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Ethereum [ETH]: PoS network’s performance since FTX collapse reveals…

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Ethereum [ETH]: PoS network’s performance since FTX collapse reveals…

  • ETH staking and validator count growth remained unaffected as the market grappled with the FTX’s collapse
  • There was, however, a slight fall in daily earnings per validator on the chain

Seventy days since it became operational, the sudden collapse of FTX did not impair activities on the Ethereum proof-of-stake [POS] network. This, according to a report by Glassnode. 


Read Ethereum’s [ETH] Price Prediction 2023-2024


As per the on-chain analytics platform, the total number of validators on the PoS network totalled 478,658. Since 6 November, 16,490 active validators have joined the network, with the validator count now up by 4%. These new validators deposited 32 ETH to the ETH 2.0 smart contract as a prerequisite to be a validator on the chain.

Also, since CZ first tweeted about the state of things on FTX, which led to its unexpected collapse, total ETH staked has rallied by 3%. At the time of writing, the total ETH staked was 15.23 million ETH.

Since the Merge on 15 September, the count of total ETH staked ahead of the Shanghai upgrade has gone up by 13%. 

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Source: Glassnode

To keep the PoS chain running, a portion of the total ETH staked is actively participating in the consensus on the chain. This is referred to as Effective Balance.

At press time, the Effective Balance on the Ethereum PoS chain was 14,188,772. Since FTX’s collapse, this has also appreciated by 3%. In fact, the Effective Balance seemed to be over 12% of ETH’s Total Supply.

Source: Glassnode

Signs of trouble?

The validators on the Ethereum PoS network are automatically organized into sets of committees and block proposers for each 32-slot Epoch.

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In each committee, a validator is responsible for producing blocks for each 12-second slot. On the rare occasion that this validator is unavailable, a block is missed, and the count is registered on the chain. 

Furthermore, according to Glassnode, since 6 November, there has been a spike in the number of missed blocks on the PoS network. As of 23 November, 56 blocks were missed on the network – Leading to a 75% rally in the count of missed blocks since CZ’s first tweet.

Source: Glassnode

Additionally, the network’s participation rate also slipped to touch 98% on 15 November for the fifth time since the Merge.

For instance, data from OKLink also revealed that the average daily earning per validator on the PoS network has remained stuck at 0.0036 ETH since 6 November. For context, the average daily earning per validator three months ago was 0.0039 ETH.

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Source: OKLink

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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Altcoins

UNI is ripe for buying opportunities after a bullish crossover, but…

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UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • UNI could reach the 50% Fib level in the next few days or weeks if BTC maintains its uptrend 
  • UNI’s open interest is rising, which is a bullish outlook for derivatives markets

Like the rest of the altcoins, Uniswap [UNI] also rallied after BTC regained the $16,000 level on 22 November. At press time, it was trading at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) also gave investors a buy signal through its bullish crossover. 

However, the price rally faced significant resistance, which cautious traders should watch out for before going long on UNI.


Read Uniswap’s [UNI] price prediction 2023-2024


We have a buy signal, but can the uptrend last?

Source: TradingView

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In October, UNI  witnessed a major rally that extended into November before the FTX saga put the brakes on it. Subsequent recovery attempts after the market crash established $5.28 as solid support for the bulls.  

At press time, UNI was poised for another rally after BTC attempted to reclaim $17K. A bullish MACD crossover provided buying opportunities for UNI traders. However, the question was: Is the buy signal solid and could the uptrend continue? 

A key technical indicator showed that the uptrend could sustain momentum. The Relative Strength Index (RSI) retreated from the lower part of the selling range with a steep rise. This showed that the selling pressure had eased, and the bulls were able to prop up UNI’s price.  

The On-Balance Volume (OBV) also showed a rise in the upper range despite an almost flat profile since 21 November. This showed that there was a significant trading volume that could increase buying pressure.  

If the bulls maintain the above leverage, they could break the 38.2% level ($5.89) and target the 50% Fib level ($6.25). However, an intraday close below the current support at $5.28 could negate the above inclination.

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UNI sees an increasing Open Interest

Source: Coinglass

According to Coinglass, UNI saw conflicting open interest trends in November. After the market crashed in early November, UNI’s open interest rose steadily, only to drop again starting in mid-November.  

At press time, a rising open interest could be seen towards the end of November. This showed that money was flowing into the derivatives market of UNI.

Furthermore, this also indicated a bullish outlook in the derivatives market, which could soon spill over into the spot market. In this case, the upward momentum of UNI could continue if BTC continues to trend upward.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

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PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

  • CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap
  • However, days ahead might get harder as metrics and indicators were not supportive

PancakeSwap [CAKE] recently revealed that they have been working with Hashflow to bring a new syrup pool and farm to PancakeSwap. Before voting on PancakeSwap, the hashflow must receive more than 60% support for the syrup pool and farm.

