Crypto Market Daily Highlights – June 24 – SOL and XRP Lead the Charge

Key Insights:

  • It was another bullish session for the crypto market on Friday, with Solana (SOL) and Ripple (XRP) leading the top ten.
  • The crypto majors tracked the US equity markets, with improved market risk sentiment delivering the NASDAQ a 3.34% gain.
  • After adding $48 billion on Thursday, the total crypto market cap rose a further $25 billion.

It was another bullish session for the crypto market on Friday. Bitcoin (BTC) and the broader market tracked the NASDAQ 100 to deliver a second consecutive daily rise.

Sliding commodity prices eased pressure on riskier assets within the week, with WTI crude falling back from $110 levels. The Bloomberg Commodity Index (BCI) ended the week with a 4.28% loss, reflecting a broad-based decline in commodity prices.

The weekly chart below reflects the inverse correlation between WTI and the NASDAQ 100 and bitcoin.

WTI - NASDAQ/BTC
NASDAQ BTC WTI 250622 Weekly Chart

A sustained pullback in commodity prices could impact the Fed’s interest rate trajectory and support riskier assets.

BTC - NASDAQ correlation
BTC-NASDAQ 250622 5 Minute Chart

The Total Crypto Market Cap is on Approach to $1,000bn

Following a $48 billion rise on Thursday, the total crypto market cap is heading for a $27 billion increase on Friday. A bullish Friday session saw the market cap hit a day high of $946 billion before easing back.

crypto market cap rises.
Total Market Cap 250622 Daily Chart

While headwinds remain, investors put aside sentiment toward inflation, central bank monetary policy, and the economic outlook.

Fed Chair Powell’s testimony and the Fed’s commitment to bringing inflation to target at any cost will continue to resonate. A sustained downward trend in crude oil prices would ease some headwind pressure.

Two bullish sessions leave the total market cap in positive territory for the week while down by more than $350 billion for June. Currently sitting at $937 billion, investors will want to see the total market cap head towards the $1.5 trillion mark to shift sentiment.

Friday’s bullish sentiment was evident across the crypto market top ten.

SOL and XRP are leading the way, with gains of 9.8% and 10.1%, respectively, with ETH up 7.1%.

ADA (+5.2%), BNB (+5.2), and DOGE (+6.3%) weren’t far behind, while BTC trailed (+1.2%).

From the CoinMarketCap top 100, Axie Infinity (AXS) was a front runner, up by 15.8% at the time of press. News of Axie Infinity beginning to reimburse Ronin Bridge hack victims, starting next week, delivered support.

Outside of the top 100, but likely to reemerge, is yearn.finance (YFI), which was up 46%.

Improving crypto market conditions have supported DeFi tokens this week. On Friday, Avalanche (AVAX) and Near Protocol (NEAR) were heading for gains of 13% and 12%, respectively.

While DeFi tokens found support, the total value locked continues to sit at March to April 2021 levels. At the time of writing, the total value locked stood at $76.7bn. While up 5.2% on Friday, the TVL sits well below a December peak of $254 billion.

DeFi total value locked.
DeFI TVL 250622

As the dust continues to settle from the collapse of TerraUSD (UST) and Terra LUNA, DeFi tokens may find more investor interest.

Total Crypto Liquidations Inched Up, Highlighting Downside Risks

The recent downward trend in total crypto liquidations came to an end.

Going into Saturday, total liquidations stood at $192 million, up from a Friday morning of $126 million.

However, one-hour liquidations remained at a relatively low level.

According to Coinglass, one-hour liquidations stood at $7 million.

crypto liquidations send mixed messages.
Total Crypto Liquidations 250622

Daily News Highlights

  • Solana (SOL) announced the Q12023 launch of Web3 Android phone “Saga”.
  • Bentley Motors Entered the NFT space with a planned September drop on Polygon.
  • SEC Chair Gary Gensler was back in the news, discussing plans to work with the CFTC to regulate the crypto market.
  • Axie Infinity developer announced plans to begin compensating Ronin bridge hack victims from next week.

Bitcoin and ETH Could Correct Gains, NEAR Forms Bullish Pattern

Key Insights:

  • Bitcoin recovered and traded above the $30,850 resistance.
  • Ether (ETH) struggled to clear $2,000 and $2,020.
  • NEAR is up over 15%, but it is facing hurdles near $6.20.

Bitcoin

Recently, bitcoin price gained pace and was able to clear the $30,850 resistance. The price even surpassed the $31,500 level and the 21 simple moving average (H1).

There was a move above the $32,000 level, but the bears defended more gains. The price is now correcting gains and trading below $31,500. It is now trading below the 21 simple moving average (H1) and testing a key bullish trend line with support near $31,250 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpirre

If there is a downside break below the trend line, bitcoin price might correct lower towards $30,850 or $30,000 in the near term.

Ethereum (ETH)

ETH also followed a bullish path after it broke the $1,840 resistance zone. The price cleared the key $1,915 resistance zone to enter a positive zone.

The price even surpassed the $1,950 level and the 21 simple moving average (H1). It is now struggling to clear the $2,020 resistance and correcting lower. An immediate support on the downside sits near the $1,940 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

The main support is now forming near $1,880 and a connecting bullish trend line on the hourly chart. If there is a downside break below the trend line, ether price might drop lower towards $1,820 or $1,750 in the near term.

NEAR Protocol

NEAR started a major decline after it failed to surpass the $18.00 resistance. The price declined steadily below the $10.00 level and the 21-day simple moving average.

The price even spiked below the $6.50 level and tested the $5.00 zone. Recently, it formed a base above the $5.00 level and started a steady increase. Today, it gained over 15% and surpassed a key declining channel with resistance near $5.80 on the daily chart.

NEAR Daily Chart
NEAR Daily Chart

The price is now struggling to settle above the $6.20 resistance and the 21-day simple moving average. If the bulls manage to push the price above the $6.20 resistance zone, the price could start a major increase.

The next major resistance could be near the $8.30 level. If not, the price might start a fresh decline and revisit the $5.00 support.

ADA, BNB, and DOT price

Cardano (ADA) surged over 20% and cleared the $0.60 resistance. It even tested the $0.68 zone and failed to test the main $0.70 resistance zone.

Binance Coin (BNB) is slowly moving lower towards the $312 support zone. If the bears remain in action, the price could test the $300 level.

Polkadot (DOT) is consolidating above the $10.00 support. On the upside, the price may perhaps face resistance near $10.80 and $11.00.

A few trending coins are ICP, AXS, and AAVE. Out of these, AAVE is attempting an upside break above the $120 resistance.

Bitcoin and ETH Recovery Won’t Be Easy, NEAR Eyes Fresh Uptrend

Key Insights:

  • Bitcoin traded below the key $35,000 and $34,200 support levels.
  • Ether (ETH) settled below the $2,500 pivot level.
  • NEAR is up over 5% and could extend gains above $12.

Bitcoin

Recently, the bitcoin (BTC) price started a major decline below the $38,000 level. The price declined sharply below the $35,000 support zone and the 21 simple moving average (H1).

The bears even pushed the price below the $34,000 level. It traded close to the $32,500 zone and is currently consolidating losses. On the upside, the price is facing resistance near $33,350. There is also a key bearish trend line forming with resistance near $33,500 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

The price must clear $33,500 and the 21 simple moving average (H1) to start a recovery wave. If not, it could dive further below $32,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,750 support. There was a steady decline below the $2,600 and $2,500 levels.

