Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – UNI’s market structure weakened further.- The 90-day Mean Coin Age rose as quarterly outperformed monthly holders.After the price rejection at $7.624 on 18 February, Uniswap [UNI] depreciated by 20%.At press time, the native DEX token traded at 6.239 and flashed green as bulls attempted to front a recovery.
However, key fundamentals and metrics offered conflicting results, calling for investors’ caution.Read Uniswap [UNI] Price Prediction 2023-24 The market structure weakened more – Can bulls survive? At the height of the January rally, UNI entered a price consolidation and formed a rising channel (white).The price action breached below the channel in early February but was checked by the 100-day EMA (exponential moving average).But bulls got boosted after a retest of the pullback on the 100-day EMA that offered a strong recovery, setting UNI to reach an overhead resistance at $7.624.
The retracement after the price rejection at $7.624 has undermined a successful recovery.Bears could re-enter the market if UNI fails to close above the 23.6% Fib level ($6.390).They could benefit from shorting the asset at $6.Stop loss could be set above $6.390.On the contrary, a daily close above the 23.6% Fib level could tip bulls to target the Fib levels of 38.6% ($6.625), 50% ($6.816), or 61.8%($7.007).If Bitcoin [BTC] retests the $25K, UNI could swing to the overhead resistance level of $7.624.
However, the RSI on the daily chart showed an increasing divergence.In addition, the Average Directional Movement Index (ADX) retreated, showing the UNI’s market weakened and could enter consolidation or further retracement.But the 100-day EMA moved horizontally, showing a consolidation could be likely in the mid-term.Quarterly holders outperformed monthly peers There was a wide-network accumulation of UNI tokens, as shown by the rising 90-day Mean Coin Age.It shows there could be a potential bullish rally in the works.Nevertheless, monthly holders incurred losses of 5% at press time, as shown by the 30-day MVRV.Is your portfolio green? Check the UNI Profit Calculator On the contrary, quarterly holders enjoyed a modest profit of 2% after most of the gains in January got cleared during the correction period.
Quarterly holders could reclaim some of the lost gains if UNI clears the 23.6% hurdle.- Lido’s wstETH witnesses massive interest.- However, the number of unique users on the protocol declined.The Lido protocol was on an impressive run over the past few months.However, due to the FUD caused by the recent SEC speculation, the Lido protocol was impacted negatively.Despite all the FUD, Lido’s wstETH was able to generate massive interest from holders.Read LDO’s Price Prediction 2023-2024 According to new data provided by Mark Zeller, a DAO delegate and an active participant in Aave’s governance, the demand for wstETH on the Aave protocol increased materially.
Over the past few days, the liquidity for wstETH on Aave reached 95% of the current supply cap.Due to such a high demand for wstETH, there was a new proposal laid out so that the supply cap for wstETH can be increased.
Some challenges for Lido Even though the demand for Lido’s wstETH increased, the overall interest in the Lido protocol itself, fell.This was indicated by the number of unique users on the protocol which started to decline.
According to Messari’s data, the number of unique users decreased by 0.34% in the last week.The fall in APR may have impacted the decline in unique users on the protocol.Based on Dune Anlaytics’ data, it was seen that the APR of Lido fell from 10.2% to 5.25% over the past few months.Whales begin to swim in Lido Along with the protocol, the LDO token’s health was also impacted.
A falling network growth implied that the number of times LDO transferred for the first time by new addresses, declined.Coupled with that, the velocity of LDO also fell.This implied that the frequency with which the LDO was being transferred amongst addresses, went down.Is your portfolio green? Check out the LDO Profit Calculator A decline in activity and network growth did not deter whales from holding on to their LDO.
According to Santiment’s data, the interest from large addresses increased over the last week, despite falling prices.- Cardano gets criticized for its governance proposal.- Charles Hoskinson responds, ADA gets impacted by FUD.Vanessa Hariss, a Senator at Team Kujira (a decentralized ecosystem for protocols), on 5 March claimed that the Cardano governance was not centralized.In a Twitter thread, she stated that IOG (Input Output Global), the company behind Cardano’s formation, could dominate a large part of Cardano’s governance.
