Altcoins Price Analysis

Return of traders to the field of defense; Intense growth of one-inch, Celsius and cake tokens


Market data show that declining fees and rising dividends in swimming pools have once again led investors to invest in DeFi digital currencies. Meanwhile, the digital currencies 1inch, Celsius and PancakeSwap were growing significantly.

to the the report The Bitcoin Telegraph, the price of bitcoin, has been fluctuating in a steady range for some time after falling from 61,000, and this has confused analysts. While some analysts say the market is preparing for a correction, others say we will soon see a resumption of the uptrend.

Ecoinometrics data show that in the past, bitcoin jumped significantly 300 to 350 days after Howing. It is now 329 days since the recent Hawing, and if history wants to repeat itself, we can say that we will soon see an increase in prices.

Many traders see the recent fall in prices as an opportunity to buy and say there is nothing to worry about; This can be considered an encouraging sign. Glassnode data show that $ 476 million of StableCoin has been deposited in exchange offices, and that investors’ intention in entering this amount of capital was to buy at the bottom of the price.

While it is not yet clear if the price of Bitcoin will start to jump or if we will have to wait for the price to fall, the market for some coins is bullish.

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One inch price chart
One inch price chart

The rise of the decentralized financial market led to the creation of countless projects and, consequently, the influx of countless investors. This number is so large that not all of them can be examined.

This need led to the emergence of consolidation projects such as 1INCH. The importance of such platforms is that they can find the lowest conversion fee (swap) in exchange offices and show them to investors. The one-inch development team says that in the consolidation protocol version, the fees are lower and cheaper than using Uniswap and zero x (0x).

The expansion of one-inch activity and the use of the Bainance Smart Chain (BSC) last month are other positive news about this digital currency. After the addition of One Inch to Bainance Smart China, users were able to take advantage of low network fees. On the other hand, active exchanges on the Bainance smart chain are also enabled in the one-inch aggregation protocol.

A few days ago, Vanitch launched liquidity programs in collaboration with ARCx, Ren, Vesper and Opium. All of these factors led to a total of $ 30 billion in one-inch trading volume.

In addition, the Quinbase exchange announced on Wednesday that it would support Oneinch. The announcement added to the hot fire in the Oneinch market.

The one-inch price was at $ 3.56 on March 25 (April 5) and is currently trading in the $ 6 range. Hours ago, buyers had managed to break the $ 6.33 resistance, but the price corrected; This shows that the sellers are defending this resistance.

The 20-day moving average (EMA20) is around $ 4.75 and the Relative Strength Index (RSI) is near the buy saturation range; This means that a further increase in the price of one inch is more likely.

If buyers continue to buy, the uptrend may be stronger. This could increase the likelihood that the price will pass and stabilize above $ 6.33. In this case, the price of the one-inch / tetra price pair may reach 8.42 as the upward trend continues.

On the other hand, if sellers lower the price to $ 5, the downtrend scenario will be nullified. In this case, there is a possibility of transverse fluctuations in the coming days.

Celsius

Celsius was created with the aim of revolutionizing the banking industry. In this platform, to get some loans, you have to pay 1% interest, which is less than many traditional banks. Low interest rates and high interest rates on deposits have led to the number of Celsius users reaching 500,000. The Celsius team announced in a tweet on March 11 that more than $ 10 billion in digital assets are held on the platform.

Celsius Price Chart
Celsius Price Chart

November 2020 (Celsius 99), Celsius paid more than $ 80 million to its depositors, and this amount reached $ 250 million in February. According to the protocol, the distribution of 80% of the profits among the community of this digital currency has led to this volume of payments.

Celsius was also selected as the best digital currency wallet at the 5th Finitech Achievement Awards; An issue that could boost its growth. The Celsius team also plans to release a trial version of its Webapp.

The price of Celsius on April 2 (April 13) was in the range of $ 4.7. The price of this digital currency has reached $ 7.71 today, recording a 64% jump in the last 7 days. Celsius price growth occurred after breaking the resistance line of the symmetrical triangle pattern. According to this pattern, the price may rise to 8.4.

It should not be forgotten that the recent jump has caused the relative strength index to reach above 84, which indicates that this digital currency is in the saturation range. In the event of a fall, there is a chance of reaching the $ 6.8 floor.

If buyers can turn this area into a support, the ground will be prepared for more leaps and bounds. Analysts believe that in this case, the next target will be $ 10.

In the bearish scenario, if the price falls below $ 6.8, one can expect a fall to the 20-day moving average ($ 5.74); Such a fall could disrupt the continuation of the uptrend.

Cake

The bank interest that accrues on individuals’ accounts is usually so small that most people give it away; The scope of the defense and the benefits it provides have attracted people who are not afraid of risk. However, the high fees of the Ethereum network have made it difficult for small investors, and they have to pay part of their low profits as a fee.

High commissions have led investors to turn to platforms that operate in non-Ethereum blockchains. CAKE also works on the China Binance block, and this feature has made it a good target for investors.

A new Delphi Digital report shows that there is a correlation between high fees Ethereum and increased activity on pancake swaps. In addition, the platform benefits from the effect of Bainance Networks, as one of the largest digital currency exchanges.

Digital Delphi data show $ 6.15 billion locked in pancake swap; It is worth noting that the locked capital in Uniswap is $ 7.4 billion.

VORTECS smart investment advisory platform simulations also show that we can expect a profit of 1,497% from this digital currency. It should not be forgotten that earning this profit requires a special strategy that is visible only to Vertex users.

Cake price

As can be seen in the chart above, on March 22, we saw the arrival of cake tokens in the green range. At that time, the price of this digital currency was $ 10.3. On March 31, the price of the cake went up to $ 19; This means that within 10 days, this digital currency has increased in price by 87.5%.

The digital currency recently jumped 119 percent to reach $ 21 in 19 days. Market buyers are currently looking to jump over the $ 19 resistance.

If buyers succeed, the price target will be $ 28.5. The 20-day moving average and the relative strength record in the range of 66 show that market control is still in the hands of buyers.

On the other hand, if buyers are not successful in their actions, the price is likely to reach the 20-day moving average and the range of $ 16. Rising prices from these support levels may indicate an upward shift in investors’ attitudes, and this could reinforce the jump.

It should not be forgotten that if the price falls below the 20-day moving average, transverse volatility is likely for a few days.

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