Ether price even declined below the $2,400 level and settled below the 21 simple moving average (H1). It is now consolidating losses near the $3,400 level. On the upside, the price is facing resistance near $2,450 and a connecting bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

The price must clear $2,450 and the 21 simple moving average (H1) to start a recovery wave. If not, the bears might aim a move toward the $2,200 level.

NEAR Protocol

NEAR started a major decline after it failed to surpass the $20.00 resistance. The price declined steadily below the $15.00 level and the 21-day simple moving average.

There was a break below a crucial bullish trend line with support near $14.20 on the daily chart. However, the bulls appeared near the $10.00 support zone. The price is now forming a base above the $10.00 level.

NEAR Daily Chart
NEAR Chart by FXEmpire

It is up over 5% today despite a steady decline in bitcoin and ether. If NEAR clears the $12.00 resistance, it could rise towards the $13.20 resistance and the 21-day simple moving average.

If the bulls manage to push the price above the $13.20 resistance zone, the price could start a major increase. The next major resistance could be near the $15.00 level. If not, the price might continue to move down below the $10.00 level.

ADA, BNB, and DOT price

Cardano (ADA) declined over 10% and there was a close below $0.70. If there are more losses, the price could even test the $0.60 level.

Binance Coin (BNB) is slowly moving lower towards the $320 support zone. If the bears remain in action, the price could test the $300 level.

Polkadot (DOT) is down 10% and there was a break below the $12.00 level. The next major support is near $11.50, below which the price might test $11.20.

A few trending coins are WAVES, AXS, and WAVES is gaining pace. Out of these, WAVES is gaining pace above the $14.00 level.

Near Protocol (NEAR) Joins the Crypto Sell-Off after a Bullish Sunday

Key Insights:

  • NEAR Protocol (NEAR) rallied by 7.2% on Sunday to buck the broader market trend.
  • A surge in total value locked (TVL) supported the upward trend, with NEAR’s TVL striking an ATH of $605.89m this morning.
  • Technical indicators are bearish, with NEAR sitting below the 50-day EMA.

On Sunday, NEAR bucked the broader crypto market trend, rallying by 7.2%. Reversing a 3.15% decline from Saturday, NEAR ended the week down 5.66% to $11.16.

A 13.5% slide on Thursday did the damage, as market risk aversion spilled over from the US equity markets.

Despite the modest weekly loss, NEAR has lost significant ground in April, falling back from an April high of $19.32 to an end-of-April month low of $10.08.

On Saturday, NEAR tested support at sub-$10.00 with a low of $9.86 before finding support.

Avoiding sub-$9.00 and a February 24 current-year low of $8.21 will remain key near-term.

New Address Counts and Total Value Locked Delivers NEAR Support

A surge in total value locked delivered support on Sunday and continues to deliver support at the start of the week.

According to Defi Llama, NEAR’s total value locked jumped to an All-Time-High of $605.89 this morning before easing back. The upswing continued from May 7, when the TVL stood at $483.35.

Over the last 24-hours, the TVL is up 3.14%, with Ref Finance dominance standing at 43.41%.

NEAR TVL
Total Value Locked NEAR price positive.

NEAR Protocol’s market cap is up 3.3% to $7.52bn since May 7, according to CoinMarketCap. Considering a TVL surge of 23.8% over the same period, divergence suggests more price support for NEAR in the coming days.

On December 31, 2021, NEAR’s TVL stood at $136.61m.

Another positive for NEAR is the upward trend in new addresses. According to Coin98 Analytics, NEAR has the highest address growth this year. New addresses are up 212% to 6,867,647. Crypto.com (CRO) ranked second, with new address growth of 166%.

 

The upward trend in new addresses reflects community support for the protocol.

What is Total Value Locked, and Why Does it Matter?

The total value locked is the value of crypto assets deposited in a DeFi protocol. In recent months, TVL has drawn significant interest. Traders consider the TVL a key metric in measuring market interest and native token value.

The market will be looking for divergence between the TVL and the market cap of a token. Buying or selling opportunities present themselves at times of greatest TVL and price divergence.

NEAR Price Action

At the time of writing, NEAR was down by 2.51% to $10.88. A mixed start to the day saw NEAR strike a morning high of $11.66 before falling to a low of $10.69.

NEARUSD 0905 Daily
NEAR gives up early gains as the crypto bears take control.

Technical Indicators

NEAR will need to move through the $10.76 pivot to make a move through the First Major Resistance Level at $11.65.

Broader market sentiment would need to improve to support a return to $11 levels.

In the event of another extended rally, NEAR should test the Second Major Resistance Level at $12.15 and resistance at $12.5. The Third Major Resistance Level sits at $13.54.

Failure to move through the pivot would bring the First Major Support Level at $10.26 into play. Barring an extended sell-off throughout the day, NEAR should avoid sub-$9.5. The Second Major Support Level sits at $9.37.

NEARUSD 0905 Hourly
Failure to move through the pivot will leave NEAR under pressure.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. NEAR currently sits below the 50-day EMA at $14.31. This morning, the 50-day EMA pulled back from the 100-day EMA. We also saw the 100-day EMA fall back from the 200-day EMA; NEAR price negative.

NEAR would need to move through the 50-day EMA and return to $12 to support an extended breakout.

NEARUSD 0905 4-Hourly
A move through the 50-day EMA would support a return to $12.

BTC and ETH Bears in Control, ALGO Aims Major Reversal

Key Insights:

  • Bitcoin (BTC) is facing a major hurdle near $39,150.
  • Ether (ETH) is struggling to rise above $2,875 and $2,900.
  • ALGO surged over 15%, but it must settle above $0.70 for upside continuation.

Bitcoin

Recently, the bitcoin price started an upside correction above the $38,000 level. The price climbed above the $38,500 resistance level and the 21 simple moving average (H1).

However, the bears were active near the $39,150 level. A swing high was formed near $39,150 and the price slowly moved lower. There was a break below the $38,800 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

Bitcoin is now struggling to stay above the $38,150 support zone. A close below $38,150 might start a sharp decline towards the $37,500 and $37,200 levels.

Ethereum (ETH)

ETH also started an upside correction above the $2,800 level and the 21 simple moving average (H1). There was a move above the $2,850 level.

The bears appeared near the $2,875 level. The bulls made two attempts to clear $2,875 resistance but failed. The price started another decline and traded below $2,850. The price is now showing bearish signs below $2,820 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Chart by FXempire

Immediate support sits near the $2,800 level and a connecting trend line on the hourly chart. The next major support sits near the $2,775 level, below which the price might take a hit.

Algorand (ALGO)

ALGO started a major decline from the $1.00 resistance zone. There was a nasty drop below the $0.80 and $0.70 support levels.

Finally, the price found support near the $0.55 zone. A support base was formed and the price started a recovery wave. It surpassed the $0.60 resistance. Today, it gained over 15% and spiked above the $0.70 resistance.

ALGO Daily Chart
ALGO Chart by FXEmpire

It even tested the 38.2% Fib retracement level of the downward move from the $1.00 swing zone to $0.55 low. ALGO is now attempting a close above a major bearish trend line with resistance near $0.70 on the daily chart. A close above the $0.70 level might start a strong reversal.

The next key resistance on the upside may perhaps be near $0.770 or $0.800. If there is no upside break, the price could revisit the $0.550 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still consolidating below the $0.800 resistance zone. If the bears remain in action, the price could decline towards the $0.750 level.

Binance Coin (BNB) is sliding and might revisit the $382 support. The next major support sits near the $375 level, followed by $365.

Polkadot (DOT) settled below the $15.00 level, which is now acting as a resistance. On the downside, the $14.00 level is a major support zone.

