• Shiba Memu, the fast-growing meme coin, has raised over $2.7 million.

• Solana has been under pressure as holders wait a major FTX dump.

Cryptocurrency prices have stabilized in the past few days as investors react to the ongoing TradFi trend in the industry. On Tuesday, Franklin Templeton became the latest financial giant to file for a spot Bitcoin ETF.

As a result, Bitcoin has remained above the important support at $26,000 while tokens like Hedera Hashgraph, IOTA, Tron, and VeChain have risen by more than 5%. At the same time, Shiba Memu, an upcoming AI meme coin, has continued to thrive as its investments rise. It has now raised over $2.78 million in just a few months.

Shiba Memu prediction

Shiba Memu is an upcoming cryptocurrency at the intersection of meme coins and the growing trend of artificial intelligence (AI). The developers hope to make it the best alternative to other meme coins like Shiba Inu and Dogelon Mars.

They hope to do that by ensuring that it has utility in its network, unlike other meme coins like Pepe and Milady. As a result, according to its white paper, Shiba Memu will embrace key technologies like Natural Language Processing (NLP), sentiment analysis, and image and video analysis.

At the same time, Shiba Memu holders will have two main ways of generating returns. Like other tokens, they will make money when the price moves up. In fact, original Shiba Memu buyers have already benefited from this since the token price rises every day.

Second, they will make money through staking. Staking will incentivize these holders to be more active in the Shiba Memu ecosystem. The white paper adds:

“Staking with Shiba Memu stands as an innovative program for our platform AI to leverage its community’s knowledge and expertise in elevating its marketing efficacy and sector presence.”

You can buy the Shiba Memu token here.

Solana price prediction

Solana price has been in a strong bearish trend in the past few months as demand for the coin waned. It has dropped from a high of $32.32 in July to the current $17.50. This sell-off has intensified after the judge overseeing the FTX bankruptcy case gave a green light to sell these assets. 

It is estimated that FTX had over $1 billion in Solana, which is a sizable amount since Solana has a market cap of over $7.5 billion. Therefore, the next price action for Solana will depend on how the administrators decide to sell them. A straight dump will push SOL price sharply lower. A slower and more orderly process will lead to stable price action. 

Technically speaking, Solana price remains below the 25-day and 50-day moving averages. It has also moved below the psychological level of $20 and the important support at $19.10 (1st September low). Therefore, Solana will likely continue falling as sellers target the key support at $15.

Synthetix price forecast

Synthetix price has moved sideways in the past few days. On the 4H chart, the token was trading at $2.12, a few points below this week’s low of $2. On the 4H chart, the coin has consolidated at the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has drifted upwards and crossed the neutral point of 50.

Therefore, the SNX price will likely remain in this range in the next few days and then have a bearish breakdown to $1.88, the lowest level on September 1 and August 17.

Synthetix (SNX/USD) price has done moderately well in February. It was trading at $2.8 on Tuesday, which was much higher than the year-to-date high of $1.42. This rally happened because of the successful deployment of Synthetix V3 on mainnet, which has more features.

Synthetix V3 launch

Synthetix is an important part of the blockchain industry since it provides tools that are mostly useful in the derivatives market. It is a liquidity protocol that makes it possible for people to trade all types of crypto derivatives.

February marked an important milestone for the network as the developers activated Synthetix V3 on both Ethereum and Optimism. This new upgrade will make it possible for Synthetix V3 system to back Synthetix V2 system through the legacy market. At the same time, liquidity providers in Synthetix V2 will be able to drop their positions to V3 directly.

The V3 version of Synthetix will also have cross-chain functionality and scaling mechanisms. Other upcoming features are the ability to integrate Chainlink’s CCIP tool for cross-chain stablecoin transfers. Therefore, SNX price jumped as investors cheered the new developments in the network. 

Further, it jumped because of the overall performance of other cryptocurrencies. Bitcoin jumped to $25,000 for the first time in months while the total market cap of all cryptocurrencies jumped to over $1.2 trillion.

Synthetic also launched an improved version of perpetual futures. Their benefits are deep liquidity, low fees, and on-chain perps markets.

Synthetix Perps is a groundbreaking development for on-chain perps traders.

Benefits include deep liquidity, low fees (crypto 5-15 bps; gold/silver 1/2 bps; forex 1/2 bps), and 23 fully on-chain perps markets.

Learn more at SNX perps frontends @Kwenta_io & @DecentrexHQ.

