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Tag: Price

  • Ontology price skyrockets 55% to hit six-month high

    Ontology price skyrockets 55% to hit six-month high

    • Ontology price rose more than 50% to lead the top gainers across crypto.
    • The altcoin gained as Bitcoin and Ethereum dropped, with the ONT price hitting a six-month high.
    • ONT could retreat amid profit-taking.

    Ontology has defied broader crypto dumping to skyrocket more than 55% to highs near $0.22, hitting its highest level in six months.

    The uptick for Ontology (ONT) comes as the cryptocurrency market witnesses a significant uptick in sell-off pressure, with Bitcoin dropping to under $112k and Ethereum giving up gains after a new all-time high.

    But as these top headline makers struggle, ONT is grabbing most attention amid its 55% price surge.

    Ontology price spikes 55% to 6-month high

    Ontology (ONT) has seen a remarkable 55% price surge, reaching an intraday peak of near $0.22, its highest level in six months.

    The altcoin traded at lows of $0.13 in the morning session, but marched higher to reach levels seen at the start of February 2025.

    With trading volume soaring by over 4,600% to more than $337 million, Ontology price stands out as one of the outperformers on the day.

    As BTC and ETH pare gains, Ontology’s 24-hour gains come amid heightened activity around the decentralised identity protocol’s native token.

    Mainstream adoption of artificial intelligence and blockchain has Ontology’s infrastructure for decentralised identity and data privacy, drawing significant interest.

    The project’s focus on regulatory compliance for digital identity solutions and blockchain interoperability is a key cog in its adoption curve.

    Analysts predict ONT could benefit from this outlook to target more gains.

    Ontology price forecast: What’s the technical picture?

    The price of Ontology breaking out as the rest of the market fights to hold onto recent gains suggests holders may have to deal with incoming downside pressure.

    ONT going vertical will welcome a pullback, likely to a demand reload zone.

    However, open interest in ONT has increased by over 617% to nearly $60 million.

    This indicates trader confidence and speculative interest amid the token’s upward trajectory.

    Ontology’s price outlook as open interest rises, combined with high trading volumes, suggests a potential bullish continuation.

    Ontology Price Chart
    ONT price chart by TradingView

    From a technical perspective, ONT is trading Relative Strength Index (RSI) on the daily chart at 81.

    RSI at these levels shows the asset firmly in the overbought territory and thus leaning toward a reversal.

    The Moving Average Convergence Divergence (MACD), however, shows a bullish crossover, indicating bulls have the upper hand and that a sustained rally may yet unfold if a retest allows buyers to establish a footing at key support levels.

    On the daily chart, these areas lie around $0.20 and $0.17.

    On the flipside, a break above $0.27 will allow buyers to aim for $0.40.

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  • INJ price eyes $20 as Republic expands RWA with Injective

    INJ price eyes $20 as Republic expands RWA with Injective

    Injective Bulls Take On Bears

    • Injective (INJ) price outlook as Republic expands RWA integration with Injective.
    • The INJ token trades around $13.38 after dipping from highs of $16 amid crypto sell-off.
    • ETF anticipation, tokenization growth and other catalysts may help INJ bulls.

    Injective price hovers around $13.38 on Thursday evening, about 3% down in the past 24 hours and over 12% down in the past week, but could Injective’s integration with Republic help INJ price bounce to $20?

    Over the past week, Injective has dipped from highs of $16, with sell-off pressure across the market adding to the declines.

    This is despite the finance-focused layer 1 blockchain’s notable milestones across the ecosystem.

    Now with Republic, a leading tokenized investments platform, bulls may fancy higher marks if markets flip bullish.

    Injective integrates with Republic

    While the crypto market bleeds, platforms are taking time to build.

    Integrations are among the critical elements, and Injective has added to this with its official integration with Republic.

    The platforms announced the collaboration on Aug. 21 and aim to bring Injective’s Layer 1 ecosystem into Republic’s on-chain investment infrastructure.

    Specifically, the goal is to enable Injective-based projects to fundraise via Republic’s Launchpad, utilize Republic Wallet for asset management, and benefit from Republic’s validator support.

    Why is this integration notable?

