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Hedera HashgraphOn-Chain Analysis According to DefiLlama, the total value locked (TVL) of Hedera has grown by 88% since 1st Jan 2023 and currently stands at $44.2 million. This increase is driven by the sustained success of Saucerswap and launch of Heliswap and Bubbleswap, as per Messari report. Technical Analysis The two most important metrics in the analysis is price action and volume. Our aim is to trade with trend and trend direction is governed by momentum. When momentum decreases, there is a high probability of market moving sideways. To determine momentum of trend, we will use price and volume. 1. When price crosses above 7-moving average price or breaks resistance with 7-moving average volume > 21-moving average volume, we can say there is high momentum and lesser probability of price breaking below that particular resistance. 2. When price crosses above 7-moving average price or breaks resistance with 7-moving average volume < 21-moving average volume, we can say there is low momentum and higher probability of price again moving below that particular resistance. Support level: 0.847 Resistance level: 0.993 RSI: 70 (high momentum) MACD> signal line Note: Note: Please DYOR before trading/ investing. Studies are for educational purposes only. We will not be responsible for any kind of your Profits & Losses.
Long
by teakfinance
COMP-USDTCompound- the torchbearer of the Yield Farming has established itself as one of the prominent names in the DeFi ecosystem. Being one of the early projects in the DeFi space, Compound has garnered in trust and reliance of the users that have contributed massively to the growth of the DeFi ecosystem. At the of writing, Compound has locked in $7.01 Bn in its liquidity pools, from which, $4.46 Bn has been distributed as Outstanding loans which make up 63% of the TVL present in its protocol. On the Daily Time Frame, BTC after hitting its All-Time High of $911 has retraced to 0.886 Fibonacci level, thereby marking its 2021 Low of ~$197. Since then, Compound has given an impulse move and is currently trading at ~$520. As Compound has gained ~150% from its 2021 Low, it is a high probability that COMP may retrace a bit from its current levels. The immediate support to the lower side is present at $410 followed by $370. On the higher side, the resistance to the higher side is present at $570 followed by $660. Compound holds enormous potential to be among the topmost lending protocols and thereby grow the investors’ wealth magnanimously.
Long
by TradeDog-Research
THETA-USDT(Descending Channel Formation)Theta aims to decentralize video streaming, data delivery and edge computing ecosystem and is on a mission to make contemporary video streaming more efficient, cost-effective by means of an inclusive monetization model whereby viewers receive better quality streaming service, content creators enhance their earnings and video platforms save money on building infrastructure and get a chance to increase advertising and subscription revenues. Being a blockchain, Theta allows Dapp developers to build their projects on top of its blockchain. At the time of writing, the Current Market Price of Theta coin is $6.96. Theta has witnessed a 24 Hr volume of $473.6 Mn and 61.5% of the total circulating supply is staked on the network. These stats encourage the investors that the nodes believe in the growth of the network and builds trust among the investors. On the Daily Time Frame, Theta has been trading in a downward trending channel whereby on June 14, 2021, Theta gave a False Breakout from the channel, it faced resistance at the level of $9.7 and is back in the channel at the time of writing. The immediate resistance to the higher side is present at $7.85 followed by the level of $9.65. If Theta gives a daily close above the level of $9.65, it may move higher to the level of $12.2. The support to the lower side is present at $5.81 followed by $4.69 respectively. Theta being corrected to 0.786 Retracement level from its All-Time-High presents an Investment opportunity if it comes down to the support levels.
Long
by TradeDog-Research
LUNA-USDT(Long Term Analysis)LUNA is the reserve currency of the Terra platform. The Terra protocol is a Proof of Stake (PoS) based blockchain wherein the miners are required to stake their Luna tokens to mine transactions. As the probability of a validator being able to mine the next Terra block is directly proportional to the staked Luna tokens, Luna holds key importance in the Terra ecosystem. As of December 2020, the Terra network has transacted an estimated $299 billion for over 2 million users. This is a major milestone being achieved by the Terra blockchain achieved in a short span of time. On a year-to-date basis, it has yielded magnificent returns of ~32x which validates the stats about the wide-scale adoption by the payment network. On the Daily Time Frame, LUNA after marking its All-Time-High of $22.4 as of March 21, 2021, has been retracing and is currently placed at 0.786 retracement level. Currently, LUNA is trading in an Ascending Triangle, the resistance is placed at $7.6 while the support has been trending higher and is currently placed at $5.5. At the current levels, LUNA is placed near its 20 EMA. As LUNA has been consolidating in a narrow range since May 23, 2021, the breakout from the Ascending Triangle may fuel the prices higher. The immediate resistance is placed at $7.6, a breakout from the level may witness the prices moving towards the levels of $9 followed by $12 (resistance level of the trendline). The support to the lower side is present at $5.5 followed by $4.25. With the crypto ecosystem gaining back its lost momentum with El Salvador adopting Bitcoin as its Legal currency, it seems that the correction in the markets might halt and the markets may again start to move towards its new highs. Thus, Luna being fundamentally a good project might initiate its impulsive move fueled by the overall market sentiments.
Long
by TradeDog-Research
AKRO-USDT(Ascending Triangle Breakout)Akropolis, an Ethereum based DeFi protocol that offers a suite of products such as AkropolisOS- a framework for developing for-profit DAO, Sparta- a platform for uncollateralized lending, and Delphi- a yield farming aggregator. Since Feb 4, AKRO has been trading in an Ascending Triangle and has given a decent Breakout from the pattern today(31st March). The support to the lower side is present at $0.07 while it is most likely to give the targets of $0.1 .
Long
by TradeDog-Research
BNB-USDT(Symmetrical Triangle Breakout)Binance being the world’s largest crypto exchange with a total of 15 mn users and a daily average trading volume of around $12 Bn has also developed its smart contract infrastructure “Binance Smart Chain” to solve the major bottleneck of Ethereum that is its insane gas fees. BNB after hitting its all-time high of ~$348 has been consolidating to date. On 4 Hr Time Frame, BNB is giving a decent breakout from the Symmetrical Triangle formation and seems elated to continue its journey to new highs. The support is present at $274 while BNB seems well-positioned to continue its rally to $360.
Long
by TradeDog-Research
MANA-USDT(Symmetrical Triangle Breakout)Decentraland is a virtual reality platform built on top of the Ethereum blockchain allowing users to create, experience, and monetize content and applications. MANA is an ERC-20 token that fuels all the transactions of the game. On 2 Hr Time Frame, MANA has been trading in a Symmetrical Triangle and is currently positioned near the upper trendline. Key Levels to watch out for:- MANA if manages to give a close above $1 is likely to move to new highs. Thus, it can fetch the targets of $1.15 and $1.3 respectively. The support to the lower side is present at $0.9 .
Long
by TradeDog-Research