— Synthetix (@synthetix_io) February 22, 2023

Looking ahead, Synthetix and other cryptocurrencies face a difficult period ahead. For one, they are now competing with short-term bonds, which are yielding at about 5%. In most periods, investors will hide in the safety of government bonds instead of highly risky cryptocurrencies. 

Synthetix price prediction

SNX chart by TradingView

The daily chart shows that the SNX price has been in a strong bullish trend since January. It has managed to cross the important resistance level at $2.76, the highest point on November 7. The coin is being supported by the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has continued rising.

It has also formed what looks like a rising wedge pattern. Therefore, there is a likelihood that the coin will pull back in March. If this happens, the next key level to watch will be at $2. The stop-loss of this trade will be at $3.20.

• Synthetix token extended weekly gains on Tuesday by adding another 6%

• The token trades below a descending trendline

• Bears may attempt to force a correction if buyers weaken at $2.0

Synthetix token price (SNX/USD) initiated an accelerated recovery on Tuesday, jumping by an intraday of 6%. The token’s value has now increased by double digits in the past week. The recovery happens from the November lows of $1.57. The cryptocurrency was trading at $1.91 as of press time. Is it too early to make a bull call?

Fundamentally, SNX is earning bullish momentum from a slightly improved crypto sentiment. Most cryptocurrencies traded in the green in the past week despite falling slightly in the last 24 hours. The recoveries in SNX, however, face a snag as the cryptocurrency heads for resistance at the descending trendline.

SNX meets resistance at the descending trendline

SNX/USD Chart by TradingView

Technical indicators are bullish for SNX. The MACD indicator initiated a bullish crossover, despite remaining in the bear zone. The RSI shows improving momentum, and the reading has moved above the 50 midpoint level. That suggests a high demand for SNX.

SNX buyers now face a test at the descending trendline. That should coincide with a price of $2, implying that bulls could remain in control for at least one or two days.

SNX concluding thoughts

Although SNX buyers could remain in control, for now, bulls must overcome bears at the descending trendline. The price is already facing a correction as it approaches the crucial dynamic resistance level. 

If bulls recover above the crucial zone, $2.7 is the next potential resistance for SNX. Conversely, a rejection at the descending trendline could pit SNX back to the $1.5 bottom.

Where to buy SNX

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SNX with eToro today

Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SNX with Bitstamp today

Bitcoin and other factors were always primary drives for growth within the crypto industry, but in a few years already, the biggest exchange, Binance, has taken the lead in bringing the accessibility of crypto from one country to another.

In its latest move, Binance received a permanent business license to operate in Kazakhstan. Unknown to many, Kazakhstan is the second biggest crypto-mining country, generating 18% of Bitcoin’s hash rate, and has made attempts to legalize cryptocurrencies.

Why Binances’ growth is good for the industry

The exchanges’ hunger for growth has been insatiable. Despite other exchanges like Crypto.com cutting workers, Binance continues to hire talent. But more interestingly, Binance also picks up former government officials. For instance, David Plouffe, a former senior advisor to President Obama, and Adalberto Palma Gómez, former president of Mexico’s SEC, are now serving Binance to deal with increasing regulatory complexity.

In other words, Binance keeps pushing the industry forward as a whole, bringing clear regulation and accessibility to it. As a result, cryptocurrencies like Uniglo.io, Synthetix, and Cardano profit from the increased trading volume that the expansion brings.

Uniglo.io (GLO)

The ERC-20 token GLO is the center of Uniglo.io, a newcomer within the DeFi industry. The protocol utilizes the so-called ‘Ultra Burn’ to buy back and burn tokens, which in effect, raises the floor price and value for investors. Furthermore, it stabilizes the GLO token and weathers it for any storm that may hit the markets.

As it’s currently in its presale phase, the project is not yet listed on Binance but has formulated clear goals to achieve a listing.

Synthetix (SNX)

Synthetix has a vital role within DeFi, giving traders decentralized access to non-blockchain assets, such as commodities in a synthesized form. As a result, it creates a more mature cryptocurrency market and widens its exposure.

Cardano (ADA)

Cardano is home to the coin ADA, a decentralized blockchain using the PoS consensus mechanism. Founded by Charles Hoskinson and launched in 2017, intending to grow to a decentralized application (or short dApp) platform. With the latest upgrade, the Vasil hard fork, ADA will take a big step forward to bring smart contract development to the chain.

