Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – The trend was clearly in favor of the SAND bears.- A revisit to the lower timeframe distribution from the past weekend can offer a shorting opportunity.Since August, The Sandbox has faced a torrid time on the token’s price charts.Buyers have not seen respite from selling on the larger timeframe charts.Multiple significant support levels have been broken.Read The Sandbox’s [SAND] Price Prediction 2023-24 Since 14 December, the Tether Dominance metric saw some gains as crypto market participants fled to stablecoins in the face of selling pressure.Bitcoin was unable to break out past its range, and would likely face resistance in the $17.6k-$17.8k area.
A bearish order block on the daily chart was spotted, bears can target Fibonacci extension levels The early November crash saw the $0.715 region retested as resistance.Sellers were extremely strong in that zone and SAND continued its downtrend on the price charts.On 5 December, The Sandbox broke out past a local resistance at $0.6, and pushed as high as $0.64.But instead of flipping the $0.6-$0.62 area to support it collected the liquidity at $0.64 and saw a quick bearish reversal.On the daily timeframe, the RSI also indicated a strong downtrend in progress.
During the move to $0.64 and the subsequent rejection, the RSI did not breach neutral 50.The OBV also retraced the gains it made in the first week of December.Over the weekend, the token consolidated for some time in the $0.46-$0.48 area.It formed a bearish order block on the daily timeframe and highlighted a region where another sharp rejection could materialize.Fibonacci extension levels at $0.45 and $0.33 can also serve as resistance and support levels respectively in the next few weeks.Mean coin age suffers a large dent but the funding rate climbed in recent hours The 90-day mean coin age saw a sharp decline on December 6 to show the widespread movement of SAND tokens.
This marked the local top for the asset at a price of $0.62 when the bears succeeded in reigning in bullish momentum.Social dominance has been really low since November but has climbed by a small amount.More importantly, the development activity reached a three-month high in early December despite the selling pressure the price saw.This can encourage long-term buyers.At press time, the funding rate was positive, but this could be due to the lower timeframe bounce from $0.43.- TRX bulls had reached a key supply zone.
– If the bulls maintained momentum in the short term, they could hit $0.05557.- A break below $0.05429 will invalidate the bullish forecast.TRON [TRX] recently ranked the second highest in total value locked (TVL), with Ethereum taking the first spot.Therefore, it shouldn’t be surprising that its native token, TRX, has made 6% gains since 17 December.
Read TRON’s [TRX] Price Prediction 2023-24 However, at press time, TRX had hit a significant supply zone that limited its capacity to offer more gains to investors.It was trading at $0.05496 and could face intense opposition from the further uptrend, given the selling pressure that could come from this short-term supply zone.
If the bulls go past the supply zone’s upper boundary at $0.05538, they could be blocked by the obstacle at $0.05557.But can they bypass the supply zone? Can the TRX bulls bypass this supply zone? The 4-hour chart showed interesting trends from technical indicators worth noting.
First, the Relative Strength Index (RSI) had made higher highs and was shy of the 60 units level, above the 50-neutral mark by 10 points.This showed that bullish momentum had increased in the past few hours.However, the Money Flow Index (MFI) also recorded a steep rise, followed by a zig-zag with a gentle slope upwards.This showed that accumulation had increased in the past few hours but was followed by minor distribution sessions (zig-zag part).
Therefore, the market leaned toward buyers at press time, but selling pressure was also imminent, given the supply zone.Thus, TRX bulls can hit the outer boundary of the zone at $0.05538 or slightly push above $0.05557.However, if sellers push bulls out of the supply zone, it will invalidate the above bullish bias.Such a downward pressure could see TRX settle at the 55-period Moving Average (MA) level of $0.05429.
TRX recorded a decline in development activity and trading volume According to Santiment, TRX’s development activity declined sharply, as did the investors’ confidence in the asset- shown by negative weighted sentiment.However, it is worth noting that the sentiment improved slightly with the recent rally and increased prices.
How many TRX can you get for $1? Nonetheless, the development activity dropped even deeper by the time of publication.In addition, the trading volume declined, too, indicating a price-volume divergence.The decline in trading volume could undermine further buying pressure and initiate a price reversal.
Could these conditions undermine further uptrend past the short-term supply zone? Only time can answer.- MATIC achieved multiple milestones in 2022 both in terms of on-chain metrics and partnerships – MVRV Ratio was considerably down, suggesting a possible market bottom The year 2022 was quite the opposite of eventful for the crypto industry, as the market witnessed a number of crashes that shook investors.Despite the market’s high volatility, Polygon [MATIC] continued to improve its network and hit several milestones along the way.
For instance, Polygon recently mentioned in a blog that its total number of unique addresses reached the 200 million mark.
