ETH continues its stellar growth and surpasses the $ 3,500 mark today. Dogecoin (DOGE) also joined the party as the price climbed above $ 0.61 earlier today as Gemini traded additional support for the coin following a similar move by eToro.
Dealers can buy DOGE, expecting Elon Musk to break the code during his upcoming appearance as the host of Saturday Night Live.
While the rise of DOGE is tempting, traders should be careful in their endeavors as major parts of the coin look shaky unless some famous personalities are banned.
View daily Cryptomarket data. Source: Coin360
While altcoins have a field of activity, Glassnode recently pointed out that the supply ratio of bitcoin stablecoins (BTC) fell to 2021 from 13.4. SSR is calculated by dividing the Bitcoin supply by the stable supply and its minimum timeout is 9.6. Glassnode said the lower SSR is an optimistic sign, as it shows greater availability of cryptocurrency capital that can flow into Bitcoin and other cryptoassets.
In altcoin season, the decentralized financial district was the star. Let’s take a look at the basics and techniques of three DeFi related codes that have worked well in recent days.
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GNO / US dollar
Decentralized exchanges have grown in popularity in recent months, but they still have drawbacks. One of the problems faced by DEX users is robots that manage transactions from the front and cause slippage. More than $ 477 million have been raised from DEX traders since January 1, 2020, according to MEV-Explore.
To address the MEV issue and improve the DEX user experience, Gnosis (GNO) recently announced the integration of a partnership with Balancer to form the Balancer-Gnosis protocol, which plans to combine the Balancer pooling mechanisms with the Gnosis pricing engine and is expected to enter the process in mid-June. … This could attract more traders who have avoided trading on the DEX because of the MEV.
Several new ventures are announced in the beef markets as the trader’s appetite is high, however, discovering the price of a new token has been a huge challenge for listening to the crypto space. To address this issue, Gnosis launched a new platform called Gnosis Auction on April 6th. The protocol stipulates that the platform will conduct transparent and decentralized group auctions for any Ethereum project.
VORTECS ™ data from Cointelegraph Markets Pro began to reveal a bullish outlook for GNO on April 28 ahead of the recent rally.
The VORTECS ore Score, exclusive to Cointelegraph, is a computational comparison of historical and current market conditions, compiled from a set of data points including market sentiment, trading volume, recent price movements, and Twitter activity.
PO points VORTECS (green) versus GNO price. Source: Cointelegraph Markets Pro
As shown in the chart above, VORTECS for GNO pricing turned green on April 28 when the price was $ 201.15.
Thereafter, the VORTECS result briefly remained unchanged on the green line, and GNO rose to a high of $ 258.70 today, bringing traders a 28% profit in about seven days.
GNO has had a steady uptrend, from $ 171.32 on April 25 to a high of $ 261.30 today and 52% in ten days. This sharp rise in recent days has pushed the Relative Strength Index (RSI) into the overbought area.
Daily chart of GNO / USD. Source: TradingView
Usually, when an asset is supported by speed, this does not give much reason for a correction. The bulls jump inward and buy every smaller dip when they expect the upside to continue. The first support on the downside is $ 224.07, followed by the 20-day exponential moving average ($ 206).
A strong pullback of both supports will indicate that the sentiment is still positive and traders are buying on the fall. The bulls will then try to resume the move and push the GNO / USD pair towards the next target of $ 282.54 followed by $ 300.
This bullish trend will be invalidated if the price falls and falls below the 20-day moving average. Such a move could indicate that traders are aggressively taking profits and could push the price down to a 50-day simple moving average ($ 174).