KAVA price has been in a strong bearish trend in the past few months as demand for the token eased. The token crashed to a low of $0.5165 on Tuesday, which was about 94% from its highest level in September 2021. Its market cap has crashed to about $224 million, which was lower than its all-time high of more than $1 billion.
Kava total value locked has crashed
Kava is a blockchain project that is relatively unique from other popular platforms like Cardano and Aptos. It is a dual platform that combines features found in Ethereum and Cosmos. Ethereum, the biggest smart contract project in the world, is known for its stability and power. Cosmos, on the other hand, is significantly faster and has additional features than other blockchains.
Kava has seen remarkable developer interest in the past few months. This interest is partly because of its $750 million developer incentive fund. People who deploy on Kava receive developer incentives worth millions of dollars.
Kava has over 100 projects, mostly in the DeFi industry. Recently, however, activity in the network has been in a downward trend. The total value locked (TVL) in its ecosystem has plunged to about $197 million from its all-time high of almost $700 million.
Most applications in its ecosystem have lost money in the past few months. Some of the most dominant players in its ecosystem are Kava Mint, Kava Lend, Kava Earn, Kava Liquid, Kava Swap, and Kava Boost have struggled to attract inflows. Kava Mint, which has a TVL of over $84 million and a market dominance of 43%. The most recent high-profile platform in its ecosystem was Curve.
It is unclear why KAVA price has risen by more than 12% on Tuesday. A possible reason is that the developers are about to make a major announcement on the ecosystem.
Kava price prediction
The daily chart shows that Kava price has been in a strong bearish trend in the past few months. As it crashed, the coin managed to move below the important support level at $0.80, which was the lowest level on November 9. It has also moved below the 25-day and 50-day moving averages while the MACD remains below the neutral point.
Therefore, the downward trend will likely continue falling as sellers target the next key support level at $0.500. A move above the resistance point at $0.70 will invalidate the bearish view.
How to buy Kava
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
The GMX price has been in a slow recovery as investors attempt to buy the dip. The token is trading at $21, which is the highest it has been since July 3rd of this year. It has jumped by more than 120% from the lowest level in June this year. GMX has a market cap of over $168 million.
What is GMX?
There are primarily two main types of cryptocurrency exchanges: centralized and decentralized platforms. In the past few years, the concept of decentralized exchanges has become so popular that analysts believe that they will soon overtake centralized exchanges like Coinbase and Binance.
GMX is a relatively small but fast-growing decentralized perpetual exchange that enables people to buy and sell crypto derivatives in just a few steps. Unlike centralized exchanges, you don’t need to register. Instead, all you need is to connect your wallet to its platform and start trading.
Read our review of the best crypto exchanges.
GMX makes it possible for people to use leverage to maximize their crypto investments. It also has substantially lower fees than other perpetual protocols. In addition to trading, one can easily swap coins in a few steps.
GMX uses two smart contracts that are all easily available to most users. Its main platform was built on Arbitrum, which is well-known for its low fees and high performance. It is also available on Avalanche. According to its website, GMX has helped to facilitate over $47 billion in trading volume from over 69k users.
GMX has two tokens: GMX and GLP. GMX, the main coin, is the utility token for the ecosystem. It accrues about 30% of the total fees earned from the ecosystem. Holders earn about 21% on both Arbitrum and Avalanche. On the other hand, GLP is the liquidity provider token for the network. It accrues about 70% of its fees.
GMX price prediction
The hourly chart shows that the GMX token price has been in a slow upward trend in the past few days. The coin has managed to move above the ascending trendline that is shown in blue. It is also hovering around the 25-period and 50-period moving averages.
A closer look shows that it has formed what looks like an ascending head and shoulders pattern. Therefore, we can’t rule out a situation where the GMX price makes a major pullback in the coming days. If this happens, the next key support level to watch will be at $18.
This spring awakening is more than a breath of fresh air for crypto fans. It represents a key technical breakout of a long-term bullish pennant, as per the chartwork I cited Monday from our Senior Investment Analyst Luke Lango.
Source: Stanslavs / Shutterstock
“Long term” being the operative words there. And the implications for investors, writes Luke in The Daily 10X on Tuesday, are: “Assets that were crushed hardest over the past few months will win biggest over the next few months.”
