Tag: Token
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Near Protocol adds 20% in a week. What price action says about the token
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Near token has recovered by almost 20% in a week
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The cryptocurrency saw increased volumes at the $1.25 bottom after a disastrous 2022
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NEAR face bears at the descending trendline and could correct downwards
Near Protocol (NEAR/USD) ended 2022 on a low note. At just $1.26 on December 31 2022, NEAR is among the worst-performing cryptocurrencies, having started the year above $16. The selloff in the cryptocurrency accelerated in November 2022 post-FTX collapse. Investors earmarked the cryptocurrency after reports showed FTX had invested in Near Protocol tokens for nearly $50 million.
But as 2023 kicked off, investors have been accumulating the Near Protocol tokens. With a surge of nearly 20% in the past week, NEAR is one of the top-gaining cryptocurrencies. That is underlined by a huge buy-side volume spike as the token bottomed at $1.25. The spike saw NEAR hit $1.65.
NEAR price outlook and analysis amid increased bullish pressure
The daily chart outlook shows NEAR trading at the descending trendline. The cryptocurrency has been trading on a system of lower lowers and lower highs. The token has retraced at the descending trendline, with the volume indicators showing the entry of bears.
Will NEAR sustain the gains?
There are no clear indicators for the recent surge in NEAR price. It could be due to investors spotting an opportunity as the price crashed following the collapse of FTX.
From the price action and technical indicators, NEAR is still bearish and may not sustain gains. Bears are beginning to gain control of price as it hits the descending trendline. With the bear market showing little signs of abating, the recovery could be hard to come for NEAR. Buying the token on a confirmed uptrend is recommended.
Where to buy NEAR
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
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Helium token jumps 36%. Is this a bull trap?
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Helium token rose by 36% on Thursday before correcting
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Helium powers IoT devices through its “hotspots”
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The cryptocurrency remains on a clear downtrend
A few cryptocurrencies embarked on relief rallies on Thursday, although a low-cap coin was among the top gainers. Helium (HNT/USD), a cryptocurrency ranked #91 by market cap, rose by 36% before shedding nearly half of the gains by Friday. In an exceedingly bearish crypto market, the small-cap token warranted investors’ attention. What is it?
Helium is a blockchain-powered network that was created in July 2019. It is made to power Internet of Things devices. For instance, it enables wireless devices to communicate and share data through its nodes or “hotspots.” The network also lets users profitably earn by sharing their broadband.
You would be forgiven for thinking that Helium is less used. Companies that use the IoT technology service of Helium include Abeeway, Agulus, and Airly. The network has been witnessing increasing growth and now connects nearly 1,000k hotspots. In September, Helium announced a migration to Solana to grow its ecosystem. That was after more than 6,000 members voted in favour. The goal of moving to Solana was inspired by the need to cut reliance entirely on its network.
While Helium token price could be earning boosts from the recent changes, the price is unconvincing. Trading at just $2.0, HNT remains on a clear downtrend. The cryptocurrency has lost 96% of value since its $57 all-time high price in November 2021. The cryptocurrency faces resistance at the 50-day MA.
Helium token rejected at the 50-day MA
Helium outlook shows the price coming under pressure as it touched the 50-day MA. From the volume indicators, a price spike happened at $1.6, indicating that buyers were very active. The cryptocurrency traded with an intraday 1,500% jump in volumes at the bottom price.
What next for HNT?
Despite the intraday gains, HNT price lacks a clear path to recovery as the trend is still bearish. The gains could be a bull trap, especially after getting rejected at the moving averages.
Where to buy HNT
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Vindax
VinDAX Exchange has been live for cryptocurrency trading for global users since March 2019. VinDAX focuses on providing exchange services for digital cryptocurrency transcations with high security level, excellent efficiency and well-optmized trading fee.
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Uniswap versus GMX token? Two DEX contenders, but which one is better?
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Uniswap and GMX are DEX cryptocurrencies
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DEX tokens were boosted by the FTX collapse
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UNI could be preferable in the long term
Decentralised exchanges, or simply DEX, were the talk of the town after the collapse of FTX. As investors’ concerns grew, centralised exchanges such as Binance saw increased fund outflows, benefiting DEX platforms. Uniswap and GMX were among those to benefit from the investor exodus, boosting the native tokens. But which of the two tokens should you scoop?
Uniswap
Uniswap is the largest DEX and is based on the Ethereum network. The blockchain is fully decentralised, implying that no single entity owns or operates it. Being decentralised also means that users have control over their funds. This is opposed to centralised exchanges where users have to share their private keys. Uniswap uses an automated liquidity protocol trading model.
The Uniswap platform is also open source – developers can copy the code to build their own decentralised exchanges. Users can also list tokens on Uniswap for free. The platform is compatible with the ERC20 tokens.
The price of the Uniswap token is $5.31, compared to an all-time high of $45. Any dip buyer investor would find it attractive. However, UNI is largely bearish despite the recent recoveries.
Where to buy UNI
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
GMX
GMX is another DEX token that has been popular recently after getting listed on Binance. The platform has also been attracting investors exiting from centralised exchanges. So what is GMX?
GMX is a decentralised exchange that supports spot swaps and perpetual futures. The platform first launched via the Arbitrum One network when it went live in September 2021. Users enjoy up to 50 times leverage on the exchange. Unlike the centralised exchanges, users keep custody of their assets through a crypto wallet.
The DEX is known for zero-price impact trades and low swap charges. Analysts have lauded the platform for giving investors unmatched trading fees of up to 30%.
GMX trades at $46 in a market correction after tapping $60 in a bullish market. The latest high was near GMX’s ATH of $66.
Where to buy GMX
Final verdict
Uniswap is a more established network. UNI suits investors looking for a token of a platform that has outlived several crypto seasons. Dip buyers may also consider UNI a more suitable token as the price is deeply low. On the other hand, GMX ranks ahead in investor earnings through trading fees. The token could be a better option for short-term investors but not dip buyers.
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