    Republic and Injective are building on an earlier collaboration that saw Republic become an INJ validator.

    However, and notably, the integration is a step forward in expanding private markets on-chain.

    “With 3 million+ community members across 150+ countries and a portfolio that includes 27 unicorns such as SpaceX, Robinhood, Carta, and Dapper Labs, Republic’s integration with Injective represents a pivotal moment in bridging traditional finance with onchain innovation,” Injective wrote.

    INJ price outlook: Can bulls reclaim $30?

    The technical outlook for INJ is leaning bearish in the short term, with RSI and MACD both handing bears the upper hand.

    Currently trading near $13 means the Injective price is closer to the lows of $6.90 seen in April 2025 than the recent peak of $34 hit in December 2024.

    The sell-off that has hit Bitcoin and altcoins does not help bulls.

    Injective price chart from CoinMarketCap

    However, if sentiment flips, a breakout to $20 could allow bulls to target the $30 level.

    Other than the Republic integration, other significant upward drivers will be overall institutional interest and demand amid tokenization and real-world assets.

    Injective’s quest to dominate with new financial primitives designed to expand its DeFi capabilities, and the Nvidia GPU derivatives market add to the positives.

    Also bullish for Injective price is anticipation around ETF filings and expected approvals and whale accumulation will be key.

    Bulls nonetheless need to hold above $13 and potentially $10 so as not to hand greater initiative to bears.

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  • Morpho price jumps 12% to lead market gainers

    Morpho price jumps 12% to lead market gainers

    • Morpho price rose 12% to hit a six-month high of $2.38.
    • Ecosystem developments and market sentiment has helped MORPHO up.
    • Bulls could target the peak of $4.17 reached in January.

    Morpho (MORPHO), native to the decentralized lending protocol, has climbed more than 12% in the past 24 hours to emerge as one of the top gainers in the crypto market.

    The uptick has pushed MORPHO to price levels seen in early March, with daily volume rising as key network developments catalyze bullish movement. MORPHO traded to highs of $2.38 and its market cap reached over $773 million..

    Morpho surges to 6-month high

    The MORPHO token has reached its highest value in six months, with bulls strengthening since hitting lows of $0.85 in April. Morpho price hovered around $2.38 and the zone in early March.

    With buyers pushing higher after a period of consolidation, MORPHO has struck upward momentum amid heightened market interest.

    Largely, traders see the token’s strong fundamentals and the protocol’s innovative approach to lending as a bullish factor.

    Morpho price chart by CoinMarketCap

    After hitting lows of $0.7 in November, MORPHO has jumped over 230% to its current levels. Gains also put the altcoin about 44% of its all-time peak of $4.17 reached in January 2025.

    The token’s performance, which comes amid a 47% spike in daily volume, has MORPHO outpacing most top gainers on the day.

    Key ecosystem developments buoy MORPHO price

    Several recent developments within the Morpho ecosystem are believed to be the catalysts behind this price jump.

    Centrifuge, a platform specializing in real-world asset (RWA) tokenization, has announced key integrations with Coinbase, Aerodrome Finance and Bitget among others. This integration, announced on Aug. 20, 2025, will also offer collateral support for Morpho.

    According to Morpho Labs, the move allows the protocol to expand its offerings by incorporating decentralized RWA tokens, enhancing its lending capabilities and attracting new users.

    MORPHO also surged after industry players launched Ascend.

    Why is this important?

    Centrifuge’s announcement emphasized the potential for Morpho to unlock liquidity for tokenized assets, a move that has sparked optimism among investors.

    Additionally, Gauntlet, a risk management firm, shared insights about Morpho’s updated risk parameters, which were refined to optimize lending efficiency.

    The confluence of these technical enhancements, partnerships and integrations are creating a positive narrative for MORPHO.

    Price is likely to jump higher as retail and institutional holders bid to increase their stakes.

    As the DeFi sector continues to evolve, Morpho’s ability to leverage RWA integration and robust risk management could solidify its position as a key player.

    For now, the 12% price jump serves as a testament to the project’s resilience and potential, drawing significant attention in today’s market.