We’re already seeing early signs of this turnaround. Since the broad crypto crash began in November, Solana (SOL-USD) and Cardano (ADA-USD) were among the hardest hit:
Source: YCharts
But when you zoom in to this week’s rally, the winners and losers have nearly reversed. Now, ADA and SOL are leading the pack:
Source: YCharts
But here at InvestorPlace, we’re long-term investors. This is how you win with crypto, as well as growth stocks: not by gambling, but by HODLing. So, let’s check how ADA and SOL are progressing in their long-term investment thesis.
Cardano (ADA-USD)
ADA has seen a nice run since March 21 but broke out especially sharply on the 23rd – four days before Bitcoin (BTC-USD) and Ethereum (ETH-USD) joined the party.
That day, Coinbase (NASDAQ:COIN) announced that it’s adding Cardano staking as an additional option for crypto income through its platform.
Cardano is already a popular choice for staking. Depending which route you can take, you’ll get around 4%-5% “cash back” by staking ADA. That’s a bit on the low side for crypto staking rewards…but a good 2X what you’d get from traditional stocks and bonds, even as interest rates make a significant jump
It also didn’t hurt ADA prices that Grayscale Investments announced a new “Ethereum killer” fund of smart-contract competitors – and Cardano is the #1 holding, with Solana a close second.
“Grayscale is by far the world’s largest digital asset manager with over $36 billion in assets under management as of March 22,” Cointelegraph reports. So, that’s a strong vote of confidence – and long-term catalyst – for ADA going forward.
Less talked about, though, is the broader institutional interest in Cardano.
When you look at Cardano transactions greater than $100,000, you’ll find that volume “has increased by 50x just in 2022,” IntoTheBlock tweeted Tuesday! These Cardano whales moved more than 69 billion ADA on Monday alone:
Source: IntoTheBlock via Twitter
And given that two investment firms have launched Cardano funds in the past month alone – namely, WisdomTree and CoinShares – that seems likely to continue.
Big institutional cash is a major factor in investing returns. It’s not everything, though; the fundamentals have to be there, too.
For Cardano and any other crypto, that means a thriving ecosystem of app developers finding real utility on the blockchain.
Cardano’s had a comparatively slow start there. Only seven decentralized apps (DApps) are up and running on Cardano at this time. The much-hyped decentralized exchange (DEX) launched in January, SundaeSwap (SUNDAE-USD), is one of the biggest with $105 million in total value locked (TVL) on Cardano.
That’s not to say, though, that the Cardano ecosystem is sparse or unpopular. Developers are flocking there. In fact, ever since Cardano launched in 2017, this technologically advanced blockchain has consistently been in the top three by developer activity count.
That lends some major credence to founder Charles Hoskinson’s boast that there will be “thousands of DApps” on Cardano. Currently there are 579 of them “in various stages of development,” Cointelegraph reported last week.
And Hoskinson argues that developers are simply holding out for Cardano’s planned “Vasil” hard fork, which will increase block sizes and transaction throughput on the network:
What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL https://t.co/mMHxwRrF96
— Charles Hoskinson (@IOHK_Charles) March 12, 2022
Already, the ability to mint your own native tokens, directly on Cardano (versus on a smart contract, as with Ethereum), has proved attractive.
“By existing on the base layer, native tokens are generally more efficient and secure than non-native tokens and adopt a majority of the features of the ADA coin, including governance features,” Kraken Intelligence explains in its excellent report on Cardano. More than 4 million of these native tokens have been minted on Cardano to date – just another example of Cardano’s rising popularity.
Solana (SOL-USD)
Like ADA, SOL has gotten a nice boost from being chosen for its own investment fund by CoinShares and WisdomTree, as well as the new Grayscale smart-contract fund.
Solana has also been aggressive about grabbing NFT market share from the O.G., Ethereum. And SOL surged to lead this week’s rally after OpenSea – the biggest (and formerly Ethereum-centric) NFT marketplace – tweeted that it will start supporting Solana NFTs in April:
The best kept secret in web3
pic.twitter.com/xuZn64cZ4U
— OpenSea (@opensea) March 29, 2022
There’s another potential contributor to SOL’s sharp turnaround: Its leadership team, Solana Labs, announced partnerships with two new video-game studios just last week.
