrade is complete.
Chiliz (CHZ) is one of the cryptocurrencies changing the sporting world. Through the Chiliz blockchain, sports teams can create tokens that can better interact with their fans while also unlocking value in ways never seen before.
Besides its ability to transform the world of sports, Chiliz has a lot of opportunities for investors. In the last Bull Run, Chiliz was a top performer, and it has what it takes to become a top performer in the next Bull Run. Chiliz is already making moves that could trigger a rally faster than the rest of the market.
One of these moves is Chiliz 2.0. Chiliz 2.0 is the more advanced version of Chiliz. Several factors will see Chiliz 2.0 become a game-changer in the blockchain ecosystem.
Through Chiliz 2.0, the Chiliz blockchain will move to Binance Smart. This will make it faster and, with lower fees, suitable for its adoption. On top of that, Chiliz 2.0 is set to introduce intellectual property protection technologies and consumer rights technologies.
Most importantly, Chiliz 2.0 will allow investors to stake Chiliz. This is likely to drive up the adoption of Chiliz, as investors looking to earn a passive income will flock into Chiliz.
All these factors combined could trigger a massive rally in the price of Chiliz once the market turns bullish again.
Chiliz range-bound
Source: TradingView
Chiliz is currently trading between an upper bound at $0.195 and a lower bound at $0.1897. If bulls can push Chiliz through the $0.195 upper bound, it could test $0.21 in the short term.
However, if bears take control and push Chiliz through the $0.1897 lower bound, then $0.179 could be tested in the short term.
Summary
Chiliz is currently working on Chiliz 2.0, which will make it faster, more efficient, and introduce staking. This could be a huge deal, as it could trigger adoption and help drive up the price.
As the growing digital economy undergoes a transition from Web2 to Web3, oracle and data providers are becoming an increasingly important sector for ensuring the reliable sharing and transfer of information.
The Graph (GRT) is one protocol that is spearheading the integration of blockchain technology with data management and retrieval through the creation of open APIs known as subgraphs.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.3155 on March 13, GRT has climbed 38.6% to a daily high of $0.44 on March 15 where it is now attempting to flip this major resistance level into support.
GRT/USDT 4-hour chart. Source: TradingView
There are three underlying reasons behind GRT’s price rally: the ongoing migration of subgraphs to the Graph mainnet, the launch of grants to help projects build on or migrate to the decentralized network and the upcoming Graph Day 2022, which will take place on June 2.
Migration of subgraphs
The biggest development surrounding GRT is the ongoing migration of Ethereum subgraphs to the decentralized mainnet of the Graph network.
The Graph ecosystem is championing decentralization as Ethereum subgraphs continue to migrate to The Graph Network
Here’s an update shedding more context on the state of migration, query fees, & resources to help you migrate your subgraph today! https://t.co/Z26rrISXas
Subgraphs are open application programming interfaces, also known as APIs, that are designed to make data more accessible and can be composed into a global graph of all the world’s public information.
According to The Graph, subgraph migrations are up 30% quarter-over-quarter. Currently, 282 subgraphs have completed the migration process, with more undergoing the process each week.
Projects that have made the switch represent a variety of the top sectors in the crypto ecosystem, including decentralized finance applications, music, art, analytics, wallets, nonfungible tokens, video streaming service and social media platforms.
Migration grants
A second development that has helped provide a boost to GRT and mainnet migrations was the release of The Graph Grants by The Graph Foundation.
For a limited time The Graph Foundation is awarding grants to help migrate Ethereum subgraphs to the decentralized network.
Improve the reliability of your dapp with The Graph Network! Grants will be reduced by the end of March so apply now ⬇️ https://t.co/01xommj13D
The grant process gives interested parties the ability to receive funding as they migrate to the decentralized mainnet. The grants cover costs related to gas fees, technical know-how, migrating expenses and marketing. Migrating protocols are also eligible to receive support from solutions engineers from within the community.
Protocols interested in migrating are encouraged to apply for a grant before the end of March as funding amounts will be gradually reduced and eventually phased out.
A third factor bringing extra attention to The Graph was the announcement that the project will be hosting this year’s “Graph Day” beginning June 2 in San Francisco.
