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MANA’s network activity could bring forth a shorting opportunity here

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MANA’s network activity could bring forth a shorting opportunity here

Every once in a while, cryptocurrencies go through a phase where volumes contract and prices are restricted within a narrow range. Well, MANA has been stuck in this phase since June. As a consequence, it has struggled to exit its bottom range.

The altcoin has experienced very low whale and institutional activity during the contraction phase. This is often the case when cryptocurrency volumes shrink, and it is a key reason why price movements are quite limited.

Decentraland’s network

MANA’s muted performance was also exasperated by its native platform’s performance. Its transaction volumes dropped substantially in the last four weeks, peaking at 59.57 million on 27 July.

In contrast, it registered its lowest 4-week transaction volume at 3.24 million on 13 August.

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Source: Santiment

The low network activity also reflected in the form of a drop in active addresses.

The latter peaked at 2,611 active addresses on 21 July and dropped to as low as 854 active addresses on 13 August.

Decentraland has been hard at work trying to boost engagement within its network.

The drop in network activity highlighted the need to boost its attractiveness as a metaverse project. Despite its shortfalls, Decentraland’s market cap is currently above $2 billion.

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Quite a number of MANA investors are still holding on to their coins. The 180-day mean dollar invested age achieved steady growth in the last four weeks, peaking at 977.23.

There was some profit taking towards the end of June, leading to a drop in the 180-day mean coin age. However, its recovery to its press time level at 72.25 confirms that retail investors have been accumulating, and HODLing.

Source: Santiment

Why are these observations important?

It is normal for a cryptocurrency to have low volumes when network growth and organic demand are negatively affected.

That may explain the low whales and institutional demand in the last four weeks. However, most of the top coins by market cap have already experienced substantial upside, and no longer have maximum growth potential.

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This means MANA will soon end up on the radar of whales and institutions looking for the next best opportunity.

Well, the token is still relatively closer to its bottom than most top coins courtesy of its limited upside.

This means it has a higher growth potential to tap into. Its 90-day MVRV ratio, at press time, was at 14.22% which means some MANA holders who bought at the bottom are already in profit.

Source: Santiment

However, the numbers are still low compared to some of the best-performing top cryptocurrencies in the last month.

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MANA’s heavily discounted price is still a healthy opportunity for long-term holders since metaverse development is still in its early stages.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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BNB and BUSD holders, this Binance announcement can affect…

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BNB and BUSD holders, this Binance announcement can affect…

Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of Kazakhstan.

The MoU was signed as part of its ongoing efforts to educate law enforcement agencies around the world. Furthermore, as per the announcement, the company also set up offices in the Brazilian cities of Sao Paulo and Rio de Janeiro. 

These announcements coupled with recent developments from Binance might impact the dominance of the BUSD and the positive price movement of the Binance Coin [BNB].


Here’s AMBCrypto’s Price Prediction for Binance Coin for 2023-24

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Positioning BUSD for dominance

Binance’s BUSD auto-conversion, which converts new deposits of USDC, USDP, and TUSD to BUSD at a 1:1 ratio, was announced on 5 September.

The exchange’s goal in implementing the BUSD auto-conversion was, ostensibly, to boost liquidity, and it was implemented on 29 September. 

In terms of market cap, BUSD was now the third largest stablecoin, after USDT and USDC. According to Coinmarketcap, BUSD had a market cap of over $20 billion, with over $6 billion traded in the last 24 hours. In comparison to USDC, this trading volume was significantly higher.

Sideways but bullish

In recent weeks, the BNB price mainly moved sideways. However, following the news on 3 October, there was a rise in price. BNB began trading at $284.7, reached a high of $289.1, and closed at $286.9. As of the time of this writing, it was trading around $290. 

On a daily time frame, the $256 area provided strong support, but fresh support appeared to be emerging in the $278 area. The $300 area was acting as resistance for quite some time.

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Source: TradingView

Additionally, the Relative Strength Index (RSI) showed a bullish trend, with the RSI above the neutral line. The RSI reading above 50 indicated buying pressure was increasing relative to its level at the start of the period.

Based on the data provided by the Awesome Oscillator (AO), it was clear that the bullish trend was not particularly robust. 

The plus DI and signal line of the Directional Movement Index (DMI) hovered just above 20, which also indicated a weak bullish trend.

Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio for BNB was above 18%, which indicated that the asset was in the overvalued zone. In this region, sellers could step in as traders cashed out their gains.

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Source: Santiment

However, developer activity was stagnant at 0.02, which suggested that the chain was not actively developing new features.