A few trending coins are AVAX, TRX, and NEAR. Out of these, TRX is gaining pace above the $0.070 level.

5 Coins to Watch Closely This Week: BTC, XRP, NEAR, TRX, ETC

Key Insights:

  • BTC noted minor gains as bulls eyed the $40,000 mark, at press time.
  • Nonetheless, the larger market has still moved in a rangebound movement.
  • However, altcoins like XRP, NEAR, TRX and ETC have presented higher gains than the rest.

A new month often brings fresh price gains for the cryptocurrency market. However, the price pullback faced by bitcoin (BTC) and the larger market over the last month seemed to linger even as May began.

After a relatively slow first quarter, BTC recorded its worst-ever April performance to date. April 2022 was an unforgettable month for crypto traders and investors as BTC recorded a 20% fall in price.

Not just cryptocurrencies, equities saw a downtrend too. Notably, Nasdaq Composite also saw a close to 13% fall in April, marking one of the worst monthly performances for the Index since October 2008.

In the light of traditional assets’ performance, BTC’s rangebound price movement didn’t seem to hurt the eye. That said, on May 2, at the time of writing, bitcoin made minor strides, noting 2% daily gains as bulls aimed for a retest of the $40,000 mark.

Altcoins like XRP, NEAR, TRX, and ETC also made green candles on their short-term charts. So, let us look at how these top coins can perform this week.

Bitcoin (BTC)

On April 30, BTC’s price dipped to the lower support of $37,608. However, a quick rebound from the lower price level highlighted that bulls were defending it cautiously.

The 20-day exponential moving average (EMA), around $39,950, saw a prominent downward trend suggestive of an advantage to sellers. Nonetheless, a positive divergence on BTC’s daily relative strength index (RSI) indicated that buyers could become active as the sell-side pressure reduces.

A positive sign is that BTC has maintained its momentum above the lower support at $37,531. At the time of writing, BTC traded at $38,726.76, noting a 1.84% daily price gain.

If BTC’s upward momentum sustains, bulls could attempt to push the price above the $39,363 mark. A push above the $39,300 mark could further push the top coin above the 50-day simple moving average (SMA) at $41,954.

FXempire, BTC, Crypto, Bitcoin
BTC Price Action | Source: FXEmpire

That said, macro-bullish trends persisted for the top cryptocurrency. Analyst Rekt Capital highlighted on Twitter that the number of unique addresses holding at least 10,000 BTC was in a macro uptrend, as it has been since mid-February 2022. This meant that whales were accumulating at these lower support levels.

FXempire, BTC, Crypto, Bitcoin
Source: Twitter

Ripple (XRP)

At the time of writing, XRP was the top gainer on the daily charts in the top ten cryptocurrencies by market cap noting close to 5% gains. The altcoin’s price started to decline on April 16 and fell to the lower support at the $0.56 mark.

After testing the lower price level at the $0.56 mark, XRP has finally resumed an uptrend. Since May 1, the coin’s price has surged by almost 12%. At the time of writing, XRP’s price oscillated at $0.61 after reaching intraday highs of $0.63 earlier.

FXempire, XRP, Crypto
XRP Price Action | Source: FXEmpire

Notably, XRP’s rangebound movement could be attributed to the delays in the Ripple-SEC lawsuit. Nonetheless, a positive buyer sentiment could be observed in XRP’s market as its RSI finally recovered from the oversold channel.

XRP’s RSI signaled heavy selling for the most part of last week, and recovery from the same into the neutral RSI zone could provide a decent entry point for investors. With buy-side pressure increasing for XRP, a relief rally could be expected in the short term.

Near Protocol (NEAR)

NEAR’s price slipped below the psychological barrier at $10 towards the end of April as sell sentiment ruled NEAR’s market. However, bulls were able to register a quick rebound on May 1 indicative of buying rising.

FXempire, NEAR, Crypto
NEAR Price Action | Source: FXEmpire

At the time of writing, NEAR traded at $11.43 noting a 2.49% rise over the last day. The altcoin was still down 16.69% on the weekly chart. A push from buyers above the $11.94 can aid the token’s upward trajectory in the short term.

The 200-day SMA, which is established at the $11.9 level can act as crucial resistance for the coin, this week.

However, if the price fails to hold the $10 level the same could lead NEAR traders into a bear trap. In that case, a correction to $9.5 and, then, to the lower support at $8.00 can be expected.

Tron (TRX)

Over the last month, TRX’s price registered a 19% decline from $0.078 to around $0.063, on May 1. At the time of writing, TRX noted close to 6% gains on the daily chart, trading at $0.07084.

On the weekly chart, tron was up by almost 13.00%, rallying on bullish market sentiment. However, its price was still down 75% from its ATH of $0.3004 made in January 2018. TRX’s short-term price rally was more or less due to the social attention the coin gained over the last month.

On April 21, for instance, Tron founder Justin Sun announced the plans to launch the network’s decentralized algorithmic stablecoin called USDD. The news of USDD’s release pushed TRX’s price up by 20% in just a day.

Likewise, towards the end of April, the network announced the allocation for its $1,111,111,111 ecosystem fund that it announced last November. These ecosystem-centric developments have aided TRX’s uptrend over the last couple of days.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

TRX’s sustained uptrend above the $0.071 mark could further push the price to the $0.074 mark. However, waning social attention could result in a price pullback taking TRX back to the $0.061 mark.

Ethereum Classic (ETC)

ETC’s daily price chart shows that the coin has been in a long drawn downtrend since April 1. ETC lost almost 45% value over the last month as the larger sentiment for the coin remained bearish.

However, the token seemed to be on a better start recording minor gains on May 1. At the time of writing, ETC traded at $27.27, noting 1.82% gains. The coming days could be crucial to the coin’s trajectory as bulls would defend the lower support at the $26.5 mark.

FXempire, ETC, Crypto
ETC Price Action | Source: FXEmpire

Notably, RSI for ETC on a daily time frame presented a bullish divergence. RSI’s recovery from the oversold zone could confirm a relief rally for the coin in the short term. If bulls could push prices above the $30 psychological barrier, further upside could be expected.

However, if the price fails to maintain above the $30 mark over this week, another pullback to the $25.8 mark could be seen. That said, with ETC’s trade volumes still maintaining relatively low levels, a lack of retail interest could be seen for the coin.

Bitcoin and ETH Smash Resistance, Rune Bulls Aim Big

Key Insights:

  • Bitcoin gained pace for a move above the $41,000 resistance.
  • Ether (ETH) is showing positive signs above $3,080.
  • RUNE surged over 18% and might rise further above $10.00.

Bitcoin

After a sharp decline and downside extension, bitcoin price found support near $38,850. BTC formed a base and started a decent recovery wave above the $40,000 level.

The bulls were able to push the price above the $40,650 zone and the 21 simple moving average (H1). The price even surged above a major hurdle near the $41,000 level on the hourly chart.

Bitcoin

It is now showing positive signs above $41,000 level. The next major resistance is near the $41,800 level. A clear move above the $41,800 zone could open the doors for more upsides. If not, bitcoin price might decline to $40,580.

Ethereum (ETH)

ETH also followed a similar path after it spiked below the $2,900 level. The bulls appeared near $2,880 and protected heavy losses. The price is now rising and trading above $3,030.

There was a break above a connecting bearish trend line at $3,060 on the hourly chart.  Ether even climbed above $3,080 and the 21 simple moving average (H1). It is now facing a strong resistance near the $3,100 zone.

Ether

A successful close above $3,100 might set the pace for more gains. The next key hurdle is $3,165, above which the bulls might take control. If there is no upside break, the price could start a fresh decline towards the $3,025 or even $2,980.