The event includes a day of presentations from leading protocol and DApp developers in the crypto industry who are focused on expanding the Web3 community and will be followed by a three-day hackathon where hackers and developers will attempt to find vulnerabilities in the project. This is the first official hackathon for The Graph and will take place between June 3–5.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GRT on March 7, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (grey) vs. GRT price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for GRT hit a high of 73 on March 7, around five days before the price increased 38% over a three-day period.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss which tokens you should buy and hodl in 2022.
But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.
Next up, the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which tokens you should buy and hodl right now. Will it be Bourgi’s picks? He has selected Pax Gold (PAXG), an Ethereum-based asset backed by the yellow metal; FTX Token (FTT), a native exchange token with similar potential to BNB; THORChain’s RUNE, which allows token swaps for several cryptocurrencies, from BTC to ETH; and LIDO, the native token of the Lido liquid staking solution for Ethereum 2.0. All are great picks, and it seems like Bourgi has given this a lot of thought.
Next, we find out which tokens Yuan has picked. He kicks things off with FTM, the primary token on the Fantom network, a highly scalable blockchain platform for decentralized finance, decentralized applications and enterprise applications. For his second pick, he’s gone with AVAX, the native coin of the decentralized, open-source proof-of-stake Avalanche blockchain, which has smart contract functionality. In the third spot, he’s picked ATOM, which is the cryptocurrency powering the Cosmos ecosystem of blockchains designed to scale and interoperate with each other. For the fourth spot, he’s chosen the ever-popular LUNA, the token of the Terra open-source stablecoin network, which is controlled by its stakeholders.
Lastly, we have Finneseth and his picks, two of which he shares with Yuan — AVAX and ATOM. Perhaps great minds think alike? Third on his list is SOL, the native token of the Solana blockchain, which claims to offer faster transaction times and lower costs than its main competitor, Ethereum. Finally, he has DOT, the native token of Polkadot, which enables cross-blockchain transfers of any data or asset, not just tokens. Each analyst has some solid picks, but which one will come out on top in our live poll? Stick around till the end of the show to cast your vote and find out.
After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Synthetix Network Token (SNX) and Request Network’s REQ token.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
THORChain (RUNE) could continue its upward momentum in the coming weeks even as it treads inside a classic bearish reversal structure.
RUNE’s price has rebounded strongly by over 165% four weeks after testing its multi-month horizontal level support near $3.15.
What’s more, its upside retracement has opened up possibilities about an extended bull run toward $11.50, about 45% above the current price level near $7.89, as shown in the chart below.
The $11.50-level coincides with RUNE’s multi-month falling trendline resistance, forming a descending triangle, a bearish setup, in conjunction with the lower horizontal support.
That could have RUNE’s price correct again to $3.15 after reaching $11.50, followed by another breakout to the downside.
A long-term bullish setup, meanwhile
Adjusting RUNE’s lower horizontal trendline in the descending triangle setup hints at restructuring the pattern into a symmetrical triangle.
A Symmetrical triangle is a continuation pattern, meaning they typically send the price in the direction of its previous trend after a period of consolidation. In doing so, the triangle’s ideal profit target comes to be at length equal to the maximum distance between its upper and lower trendline.
That puts RUNE en route to between $30 and $80 in 2022, depending on its breakout point.
THORChain’s fundamentals skewed towards bulls
The mixed outlook in the THORChain market appears as the entire crypto market trades under geopolitical and macroeconomic risks. Notably, the market capitalization of all the cryptocurrencies combined has fallen by nearly 25% year-to-date (YTD).
RUNE has so far bucked the trend, rising nearly 9% YTD. Interestingly, the THORChain token has secured most of its gains in the past 30 days, gaining over 100% owing to the hype surrounding its back-to-back feature updates.
For starters, THORChain rolled out “synthetic assets” on March 10, a feature that enables users to trade tokens backed by 50% of their target assets and 50% of RUNE. In addition, the protocol allows traders to redeem the synthetic assets for the real ones at 1:1.
@THORChain just hit $20m daily volume in synths, hasn’t even been launched a week.$RUNE has a bright future
Meanwhile, THORChain core developer Chad Barraford also revealed that he expects the launch of Thorfinance (Thorfi) — a protocol integrating DeFi tools, such as lending and borrowing, into the THORChain ecosystem — by June 17.
The revelation also included a proposal to build a native stablecoin called THOR.D, employing Terra’s burn-and-mint tactic featuring its native token LUNA and stablecoin UST.
TLDR:
Huge alpha is being dropped in this Twitter space by @CBarraford about Thorfinance (Thorfi). Target release for Thorfi is on June 17th.
