Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – Monero [XMR] registered conflicting trends across different timeframes – The recent break in structure on the lower timeframe meant the market might have shown its hand Monero [XMR] recorded a bearish trajectory on the higher timeframe charts.In contrast, it posted significant gains of 9.14% over the last four days, before facing rejection around the $155-zone.But is this a sign that sellers are gaining strength or can bulls expect further gains? Read Monero’s [XMR] Price Prediction 2023-24 Bitcoin is also likely to have a say in the matter, but the price action showed that XMR is likely to retrace the gains it made over the last four days.Despite the bounce from $144, the bias has shifted to bearish favor The Volume Profile Visible Range tool highlighted three levels of importance.The Value Area High and Low at $153 and $149, respectively, and the Point of Control at $151.1.At the time of writing, the price was shooting north after nearing the POC as support.Although the bounce from $144 was strong, recent price action revealed bears have seized control.The market structure break highlighted in orange showed a shift in bias on the lower timeframes.
Moreover, this was in agreement with the higher timeframe downtrend, such as on the daily chart.The $152-$155 area has acted as resistance since 24 February.On the day of writing, the price pushed as far north as $155.7, before tumbling to $150.4.This sharp rejection saw a fair value gap (white) form on the chart.This area had confluence with the resistance of the past ten days.How much are 1, 10, 100 XMR worth today? The OBV has trended upward since 4 March, when the prices bounced from $144.
The RSI has also been above neutral-50 for the majority of the past week.However, in the house before press time, the same recorded a sharp plunge.Taken together, the evidence revealed that demand has been steady over the past few days.And yet, the strong break in structure means XMR could retrace most, if not all of its recent gains.A short position can be considered if Monero sees a rejection around the FVG.Invalidation of this idea would be a session close above $155.7.What does the Cumulative Volume Delta say about demand? The spot CVD has been on the rise over the past couple of days.
The 15-minute chart attached herein highlighted that despite the rising CVD, the sentiment could have shifted in favor of the sellers.When Monero noted rejection near $155, the OI crashed.Nearly $3 million worth of OI evaporated to signal discouraged buyers – A sign that bearish sentiment had taken root.If this trend of a falling OI continues, it would support the bearish notion presented above.
Hence, the OI could help sellers reach a bias as well.- The 24-hour TwelveFold auction raised 735 BTC, or about 16.45 million at press time market price – Technical indicators sounded a bearish alarm for APE at the time of writing Yuga Labs is in the news after it concluded the much-publicized auction of its inaugural Bitcoin-based non-fungible token (NFT) collection – TwelveFold.The top 288 bidders won one NFT each and will receive their inscriptions within a week, according to an update from Yuga Labs.The TwelveFold auction has ended.Congratulations to the top 288 bidders – you will receive your inscription within one week.Valid bids that did not rank in the top 288 will have their bid amount returned to their receiving address within 24 hours.— Yuga Labs (@yugalabs) March 6, 2023 In fact, TwelveFold went on to add that the 24-hour auction raised 735 BTC or about $16.45 million, as per the press time market price.
Also, the highest successful bid was 7.1159 BTC – Worth $159,282.Yuga Labs added that unsuccessful bids that could not feature in the list of the top-288 will have their bid amount returned to the user’s receiving addresses in 24 hours.Read ApeCoin’s [APE] Price Prediction 2023-24 Auction hype fails to lift APE The hype associated with auction failed to lift the spirits of Apecoin [APE] investors, however.
Consider this – According to CoinMarketCap, the altcoin fell by 1.7% over a 24-hour period, at the time of writing.
Additionally, it’s worth pointing out that network growth went downhill after spiking in the early part of February.This indicated that new addresses were not too keen on amassing APE.One reason could be the sharp drop in daily transaction volume in profit.Figures for the same contracted from $8.95 million in mid-February to just over $3.2 million, as of 6 March.The negative MVRV Ratio supported the aforementioned deduction.The possibility of making losses on their holdings deterred new participants from joining the network.
At the same time, supply on exchanges increased over the past week, which could increase selling pressure in the short term.APE in bears’ grasp? APE moved within the indicated range for the most part of February.At the time of writing, the bulls were struggling to defend the range lows, however.A move below this will tilt the market in the bears’ favor.The Moving Average Convergence Divergence (MACD) traversed inside the negative territory, sounding a bearish alarm.The Relative Strength Index (RSI) inched towards the oversold territory, implying that selling pressure has remained high too.Finally, investors were turning pessimistic as the number of short positions for the crypto hiked over the last two days, according to Coinglass.
In fact, the Longs/Shorts Ratio was 0.92, at the time of writing.
How much are 1,10,100 APEs worth today? While largely successful, Yuga Labs got some flak from users for the way it conducted the auctioning process.Casey Rodarmor, the creator of Bitcoin Ordinals, criticized the process, one which involved sending the entire bid amount in order to be considered for the auction.- OP’s price registered an uptick and was one of the top gainers over the last 24 hours – On-chain metrics and market indicators supported the market’s bears too Optimism [OP] recently released a new update for its Goerli nodes.According to the said update, all nodes should be updated by 17 March before the Goerli Regolith hard fork happens.
Calling all Optimistic infra providers! Please upgrade nodes to op-geth v1.11.2-de8c5df46 and op-node to v1.0.0.Optimism Goerli nodes need to be updated before March 17 at 19:00 UTC, when the Goerli Regolith hardfork takes place.