THORChain (RUNE)

RUNE rallied sharply after it broke the $10 resistance zone. It even surpassed the $12 level before the bears appeared near the $13.20 zone.

The price started a downside correction below the $12 level. The price even declined below the $10 level and the 21-day simple moving average. Finally, it spiked below $8.50 and tested $7.50.

RUNE is now forming a base above the $8.00 level. It is up over 15% today and eyeing an upside break. It cleared the 23.6% Fib retracement level of the downward move from the $13.20 swing high to $7.42 low.

THORChain (RUNE)

If the bulls remain in action, they could push the price above the $10 resistance and the 50% Fib retracement level of the downward move from the $13.20 swing high to $7.42 low.

The next major stop could be $12.00. If they fail, the price might resume its decline below the $8.00 level. The next key support sits at $5.90.

ADA, BNB, and DOT price

Cardano (ADA) is up 5% and trading near the $0.945 resistance. If there are more gains, the price may perhaps test the $0.98 resistance.

BNB is showing positive signs above the $415 level. If there is a close above the $422 resistance, the price may perhaps rise towards the $430 level.

Polkadot (DOT) is up 5% and there was a move above the $18.00 resistance. It is trading above $18.50 and might even test $18.80.

A few trending coins are LUNA, NEAR, and MATIC. Out of these, LUNA gained over 15% and might soon test the $100 level.

NEAR Protocol Total Value Locked Supports NEAR Move Northwards

Key Insights:

  • Near Protocol (NEAR) continues to buck the broader crypto market trend in April.
  • The upward price trend comes as Near Protocol’s total value locked breaks the $350 million barrier.
  • Technical indicators are bullish, with NEAR sitting above the 50-day EMA.

On Tuesday, NEAR rose by 2.93%. Following a 1.65% gain from Monday, NEAR ended the day at $16.52.

While tracking the broader market on Monday, NEAR has bucked the broader crypto market trend through April.

For the current month, NEAR is up 24.1%. By contrast, Bitcoin (BTC) is down 11.9%, with Solana (SOL) down 15.9%.

While several factors have provided near-term support, the market focus on total value locked has been key to the April gains.

Total Value Locked Delivers NEAR Support

According to Defi Llama, NEAR’s total value locked (TVL) surged to a new all-time high of $374.14m this morning. On December 31, 2021, NEAR’s TVL stood at just $136.61m.

NEAR TVL 130422

The upward trend in TVL has been key to NEAR price action in recent months. Year-to-date, the TVL has surged by 174%, diverging from NEAR’s more modest price gain of 24.1%.

The current divergence between TVL and price suggests further upside ahead. Much, however, will depend on market forces that have pegged NEAR back from revisiting its January all-time high of $20.48.

Other positive forces include the launch of the NEAR Foundation and acceleration in NEAR addresses. Last week, FX Empire reported the launch of the NEAR Foundation to drive the development of network projects and new address numbers.

According to the report, the Near Protocol users based surged by 139% to 5.3 million in the first quarter.

What is Total Value Locked, and Why Does it Matter?

The total value locked is the value of crypto assets deposited in a DeFi protocol. In recent months, TVL has drawn significant interest. Traders consider the TVL a key metric in measuring market interest and native token value.

The market will be looking for divergence between the TVL and the market cap of a token. Buying or selling opportunities present themselves at times of greatest TVL and price divergence.

NEAR Price Action

At the time of writing, NEAR was up 0.54% to $16.61.

NEARUSD 130422 Daily
A return to $17.50 would bring $20 into play.

Technical Indicators

NEAR will need to avoid the $16.45 pivot to move through the First Major Resistance Level at $17.05.

Broader market sentiment would need to improve to support a move through a Tuesday high of $16.98.

In the event of another extended rally, NEAR should test the Second Major Resistance Level at $17.59 and resistance at $18.

A fall through the pivot would bring the First Major Support Level at $15.91 into play. Barring an extended sell-off throughout the day, NEAR should avoid sub-$15.50. The Second Major Support Level sits at $15.31.

NEARUSD 130422 Hourly
NEAR will need to avoid the day’s pivot to support the current upward trend.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. As a result of the current breakout, NEAR currently sits above the 50-day EMA at $16.18. This morning, the 50-day EMA pulled away from the 100-day EMA. We also saw the 100-day EMA move away from the 200-day EMA; NEAR price positive.

NEAR would need to avoid the 50-day EMA to support a return to $20 to target a January ATH of $20.48.

NEARUSD 130422 4 Hourly
Avoiding the 50-day EMA would support the current move back towards $20.

Bitcoin and ETH Recovery Could Fade, ADA Turns Bearish

Key Insights:

  • Bitcoin is attempting an upside correction above $40,250.
  • Ether (ETH) could face resistance near $3,160.
  • ADA declined below the key $1.20 and $1.02 support levels.

Bitcoin

After a downside break below $40,250, bitcoin price extended losses. There was a sharp move below the $40,000 level and a close below the 21 simple moving average (H1).

The price even spiked below $39,400 and tested $39,200. It is now correcting losses and trading above the $40,250 level. On the upside, the bulls are facing resistance near the $40,850 level. The first major resistance is near the $41,000 level.

Bitcoin

A clear move above the $41,000 level could send the price to the main hurdle at $41,800. On the downside, the price might find bids near $40,000. The next major support sits near the $39,400 level, below which there is a risk of a drop to $38,500.

Ethereum (ETH)

ETH also followed a similar pattern after there was a move below $3,050. The price spiked below the $3,000 level before the bulls appeared near $2,950.

The price is now recovering losses and trading above $3,020. There was a close above the $3,000 level and the 21 simple moving average (H1). On the upside, it is facing resistance near the $3,080 level.

Ethereum (ETH)

The next key barrier is $3,100, above which the price could rise towards the main resistance at $3,160. If not, ether price might slide below the $3,000 support level. The next key support is near $2,950, below which the bears might aim a test of $2,840.

Cardano (ADA)

Cardano (ADA) made a couple of attempts to clear the $1.244 and $1.245 resistance levels. However, there was no clear move above the $1.245 level.

As a result, the price started a fresh decline and traded below the $1.20 support. There was a clear move below a rising channel with support near $1.135 on the daily chart. The price even traded below the $1.10 level the 21-day simple moving average.

Cardano (ADA)

Besides, the price moved below the 50% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high.

It is now consolidating near the 61.8% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high. If the bears remain in action, the price might slide below the $0.90 and $0.88 support levels. On the upside, the previous support at $1.02 could act as a resistance.

BNB and DOT price

Binance Coin (BNB) dived below the $400 level, but the bulls protected more downsides. The price is now attempting a move towards the $420 resistance.

Polkadot (DOT) managed to recover above the $17.80 level. If there is a move above the $18.20 level, the price could rise towards $18.80.

A few trending coins are SHIB, MATIC, and NEAR. Out of these, SHIB rallied 20% and broke the $0.0000275 resistance zone.

Near Protocol (NEAR) Touches $19 as TVL Jumps to $340 Million

Key Insights:

  • On Friday, Near Protocol (NEAR) touched $19 before falling back amidst a broad-based crypto sell-off.
  • The upward price trend comes as Near Protocol’s total value locked breaks the $300 million barrier.
  • Technical indicators are bullish, with NEAR sitting above the 50-day EMA.

On Friday, NEAR bucked the broader crypto market trend, rising by 0.69%. Following a 14.01% breakout on Thursday, NEAR ended the day at $17.53.