The optimistic updates focusing on RUNE’s adoption could provide additional tailwinds to its interim technical price target near $11.50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The SocialFi movement has now started to gather steam as social media becomes more integrated into the blockchain. Many investors, including traditional social media firms, are starting to pour money into new Social blockchain projects. Here is why:
The rise of web 3.0 will drive the growth of SocialFi.
SocialFi can address some of the key problems of traditional social media.
Innovative projects in SocialFi are already hitting the market.
Well, while there aren’t many established social media blockchain projects as we speak, we did manage to find a few that should be worth your time. Here they are:
Ultra (UOS)
Ultra (UOS) is a social blockchain project that looks to revolutionize how content is shared across various platforms. The platform is hoping to give users the one-stop-shop to share video games, music, and other types of entertainment in a fully decentralized manner.
Data Source: Tradingview
Ultra is relatively new and is just getting started. With a market cap of around $340 million, there is a high chance that it will gain even further in the coming days.
Steemit (STEEM)
Steemit (STEEM) is not a new social project, but it’s still very exciting. The project has had a fair bit of issues including a recent hack but they are now looking to the future.
Steemit basically allows users to create decentralized blogs and other social media platforms within its ecosystem. You also get an easy way to monetize your content. STEEM has a market cap of $122 million right now.
MediaChain
MediaChain is an upcoming decentralized project that hopes to also provide a network of content creators from around the world. It hopes to also help people monetize data without having to go through third parties.
MediaChain is still under development. We are not sure when it’s coming out, but it is one project you can put on your watchlist.
After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency, the path to $50,000 appears more challenging than previously expected.
According to Euronews Next, on March 14, the European Union rejected a proposed rule that could have banned the energy-intensive proof-of-work (PoW) mining algorithm used by Bitcoin and other cryptocurrencies. Several EU parliamentarians have been pushing to ban PoW mining over energy concerns.
BTC/USD price at FTX. Source: TradingView
In terms of performance, the aggregate market capitalization of all cryptos was relatively flat over the past seven days, registering a modest 0.4% gain to $1.77 trillion. However, the apparent lack of performance in the overall market does not represent some mid-capitalization altcoins, which managed to gain 17% or more in one week.
Bitcoin presented a 2.5% gain over the previous seven days, while the vice-leader Ether (ETH) increased 3.6%. However, they were no match for the altcoin rally that happened. Below are the top gainers and losers among the 80 largest cryptocurrencies by market capitalization.
Weekly winners and losers among the top-80 coins. Source: Nomics
THORChain (RUNE) rallied after enabling synthetic tokens on March 10. Those derivatives are pegged to the value of other underlying collateralized assets. In THORChain’s version, the project has opted to back its synths with 50% of the underlying asset and 50% in RUNE.
Privacy tokens ZCash (ZEC) and Monero (XMR) rallied as United States President Joe Biden signed an executive order on March 9 focused on establishing a regulatory framework for crypto — mentioning its possible role in circumventing sanctions.
Lastly, Terra (LUNA) rallied after Terraform Labs donated $1.1 billion to Luna Foundation Guard’s (LFG) reserves on March 11. LFG was launched in January as part of a broader effort to grow the Terra ecosystem and improve the sustainability of the network’s stablecoins.
On the other hand, Fantom (FTM) led the worst performers after prominent Fantom Foundation team members Andre Cronje and Anton Nell announced their departure.
Meanwhile, Celo (CELO) suffered a hack on its third-party email service on March 10. A phishing communication was sent to all of its 25,741 users, but the attack was quickly investigated, and the Celo Foundation posted alerts across its social channels.
Tether premium indicates resilience from retail
The OKX Tether (USDT) premium is a good gauge of China-based retail trader crypto demand. It measures the difference between China-based USDT peer-to-peer trades and the official U.S. dollar currency.
Excessive buying demand tends to pressure the indicator above fair value, which is 100%. On the other hand, Tether’s market offer is flooded during bearish markets, causing a 4% or higher discount.
Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX
Currently, the Tether premium stands at 100.7%, which is neutral. Still, there has been a consistent improvement over the past two months. This data signals that retail demand is picking up, which is positive considering that the total cryptocurrency capitalization dropped 50% between Jan. 1 and March 14.
Funding rates show a lack of excitement
Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Perpetual futures are retail traders’ preferred derivatives because their price tends to track regular spot markets perfectly.