— Optimism (✨🔴_🔴✨) (@optimismFND) March 6, 2023 How much are 1,10,100 OPs worth today An update ahead of Bedrock The aforementioned update went on to say that the Regolith upgrade, named after a material best described as “deposited dust on top of a layer of bedrock,” implements minor changes to deposit processing.The upgrade was built based on data collected from the Sherlock Audit contest and findings made in the Bedrock Optimism Goerli testnet.In fact, the new Regolith upgrade uses a L2 block-timestamp activation-rule and is specified in both the rollup-node and execution engine.OP in the limelight Here, it is interesting to note that while this upgrade was pushed, OP’s price also went up.
As its price went up, OP made it to the list of the top gainers in the last 24 hours, something that caught the attention of many.Top Daily Crypto Gainers | 7/3/23 1- #GMX $GMX 2- #Decentraland $MANA 3- #Enjin $ENJ 4- #Optimism $OP 5- #Fantom $FTM pic.twitter.com/Uz5njn7Pbp — Sjuul | AltCryptoGems (@AltCryptoGems) March 7, 2023 However, the bull run was short-lived as, at the time of writing, OP’s growth momentum seemed to have slowed down.In fact, as per CoinMarketCap, OP’s price hiked by 1.83% over the last 24 hours and at press time, was trading at $2.44 with a market capitalization of more than $767 million.Bears continue to contribute A look at OP’s daily chart suggested that several indicators have favoured the bears lately.
For instance, OP’s Chaikin Money Flow (CMF) declined considerably.OP’s Relative Strength Index (RSI) was also resting below the neutral level – A major bearish signal.
The Money Flow Index (MFI), on the other hand, reacted differently as it registered an uptick.This suggested that OP could continue its price pump.Realistic or not, here’s OP market cap in BTC‘s terms Optimism’s key metrics declined too Token Terminal’s data revealed that Optimism’s revenue fell significantly over the last seven days.The same trend was true for active addresses, which also went down on the charts.
The decline in active addresses also affected OP network growth by pushing it down.As network growth reflects the amount of new addresses that transferred a given token for the first time, a decline in it represents decreased adoption and usage.
Surprisingly, despite pushing a new network upgrade, OP’s development activity plummeted.Also, OP’s one-week price volatility decreased over the last few days.This should minimize the chances of an unprecedented price surge in the coming days.OP – TRX completed 5 billion transactions and also outperformed others in terms of stablecoin market cap – However, TVL declined and market indicators remained bearish TRON’s latest announcement is evidence of its efforts to increase TRX’s global adoption and usage.
TRON has announced a partnership with the Commonwealth of Dominica to usher in a new era of Web 3.0.
The official announcement mentioned that TRON will be developing the first Caribbean Digital Identity Initiative, which includes the establishment of the Dominica Metaverse, as well as the operation of the Dominica Digital Identity (DDID) and Dominica Coin (DMC) programs.#TRON will be helping to develop the Digital Identification Program for Dominica Metaverse! 🇩🇲 “…this partnership recognizes the potential for Dominica to lead the way in this groundbreaking technology…” 🚀 More from @CryptoSlate below ⬇️https://t.co/J9l0C9gfgu — TRON DAO (@trondao) March 7, 2023 Read TRON’s [TRX] Price Prediction 2023-24 Similar on-chain growth A similar rate of growth and increased adoption was also noted as far as TRON’s network performance is concerned.In fact, TRON recently hit a new milestone by successfully completing 5 billion transactions, proving the network’s reliability and high usage.
#TRON just reached a huge milestone, with over 5 billion total transactions!🔥 Let’s keep #BUIDLing the future of #crypto together!🚀 #TRONStrong pic.twitter.com/l2oAE5e8VZ — TRON DAO (@trondao) March 6, 2023 Not only that, but TRX was only second to Ethereum [ETH] in terms of total market capitalization of stablecoins.In fact, TRON’s stablecoin market cap hit $36.4 billion – Considerably higher than that of BNB Chain [BNB], Solana [SOL], and Polygon [MATIC].#TRON ranks second after #Ethereum in total market cap of stablecoins ahead of #Binance, #Solana, and #Polygon 🔥 pic.twitter.com/UwwsCdYYb1 — TRON Community (@TronixTrx) March 6, 2023 Network value, however, registered a decline However, despite greater adoption and usage, Tron’s network value did not seem to follow the same trend.In fact, DeFiLlama’s data revealed that TRON’s total value locked (TVL) has been on a sustained decline for the past week.At press time, TRON’s TVL had registered a decline of over 2% in the last 24 hours.Though a potential reason for the value decline can be TRX’s price action, which was in bears’ favor, a look at TRX’s on-chain metrics suggested that other factors were also at play.TRON’s demand dwindling? Santiment’s data also revealed that TRON’s Binance funding rate went down considerably over the last few days.This is a negative development as it reflected less demand for the token in the Futures market.
Additionally, the weighted sentiment remained on the negative side, suggesting less confidence among investors in TRON.The network’s development activity also declined last week, which by and large looked concerning for TRON.Is your portfolio green? Check the TRON Profit Calculator Investors can expect this from TRX TRX’s performance on the price front was unsatisfactory, thanks to the dominant bearish sentiment in the market.According to CoinMarketCap, TRX was down by more than 3% in the last seven days.
At the time of writing, it was trading at $0.06714.TRX’s daily chart suggested a similar performance can be expected in the coming days as most of the market indicators were bearish.For instance, the MACD revealed sellers’ upper hand in the market.TRX’s Chaikin Money Flow (CMF) registered a sharp decline, increasing the possibility of a price decline.
The Relative Strength Index (RSI) was resting in the neutral zone.Nonetheless, TRX’s Money Flow Index (MFI) gained upward momentum – A bullish signal.
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