While the upside on the day was modest, NEAR revisited $19 levels with a day high of $19.32 falling back. The early breakout saw NEAR come within range of its all-time high of $20.48 before succumbing to crypto market forces.

Breaking through the First Major Resistance Level at $18.38, the Second Major Resistance Level at $19.33 limited the upside.

New Address Counts and Total Value Locked Delivers NEAR Support

On Friday, FX Empire reported the launch of the NEAR Foundation to drive the development of network projects. The news was NEAR positive, with acceleration in address growth in the first quarter also NEAR positive.

According to Friday’s report, the Near Protocol users based surged by 139% to 5.3 million in the first quarter.

It has been an impressive start to the year for NEAR. According to Defi Llama, NEAR’s total value locked (TVL) surged to a Saturday ATH of $340.07m. On December 31, 2021, NEAR’s TVL stood at $136.61m.

The upward trend in TVL has been key to NEAR price action in recent months. Year-to-date, NEAR is up by 17.5%. The TVL has surged by 149%.

NEAR TVL 090422
NEAR Protocol Total Value Locked

What is Total Value Locked, and Why Does it Matter?

The total value locked is the value of crypto assets deposited in a DeFi protocol. In recent months, TVL has drawn significant interest. Traders consider the TVL a key metric in measuring market interest and native token value.

The market will be looking for divergence between the TVL and the market cap of a token. Buying or selling opportunities present themselves at times of greatest TVL and price divergence.

NEAR Price Action

At the time of writing, NEAR was down 2.62% to $17.07. A mixed start saw NEAR rise to an early morning high of $18.19 before falling to a low of $16.75.

NEARUSD 090422 Daily
A move through $18.50 would support another run at $20.

Technical Indicators

NEAR will need to move through the $17.89 pivot to make a move through the First Major Resistance Level at $18.96.

Broader market sentiment would need to improve to support a move through $18.5 levels.

In the event of another extended rally, NEAR should test the Second Major Resistance Level at $20.39 and resistance at the ATH of $20.48.

Failure to move through the pivot would bring the First Major Support Level at $16.46 into play. Barring an extended sell-off throughout the day, NEAR should avoid sub-$16. The Second Major Support Level sits at $15.39.

NEARUSD 090422 Hourly
Failure to move through the pivot would test support at $16.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. As a result of the current breakout, NEAR currently sits above the 50-day EMA at $16.12. This morning, the 50-day EMA pulled away from the 100-day EMA. We also saw the 100-day EMA move away from the 200-day EMA; NEAR price positive.

Avoiding the 50-day EMA would support a return to $20.

NEARUSD 090422 4-Hourly
NEAR will need to avoid the 50-day EMA to take a run at its ATH of $20.48.

FTX Ventures, Tiger Global Lead $350M Funding for NEAR Protocol

Key Insights:

  • NEAR Protocol raised $350 million, led by hedge fund Tiger Global.
  • The investment will be used to support the growth of Dapps across NEAR’s ecosystem.
  • In response to the investment, NEAR almost spiked by 30% earlier in the day.

NEAR this year witnessed a jolt of investment and interest from retail individuals as well as institutional investors and venture capitals.

The result is visible today as the coin is already on its way to flipping Shiba Inu and establishing itself as one of the top 15 cryptocurrencies in the world.

NEAR Gets Closer to Big Players

In a press release, the network announced its latest funding round, which upped its total value by another $350 million. This investment will help NEAR accelerate its goal of advancing the decentralization of the chain through Dapp development.

As stated by NEAR Protocol, this $350 million will be used to develop and support the growth of the Decentralized Finance (DeFi) applications on the blockchain’s ecosystem.

NEAR also intends on establishing regional hubs in ‘key community centers’ all around the world to further its presence.

This is the second round of funding conducted by NEAR Protocol after it managed to raise $150 million earlier this January. However, this time along with higher investment, the funding round also saw the involvement of much more investors.

Led by Tiger Global, the $350 million also came from  Republic Capital, FTX Ventures, Hashed, Dragonfly Capital, ParaFi Capital, Blockchange Ventures, and MetaWeb Ventures.

Commenting on the network and development, Brian Lee, Partner at FTX Ventures, said,

“NEAR ecosystem has fostered a strong developer community by leveraging the powerful combination of a new programming model alongside the battle-tested EVM. We are excited to support NEAR in its next phase of growth.”

NEAR on the Charts

While at the time of writing, NEAR was trading at $18.07, earlier in the day at its highest, the altcoin was up by almost 30%. This places the coin 113% above where it was before the rally began and is now getting closer to establishing a new ATH. 

NEAR Protocol has risen by 113% since the last month

As reported by FXEmpire earlier in the day, the prospect of investing in the coin looks pretty appealing at the moment. Those looking for the right time to enter should watch for the coin’s reaction as it breaches the all-time high, though.

Bitcoin and ETH Could Resume Decline, NEAR Reaches Key Juncture

Key Insights:

  • Bitcoin struggled to clear $44,000 and declined.
  • Ether (ETH) failed to clear $3,300 and is now showing bearish signs.
  • NEAR rallied over 20%, but it might face hurdles near $20.00.

Bitcoin

Recently, bitcoin price started a minor upside correction above the $43,200 level. The price was able to move above the $43,600 level and the 21 simple moving average (H1).

However, it faced a strong resistance near the $44,000 level. There is also a key bearish trend line forming with resistance near $43,800 on the hourly chart. The price is now trading below $43,500 and the 21 simple moving average (H1).

Bitcoin

An immediate support is near the $42,750 level. The first key support is near the $42,550 level. If the price fails to stay above $42,550, it could extend decline towards the $41,650 support zone. On the upside, the price must clear $44,000 and the 21 simple moving average (H1) to start a recovery wave.

Ethereum (ETH)

ETH recovered above the $3,240 and $3,250 resistance levels. However, it faced a strong resistance near the $3,295 and $3,300 levels.

There was another decline and the price traded below $3,250 and the 21 simple moving average (H1). It tested a key bullish trend line with support near $3,230 on the hourly chart. If there is a downside break below the trend line and $3,200, the price could resume decline.

Ethereum (ETH)

An immediate support is near the $3,145 level. The next key support is near the $3,100 level, below which there is a risk of a larger decline.

NEAR Protocol

NEAR remained well supported near the $14.20 level. The price started major increase and there was a clear move above the $15.50 and $17.20 levels.

The price even settled well above the $17.20 level and the 21-day simple moving average. It seems like the bulls are now aiming the main resistance on the upside at $20.00. If they manage to push the price above the $20.00 resistance zone, the price could start a major increase.

NEAR Protocol

The next major resistance could be near the $21.50 level. If not, the price might correct lower below $18.00. On the downside, there is a crucial support forming near the $15.00 level and a bullish trend line on the daily chart.

ADA, BNB, and DOT price

Cardano (ADA) is showing bearish signs below the $1.10 level. If the price breaks the $1.05 support, it could even move below the $1.00 level.

Binance Coin (BNB) failed to clear the $440 level and started a fresh decline. It seems like the price might revisit the $420 support.

Polkadot (DOT) is down 3% and there was a break below the $20.00 level. The next major support is near $19.50, below which the price might test $18.80.

A few trending coins are ZEC, CVX, and ENJ. Out of these, ENJ is gaining pace above the $1.65 resistance level.

NEAR Inches Closer to New ATH As Addresses Grow by 139% in Q1 2022

Key Insights:

  • Near Protocol launched its awareness-focused Foundation to support the development of projects.
  • At the same time, it registered the highest growth in addresses for Quarter – 1 of 2022.
  • Consequently, the price has risen by over 25% since yesterday.