The creators of PlayerUnknown’s Battlegrounds (PUBG), a massive battle-royale game similar to Fortnite, signed a deal to develop Solana NFT games last Thursday. And last Tuesday, a newer startup, Block Tackle, raised a $5 million seed round from prominent VCs to create skateboarding NFT games on Solana.
Compared to earlier crypto pioneers, Solana operates a lot more like a traditional tech company. The approach is top-down, with heavy marketing and fundraising from VCs and a prominent founder: Anatoly Yakovenko.
This makes Solana divisive in the crypto community. “Bitcoin doesn’t do this, and neither does Ethereum. That’s because they are legitimately decentralized projects,” writes Crypto Briefing’s Christian Williams (whose main grievance is with Yuga Labs, of Bored Apes fame).
And yet… Solana is emerging as a popular choice for decentralized autonomous organizations (DAOs) – which, like NFTs, used to all be on Ethereum.
DAOs are an increasingly popular way to launch a startup, or any other Web3 community with a singular goal… kind of like a Subreddit with a bank account, on the blockchain. And Solana – whose fast, efficient transactions were designed with trading and finance in mind – is attracting DAOs in these areas, particularly.
DeepDAO, which ranks DAOs by membership activity, tokenholders, etc., shows that two Solana DAOs have emerged into its top five by treasury size. Number 4 is Mango DAO, which operates a DEX called Mango Markets, and #5 is UXDProtocol, which provides stablecoins on Solana.
Another thing SOL has going for it is that Solana appears to be the most environmentally friendly network. According to Solana, making a transaction there is one of the most energy-efficient things you can do in a day…while a transaction on Ethereum or Bitcoin – just one! – is perhaps the worst.
That’s a big deal as regulators home in on crypto. And it helps solidify Solana’s appeal as the cool, trendy crypto among celebrities. Most recently, Mila Kunis signed on as a co-producer of “The Gimmicks,” a new wrestling-themed comedy cartoon with an interactive community; fans can buy NFTs on Solana to participate in the show.
These deals with celebrities – as well as VCs and institutional investors – are likely to keep Solana’s name top of mind…far beyond this current crypto rally.
On the date of publication, Ashley Cassell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. To have more news from The New Digital World sent to your inbox, click here to sign up for the newsletter.
Juno, a sovereign public blockchain on the Cosmos (ATOM) network, was the top weekly gainer last, week which saw major coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) stage recoveries.
| Cryptocurrency | 7-Day % Change (+/-) | All-Time High Value/Date Reached | % Change (+/-) Since All-Time High |
|---|---|---|---|
| Juno (JUNO) | +100.6% | $7.53 On Dec. 18, 2021 | -1.6% |
| Gala (GALA) | +66.5% | $0.8367 On Nov. 26, 2021 | -62% |
| Quant (QUANT) | +45.4% | $0.1636 On Sep.11, 2021 | -67.2% |
| Mina Protocol (MINA) | +35.3% | $9.91 On Jun. 1, 2021 | -69.1% |
| Zcash (ZEC) | +34.3% | $18.94 On Mar. 13, 2020 | -97.9% |
| Shiba Inu (SHIB) | +33% | $0.00008845 On Oct. 28, 2021 | -68.55% |
See Also: How To Buy Cosmos (ATOM)
Why Juno Rose? DaoDao, a decentralized autonomous network that builds tools for DAOs, led to the creation of 340 decentralized autonomous networks on Juno, since its launch.
Turn-key #DAO creation https://t.co/61EMNMxIIT (Beta 0.2.0)
Tooling built on $JUNO.
What does DAODAO do?
Custom launch your own DAO
DAO governance
DAO Staking
Treasury
Multi-sig
Simple UI349 DAOs were created on @JunoNetwork in 2 days since launch. pic.twitter.com/4CgQfHRE6K
— Junø (@JunoNetwork) February 3, 2022
A contributor to the Juno Network said on Twitter Sunday that the first proposal for the Juno Core-1 team on DaoDao has passed.
1/ First proposal for Juno Core-1 team on DaoDao passed!@Core1_official will use @DA0_DA0 from now on to ease some of its multi-sig operations
Why is this cool? pic.twitter.com/HDkhd5IJ9i
— dimi (@dimiandre) February 6, 2022
Read Next: Why Cathie Wood Sees Bitcoin And Ethereum As Great Assets For Diversification In 2022