Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- Momentum remained neutral despite proximity to the range highs.- Avalanche sellers appeared to have the upper hand.Avalanche [AVAX] appeared to break out past the $18 resistance on the price charts on 5 April, but the sellers were able to stall for a time.The same maneuver was repeated on 6 April, with the same result.How much are 1, 10, or 100 AVAXs worth today? Technical analysis showed that although the market structure was bullish, neither buyers nor sellers had an upper hand at the time of writing.This could change after 10 April’s high and low are established.Low trading volume could see AVAX trade sideways over the weekend Since 16 March, Avalanche has traded within a range (yellow) that extended from $15.45 to $18.
The support level at $16.37 was defended multiple times toward the end of March, and AVAX has formed a series of higher lows over the past ten days.However, this was not reflected particularly well on the indicators.The RSI slumped from 70 to 49 over the past two days as Avalanche fell from $18.25 to $17.65.Moreover, on even lower timeframes, such as one-hour, AVAX formed a lower low.This could see a slow descent toward $16.5, especially if Bitcoin [BTC] bulls get exhausted.Realistic or not, here’s AVAX’s market cap in BTC’s terms The OBV saw some gains in April, but remained relatively flat over the past month.
Once again, this highlighted a lack of demand.Until this changes, a breakout would likely elude AVAX bulls.
The sentiment favored the bears in the futures markets On the bright side, the funding rate remained positive.This meant long positions were the majority, which was a bullish indication.However, over the past two days, the Open Interest has declined by close to $8 million.Meanwhile, AVAX also slipped by close to 4% on the charts.
Taken together, this highlighted bearish sentiment, and overshadowed the inference from the funding rate.Coinalyze’s data also showed spot CVD was in steady decline, which reinforced the idea that sellers were stronger as things stand.Hence, Avalanche was likely to trade within this range over the next week or two.- dYdX announced the winding down of user access for Canadian users.
– The dYdX token was attempting recovery on a daily timeframe, while active addresses and volume declined.On 7 April, dYdX [DYDX] announced that the firm would begin the process of limiting access to its platform for users located in Canada.The first step involved suspending the onboarding of new users from the country.Then, as per the announcement, on 14 April, dYdX will transition all Canadian users into a “close-only mode,” permitting them to only withdraw their funds.Read dYdX [DYDX] Price Prediction 2023-24 dYdX is a decentralized exchange (DEX) that operates on the Ethereum [ETH] blockchain.Through this platform, users can engage in peer-to-peer trading of cryptocurrencies and various other digital assets without intermediaries, unlike centralized exchanges.
This unique approach to trading allowed for increased privacy, security, and control over one’s assets.Canada takes a strict stance on trading platforms On February 22, the Canadian Securities Administrators (CSA) released a notice outlining the new requirements for crypto asset trading platforms (CTPs) looking to register in Canada.These CTPs, like dYdX, must now agree to a new version of preregistration undertakings (PRUs), which are legally binding documents.Regulated CTPs will receive notification from their principal regulators regarding compliance with these new obligations.The updated commitments aim to enhance investor protections in response to the recent wave of CTP insolvencies in 2022.
Specifically, the regulators referred to the insolvencies of FTX, Celsius, and Voyager in the document.
As a result of these stricter regulations, there is a possibility that more CTPs could exit the Canadian market in the future.dYdX metrics decline Even before the aforementioned announcement, there had been a noticeable impact on dYdX’s active addresses.According to data from Santiment, there has been a decline in the number of active addresses since around 31 March.While there have been attempts at recovery, the metric was still far below its earlier levels in the year.
As of this writing, the number of active addresses on the platform was around 410.In addition to the decline in active addresses, its volume metric has also declined.
Santiment’s analysis of the volume metric indicated a noticeable decrease, and while there has been some recovery, it remained relatively low.As of this writing, the volume metric for dYdX was over 59 million.
The volume was significantly lower than the over 200 million it saw in March before the decline.Is your portfolio green? Check out the DYDX Profit Calculator DYDX on a daily timeframe On a daily timeframe, DYDX had experienced a decline in value, losing over 3% on 7 April.However, as of this writing, it had regained almost 1% and was currently trading at around $2.48.While the token remained below the neutral zone on the Relative Strength Index, it had attempted to push above it.- As per DeFiLlama, SushiSwap v3 was created as a hard fork of Uniswap V3.
– Since the SEC subpoena, the DEX’s trading volume plunged 37%.The CEO of SushiSwap [SUSHI], Jared Grey, divulged details about a major upgrade related to the decentralized exchange (DEX) on 7 April.Realistic or not, here’s SUSHI’s market cap in UNI’s terms Grey, who is known as the Head Chef of Sushiswap on Twitter, took to the social platform to inform investors about the protocol’s newly deployed concentrated liquidity model, V3.