NEAR was almost considered a blimp on the radar after it defied the market trend and marked an all-time high (ATH) in January.

But the altcoin managed to pull back up as March began, and as a result, it is close to breaking the ATH today, fuelled by some significant ecosystem developments.

NEAR Is Pretty Near $20

Yesterday, the NEAR Protocol launched the NEAR Foundation with the aim of establishing an ‘open web world’. And to achieve that, the Foundation will be spreading awareness, supporting projects, and providing a clear path to decentralization on the NEAR Protocol.

And not only is this a step in the right direction but it also comes at the right time, given the community’s support for the protocol is at its highest.

In the last three months, which marked the first quarter, NEAR observed a stark growth in its user base, which shot up by 139%, from 2.2 million to 5.3 million.

In the last 3 months NEAR has noted a 139% rise in its addresses | Source: Twitter

NEAR outperformed most of the other up-and-coming DeFi blockchains, as the likes of Crypto.com, Fantom and Avalanche were far below NEAR’s growth.

Talking about growth, NEAR hasn’t been far behind when it comes to price action. In the last 24 hours alone, the altcoin appreciated by 25.26% and stood only 4.24% away from marking a new all-time high.

Since the last one was at $20.2, the altcoin will naturally breach the $20 level soon.

NEAR rallied by 25.07% in the last 24 hours

 

Plus, it has the support of the market since price indicators are pointing towards a bullish narrative. The Parabolic SAR was about to establish a downtrend, but the same was invalidated by the green candle yesterday, thus moving the white dots of the SAR underneath the candlestick.

Furthermore, the MACD is continuing its bullish rise with the indicator line (white) keeping above the signal line (red), supported by the green bars.

Thus, NEAR certainly has room for more growth at the moment unless broader market cues end up raining on the altcoin’s parade.

Investors Seem Excited

It isn’t surprising to see so many new investors in these last few months, and it won’t be surprising still if the streak continues over the coming weeks. And looking at the state of the market, these investors couldn’t be coming in at a better time.

At the moment, the Sharpe Ratio, which indicates the risk-adjusted returns of an asset, is at its seven months highest at 6.47. This places NEAR in a very appealing position, and for the same reason, we could note higher inflows throughout April.

NEAR’s Sharpe Ratio is currently at 6.47 | Source: Messari

Bitcoin and ETH Show Bearish Signs, LUNA Could Surge Above $125

Key Insights:

  • Bitcoin seems to be forming a top near the $47,150 level.
  • Ether (ETH) struggled to clear $3,530 and $3,550.
  • LUNA seems to be eyeing a fresh rally and might test $125.

Bitcoin

Recently, bitcoin price made a couple of attempts to gain strength above $47,000 and $47,150. However, the bears remained active above $47,150.

As a result, there was a bearish reaction and the price is now trading below $46,550. There was a move below the $43,150 level and the 21 simple moving average (H1). The next major support is near the $45,750 level.

Bitcoin

If the bears remain active, the price may perhaps decline below the $45,150 support. On the upside, there is a major resistance forming near $47,000 and $47,150. A clear move above the $47,150 level could set the pace for a fresh rally.

Ethereum (ETH)

ETH also faced a strong resistance near the $3,535 and $3,550 resistance levels. It seems like ETH is forming a top near the $3,550 level.

It is now trading below the $3,500 support level and the 21 simple moving average (H1). The next major support is near the $3,410 level. A downside break and close below the $3,410 support level may perhaps open the doors for a larger increase.

Ether

On the upside, the price is facing resistance near the $3,500 level. The main resistance is now near $3,550, above which ether price might surge.

Terra (LUNA)

LUNA settled nicely above the $100 resistance zone. The bulls were able to push the price above the $105 and $108 resistance levels.

The past few days were pretty bullish above the $105 level and the 21-day simple moving average. Today, the price started a fresh increase and gained pace above the $115 level. It is up over 5% and the current price action suggests more upsides above the $120 resistance.

Terra (LUNA)

If the bulls succeed, the price could rise towards the $125 level. If not, it might correct lower and test the $110 support.

The main support is now forming near the $105 level and a bullish trend line on the daily chart. If the price fails to stay above $105 and $100, it might start a major downside correction.

ADA, BNB, and DOT price

Cardano (ADA) failed to clear the $1.22 resistance level. It traded below $1.20 and seems like the price might even decline below $1.18.

Binance Coin (BNB) spiked above the $455 level, but there was no upside continuation. The price is now consolidating near $450 and might drop to $442.

Polkadot (DOT) is consolidating near the $22.20 level. If there is a move below the $22.00 level, the price might decline towards $21.20 in the near term.

A few trending coins are DOGE, NEAR, and CELO. Out of these CELO was able to rally above the $4.50 and $4.60 resistance levels.

Top 5 Cryptocurrencies to Watch This Week – BTC, SOL, NEAR, THETA, AAVE

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark.
  • However, as BTC is still around the $45,000 mark, bullish action in altcoins seems to be weakening too.
  • SOL, NEAR, THETA, and AAVE were a few coins that noted higher gains at press time. 

After a relatively bullish fortnight, bitcoin’s price is still around the $45K mark attempting to hold above its closest support level. BTC charted close to 30% gains in the second half of March, paving the way for altcoins to note gains. 

At the time of writing, data from CoinMarketCap presented that the global crypto market cap stood at $2.14 trillion, a 0.68% decrease over the last day. As traders closely watched BTC consolidate near the $45K mark, the total crypto market volume in the previous 24 hours saw a 9.60% decline. 

Of the top cryptocurrencies, Solana (SOL), Near Protocol (NEAR), Theta (THETA), and Aave (AAVE) could be the tokens to follow in the coming week. To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Bitcoin (BTC)

At the time of writing, the king coin traded at $45,860.66, noting a 0.82% decline in 24-hours and a 2.68% decrease over the last week. BTC faces an intense tussle from bulls trying to keep the coin’s price above the key $46,500 mark and bears aiming to keep it under the same. 

BTC’s price is still under the 2022 yearly open price of $46,200. However, with the beginning of another quarter, fresher capital pumping into the top coin can further provide bullish momentum to BTC’s trajectory. 

FXempire, BTC, Crypto
BTC Price Action | Source: FXEmpire

At the time of writing, the daily RSI for BTC was lower than the March-end levels highlighting a drop in buying pressure. The 200-day simple moving average (SMA) at $48,276 can be a critical bullish level for the coin. 

A push above the $48,200 mark in the near term can put BTC bulls back on track, and BTC could then expect another run to $52,000. 

Solana (SOL)

Solana’s recovery from the under $100 mark fueled a rally for the sixth-ranked asset by market cap. SOL’s uptrend began on March 15, and the asset has gained over 55% price since then. 

At the time of writing, Solana traded at $134.64, noting a 3.48% fall in price on the daily and a 22.39% rise in price on the weekly. Solana’s rally was confirmed after the coin rose above the crucial $120 resistance mark. 

FXempire, Solana, Crypto
Solana Price Action | Source: FXEmpire

Over the last three days, SOL’s trajectory has slowed down with the $141 mark acting as a strong resistance. Bears are cautiously defending the $141 mark and a move above the same if bulls push harder could see the altcoin rise to the $173 mark. 

However, if the bullish anticipations are invalidated, SOL could turn to the lower $120 level, where it would find support. For now, though, buying pressure was still high as RSI oscillated in the overbought zone. 

In the near term, profit-taking from traders at the current level could see selling pressure increase thus negatively affecting prices. 