Exchanges use this fee to avoid exchange risk imbalances. A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.
Seven-day accumulated perpetual futures funding rate on March 14. Source: Coinglass
Notice how the accumulated seven-day funding rate is uneventful in most cases. Such data indicates a balanced leverage demand between longs (buyers) and sellers (shorts).
For example, Polkadot’s (DOT) negative 0.30% weekly rate equals 1.2% per month, which is not a burden for traders building futures’ positions. Typically, when there’s an imbalance caused by excessive pessimism, that rate can easily surpass 5% per month.
Some might say that the third failure to sustain Bitcoin prices above $42,000 was the nail in the coffin for the bulls, as the cryptocurrency failed to display strength during a period of global macroeconomic uncertainty and a massive commodities rally.
Still, there are no signs of bearishness from Asian retail traders, as measured by the CNY Tether premium, and there is no indication of pressure from leverage shorts (sellers) on futures markets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Despite these pressures, however, several cryptocurrency projects have managed to post gains in excess of 20% on March 14, thanks to new partnerships and protocol updates.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Request Network (REQ), Hifi Finance (MFT) and Selfkey (KEY).
Metaverse payments with Request Network
Request Network (REQ) is an Ethereum-based decentralized payment system that allows users to create, share or fulfill a request for payment through secure channels without the need for an intermediary.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REQ on March 13, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. REQ price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for REQ began to pick up on March 13, around eight hours before the price increased 45% over the next day.
The increase in momentum for REQ comes following the addition of support for the Jarvis Network’s Euro stablecoin (jEUR) to go along with the project’s ongoing push to become the go-to payment provider for activities in the evolving Metaverse.
Hifi Finance adds community governance
Hifi Finance is a decentralized lending protocol that allows crypto holders to borrow against the value in their assets using bond-like instruments that represent an on-chain obligation that settles on a specified date in the future.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.006 on March 6, the price of MFT climbed 5% to hit a daily high at $0.009 on March 14 as its 24-hour trading volume spiked 1,131% to $235 million.
MFT/USDT 4-hour chart. Source: TradingView
The sudden spike in price and trading volume for MFT follows an announcement that Hifi Finance will soon be integrating governance capabilities for MFT holders who will be able to create and vote on proposals regarding the future development of the protocol.
Selfkey (KEY) is a blockchain-based identity platform that is looking to advance the Know Your Customer (KYC) process and support the ethos of Self-Sovereign Identity through its KYC-Chain.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REQ on March 7, prior to the recent price rise.
VORTECS™ Score (green) vs. KEY price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for KEY elevated into the green on March 7 and hit a high of 85 around 72 hours before the price began to increase 35.6% over the next four days.
The turnaround in the price of KEY comes as the project works to integrate SelfKey and its KYC-Chain decentralized identity management system across the cryptocurrency ecosystem as a way to satisfy global KYC/Anti-Money Laundering regulations.
The overall cryptocurrency market cap now stands at $1.732 trillion and Bitcoin’s dominance rate is 42.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Within 24 hours of its launch on digital collectibles marketplace Veve, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals nonfungible tokens, or NFTs, collection. The drop consisted of iconic characters and moments created by Pixar Animation Studios, including Sheriff Woody, Mike Wazowski,Lightning McQueen, The House from Up andEdna Mode. Users purchased their NFTs from a blind box, meaning that they receive a random collectible as part of the series and would not know which collectible until after payment.
The list price for each Pixar NFT was 60 gems ($60). By multiplying the collection sold by their listed gem price, it is estimated that the NFT collection fetched the equivalent of $3.3 million. At the time of publication, items in the Pixar drop are selling for up to 350 gems on the secondary market. NFTs on VeVe are currently minted on GoChain. Its developers claim that the blockchain is fast, environmentally friendly and 100% compatible with Ethereum (ETH).
Gems are VeVe’s in-app tokens exchangeable for digital assets on a 1:1 basis with the U.S. dollar. However, the ability to convert gems back into fiat is still in the testing phase. This is because there currently exists a related incentive with holding OMI tokens, which are created by VeVe’s parent, ECOMI.
Whenever gems are used to purchase an NFT, 100% of the equivalent value of OMI is burnt from the token supply while the digital collectible is transferred to the user’s account. Correspondingly, OMI can be converted into gems but not vice versa due to speculation that it may tank the former’s price.
Data Source: CoinGecko
