Market
Blum Tops Hamster Kombat’s User Count Ahead of TGE
Gamified Telegram-based decentralized exchange (DEX) Blum has outperformed Hamster Kombat’s monthly active users before its forthcoming token generation event (TGE).
While Blum enjoyed a user base of 42 million in November, Hamster Kombat’s continuing decline has placed it at just 36 million users, following a continuous plummet.
Pre-Launch Success: Blum Outperforms Hamster Kombat Users
Blum is a DEX that combines the features of centralized and decentralized platforms. Specifically, it is a Telegram mini-app that offers a simplified trading experience that is accessible directly within the messaging app.
Blum’s journey began on April 19, 2024, and it accumulated an impressive 100,000 users within the first 24 hours of its announcement. Now, the DEX enjoys a user base of 42 million ahead of its anticipated airdrop. Eight days into November, the “Blum: All Crypto—One App” channel had already added one million new subscribers.
At the time of writing, Blum’s pre-market price is in the $0.003 to $0.004 range. At the beginning of November, the DEX announced an investment from The Open Platform (TOP), a venture builder in Telegram’s TON ecosystem. This investment included technical support in addition to funding, which was an undisclosed amount.
In September, Binance Labs, the venture capital and incubation arm of crypto exchange Binance, announced an undisclosed investment in Blum and added the mini app to its BNB Chain’s MVB (Most Valuable Builder) Program. The program has a small acceptance rate of just 2%.
Tap-to-Earn Games’ Short Lifespan
Many have questioned the long-term viability and credibility of the tap-to-earn gaming concept. Hamster Kombat, once a beloved tap-to-earn game boasting approximately 300 million users, has seen its fanbase plummet post-airdrop due to unfair allocation.
It was not the only model to suffer an underwhelming fate. The tap-to-earn game Catizen had a similar storyline after functionalities left its players unsatisfied.
Meanwhile, DeFiLlama says the total assets locked in the TON Blockchain have fallen to $354 million, landing it at spot 21, despite being in the top ten ranks just a few months ago. This suggests a trend where users accumulate tokens, sell them and then stop engaging with the platform.
However, despite the performance of Hamster Kombat and Catizen, players are still demonstrating a strong interest in upcoming airdrop projects like BLUM, Tapswap, MemeFi, and X Empire. The question remains whether the demand for these dApps will remain after their TGE and for long enough to scale.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Swings Wildly: Can It Resume Its Rally?
XRP price saw a couple of swing moves from the $2.85 resistance. The price is consolidating near $2.50 and might aim for more gains above the $2.65 level.
- XRP price is struggling to gain pace for a move above the $2.80 resistance zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.72 resistance.
XRP Price Holds Gains Above $2.30
XRP price made another attempt to clear the $3.00 resistance. However, it failed to surpass $2.85 and corrected some gains unlike Bitcoin and like Ethereum. There was a move below the $2.65 and $2.50 levels.
A low was formed at $2.276 and the price is now correcting losses. There was a move above the $2.40 and $2.50 levels. The bulls pushed it back above the 50% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.620 level. The first major resistance is near the $2.720 level. It is close to the 76.4% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The next key resistance could be $2.850. A clear move above the $2.850 resistance might send the price toward the $2.950 resistance. Any more gains might send the price toward the $3.00 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be $3.20.
Are Dips Limited?
If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.30 support and the trend line. The next major support sits near the $2.050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.5000 and $2.4000.
Major Resistance Levels – $2.6200 and $2.7200.
Market
Will Cardano Whales Continue to Sell Ahead of Token Unlock?
Cardano (ADA) whales, who have been instrumental in driving the cryptocurrency’s price by 270% in the last 30 days, have now sold a bunch of tokens. This sell-off comes ahead of this week’s token unlock, which market participants expect will cause volatility.
As of this writing, ADA trades at $1.23. Will this sell-off draw the price down further?
Cardano Key Holders Offload Some Tokens
On Monday, December 2, Cardano’s large holders’ netflow reached 63.58 million ADA, reflecting a strong buying trend among whales. The netflow metric tracks the difference between tokens bought and sold by these key players. A rising netflow indicates accumulation, while a decline indicates selling pressure.
As of now, the netflow has plunged to 7.62 million ADA, according to IntoTheBlock, suggesting that whales offloaded 55.96 million ADA — either to take profits or rebalance their portfolios. At Cardano’s current price, this sell-off amounts to a staggering $69 million.
From BeInCrypto’s observation, the recent sell-off may be tied to the upcoming token unlock on December 6.
Token unlocks, which release previously restricted tokens into circulation, often drive significant price movements by altering supply and demand dynamics.
According to Tokenomist (formerly Token Unlocks), Cardano is set to release 18.53 million ADA on that date, valued at $22.79 million. This anticipated supply shock could introduce volatility, potentially hindering the altcoin’s ability to sustain an uptrend during this period.
ADA Price Prediction: Overbought, Retracement Likely
On the daily chart, Cardano’s Bollinger Bands (BB) have widened, indicating heightened volatility. The BB also highlights whether an asset is overbought or oversold.
When the price touches the upper band, it signals an overbought condition, while contact with the lower band indicates oversold territory. Therefore, the image below confirms the thesis that ADA is overbought.
The Relative Strength Index (RSI), which measures momentum, also aligns with the bias. When the RSI reading is above 70.00, it is overbought. On the other hand, when the reading is below 30.00, it is oversold.
At press time, Cardano’s RSI stands at 82.15, firmly placing ADA in overbought territory. Given this condition, a price correction to $0.92 could be next. However, if Cardano whales resume accumulation, the trend could shift, potentially pushing the price above $1.33
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana (SOL) Back on Track: Is The Uptrend Here to Stay?
Solana started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels.
- SOL price started a fresh increase after it settled above the $222 level against the US Dollar.
- The price is now trading above $230 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $240 zone.
Solana Price Eyes Fresh Surge
Solana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum. There was a decent increase above the $225 and $230 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.
Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.
The next major resistance is near the $246 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $280 level.
Another Decline in SOL?
If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $230 level or the 100-hourly simple moving average. The first major support is near the $220 level.
A break below the $220 level might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $230 and $220.
Major Resistance Levels – $240 and $250.
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