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  • XRP price forecast as bulls and bears face off near $3

    XRP price forecast as bulls and bears face off near $3

    XRP Price Outlook

    • XRP price hovered around $2.88 after this week’s dip.
    • After a broader market downswing, XRP losses have hit 10% for the past seven days.
    • Bulls face pressure near $3 but tailwinds could help them rip to a new peak.

    XRP trader around $2.88 with buyers trying to flip positive amid downside pressure, with sellers having taken out bulls near the $3 mark.

    As the Ripple token grapples with bearish sentiment that cuts across a volatile cryptocurrency market, weekly losses have jumped to over 10% and XRP risks further losses.

    But could positive developments, including regulatory clarity and growing institutional interest, provide tailwinds for XRP’s potential rebound?

    XRP price dips as weekly losses mount

    XRP has declined by about 10% in the past week, and is trading around $2.88 as of writing on August 21, 2025.

    The dip sees the Ripple cryptocurrency extend its drift from recent highs of $3.40, with downside action over the past week exceeding -10%.

    Notably, this sees XRP form a downtrend line and slip below its 50-day simple moving average. As a critical technical indicator, this slip under the 50 SMA signals weakening momentum.

    While this drop aligns with broader market dynamics, which has seen Bitcoin drop to $113k and Ethereum pare gains, XRP faces downward pressure amid notable whale selling.

    Onchain data indicates whales have dumped about 460 million XRP in a little over a week, with bulls facing off with bears near the $3 mark.

    XRP price forecast: tailwinds and technical outlook

    Risk-off sentiment has engulfed a large part of the market as investors become jittery amid macro headwinds.

    Inflation data, including a surprise surge in the US producer price index in July, added to the uncertainty. Geopolitical events and the upcoming Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is expected to speak, are key events this week.

    For the latter, XRP holders are as upbeat as the rest of the market.

    Investors are braced for any potential signals that the Fed will cut interest rates, a likely boost for risk assets like cryptocurrencies. However, a hawkish Fed could further depress XRP.

    Despite the current bearish tilt, XRP is still largely bullish amid notable tailwinds. This includes Ripple’s march to a resolution of its legal hurdle from the SEC lawsuit.

    Additionally, Ripple’s RLUSD stablecoin is seeing growing integration and partnerships, as is XRP Ledger’s traction in payments and tokenization of real-world assets.

    Potential XRP ETF and Ripple banking license approvals, expected in late 2025, provides further optimism.

    On the charts, XRP faces immediate support at $2.80, with a deeper safety net in the $2.58 to $2.32 zone. However, if bulls reclaim the $3.00 to $3.40 area as support, a breakout could bring a new ATH into play, with targets of up to $10.

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  • OKB price hits new all-time high amid a 50% spike

    OKB price hits new all-time high amid a 50% spike

    OKB Price Skyrockets To New All Time High

    • OKB price rose 50% to hit a new all-time high of $195.
    • The altcoin is outpacing peers as investors react to tokenomics changes.
    • OKB is seeing traction as altcoins bid to break higher.

    OKB, the native token of the OKX exchange, has soared to a new all-time high of $195, with intraday gains of over 50% catapulting the altcoin to the new ATH.

    OKB’s price surge has also come amid a significant spike in daily volume, with market data showing the OKX token witnessed a staggering 428% uptick in 24-hour trading volume.

    At the time of writing, the metric hovered around $1.17 billion.

    Meanwhile, OKB is one of the standout performers in the past 24 hours and week, outpacing top altcoins as recent bullish catalysts keep bulls in control.

    BNB also hit a new peak as exchange tokens rally.

    Why OKB surged 50% as it hit a new all-time high

    As top altcoins braced for a fresh dose of downside volatility, OKB extended its recent rally to a new ATH.

    Having gone vertical from lows of $46 to highs of $116 on Aug. 13, the token retested the $92 area.

    But bulls have traded higher since, breaking above $150 and hitting the intraday record high of $195 on Aug. 21.

    OKB chart by CoinMarketCap

    The buying pressure follows a strategic tokenomics overhaul that OKX undertook recently, with this significantly altering the OKB’s supply dynamics.