Conclusion

Even though the market is experiencing a cold winter right now, the Binance exchange keeps expanding its reach and, ultimately, has projects in tow like Uniglo.io, Synthetix, and Cardano. As a result, decentralized finance (or short DeFi) is profiting immensely from the exchanges’ growth and clear vision.

Learn More Here:

Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord:  https://discord.gg/a38KRnjQvW
Twitter:  https://twitter.com/GloFoundation1

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

Introduction

Digital assets, especially cryptocurrency, have been a trending topic in the global market. As they provide a new way of owning funds and capital, people are intrigued by how cryptocurrency works in real life. With that said, the crypto market is currently dealing with a crisis in recent months. The massive crypto crash has struck the market, and almost every crypto project is trading in red nowadays. Analysts blame factors like inflation, the Ukraine-Russian conflict, and changes in government policies for the mess.

However, this has not stopped the market from developing more projects in this field. One of them is VertoChain (VERT). Let’s compare the project with top-performing crypto coins like Shiba Inu (SHIB) and Synthetix (SNX) to know more about it.

Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a decentralized altcoin based on Ethereum Blockchain. Built on blockchain technology, this community initiative is a cryptocurrency called meme coin. Together with smart contracts, it enables quicker, less expensive, and more secure transactions. This token is highly affected by the crypto crash. A reason for this is the lack of utility in the project. When the project was launched, it gained popularity for its unique features. Nevertheless, the token eventually lost its appeal and began to decline.

Synthetix (SNX)

Synthetix (SNX) is a decentralized software that allows users to mint tokens similar to the world assets like gold and silver. It operates on Ethereum Blockchain, joining hands with smart contracts to facilitate users. These smart contracts track and provide the returns of other assets without holding these assets. The Synthetix ecosystem has introduced SNX tokens as a native crypto token to function effectively and provide a user-friendly experience.

Evolution of Decentralized Finance in the 21st Century

People are widely familiar with central financing institutions like central and commercial banks. But there are trust issues that surround this form of financing. To avoid these shortcomings, people have found a next-level solution. Decentralized Finance (DeFi) is a better alternative to all financing problems that innovators face. This platform provides tools like staking, yield farming, liquidity pools, and crypto-asset lending. Leading cryptocurrency projects like PancakeSwap (CAKE) and Aave (AAVE) now prefer using DeFi tools to connect users to early innovators.

VertoChain (VERT): An advanced DeFi Protocol

VertoChain (VERT) is a Utility and governance token of the VertoChain ecosystem. It is a peer-to-peer trading protocol that aims to provide barrier-free access to the crypto world to all users around the globe.

The team believes in near-zero transaction charges while swapping crypto assets on multiple networks. They believe in combining advanced DeFi tools like yielding, liquidity pools, and staking with expert service delivery to lead a revolutionary change in the crypto world.

Features of VertoChain (VERT)

The team has researched and come across some unique features to add value to the project. These include:

• VERT operates on Binance Smart Chain (BSC), a smart contract programmable network that integrates a proof of stake mechanism.
• The team also plans to build a multi-chain network on the VetroChain. This system will include top DeFi chains like Avalanche (AVAX), Tezos (XTZ), Solana (SOL), and Ethereum (ETH).
• The project is community-based and integrated with the decentralized autonomous organization (DAO) concept. It empowers the users by giving them voting power.

Conclusion

After the recent crypto crash, people are looking for promising projects. One of such platforms can be VertoChain (VERT) offering peer-to-peer trading and swapping the DeFi protocol for crypto tokens. The main features of this platform include multi-chain swapping, liquidity, and yielding provisions for users. The team plans to expand the project by launching the VERT tokens on PancakeSwap (CAKE) and joining hands with multiple financing partnerships. This project has the potential to grow, and it might outstand cryptocurrencies like Shiba Inu (SHIB) and Synthetix (SNX) in the long run.

VertoChain (VERT)

Presale: https://up.vertochain.io

Website: http://vertochain.io/

Telegram: https://t.me/VertoChainOfficial

Disclaimer

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Blockchain-based assets like cryptocurrencies have paved the way for seismic shifts in the investment and financial services sector globally. As per Deloitte’s 2021 Global Blockchain Survey, around 76% of the respondents claimed that digital assets like cryptocurrencies are likely to either replace or evolve as an alternative for fiat currencies globally over the next 5-10 years. 

The sentiment is mirrored by the rally in cryptocurrency prices and the launch of new products. Promising benefits like high returns that are immune to external factors, data privacy, and low transaction fees, these assets are disrupting the financial markets with global applications. For rookie investors who are looking for cryptocurrencies that could yield good returns even when crypto prices are going down,  Dogeliens (DOGET), Cardano (ADA), and Synthetix (SNX) are good options. Here’s a brief description of their key features. 

