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Consultancy Uncovers Best Altcoins To Profit From FTX Collapse

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Consultancy Uncovers Best Altcoins To Profit From FTX Collapse

Eight, a cryptocurrency consultancy founded by Michaël van de Poppe in 2018, has uncovered the best altcoins that can benefit from FTX’s demise. According to analysts, recent events are promoting a narrative that is strongly associated with decentralization.

Following the FTX news, leading hardware wallet manufacturer Trezor and Ledger reported skyrocketing and record-breaking sales. This was also accompanied by the trend of massive amounts of Bitcoin (BTC) and ETH (ETH) being withdrawn from exchanges.

As Glassnode reported, Bitcoin investors have withdrawn a historic 106,000 BTC/month to self-custody following the collapse of FTX. This only compares to only three other times: April 2020, November 2020, and June-July 2022.

Following the collapse of FTX, #Bitcoin investors have been withdrawing coins to self-custody at a historic rate of 106k $BTC/month.

This compares with only three other times:
– Apr 2020
– Nov 2020
– June-July 2022https://t.co/92aYVYU4Yt pic.twitter.com/em7CsDBWUf

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— glassnode (@glassnode) November 13, 2022

Which Altcoins May Benefit From FTX Collapse?

The altcoin market is often dominated by narratives or special trends. For example, in recent months and years, “Ethereum killers” and layer 2 solutions for Ethereum have been strong trends that have given investors above-average profits.

According to Eight, the new trend for the next few months could be decentralization.

The downfall of FTX promotes a narrative strongly connected to decentralization. Do you know which projects can benefit from this narrative ? 🧵 pic.twitter.com/wQ4zVsh5EO

— Eight (@eight_global) November 17, 2022

In that sense, Eight’s first pick is GMX, a decentralized spot and perpetual exchange that supports low swap fees and trading without price impact.

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As the analysts note, the advantage of decentralized exchanges is that traders do not have to deposit their coins on an exchange and are therefore not exposed to the security risks of a centralized exchange.

The GMX token is ranked 87th among all cryptocurrencies and has recorded a strong price increase of about 20% over the last seven days.

In a similar vein is the second recommendation, DYDX. The platform is also a decentralized exchange platform for cryptocurrency margin trading for assets such as BTC, ETH, SOL, DOT and more.

The DYDX token currently ranks 144th by market cap and is even posting a gain of about 30% over the past seven days.

With UNI, Eight lists another decentralized exchange token that it is far from being an insider’s tip anymore. The decentralized exchange made headlines in recent days as the daily trading volume of the ETH/USD pair on Uniswap was 500 million higher than on Coinbase. Uniswap came in 2nd behind Binance.

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Another interesting decentralized exchange is PancakeSwap, which is based on the BNB chain and aims to provide a faster and cheaper alternative to Ethereum. CAKE currently ranks 66th, but unlike the others, it has recorded a slight loss over the last seven days.

What Else?

Lastly, Eight recommends not only decentralized exchanges, but also decentralized wallets. Specifically, we are talking about the Trust Wallet and the SafePal app. The former acts as an intermediary, connecting different blockchains through the use of its nodes.

It has a robust mechanism for sending, receiving and storing multiple cryptocurrencies, and currently supports over a thousand crypto coins.

The TWT token was trading at $1.15 a week ago and has skyrocketed over the past week. At press time, TWT was trading at $2.14.

In conclusion, the analysts said:

These are just some of the projects that represent alternatives to trading and custody services offered by centralized exchanges and witnessed increased rate of attention and user adoption after the bankruptcy of FTX. Therefore, we suggest that you add them on your watchlist!

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Polygon Continues To Build Despite Market Turbulence; Here Are Levels To Watch

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Polygon Continues To Build Despite Market Turbulence; Here Are Levels To Watch

  •  MATIC’s price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.
  •  MATIC’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors. 
  • MATIC’s price continues to hold $0.75 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA)

The price of Polygon (MATIC) has been a standout performer in recent weeks rallying from a low of $0.85 to a high of $1.3 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Polygon (MATIC) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.

The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.

The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects; this can not be said of MATIC, as many investors and traders continue to show so much interest in this project.

MATIC’s price declined to a weekly low of $0.77 before bouncing off this region, showing some great strength to a region of $0.97 as the price aims to break higher. The price of MATIC needs to be above $0.75 to avoid going to a lower region.  

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Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.75.

Price Analysis Of MATIC On The Daily (1D) Chart

Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.com

The price of MATIC remains considerably strong in the daily timeframe as the price trades above $0.8 support after bouncing off from the region of $0.95.

If the price of MATIC breaks above $1, we could see more rallies for MATIC price; a break below a region of $0.75 would lead to more sell-offs for MATIC with a possibility of price trending to a region of $0.6.  

Daily resistance for the MATIC price – $1.

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Daily support for the MATIC price – $0.75.

Featured Image From zipmex, Charts From Tradingview

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Polygon (MATIC) Keeps Shining With Over 12% Gain In Value

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Polygon (MATIC) Keeps Shining With Over 12% Gain In Value

MAtPolygon (MATIC), the Ethereum layer-2 protocol, is swimming in gains throughout October. The last seven days alone have seen the coin increase by over 12% and currently sits at a value of $0.941. Polygon is one of the highest-performing coins on CoinMarketCap, with a market cap of just above $8 billion.