    On Aug. 13, OKX executed a massive one-time burn of 65.26 million OKB tokens, slashing the circulating supply by over 50% to a fixed cap of 21 million tokens.

    The move meant OKX aligned its token’s supply with Bitcoin’s hard cap, with the deflationary event a key catalyst to the parabolic price action.

    The supply change has seen OKB’s market cap surge to $4 billion, while the price has increased nearly 90% in the past week and over 290% in the past 30 days.

    As well as the token burn, OKX introduced an upgrade to its zero-knowledge Ethereum Virtual Machine (zkEVM) network built with Polygon technology.

    The upgrade boosted the network’s transaction capacity to 5,000 transactions per second while slashing gas fees to near-zero levels, enhancing OKB’s utility as the native gas token.

     OKB price outlook

    OKB’s price trajectory has pushed key technical metrics to extreme levels, with the Relative Strength Index (RSI) hitting overbought conditions.

    Per the daily chart, OKB’s price hovers at a level where the RSI is above 92 and signaling a potential reversal.

    OKX price chart by TradingView

    However, the Moving Average Convergence Divergence (MACD) remains strongly bullish, with the MACD line above the signal line.

    This and the histogram’s outlook suggest sustained buying pressure.

    If bulls weather profit-taking deals, the next target will be a spike above $200 and further price discovery.

    On the downside, support levels include $125 and $92.

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  • Polygon price forecast: POL surges 6% as TVL reaches 2025 high

    Polygon price forecast: POL surges 6% as TVL reaches 2025 high

    Polygon POL Surges

    • Polygon token (POL) soared as most altcoins dipped on Monday and early Tuesday.
    • While POL has given up some of the gains to $0.26, bulls appear to be in control.
    • Gains for the altcoin come as its network’s total value locked (TVL) jumped to a year-to-date high.

    Polygon’s native token, POL (ex- MATIC) (POL), is one of the gainers in the past 24 hours as cryptocurrencies look to bounce off the latest dump.

    Altcoins such as Chainlink and XRP are eyeing fresh gains.

    While POL price has slipped from highs of $0.27, it’s currently holding above $0.25 as a potential rebound coincides with a spike in the network’s total value locked (TVL).

    Polygon price today

    The POL token’s price is up 3% in the past 24 hours at the time of writing, and nearly 12% in the past week.

    However, intraday gains reached 6% as POL rose to $0.27, with this coming amid growth in Polygon’s ecosystem, fueled by decentralised finance activity and strategic integrations.

    As the price of POL rose, Polygon’s TVL, which has jumped amid bullish momentum, topped a 43% increase year-to-date.

    The TVL spiking not only reflects the price gain, but the growing adoption, user trust and capital flows.

    Per Token Relations, Polygon saw its total value locked metric fall to $788 million in April.

    However, the metric has since witnessed a steady climb to break above $1.23 billion as of August, highlighting the blockchain network’s appeal and attraction as a DeFi player.

    Stablecoin growth

    Additionally, Polygon has seen a notable spike in stablecoin use.

    The recent integration of Agora’s stablecoin, AUSD, on Polygon by Miomi Game is a key development.

    Miomi is a web3 esports platform that boasts over 950,000 users.

    Polygon also surged to a record $2.56 billion in stablecoin payments in July, with peer-to-peer transfers rising as USDC active addresses jumped to 3.16 million.

    Meanwhile, USDT supply on Polygon rose to a new high of $1.29 billion during the month.

    Polygon’s surge in dApps, combined with stablecoin adoption and regulatory moves, spotlights the network’s utility.

    “Why are institutions building on Polygon? Trusted infrastructure, designed for greater efficiency and ready to scale for institutional demand,” Polygon Labs recently posted on X.

    Polygon price prediction

    Looking at Polygon’s price charts, the overall outlook is bullish.

    The network’s strategic initiatives and cross-chain interactions, which are contributing to organic growth, are evidence that bulls can establish the upper hand.

    Polygon’s price surge and TVL spike allude to this. Metrics such as active addresses and transactions are key to buyers breaching the supply wall around $26 and $30.

    On the flip side, bears can target the psychological support level at $20.