Hey community members,

We have been working with Hashflow to bring you a BRAND NEW Syrup Pool/Farm on PancakeSwap. For the Syrup Pool and Farm to happen, the vote needs more than 60% positive votes on Hashflow itself, before it can be voted on PancakeSwap. pic.twitter.com/vReAlutILT

— PancakeSwap 🥞 #BSC (@PancakeSwap) November 29, 2022


Read PancakeSwap’s [CAKE] Price Prediction 2023-2024


Furthermore, CAKE also topped the list of projects that were the most viewed and trending on CoinMarketCap, and a possible reason for this might be the aforementioned update. Apart from CAKE, QUACK and BabyDoge also made their place in the top three.

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🎉 Most Trending & Viewed Projects on @CoinMarketCap 🔥

🥇 $CAKE @PancakeSwap
🥈 $QUACK @RichQuack
🥉 $BABYDOGE @BabyDogeCoin$DOGE @BabyDogeCoin

The Top trending cryptocurrencies that people are searching for on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou

— BSCDaily (@bsc_daily) November 29, 2022

With all these developments on the chain, CAKE’s price action decided to take the opposite route. As of 30 November, CAKE registered negative daily gains. CoinMarketCap’s data revealed that at the time of writing, CAKE was down by nearly 1% in the last 24 hours.

Furthermore, CAKE was trading at $3.96 with a market capitalization of more than $622 million. Let’s have a look at CAKE’s on-chain metrics to understand what the last weeks of this year might have in store for it.

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Is CAKE’s goodwill dwindling?

Santiment’s data revealed that CAKE’s daily active addresses kept declining over the last month. This indicated a lower number of users present on the network. Moreover, CAKE’s weighted sentiment was also considerably lower, suggesting less popularity for the token in the crypto community.

Source: Santiment

However, the Market Value to Realized Value (MVRV) ratio gave slight hope as it registered upticks. This indicated a price hike in the coming days. Furthermore, CAKE’s burn rate was optimistic, with over 6 million CAKE tokens worth $27 million burned.

Source: Santiment

Can the market indicators give relief?

Most of the market indicators also painted a bearish picture for CAKE, which suggested that investors might have a hard time ahead. For instance, the Chaikin Money Flow (CMF) registered a steep downtick, which was bearish.

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Moreover, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the upper hand in the market as the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Strength Index (RSI) provided some much-needed relief by going up during the last few days. This could be a sign of a price surge in the coming days.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Altcoins

Going long on Dogecoin [DOGE]? Here’s what you need to know

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Going long on Dogecoin [DOGE]? Here’s what you need to know

  • DOGE was strongly bullish 
  • It faces a bearish order block around the 100% Fib level ($0.10790)
  • Declining development activity and negative sentiment could undermine further near-term price recovery

Dogecoin’s (DOGE) price rally began on 22 November after BTC reclaimed the $16,000 level, and at the time of writing, it resulted in a price increase of over 40%.

At press time, DOGE was trading at $0.10649, up 3% in the last 24 hours.  

However, it faced an important bearish order block around the 100% Fib level. If the bulls of DOGE maintain upward momentum, a bearish breaker could shatter the current resistance and target $0.11652. 

Double resistance at the 100% Fib level and a bearish order block

Source: TradingView

DOGE faced two closely spaced obstacles in the 4-hour time frame. One was the immediate bearish order block zone, and the other was the 100% Fib level. Can the bulls breakthrough both at the same time? 

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The technical indicators on the 4-hour timeframe suggest that the bulls could break through these obstacles. In particular, the Relative Strength Index (RSI) was at 66 after avoiding the neutral 50-level and continuing to rise. This shows the bulls have too much leverage and could move on with the uptrend momentum. 

At press time, the on-balance volume was also supporting the bulls in their forward momentum. It moved steeply higher despite a slight sideways movement. It showed that trading volumes have increased, which gives the bulls enough buying pressure to overcome the two obstacles.

Thus, if the uptrend continues, DOGE could see a bearish breaker and breach the 100% Fib level ($0.10790). 

However, a break below the current support at the 78.6% Fib level ($0.10010) would invalidate the above bias. In that case, the bulls could find new support at the $61.8% level ($0.09396).

DOGE recorded negative sentiment and a decline in development activity

Source: Santiment

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That said, DOGE recorded a steady increase in development activity from 21 November, which peaked on 28 November. During the said period, the prices of DOGE also increased. However, the decline in development activity at the time of publication also coincided with weighted sentiment sliding deeper into negative territory.  

Although DOGE has risen despite the continued negative sentiment in the past, the decline in development activity could prevent further price appreciation. The BTC’s performance could also affect the price performance of DOGE, so investors should keep an eye on it. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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