Polygon suffered a devastating dip in price this June. However, it has slowly recovered since then, reaching a peak of $1.04 in the middle of August. The MATIC price reached $0.95 on October 26th, close to its August all-time high. This was possible thanks to significant community support, strategic alliances, new product releases, and developer activity.

The coin has now stabilized in price, trading around $0.94 at press time. But this makes it something of an exception in the red crypto market.

MATIC Looks Pretty With Weekly/Monthly Gains

In the past week and month, MATIC has gained more than 12% and 26%, respectively. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’s analysis, the number of unique IP addresses on the network has increased significantly, reaching levels not seen since July.

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There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. More and more MATIC is being withdrawn from exchanges, suggesting that users are shifting their attention away from trading. They are now using the tokens on the many dApps and services sprouted on the Polygon platform.

According to CryptoSlate data, the highest exchange outflow for MATIC occurred in April 2021. This was exactly when MATIC’s rapid surge brought its price to an ATH of $2. The growth in Polygon’s user base in October is a direct outcome of the platform’s overall popularity. It has quickly become the preferred platform for various organizations, services, and products, including Reddit and its ambitious NFT plans.

MATIC’s price is currently trading around $0.94. | Source: MATICUSD price from TradingView.com

Polygon (MATIC) Price Analysis: Where Is the Token Headed?

Polygon has been flat since August, but there has been an uptick in bullish activity as of late. After gaining over 12% over the past week, the price is once again testing the critical resistance level at $1. In the event that MATIC can rise beyond $1, this prolonged consolidation period will come to an end.

So far, traders have been successful in keeping the price above the important support level of $0.86. If current momentum continues, we could see a test of the critical resistance as soon as the first week of November. Although the bears were able to push the price down in August, a repeat of that low might be seen as favourable.

The future seems bright for MATIC since its price grew by over 20% in October. This token may enter a continuous rally in November, which may take it to $1.3, which will be the next target. However, this might only happen if the bulls can maintain the strong momentum it has been experiencing throughout the month.

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Featured image from Pixabay and chart from TradingView.com

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Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT?

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Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT?

To shed light on the protocol’s successes, Polkadot insiders have been providing key data. As it stands, these accomplishments are very helpful to the overall ‘well-being’ of DOT. However, the coin’s value has been down alongside the rest of the crypto and financial market.

Is this downturn going to be a great chance to buy for investors?

Markets are under intense selling pressure. The worry that the year-on-year inflation news on September 13 caused is still with us today.

The overall market cap for DOT fell by 15.3 percent, from $8.75 billion to $7.44 billion. Polkadot has shed 10% weekly loss on the heels of the U.S. central bank’s not so rosy inflation assessment. As of this writing, DOT is trading at $6.33, down 8.6 percent in the last seven days, data from Coingecko show.

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These figures are not the only ones affecting market prices. Inevitably, the current interest rate hike of 0.75 percent by the Federal Reserve is seen to have a negative effect on the pricing. If things get much worse, this will have a negative impact on the value of DOT.

How Soon Will The Price Rally Occur?

Is there any way for DOT to recover quickly despite the general gloom in the financial markets?

If one looks at the daily tick indicators, one can see that DOT has been met with resistance around the $8.06 mark.

The price drop on September 13th is consistent with this. Once again, the price was rejected after reaching the $7.07 price resistance, sending it tumbling to the $6.12 support level.

Here’s Where Polkadot Rally May Be Seen

Indicators have suggested that the $6.12 support is generating positive momentum. Any significant momentum generated during this period can help the bulls break past the $7.07 resistance level.

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The increasing optimistic forecast may suggest that Polkadot’s recent accomplishments are influencing investor confidence.

Chart: TradingView.com

The positive reversal on indicators aligns with recent tweets from @PolkadotInsider. The amount of investment projects on the protocol is one of Polkadot’s ecosystem’s most remarkable achievements.

DFG is honored to be the No.1 #venture by @PolkadotInsider! 🏆

Apparently, this #CryptoWinter doesn’t slow us down; we keep investing and supporting the most promising projects in this space. 💪

Thank you for all our terrific portfolios! Let’s continue to make more history! 🚀 https://t.co/GbMIbpLLfy

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— DFG (@DFG_OfficiaI) September 22, 2022

DFG Global led the list with 52 projects, followed by AU21 Capital with 39 and Hypersphere with 35.

This tweet was recently published on September 22. Following this, the price rose to a $6.44 high close. As of this writing, it appears that DOT is preparing a relief rally.

Upon detailed examination of the data, the token’s last settlement occurred at $6.48, its previous peak. This growing trend is reflected in the sentiment of investors.

Together, the momentum indicator, the commodities channel index, and the Stoch RSI are currently rising. This inclining behavior suggests that investor sentiment is rather upbeat, even in volatile circumstances such as the present.

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DOT’s prior market activity likewise matched the XABCD harmonic pattern, which can advise investors and traders to buy the dip.

DOT total market cap at $6.9 billion on the daily chart | Source: TradingView.com    Featured image from The Daily Hodl, Chart: TradingView.com

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