Read Cardano’s [ADA] Price Prediction 2023-24 Questions arise According to her, this dominance and subsequent lack of centralization in governance would be occurring due to the CIP-1694 proposal.As per Vanessa, the CIP-1694 proposal will be giving away a lot of power to Cardano’s Constitutional Committee.The Constitutional Committee, which comprises of insiders from IOG, would be able to veto any governance action, except motions of no confidence and calls for a new committee.
Vanessa stated that replacing the committee would be a difficult task and that a no-confidence vote would require a large majority of representatives.Due to these factors, she asserted that under the CIP-1694 proposal, IOG would always retain control of Cardano, except in rare situations.
She also mentioned that ADA stakers will not be afforded a platform to participate in the governance affairs of Cardano.The stakers would have to pay a fee to a Delegated Representative or become a Delegated Representative themselves to participate in Cardano’s governance.Well, much to the surprise, Charles Hoskinson responded quickly to these claims.He dismissed these statements saying, “This is categorically false and a great example of how FUD spreads.” In a response to Charles’ tweet, many users have requested for a Twitter space to be held where all these doubts about the Cardano governance can be clarified.Fear, Uncertainty, and Clout Meanwhile, all the talk about the Cardano governance affected the sentiment around ADA.According to Santiment’s data, the weighted sentiment metric declined over the past few days.
Furthermore, the volume of ADA also fell.Over the last month, it decreased from 258.69 million to 185.69 million, at press time.During this period, ADA’s price showed a strong correlation with its volume, falling 16.61%.This led to ADA’s price volatility gradually increasing.Realistic or not, here’s ADA’s market cap in BTC’s terms Now, if the price volatility continues to rise, ADA could become an increasingly risky asset to buy.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The market structure was bearish on the 4-hour chart and strongly hinted at further losses.
– An imbalance above Ethereum prices meant a small bounce could arrive soon.Ethereum prices saw a rejection at the $1715 level and the trend has been bearish since then.
However, the asset has traded within a range since mid-January.Could ETH descend to $1500 from here? How much are 1, 10, and 100 Ethereum worth today? A recent report highlighted that Ethereum exchange supplies had fallen, which suggested selling pressure might not spike.On the other hand, the price action showed that the lower timeframe was bearish.How much lower will the prices go? The $1600 area could be retested before another move down The aforementioned range was highlighted in yellow.It extended from $1505 to $1708, with the mid-range at $1606.
All three levels have been significant in the past six weeks.In particular, the mid-range was respected multiple times, which underlined the credibility of the range.On 22 February the market structure flipped to bearish and was marked in orange.Since then, the price continued to make a series of lower highs and lower lows.The RSI was also beneath neutral 50 to show bearish momentum at press time.The CMF stood well below -0.05 to show heavy capital flow out of the market.Is your portfolio green? Check the Ethereum Profit Calculator After the sharp fall in prices on Friday, the market has moved sideways.
An important thing to note was the large imbalance left on the charts, highlighted in white.It was likely that this fair value gap will get filled partially or completely in the coming days.This imbalance has confluence with the mid-range mark as well.Therefore short sellers can wait for a retest of $1600-$1610 before looking for selling opportunities.Flat Open Interest showed sidelined market participants After the fall on 3 March, the Open Interest did not budge by a large margin.The small move up from $1550 to $1588 was accompanied by a commensurate rise in the Open Interest.The lack of volatility meant OI did not rise and fall sharply, which suggested many ETH futures traders remained sidelined.
Meanwhile, the spot CVD continued to sink lower and lower.This indicated strong, persistent selling pressure in the past three days, and supported the notion that Ethereum would sink to $1500 soon.Top posts altcoin20 mins ago Lido’s wstETH sees interest on Aave, but other challenges lie ahead Lido’s wstETH witnesses massive interest.However, the number of unique users on the protocol declined.
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