Ethereum, Cardano, Solana, Polkadot, and Polygon
This week, we take a closer look at Ethereum, Cardano, Solana, Polkadot, and Polygon.
The June monthly candle close was one of the worst in crypto history with over 40% loss for Ethereum. For this reason, July does not look too optimistic and this monthly candle also opened in red today. Overall, ETH had another bad week, losing 6%.
In June, the cryptocurrency found support just above $850 and managed to bounccriticalll the way to the key resistance at $1,250. Unfortunately for bulls, they could not push higher and since then, the price fell back to $1,000.
Looking ahead, it seems more likely for ETH to continue lower in search of a bottom. Historically, it has found a bottom after falling by over 90% from its all-time high. This would place the price at around $500, which is also one of the key support levels, should $850 fall.
It was another difficult week for Cardano, with the price clinging to the key support at $0.45 after recording a 4.5% loss. This level has been tested four times before, and bulls managed to save the price from falling lower on each occasion. The question is if they can do it again. If they fail, then ADA will likely fall to the next key support at $0.38.
The resistance at $0.55 was not even tested during this most recent bounce in the market. This signals weakness for the cryptocurrency, and bears may speculate on this to attempt a break of the key support that has held well to date.
The indicators are flat on the daily timeframe but give signs of weakness which could lead the price lower. Buyers have to defend this key level at all costs – otherwise, they will quickly be overrun by sellers which can take ADA to new lows.
Solana managed a sustained rally in June, and this brought a lot of optimism. Unfortunately for the bulls, as soon as the price hit the key resistance at $44, the price action reversed, and SOL lost 13% of its valuation in the past seven days. The cryptocurrency remains in a downtrend, and the outlook is still bearish.
So far, the price has not made a lower low, with the critical support at $27 still some distance away from today’s rates. However, a re-test of this level becomes likely, particularly if the overall market remains bearish in July.
Looking ahead, the best hope for Solana, at this time, is to enter into a range and consolidate between $27 and $44. The alternative, considering the current market, is for the price to continue lower.
With a 88% price crash from the all-time high at $55, Polkadot finds itself in a precarious situation. The price is close to the support at $6 and has reached levels not seen since 2020. The rejection at the $8.6 resistance has pushed DOT much lower, ending the last seven days with a 12.7% price loss.
Unable to stop the downtrend, DOT’s price action has remained in a downtrend for nine months to date (since November 2021). Every time there was an attempt by bulls to escape the downtrend, sellers rejected it.
Bulls have to defend the $6 key support level. Otherwise, DOT risks to end up much lower.
MATIC’s price action mirrors Solana with a significant rally in June, only to then be rejected at the key resistance of $0.67. Since then, the price fell by 14.7% in the past seven days, making it the worst performer on our current list. The key support is found at $0.34, and this level attracted a lot of buyers when it was tested last time.
Buyers for MATIC may return to the key support once more, but there is one concern. The volume on this latest drop in price has been increasing. An increasing volume as the price falls is a very bearish indicator. By comparison, Solana’s volume has been decreasing as its price fell, which calls for optimism.
Either way, MATIC has seen sustained selling pressure, and this could take it to the key support once more in the coming weeks. Therefore, it’s possible for the cryptocurrency to revisit $0.34 should the overall market remain bearish.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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