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  • Chainlink price forecast as key metrics point to increased onchain activity

    Chainlink price forecast as key metrics point to increased onchain activity

    Chainlink Price Outlook

    • Chainlink price broke to highs $26 before correcting slightly.
    • LINK is surging amid a spike in onchain activity.
    • Partnerships and adoption trends remain bullish for Chainlink.

    Chainlink (LINK) broke above $26 for the first time in months on Monday, surging amid a notable spike in onchain activity.

    As LINK pares gains amid broader profit taking, analysts are saying the recent explosion of key network metrics could allow bulls to breach the supply wall at $30 as they target the all-time high of $52 seen over four years ago.

    Chainlink sees significant surge in onchain activity

    According to Santiment, Chainlink’s onchain activity has witnessed a significant spike in the past week.

    For instance, on Sunday, August 17, a total of 9,813 unique LINK addresses executed at least one transaction, while the next day saw more than 9,625 new LINK wallets.

    Per the onchain analytics provider, both metrics represent the blockchain network’s highest levels for the year.

    “Onchain activity has been even more impressive than the price,” Santiment analysts noted.

    Partnerships and LINK reserve

    Recently, Visa’s head of crypto, Cuy Sheffield, explained via Visa’s Tokenized podcast, that Chainlink is a major pull for institutional entry into crypto.

    Apart from Visa, Chainlink has partnered with ANZ, China AMC, and Fidelity International to bring cross-chain, cross-border settlements to tokenized assets across Australia and Hong Kong.

    A Mastercard partnership is also huge for LINK.

    Chainlink Data Streams is another solution seeing huge integration. Data Streams are now live for U.S. equities and exchange-traded funds such as AAPL, NVDA and CRCL.

    Chainlink also recently partnered with Intercontinental Exchange, the parent company of the New York Stock Exchange.

    “Using ICE’s Consolidated Feed data as an input into Chainlink’s derived FX and precious metals rates onchain via Chainlink’s institutional-grade infrastructure is a watershed moment in the evolution of global markets,” said Fernando Vazquez, president of capital markets at Chainlink Labs. “This collaboration signals a pivotal shift towards a unified, globally accessible onchain financial system, with hundreds of trillions in assets on a clear path to tokenization.”

    Chainlink Reserve, an effort launched to support Chainlink’s traction in the DeFi and TradFi ecosystems, is also a major boost.

    As well as being geared towards establishing Chainlink as a standard solution for global crypto adoption, the program bolsters its tokenized assets growth.

    What’s next for LINK price?

    Chainlink’s price action amid the surge in network activity suggests bulls are confident in LINK.

    Chainlink price chart

    Having broken above $20 and strengthened to $26, Chainlink is showing resilience. While bears have a say on immediate LINK price action, analysts say the altcoin could be on the cusp of a significant breakout.

    While the key metrics indicate that Chainlink’s network growth is outpacing price gains, there are more bulls who are upbeat about.

    A confluence of catalysts such as network integration across decentralized and traditional finance, whale accumulation and macro conditions, is what could propel LINK toward its ATH and into price discovery mode.

    LINK traded at the all-time high above $52 in May 2021, a level bulls may target if market conditions align. Currently, the altcoin is on an uptrend since hitting lows of $16 on Aug. 6.

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  • Bitcoin sees strong accumulation despite BTC price pullback

    Bitcoin sees strong accumulation despite BTC price pullback

    Bitcoin Whales Buy The Dip

    • Bitcoin price is near $115,300 after bouncing off lows of $114k.
    • Despite sharp declines this past week, BTC is seeing robust accumulation.
    • Onchain data suggests aggressive whale buying.

    Bitcoin (BTC) price hovers around $115,300 in early trading on August 19, 2025, but despite the pullback that includes a dip to lows of $114k, the benchmark digital asset is witnessing robust accumulation.

    While on-chain data suggests whales are aggressively buying, technical analyses signal bullish support above the psychological $110k.

    Notably, BTC price reached its all-time peak above $124k on Aug. 14.

    Whales scoop Bitcoin on the cheap

    As noted, on-chain data shows bulls have used the sharp price decline in the past few days to buy Bitcoin.

    The overall trend, as analysts from CryptoQuant show, is that accumulation is on the up.