Near Protocol (NEAR)

At the time of writing, NEAR traded at $15.84, noting a 5.10% fall in price on the daily and a 19.74% price rise over the week. The token ranked 19 on Coin Market Cap, and its trade volumes presented decent buying around the $15 mark. 

FXempire, NEAR, Crypto
NEAR Price Action | Source: FXEmpire

NEAR made an all-time high of $20.39 on January 17 this year, and its recent run instilled hopes of a new ATH for the coin. However, for the last two days, the coin’s price has been consolidating just under the $17.26 resistance. 

Nonetheless, NEAR has made higher highs since March 22 which reinstigates hopes of a new ATH for the token. However, with the coin’s RSI in the overbought zone, if bears take over ease in buying pressure could further pull the token’s price down to the $14.24 level. 

Theta Network (THETA)

THETA’s price has been range-bound between $2.50 and $4.25 for the most part of this year. At press time THETA traded at $3.86 noting 5.10% fall over the last 24-hours. 

Since the price has maintained above the crucial $3.50 mark, the same signifies traders holding their position. However a break below the $3.80 mark could see THETA fall down to the near $2.7 level. 

FXempire, theta, Crypto
THETA Price Action | Source: FXEmpire

The 20-day EMA at $3.54 could play a key support for the token in the near term. That said, RSI for THETA saw a return to from the overbought zone indicating selling pressure taking over in the market. 

If the price slides below the 20-day EMA, the next level to watch would be the 50-day SMA at $3.17. 

Aave (AAVE)

After breaking its downward price trend on March 29, AAVE saw a 60% price rally. The AAVE gains indicated a potential change in trend as trade volumes for AAVE saw a healthy uptick. 

Establishing the 200-day EMA at $226 as support was crucial for the coin’s trajectory. While bulls have tried to push price below the $226 support AAVE trades at $236.60 at press time noting 37.88% gains over the last week. 

FXempire, AAVE, Crypto
AAVE Price Action | Source: FXEmpire

As the $226 level acts as support, AAVE’s price at press time saw a 24-hour dip of 4%. However, a push from bulls could send the coin above the $250 mark in the short term. 

With the larger market moving in a rangebound trajectory short-term gains for AAVE might not be in store. That said, AAVE’s RSI on a daily chart saw a decline indicative of weakening buying pressure.

Bitcoin and ETH Gain Traction, SOL Could Surge To $120

Key Insights:

  • Bitcoin might soon attempt an upside break above $43,450.
  • Ether must clear $3,065 for a steady increase.
  • SOL rallied 10% and might extend gains in the near term.

Bitcoin

After a short-term downside correction, bitcoin price found support near the $42,000 zone. It started a fresh increase above the $42,500 and $42,850 resistance levels.

The price even surpassed the $43,000 level and settled above the 21 simple moving average (H1). It is now facing resistance near the $43,200 and $43,450 levels. A clear break above $43,450 could set the pace for another upward move.

Bitcoin

If not, it could correct lower below $42,750. There is also a key bullish trend line with support near $42,700 on the hourly chart, below which the price might decline to $42,000.

Ethereum (ETH)

ETH also followed a similar pattern from the $2,940 support zone. There was a steady increase above the $3,000 resistance zone. The price even broke the $3,035 level and the 21 simple moving average (H1).

It is now facing hurdles near $3,070 and $3,080. A clear move above the $3,080 level could set the pace for a more significant increase. The next key barrier is $3,150, above which the price could rally to $3,240.

Ethereum (ETH)

On the downside, the $3,000 level is a crucial support. There is also a connecting bullish trend line with support near $3,000 on the hourly chart.

Solana (SOL)

SOL formed a strong base above the $78 and $80 levels. As a result, it started a steady increase above the $85 and $88 resistance levels.

There was a move above a major bearish trend line with resistance near the $95.00 level on the daily chart. The price even settled above the $95 resistance level and the 21-day simple moving average. It is now trading near the 50% Fib retracement level of the key decline from the $122 swing high to $76 swing low.

Solana (SOL)

The next key resistance is near the $105 level. It coincides with the 61.8% Fib retracement level of the key decline from the $122 swing high to $76 swing low.

A clear move above the $105 could even push the price above $110.00. In the stated case, SOL may perhaps start a steady increase towards the $120.00 level or even $125.00.

ADA, BNB, and DOT price

Cardano (ADA) is up over 10% and broke the $1.15 resistance levels. The next significant resistance is near the $1.20 level, where the bears might take a stand.

Binance Coin (BNB) is attempting an upside break above the $410 resistance level. A close above $410 and $412 might push the price above $422.

Polkadot (DOT) is consolidating above the $20.00 and $20.20 levels. An initial barrier is near the $21.00 level, above which the price might rush to $21.80.

A few trending coins are DOGE, MATIC, and NEAR. Out of these, DOGE rallied over 10% and cleared the $0.132 resistance.

Crypto Donations for Ukraine Cross $83 Million Led by Ethereum & Bitcoin

Key Insights:

  • The total amount donated in crypto has crossed $83.5 million.
  • Of the $83 million, 52.54% of the donations went directly to the Ukrainian government.
  • Bitcoin and Ethereum combined account for 67.73% of all donations.

As Ukraine continues to fight the invasion from Russia, support continues to pour in for the country.

One of the most significant sources of this aid is cryptocurrencies, which have surpassed expectations in the last two weeks. Data analysis shows that there are some interesting observations even in these donations.

Government > DAO

Even in decentralization, there is centralization. Since crypto brought the concept of Decentralised Autonomous Organization (DAO) into existence, one would expect to be the biggest receiver of these donations.

Surprisingly not, since people have more faith in an entity that can be held accountable, which is why about 52.54% or about $44 million of all donations have gone directly to the Ukrainian government.

The UkraineDAO, which was established for the sake of helping the country, only received about $13.38 million.

Even though it stood as the third biggest entity donation-wise, it was still behind the second biggest centralized foundation.

The Ukrainian government has directly received 52% of all donations | Source: Tableau Public

The eight-year-old Come Back Alive foundation, supporting Ukrainian troops since 2014, received close to $14.43 million.

Furthermore, beyond these three, the Binance Ukraine Emergency Relief Fund, run by the biggest crypto exchange in the world, managed to accrue close to $10 million.

However, this pattern does show that there is much more trust in a centralized system over a decentralized one.

Ethereum Trumps Bitcoin

The second peculiar observation was the domination of Ethereum in the distribution of donations. Contributing 39.27% to all donated cryptocurrency, Ethereum donations accounted for $32.84 million.

This was followed by the king coin, Bitcoin, accounting for $23.8 million (28.46%) of all donated cryptocurrencies.

The not-so-surprising addition to this mix was Polkadot, through which about $6.14 million was donated to Ukraine.

It isn’t surprising because, as reported by FXEmpire, 91.2% ($5.6 million) of the entire amount came from Polkadot’s founder Gavin Woods when Ukraine enabled donations in DOT.

The total donations have a 39% domination of Ethereum | Source: Tableau Public

The other donated cryptocurrencies included BNB BEP2, Solana, NEAR Protocol, BNB BEP20, and Dogecoin. These tokens cumulatively accounted for 32.37% ($26.86 million) of the $83 million donations.

These figures are only expected to increase since tension in the warzone is increasing by the day, and so are the donations. Not only are they rising day by day but also week by week.

Since the beginning of February, the total donations in the two weeks only witnessed 56 transactions in all.

However, the week after that, transactions grew by 45,584% to 15,533 and the following week by another 538% to 99,252.