Earlier today @DefiLlama leaked alpha re: @SushiSwap’s newly deployed concentrated liquidity (CL) / V3 contracts ahead of official news.It’s only fair I leak more info… 👇 1/ — Jared Grey (@jaredgrey) April 6, 2023 DeFi analytics platform DeFiLlama had initially leaked the news about SushiSwap v3 on 6 April.Now tracking @SushiSwap V3 on @ethereum @arbitrum & @optimismFND SushiSwap V3 is created as a fork of Uniswap V3 pic.twitter.com/UIUtyr7I0b — DefiLlama.com (@DefiLlama) April 6, 2023 Another hard fork of Uniswap V3? As per DeFiLlama, SushiSwap V3 was created as a hard fork of Uniswap [UNI] V3, which is credited as the pioneer of the concentrated liquidity model in the DeFi space.Since then, many players in the space have launched their own V3s by copy-pasting Uniswap’s code, the latest being PancakeSwap [CAKE].
CEO Grey, while ‘leaking more information,’ stated that the project’s objective was to expand to nearly 30 blockchains and emerge as the market leader in providing concentrated liquidity solution.Well, the ecosystem needed an upgrade to keep optimism alive after it was served with a subpoena by the United States Securities and Exchange Commission (SEC) on 21 March.It was quite evident that the network has struggled since then, as per Token Terminal’s data.Since 21 March, the trading volume on the DEX plunged 37%.
A big factor behind this could be the depleting user base which shrunk 17%.These were signs that investors were wary of regulatory actions on the protocol.However, the total value locked (TVL) into the platform’s liquidity pools wasn’t significantly impacted as the weekly average value remained steady over the last two weeks.How much are 1,10,100 SUSHIs worth today? Things not looking good for SUSHI Since SEC’s subpoena, SUSHI declined by over 28% in value.
At press time, it exchanged hands at $1.12, per Santiment’s data.Since 21 March, the number of addresses involved in SUSHI transactions tumbled 43% until the time of writing.The falling interest was also exhibited by the trading volume of the coin.SUSHI declined from $82.24 million to $27.5 million at press time.- Daily active users on the BNB Chain tripled those on Ethereum – The Shapella upgrade has contributed to Ethereum’s on-chain outpacing on BNB The BNB Chain rose to prominence as an alternative to Ethereum’s [ETH] Layer One (L1) blockchain.Although the growth was not without challenges, the chain backed by crypto exchange Binance has been able to cut a significant part of the market share.
How much are 1,10,100 BNBs worth today? Among both blockchains, Ethereum is the one that has been around longer.But according to Token Terminal, daily active users on the BNB Chain were also three times that of Ethereum.
The metric measures users that interact with a protocol during a designated time interval.The choice to prefer the faster and cheaper chain only… While Ethereum’s active users were around 435,200, BNB Chain’s outpaced it with a record of 1.2 million.Although the Ethereum L1 blockchain is less centralized than BNB, this rise implied that users would rather opt for the network with faster transactions and cheaper fees.However, BNB Chain’s dominance in the aforementioned aspect did not translate to supremacy in every other area.Based on the data from the blockchain financial aggregator, the trading volume of tokens on the Ethereum blockchain was far above those registered on the BNB Chain.
As of 6 April, the volume on the BNB Chain was $601.1 million while Ethereum’s volume was over $11 billion.This large spread means that there have been more tokens traded via the Ethereum network than BNB’s.ETH stays ahead of the game in… Moreover, it seemed that the overall Ethereum ecosystem was hand down beating BNB apart from the user count.
According to Santiment, Ethereum’s development activity witnessed a rise and stood at 51.21.The metric tracks the work done in a project’s public GitHub repositories, signaling upgrades on the project’s network.The Ethereum rise in this regard came as no surprise.Lately, the blockchain had passed the Sepolia and Goerli Testnets, as the Shanghai upgrade aimed at enabling staking withdrawals is only days away.
For BNB, it was an entirely different situation.At the time of writing, the chain’s development activity was flat out at 0.048.This suggested that developers were not actively contributing, despite its recent announcement to improve the chain’s security.Realistic or not, here’s BNB’s market cap in ETH’s terms However, several large ETH transactions have been making rounds with whale accumulating, and some moving into exchanges.According to Lookonchain, a whale who held 900ETH in Tornado Cash address sent all of it into a Bitfinex wallet on 5 April.There was another whale who has been accumulating the altcoin since 15 January.As of 6 April, this same whale added another $2.4 million bought from Binance, to his bag.
We found a whale that has been buying $ETH from #Binance since Jan 15, with a total of 25,255 $ETH ($46.8M currently), the average buying price is $1,649.The whale received 1,290 $ETH ($2.4M) from #Binance again 10 hrs ago.https://t.co/IXExQZwAGN pic.twitter.com/kyxcd8GiWe — Lookonchain (@lookonchain) April 7, 2023 Top posts altcoin1 hour ago As dYdX [DYDX] freezes out of Canada, how did its indicators perform dYdX announced the winding down of user access for Canadian users.The dYdX token was attempting recovery on a daily…Banking2 hours ago Report: Binance US Struggles To Secure Banking Partner Amid Regulatory Crackdown On Crypto Industry Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, cryptocurrency companies have been seeking new banking partners…
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