This in itself could be considered as a major achievement, reflecting the increased adoption of the blockchain.Read Polygon’s [MATIC] Price Prediction 2023-24 Something more in store Polygon successfully processed over 960 million transactions this year and had 778,000 smart contracts deployed on its network.This was almost a 153% year-on-year growth.2022 is the year of mass adoption on @0xPolygon! Polygon’s year-in-review video is here! ✅Mass adoption flywheel in Gaming, DeFi, and Enterprise ✅201m total unique addresses ✅960m transactions processed Thank you to the community and developers! pic.twitter.com/9983PO22aO — Ryan Wyatt (@Fwiz) December 20, 2022 Apart from the statistics, Polygon was also on fire in terms of partnerships and integrations in many fields, including, DeFi, GameFi, NFT, and more.Starting with the Polygon and Meta partnership, in which the latter began testing a digital collectibles feature on Instagram in May.
This partnership allowed select U.S.creators to share NFTs that they had created or bought.Furthermore, Starbuck also worked with Polygon to provide the blockchain technology to build its recently announced Web3 experience, named Starbucks Odyssey.In fact, recently Polygon partnered with Herity network and Phi that will help the network grow in Web3.How many MATICs can you get for $1? What 2023 might look like Despite Polygon’s achievements over 2022, MATIC was seen struggling to push its price upward.This could be attributed to the current bearish market.
According to CoinMarketCap, MATIC registered almost 15% negative weekly gains, and, at press time, was trading at $0.79 with a market capitalization of $6.9 billion.Furthermore, Santiment’s chart revealed that MATIC’s Market Value to Realized Value (MVRV) Ratio was the lowest in the past three months.This could be an indication of a market bottom.Interestingly, MATIC also managed to increase its popularity as its social volume went up.
As per CryptoQuant’s data, MATIC’s exchange reserve was decreasing, which too is a positive signal as it indicates less selling pressure.Nonetheless, MATIC’s network growth went down, which might be concerning.
Therefore, considering all the updates and on-chain metrics, it is likely for MATIC to bounce back in the coming year if the market conditions get favorable.- Sushi recently passed the “Increase Kanpai Treasury Ratio 100%” proposal.
– The new Sushi proposal will see stakers reward reduced by some percentage and redirected to the treasury.Even if the latest SushiSwap DAO plan was well-received by voters, it has sparked heated debate.After a difficult year, the protocol team decided to make a change at the top of the “kitchen” and get things under control by replacing the previous Head Chef.Will this new suggestion lead to a SUSHI reversal, or will the dissenting voices usher in a new downtrend? Read SUSHI’s Price Prediction 2022-2023 The Increase Kanpai Proposal Jared Gray, the newly appointed Head Chef of SushiSwap, put out a proposal on 5 December titled “Increase Kanpai Treasury Payout Ratio to 100%.” The head chef claimed the idea was required since the protocol was rapidly running out of runway.
This was brought on by a drop in SUSHI’s valuation and the market’s downward trend.Lack of funding could result in employee layoffs and the protocol becoming bankrupt.The idea implied that SUSHI token holders would no longer earn benefits from SushiSwap exchange trading fees for at least one year, with the fees flowing into the project’s treasury instead.The organization behind SushiSwap argues that they need extra cash temporarily while they work on a more permanent solution to their financial woes.Sushi is contemplating a course correction toward the vote escrow tokenomics model.The token holders in this arrangement are rewarded for keeping their assets locked up for a long period.
Five entities voting In the end, the votes came down to two entities: GoldenChain, the digital investment arm of venture capital firm Golden Tree, and a wallet with ties to Cumberland.They put up 10 million sushipowah tokens to ensure the vote passed.These two entities cast almost all of the 11 million tokens in favor of the proposal.There were 7.5 million sushipowah tokens (41% of the total) cast by those who did not support this motion.A total of 2.9 million, 2.4 million, and 1.1 million sushipowah tokens were contributed by three different wallets.These five major corporations accounted for 88.5% of the vote total.
This means the other 774 wallets that voted had a negligible impact, amounting to just over 10% of the total.The disparity in voting strength has raised discussions over the validity of the proposal and the votes.Fees and treasury holding declines Information from Token Terminal showed that fees for Sushi have been going down over the last few months.As seen from the graph, the fees dropped significantly to roughly $24,000, at the time of writing.
Compared to what was possible in previous months, the protocol’s current pricing structure was quite underwhelming.There was also a noticeable decrease in the number of treasury holdings.SUSHI holders bleed Holders of SUSHI have also experienced disappointment with their purchases over the past 365 days.An apparent 59.47% loss was shown by the Market Value to Realized Value (MVRV) Ratio statistic from Santiment.As a result, any investor who purchased SUSHI during that period held it at a loss of roughly 60%.Another intriguing finding came from looking at SUSHI in a daily timeframe.The asset started to decrease again on 6 December, one day after the Kanpai proposal was submitted.SUSHI had had a value loss of nearly 36% from the beginning of the observed fall to the time of this writing.
However, detecting an attempt at a rally was possible because the token had increased by more than 5% and was currently trading at about $0.9.Sell-off or HODL? According to visible comments, there was a lot of opposition to the Kanpai idea.However, this was not reflected in the proposal’s passage because five entities controlled the votes.How many SUSHI can you get for $1? One negative implication is a sell-off.
This is due to stakeholder perceptions that there needs to be more incentive to continue holding and staking.A successful implementation, however, might make the protocol stronger and have a favorable effect on its native token.
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