Dogeliens combines meme community power with utility

In an effort to replicate the success stories of digital goods derived from dog memes, Dogeliens aims to catalyse the cryptocurrency universe with its niche features. Users can look forward to accessing cool DeFi features on the peer-to-peer platform without any interference from third parties. The open-source platform is built on Binance Smart Chain.

The decentralized platform also has its own native token, DOGET, that can be used for a host of transactional purposes like staking and yield farming and also to earn rewards and voting rights. Users will be able to purchase it on presale.

The platform’s unique feature is that it takes a playful and engaging approach to users’ experiences, right from amusing names of features to witty references to dogs, the platform is fun galore. For instance, the platform will offer free educational resources and courses to its users on blockchain technology, decentralized finance, and cryptocurrencies via its two initiatives, University of Barkington and Dogeliens Academy.

At the University of Barkington, users could enroll themselves in a diverse program to learn everything under the sun about NFTs, DeFi, and blockchain technology. Meanwhile, at the Dogeliens Academy, users will be able to access a well-managed virtual classroom to educate them about cryptocurrencies, their scope and the course content would include informational videos and articles. A few areas of the facility would only be accessible by paying a fee or by token holders, but the majority of the facility would be free to use. The platform aims to donate 3% of the earnings made on each transaction to its charity wallet. At the end of each month, the Dogeliens community members would vote on the charities to which the assets would be sent.

Cardano: Empowering developers with high-performance dApps

The Cardano platform uses a proof-of-stake consensus protocol to enable its users to deploy scalable dApps. The network has its own native token, ADA, that can be used for staking, yield farming, and a host of other transactional purposes on the platform. Token holders also get to decide on key proposals concerning the platform’s future development and how the treasury funds are utilised. ADA Token holders can earn rewards by participation either through their own stake pool or by delegating the task of staking to a third party. The quantum of rewards earned by a user depends on the number of tokens that are staked.

Synthetix: Permissionless futures trading

The platform enables its users to create synthetic assets with decentralized features and grants them exposure to real-world assets on a blockchain system. This way, investors can look forward to permissionless and hassle-free derivatives trading on blockchains. Users can also leverage Synthetix’s liquidity and debt pools to get optimal prices with little scope for slippage. Synthetix members can use its native token, SNX, for any transactional purpose that they might encounter on the platform. Investors can earn weekly rewards and collateral with their staking activities.

Dogeliens (DOGET)

Presale: http://ufo.dogeliens.io/ 

Website: http://dogeliens.io/ 

Telegram: https://t.me/DogeliensOfficial 

Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice

Source: https://cryptodaily.co.uk/2022/08/3-cryptos-to-buy-during-the-dip-season-dogeliens-cardano-and-synthetix

• Synthetix is a derivatives liquidity protocol

• Synthetix token has pushed above a key resistance

• Investors should snap the cryptocurrency on a retracement to $3.5

Synthetix token SNX/USD is trading at $4.04. The price level was reached after the token gained by at least 24% in the past week. The gains in the token come on renewed optimism of DeFi recoveries. DeFi leader Ethereum is projected to be nearing a potential shift to PoS system from PoW. That is adding interest in related protocols such as Synthetix.

In a snapshot, Synthetix is a derivatives liquidity protocol. It links to derivative trading by enabling the creation of synthetic assets that can be traded on the blockchain. Around $423 million is locked in Synthetix protocol, underlining its role in the DeFi sector. 

The recent gains in Synthetix token show that investors believe in the platform. To investors, the latest gains in SNX should invoke interest in the token. A key breakout could allow further gains, and investors should keenly watch. 

SNX breakout at $3.5 sets it on course to top $7

Source – TradingView

Technically, SNX has broken past a resistance level at $3.5. The token remains bullish, with the MACD line remaining above the moving average. The short-term 14-day and 21-day moving averages offer support below, affirming a bullish move.

We believe SNX will continue soaring after the breakout while crypto sentiment remains strong. Nonetheless, the cryptocurrency could retrace back to the $3.5 support. That would allow investors to enter and ride high. We recommend a buy on a retracement. The token has a chance to rise to $7.3, which is the established resistance.

Summary

Synthetix token is bullish after breaking past resistance at $3.5. The price could rise to meet the next resistance at $7.3. Investors should buy the token on a retracement.