The weekly transaction count has risen by 291,817% | Source: Tableau Public

Put simply, within two weeks, transactions shot up by 291817% and will only continue rising as the world stands with Ukraine.

Dragonfly Research Says Solana’s Speed Surpasses ETH & other Chains

Key Insights

  • Throughput (number of transactions in a particular time) on Solana surpassed the leading EVM chain by a wide margin. 
  • Researchers predict that competing layer-1 chains will outdo EVM chains.
  • However, Solana’s network is still plagued by some issues that need to be addressed. 

Dragonfly Research recently published an experiment comparing the performance of six blockchains by testing the capacity of automated market makers (AMMs) on each chain.

Reportedly, Solana’s Orca decentralized exchange (DEX) was the clear winner in trades per second. At the same time, Ethereum was called the ‘MS-DOS’ of blockchains.

Growth of Layer-1s

Over the years, Ethereum’s lack of scalability led to a mass migration to a new generation of L1s. Most of these L1s use the Ethereum Virtual Machine (EVM), making them compatible with Ethereum wallets and developer tools. The TVL growth of L-1s has been stellar, as seen below.

FXempire, Solana, Crypto, ETH,
Source: The Block

Solana, however, has completely rebuilt its stack from the ground up and claims to be the fastest blockchain in existence. Researchers tested the capacity of AMMs on each blockchain.

They found that Solana’s Orca DEX was the fastest with trades per second of 273.34 transactions per second and new blocks every 590 milliseconds.

BNB Smart Chain came in next with 194.6 trades per second on PancakeSwap, followed by Polygon, Avalanche, Celo (CELO), and, finally, Ethereum.

The researcher “GM” further argued that while there was a rich ecosystem built on EVM compatible chains, the results highlighted that ‘if you want high performance now you have to look outside the EVM space.’ GM concluded that layer-1 blockchains could surpass EVM-compatible chains. He noted:

“Overall, I come away with this impression: Ethereum is the MS-DOS of smart contract operating systems. But the current era of blockchains takes us into the Windows 95 era.”

Solana Stealing the Thunder, But…

Blockchains that are compatible with Ethereum tooling are called EVM chains. They often help in the scalability of the Ethereum network. The experiment attempted to compare blockchain throughput by measuring the number of swaps that could be made per block on native automated market makers.

AMMs refer to decentralized exchanges such as Uniswap and PancakeSwap that facilitate non-custodial token swaps on-chain.

Uniswap v2 was the benchmark since it’s the dominant DEX with $1.6 billion in 7-day transaction volume. The standard was 18.38 transactions per second with 13.2 seconds per new block, according to the report.

While the report results highlighted Solana’s faster performance, proponents of decentralization note other issues on Solana.

The team from the Spookyswap DEX on Fantom Opera criticized the findings, saying that Solana’ is an entirely centralized network, unlike Ethereum.’ Furthermore, the many service outages on Solana have also plagued the grid of late.

Although none of the blockchains in the test were used to their total capacity, GM said they expect that “all of the major L1s will improve over time.”

Dragonfly Research is the research arm of Dragonfly Capital. Its portfolio page shows that it has invested in Celo, Avalanche, Cosmos, and Near. However, the firm does not hold Solana in its portfolio yet.

Bitcoin and Ether Correct Gains, NEAR Could Pop Further

Key Insights

  • Bitcoin struggled to clear $45,000 and corrected lower.
  • Ether made two attempts to clear $3,035 but failed.
  • NEAR rallied over 20% and might continue to rise.

Bitcoin

After facing a strong rejection near $45,000, Bitcoin price started a downside correction. BTC declined below the $44,000 support level and the 21 simple moving average (H1).

There was also a break below a connecting bullish trend line with support near $44,000 on the hourly chart. The price is now trading near the $43,650 level. Immediate support is near the $43,150 level.

Bitcoin

The first key support is near the $42,950 level. If the price fails to stay above $42,950, it could extend the decline towards the $41,650 support zone. On the upside, the price might face resistance near $44,000 and the 21 simple moving average (H1). The main resistance is still near $45,000.

Ether (ETH)

Ether popped above the $2,950 and $3,000 resistance levels. However, it faced a strong resistance near the $3,035 and $3,040 levels.

The bulls made two attempts to clear $3,035 but failed. As a result, there was a downside correction below $3,000. There was also a break below a key bullish trend line with support near $2,980 on the hourly chart.

Ether

The price is now trading near the $2,950 level. Immediate support is near the $2,920 level. The first key support is near the $2,840 level, below which there is a risk of a larger decline.

NEAR Protocol

NEAR remained well supported near the $8.25 level. The price started a major increase and there was a clear move above the $8.00 and $8.50 levels.

Besides, there was a break above a crucial bearish trend line with resistance near $8.50 on the daily chart. The price even popped above the $10.00 level and the 21-day simple moving average.

NEAR Protocol

It is now struggling to clear the 61.8% Fib retracement level of the key decline from the $14.30 swing high to $8.20 low. The next major resistance is near the $12.80 level.

A close above the $12.80 may perhaps send the price towards the $14.00 level. The next major resistance could be near the $15.50 level.

ADA, BNB, and DOT price

Cardano (ADA) popped to test the $1.00 resistance, where the bears took a stand. It is now correcting lower and testing $0.95. The next major support sits near $0.92.

Binance Coin (BNB) settled above the $400 level. It even tested the $425 resistance. If BNB stays above $400, it could soon attempt a move above $425. If not, it could correct lower towards the $385 level.

Polkadot (DOT) struggled to clear the $19.20 resistance zone. It is now near $18.50 and might decline towards the $18.00 support zone.

A few trending coins are LUNA, FTM, and RUNE. Out of these, FMT is aiming for an upside break above the $2.00 resistance level.

NEAR Loses 20% of its Value as Crypto Market Sell-off Continues

NEAR is the biggest loser amongst the top 100 cryptocurrencies by market cap, with the broader market losing another $100 billion over the weekend.

The Total Cryptocurrency Market Cap is Now Below $1.6 Trillion

The NEAR Protocol is a decentralized application (dApp) platform designed to make the dApps similarly usable to those on today’s web. The protocol runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade. This PoS mechanism aims to provide dynamic scalability and stabilizes fees.

NEAR, the native token of the NEAR protocol, is the worst performer amongst the top 100 cryptocurrencies by market cap. Over the past 24 hours, NEAR has lost more than 20% of its value and is currently trading at $9.76 per coin.

There is no major catalyst behind NEAR’s current losses except the broader cryptocurrency market experiencing another major sell-off. The broader cryptocurrency market has lost roughly $100 billion over the weekend, with the total market cap now above $1.5 trillion.

Bitcoin was unable to defend its price above $35k and is currently trading around $33k per coin. Ether, the second-largest cryptocurrency by market cap, is down by 10% in the last 24 hours and is currently trading at $2,264.

NEAR Rallied Earlier this Year

NEAR has lost nearly 50% of its value over the past seven days, which is higher than the other cryptocurrencies in the top 100. The ongoing bearish performance comes after NEAR reached a new all-time high earlier this year.

On January 4, NEAR rallied past the $16 mark following a high demand for NFT-related projects. NEAR went on to reach an all-time high of $17.60 on the same day. NEAR embarked on a similar rally on January 11, after it was listed as the third-fastest growing crypto ecosystem for developers in 2021 by Forbes.

NEAR’s MACD line has dropped below the neutral zone. Source: FXEMPIRE

NEAR is currently trading below its 50-day moving average of $13.28. The MACD line has dropped into the negative zone due to the ongoing poor performance. The RSI of 33 shows that NEAR is currently in the oversold region.