Source: Santiment

It’s to be noted here that Binance also announced on 29 September that it had opened local offices in New Zealand and registered with the Ministry of Business, Innovation, and Employment there.

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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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A-Z of how the BNB Chain fared in September

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A-Z of how the BNB Chain fared in September

BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem metrics.

According to the decentralized finance (DeFi) analytics platform AnalytEx, BNB Chain recorded growth in its number of daily transactions. It also recorded growth in the number of unique wallet addresses, and daily block count in September.

The Chain, however, registered declines in the gas fees paid to process transactions on the network within the 30-day period. Furthermore, the average size of blocks mined per day on the network continued on its four-month-long decline.

BNB Chain in September

As per data from AnalytEx, a daily average of 3.25 million transactions were completed on the BNB Chain in September. This was a 1.2% growth from the 3.21 million transactions logged as a daily average in August. 

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With a count of 3.25 million transactions, the index for average daily transactions on BNB Chain in the last quarter fell by 14%. In July, daily average transactions on BNB Chain sat at 3.70 million.

Source: AnalytEx

AnalytEx further found that in September, the average number of daily active wallets on BNB Chain grew by 11.48%. According to the DeFi analytics platform, BNB Chain registered an average of 890,253 daily active wallets within the 30-day period.

In August, this stood at 798,559 addresses. While the BNB Chain saw a drop in its daily average transactions in the just concluded quarter, the average number of daily active wallets on the network grew by 2% in the last quarter.

Source: AnalytEx

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A mixed bag of pros and cons

According to data from CoinGecko, within the period under review, the price per BNB rallied to a high of $297.82 on 12 September, after which it declined by over 5% to close the trading month at $281.

This fall in the price of BNB led to a drop in the gas fees paid for transactions completed on BNB Chain in September.

According to AnalytEx, the average gas fee paid for transactions on BNB Chain was 7.06 gwei, a 2.1% drop from the 7.21 gwei paid in August.

Interestingly, September’s average gas fee represented a decline from what was paid in August. It ranked as the second highest average gas fee paid for transactions on BNB Chain in the last six months.

Source: AnalytEx

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Lastly, in addition to the decline in the average gas fee on the network, BNB Chain also witnessed a drop in the size of blocks mined per day in September. In fact, the average size of blocks mined on the network witnessed a consistent fall since May.

Source: AnalytEx

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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Can GRT chart a new course after Graph’s new Subgraph milestone

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Can GRT chart a new course after Graph’s new Subgraph milestone

The Graph’s GRT cryptocurrency is arguably one of the poorest performing top cryptocurrencies by market cap.

Its performance has been rather docile in Q3, and at this point, it might need a catalyst to get things going. Recent developments have the potential to breathe life back into the coin in Q4.

Investors that scooped up some GRT since it reached its current bottom range in June are still waiting for a price pump. There were a few bullish attempts within the 3-month period. Unfortunately for the bulls, none of those attempts were enough for a strong breakout, thus, relegating GRT to its bottom range.

GRT’s price action found support just below the $0.100 price range. It hovered within this range for the last few weeks, but are there any prospects of an upcoming change?

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Fortunately, the developers behind the projects have maintained healthy development activity. This activity increased significantly towards the end of September.

Source: Santiment

Some of this development activity may have been focused on increasing the number of subgraphs. The Graph’s latest announcement on Twitter revealed that there are now more than 500 subgraphs on the network. The increase was necessary to make indexing easier for the network to provide indexing services within the WEB3 landscape.

The higher subgraph count represents an important step forward. However, it is not clear whether this might be enough to generate more investors’ excitement. GRT’s 30-day MVRV ratio, at press time, was significantly higher than its lowest 4-week range despite still being in negative territory.

Source: Santiment

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The same metric had a slight uptick in the last two days. This confirms that some buying activity occurred. Moreover, GRT’s velocity metric’s performance in September reflected the subdued nature of the price.

It registered its highest spike at the start of October, thus, confirming an increase in trading activity.

Source: Santiment

GRT did garner some upside by just over 4% in the last two days despite the velocity spike. This outcome suggested that most investors, especially whales are still on the sidelines waiting for the right time.

Its network growth metric indicated a decline since 22 September. A potential reason why investors’ excitement has not manifested.

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Source: Santiment

GRT has been stuck in the lower range since June and has even broken out of the previous cup-and-handle pattern expectations.

Whether bullish volumes in the short-term would be a reality is still a toss-up but the long-term potential remains strong. This is because there is still a lot of demand for The Graph protocol’s indexing services.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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