    Crypto analyst Axel Adler Jr notes in a post on X that there’s been a significant shift in Bitcoin’s exchange netflow.

    Per the CryptoQuant on-chain and macro analyst, the 30-day moving average of net outflow has jumped from -1.7K to -3.4k Bitcoin per day, which suggests that coins are exiting centralised exchanges at an accelerated rate compared to sales.

    This accumulation, against a backdrop of Bitcoin’s price drop to lows of $114k, speaks to bulls’ strong long-term conviction.

    In any case, a divergence between net outflows and price decline has historically pointed to a bullish reversal.

    “Against the backdrop of price decline, we see strengthening net outflow: the Exchange Netflow-30D moving average became more negative from -1.7K to -3.4K BTC/day. This means coins on CEX exchanges are being bought faster than they are being sold. Such a shift in a falling market is a bullish divergence, where participants are using the drawdown to buy back coins,” Adler Jr. said.

    Santiment’s onchain analytics also point to this trend. Notably, top whales and sharks have continued to accumulate even amid the mild dip.

    With BTC prices dropping more than 6% since its peak, wallets within the 10-10K range have scooped more than 20,061 BTC.

    “When we zoom out, this same group of key stakeholders has added 225,320 Bitcoin going back to March 22nd. There has been notable correlation between this group’s holdings and the direction of future price movement for the majority of the past five years,” Santiment noted.

    What’s the Bitcoin price outlook?

    Bitcoin’s price technical picture shows BTC lies within the broad range of support at $112k and resistance at $120k.

    Although panic selling in recent weeks has some holders in a downbeat mood, CryptoQuant says they may be dumping at a loss.

    “This loss-selling event becomes a critical barometer of market health. If absorbed quickly, it could mirror past resets that fueled strong rebounds. If not, it risks signalling a momentum breakdown,” noted crypto analyst Kerem.

    With on-chain data indicating strong accumulation and technical indicators supporting a bullish outlook, BTC remains largely bullish.

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  • Morphware (XMW) price pumped 450% and dumped immediately: what happened?

    Morphware (XMW) price pumped 450% and dumped immediately: what happened?

    Morphware (XMW) price pumps and dumps

    • UAE investment news and Reuters coverage sparked a rapid Morphware (XMW) rally.
    • Low liquidity and profit-taking fueled a sharp price reversal.
    • Contract risks and cautious sentiment have kept volatility high.

    The price of the Morphware (XMW) token jumped 450% earlier today, reaching a high of $0.2501 according to Coingecko, before erasing all the gains to trade at $0.04353 at the time of writing.

    The sudden pump-and-dump unfolded within hours, leaving traders scrambling for answers.

    Morphware (XMW) price chart

    Here’s a closer look at what triggered the move, why it collapsed, and what comes next for XMW holders.

    What caused the surge?

    The rally was sparked by Morphware’s announcements earlier this week.

    On August 12, the team revealed that a leading UAE investment firm had committed funds to its AI infrastructure and mining operations.

    The following day, the news was picked up by Reuters as a press release, bringing mainstream visibility to the project’s expansion into the UAE.

    This combination of social media hype and media coverage fueled a rush of speculative buying.

    The headlines not only attracted existing crypto traders but also drew in new investors who had never tracked Morphware before.

    Why the rally collapsed

    Despite the explosive move, the rally was unsustainable. The first reason was liquidity.

    Morphware’s 24-hour trading volume stood at just $241,276, far too low to support a rapid surge in valuation.

    As a result, even modest buying pressure was enough to send the price skyrocketing, and a relatively small wave of sell orders triggered the collapse.

    Second, speculative momentum quickly gave way to profit-taking.

    Traders who entered early rushed to lock in gains, while others, alarmed by the pace of the spike, chose to exit before the inevitable correction.

    Finally, lingering concerns around the project’s contract added to the selloff.

    Risk trackers have warned that the contract creator retains significant privileges, including the ability to change fees, mint tokens, or even disable sales.

    Fundamentals versus volatility

    Morphware has promoted itself as more than just a token play.

