The ever-growing Web3 space is continuing to find supporters in the market to make sure that it prospers into the next big thing. In fact, this is one space that is driven by the likes of Fantom.
Backing its most-recent efforts is Cypher Capital, with the latter intending to bring more to the table with its funding.
Not a Fantom
In what is the latest addition to the Venture Capitalists roundtable, Cypher Capital has now invested in Fantom. Its strategic funding plans to support projects and developers on the Fantom network.
With this partnership, Cypher Capital will be able to fund and further projects across Web3, DeFi, and gaming. At the same time, the same will help provide early-stage backing and solution expertise.
Fantom has always been one of the biggest DeFi chains, both in terms of total value locked as well as the number of projects existing on the chain.
As a top-10 chain, Fantom, at press time, held $650 million in TVL spread across 257 protocols – The fourth-highest for any blockchain.
In fact, partnerships such as the aforementioned are bound to propel Fantom into the limelight. Especially since the DeFi market is still recovering from the recent crashes that wiped out more than $80 billion in just 2 months.
This lag will give Fantom just the room it needs to establish itself as an important player in this field.
This may be because on the investor front, the chain has been struggling to keep its investors’ faith in the asset intact. Over the last month and a half, investors’ presence has seen slight changes, with some leaving and some others entering.
The ridges seen on the metric seemed to indicate the same too.
However, demand for the asset is still keeping its price at an incline, with the same hiking by 81.08% in 2 months.
Now, it’s worth pointing out that this doesn’t compare to the massive 87.93% drawdown from its all-time high in January.
Even so, thanks to the broader market’s recent cues, FTM is taking a step in the right direction.
As long as the asset isn’t overbought, it is safe from noting a trend reversal as $0.5 is the next critical support target for Fantom.
QNT sets the stage for a bearish pullback but here’s the catch
Quant’s QNT holders have enjoyed a smooth ride to the top in the last seven days as the rest of the market faced the heat. But what goes up must come down and QNT has already started showing retracement signs. It might even be ripe for a quick short position and here’s why.
QNT just concluded a very bullish seven days during which it achieved a 48% uptick. The rally occurred after it retested short-term support which constituted its short-term ascending price channel.
It peaked at $145 before retracing slightly to its $135 press time price.
Although it managed to achieve a new 5-month high, QNT is already overbought at its current price level. In addition, the pullback in the last 24 hours revealed that sell pressure is increasing and could soon trigger a substantial retracement.
The downside expectations are not just in QNT’s price action. Some of Quant’s on-chain metrics also point towards such an outcome. For example, its velocity metric pivoted halfway into the rally and was down to its lowest monthly level, at press time on 28 September.
The lower velocity may indicate that the trend is growing weak and this means it will soon give way to the bears. QNT’s 90-day Mean coin age metric already pivoted after attaining a new monthly high on 26 September. This pivot confirmed that some of the individuals that have HODLed during the 90-day period are starting to sell their holdings.
Investors looking into QNT’s next course of action should also consider whether there is an incentive to sell at the current price level. The cryptocurrency’s MVRV ratio just had its monthly peak at 21.7% and has also pivoted.
The MVRV ratio confirms that most of those who bought at the monthly lows are deep in profit. In other words, there is an incentive to sell, especially if those gains face potential erosion in case of a sizable retracement.
Investors who are still unsure of the next move should consider evaluating the age-consumed metric. This metric provides an overview of the number of coins that are exchanging hands after being dormant for some time.
Quant’s age consumed metric peaked at 9.17 million QNT on Monday (26 September) and roughly 2.82 million in the last 24 hours. This confirms that a large amount of cryptocurrency has been switching hands in the last few days. Well, a large spike especially after a bullish period might be confirmation of incoming sell pressure.
The above metrics do not necessarily provide clear-cut confirmation that a retracement is happening. However, the shifts in their dynamics may help investors to prepare for the next move.
Binance Coin [BNB] may disappoint traders in Q4 based on these reasons
Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.
According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2.
Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623 while Q3’s worth was $562,592,435.15.
In dire need of a helping hand
Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.
According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day.
Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000.
Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.
How about the charts?
Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?
The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely in the short term.
It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced.
With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend.
Ethereum [ETH]’s latest mixtape may leave investors scratching their heads
Ethereum [ETH], ever since the Merge, faced some massive selling pressure that came as a after-effect of the event. However, can the decline in the price of ETH open up the possibility of investors purchasing the alt at a discount?
Will ETH regain some interest?
Despite the events post the Merge, the reduction in token issuance could possibly induce a spike in Ethereum’s prices. This could depend on the demand for the token: whether it increases or decreases in the future.
Furthermore, despite the volatility it witnessed, ETH still makes up a massive part of the crypto space. With more than half of the DeFI ecosystem still running on Ethereum, the altcoin has a long way to go.
One of the positive indicators for Ethereum was the amount of revenue generated with the help of its network fees. At press time, this figure stood at $4.8 billion. Ethereum, thus, managed to outperform the rest of its competitors by a huge margin.
But that’s not all. The exchange reserves witnessed a decline as well. The decline in the exchange reserve indicated that selling pressure stood at a low.
A discount deal
Ethereum’s price movement in the past few days may have been a discounted deal for some. Whales, to be specific, seemed interested in ETH over the past few weeks.
There was also a been a spike in the development activity over the last few weeks. This implied that the team at Ethereum was constantly working on improving Ethereum’s technology.
Even though all these factors allude to a positive future for the altcoin, Ethereum’s short term future looked bearish.
Proceed with caution
The Market Value to Realized Value (MVRV) ratio was on the decline over the past month. This indicated an extremely negative future for ETH’s prices. Ethereum’s market cap saw some dwindling as well, along with Ethereum’s velocity.
ETH”s velocity also saw a massive drop over the past couple of days. This means that the number of times ETH exchanged addresses also dropped drastically.
Ethereum, at press time, was trading at $1,281.16 and depreciated by 6.66% over the past 24 hours.
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