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VeChain price analysis: VeChain continues moving above $0.12, bulls ready to push VET higher? 

TL;DR Breakdown VET retested support at $0.12 yesterday. Closest resistance at $0.14. Next target at $0.155.  VeChain price analysis is bullish for today as the market continues moving sideways and has established a support from which to move higher. The overall market trades slightly in the red today as the market leader, Bitcoin, has lost […]

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TL;DR Breakdown

  • VET retested support at $0.12 yesterday.
  • Closest resistance at $0.14.
  • Next target at $0.155. 

VeChain price analysis is bullish for today as the market continues moving sideways and has established a support from which to move higher.

VeChain price analysis: VeChain continues moving above $0.12, bulls ready to push VET higher?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades slightly in the red today as the market leader, Bitcoin, has lost 1 percent, while Ethereum trades with a small gain. Rest of the market follows this pattern of relatively mild price action development, indicating that the market is building pressure to move higher over the next 24 hours.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.1264 – $0.1364, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 3.83 percent and totals $924.9 billion. The total market cap trades at $8.2 billion, ranking the cryptocurrency in 20th place. 

VET/USD 4-hour chart – retests $0.12 support again.

On the 4-hour chart, we can see the VeChain price action moving sideways over the past days, indicating that the market prepares to push higher again.

VeChain price analysis: VeChain continues moving sideways, bulls ready to push VET higher?
VET/USD 4-hour chart. Source: TradingView

The overall market continues to recover from the bearish momentum seen over the past weeks. Since the all-time high set at the $0.28 mark VET/USD has retraced 80 percent until support was found at the $0.05 mark. 

From there, bears could not push any lower and a slightly higher low was set at the $0.065 mark, indicating that the market prepares to push higher. Over the following days, VET/USD moved higher until the $0.14 mark. What followed was another higher low around $0.09, further strengthening bullish market sentiment.

Last week, the VeChain price finally managed to set a higher high at $0.155, signalling bulls that it is time to enter the market. This has led to several days of consolidation above the $0.12 support. 

This means that bulls are likely gathering momentum to move the Vechain price above the current local high at the $0.155 mark. From there, the next target for VeChain is located at $0.185 mark, and, if reached from the current price level of around $0.125, would mean a potential gain of 50 percent.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish as the market has established a base from which to move higher later this week. Therefore, we can expect VET to reach the next target at $0.155 and continue trending higher to reach the next all-time high at $0.27.

While waiting for further VeChain price action development, read our guides on how to buy Cardano, mine Zcash and invest in Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/vechain-price-analysis-2021-06-07/

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

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The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

Continue Reading

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

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Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

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