    The company emphasises its enterprise AI services powered by NVIDIA B200 and H200 GPUs, hydroelectric-powered data centres at Itaipu, and an integrated Bitcoin-mining operation that leverages surplus renewable energy.

    XMW is positioned as a utility and governance token supporting these services, with revenue drawn from both AI operations and Bitcoin mining.

    While these fundamentals create a compelling long-term narrative, they do not explain the extreme intraday volatility that traders experienced today.

    Risk signals traders are watching

    Morphware supporters have pointed to a reported $600,000 buyback, with tokens locked for ten years, as evidence of strong conviction from the team.

    However, sceptics argued that the token’s centralisation risks outweighed such commitments.

    Morphware price outlook

    Morphware’s spike-and-crash highlights how quickly sentiment can shift in thinly traded markets.

    A wave of hype can send prices soaring, but without liquidity and transparency, those gains can vanish in minutes.

    For now, XMW remains a highly speculative token, and traders will need to balance the project’s long-term ambitions with the risks of short-term volatility.

    Going forward, traders should keep a close eye on on-chain movements, order book depth, and any administrative changes to the contract.

    The traders could also watch for follow-up announcements from Morphware regarding its UAE expansion and whether the locked buybacks remain verifiable.

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  • NEO price dips 7% as Binance ends support for Neo Legacy Network

    NEO price dips 7% as Binance ends support for Neo Legacy Network

    NEO price dips 7% as Binance ends support for Neo Legacy Network

    • The exchange has confirmed plans to halt deposits and withdrawals on Neo Legacy.
    • The phase-out will begin on August 25, with a complete shutdown scheduled for October 15.
    • NEO has plummeted amidst community uncertainty.

    The digital assets landscape endured a bloodbath on Monday as the global crypto market cap plunged 3.27% in the past day to $3.89 trillion.

    While most assets reflect bear dominance, NEO suffered the most after Binance confirmed it would end support for Neo Legacy.

    Starting August 25, the leading exchange will no longer support asset deposits through the NEO network and will halt withdrawals by October 15.

    Moreover, Binance will not credit any deposits made after the deadline.

    The announcement magnified NEO’s decline.

    The alt lost around 7.62% from $6.5012 to an intraday low of $6.0058.

    Affected tokens

    The halt decision will impact three key assets: NEO, NeoGas (GAS), and Kepple (QLC).

    While GAS and NEO holders can use other Binance-supported platforms to transact, Kepple investors encounter a harsher situation.

    The exchange has advised holders to cash out all QLC before the October 15 deadline. The team emphasized:

    It is strongly recommended for users holding QLC tokens to withdraw their remaining tokens before 2024-10-15 08:00 (UTC), as transfer of assets will cease after the shutdown.

    What prompted Binance’s decision

    The leading trading platform is known for delisting projects that do not meet certain standards.

    However, Neo Legacy’s case is different.

    Binance emphasized that the platform’s transition into a more advanced version, Neo N3, triggered the suspension.

    The Neo Legacy team announced the network’s shutdown in April to focus on the advanced platform “designed to replace Neo Legacy.”

    The official announcement read:

    As part of our commitment to advancing Neo’s technology and focusing our efforts on the future, we have made the decision to sunset the Neo Legacy Network.

    Meanwhile, Binance’s notice stirred the markets as it formalized the end of Neo’s older system.

    However, the suspension could be a necessary step as handling two active platforms often fragments user activity and liquidity.

    Focusing on Neo N3 might form a cleaner ecosystem that can bolster adoption in the coming times.

    What’s next for investors

    With the deadlines somewhat tight, Neo Legacy users may have to consider three primary things.

    Firstly, any deposit completed to Binance via Neo Legacy after August 25 will lead to asset loss.

    Secondly, the exchange will suspend withdrawals entirely on October 15.

    Lastly, enthusiasts should watch the native token’s performance.

    NEO could plummet further to test key price levels as investors seek clarity.

    NEO price outlook

    The alt exhibits significant bearishness at $6.06.

    NEO attempts to recover from earlier losses, but indicators signal sellers’ dominance.

    The 3H MACD and RSI confirm that bears control of NEO’s trajectory as they depict waning momentum.

    Moreover, the current broad market bias suggests further price dips for NEO.

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