Market
Zilliqa (ZIL) Bears Hold Sway as Price Falls Below Critical Levels
ZIL, the utility token of the permissionless blockchain Zilliqa, has seen its price decrease by 37.29% this year. While holders may be hoping for a recovery, analysis suggests that decline may continue for some time.
In March, the token reached a yearly high of $0.040. But revisiting the region could be a difficult task, and here is why.
Zilliqa Bears Maintain Control Despite Rising Attention
As of this writing, ZIL’s price is $0.016. On the daily chart, it trades below the 20 EMA. EMA stands for Exponential Moving Average and is a technical indicator that tracks price changes of an asset within a set period.
In simple terms, when a cryptocurrency’s price is above the EMA, the trend is bullish. Conversely, if the price falls below the EMA, the trend is bearish. The ZIL/USD chart shows that the price remained above the 20 EMA until July 30.
The position at the time improved the hopes of recovery. Since it is now below it, that hope may have been shattered as ZIL may continue to trend downwards.
Read more: Zilliqa (ZIL) Staking: A Step-by-Step Guide for Beginners
Despite the decline, Zilliqa’s social dominance has spiked. The social dominance metric compares the rate of discussions around a cryptocurrency to that of other projects.
A rise in social dominance means that crypto is getting a good dose of media coverage. On the other hand, a decline implies that other cryptocurrencies are getting more recognition.
Therefore, ZIL’s current condition aligns with an increase in messages and posts related to it. While ZIL may be receiving a relatively good level of market attention, this does not validate a price increase.
ZIL Price Prediction: Further Correction Ahead
Further assessment of ZIL’s price action shows that the token may experience consolidation over time. One of the grounds for this thesis is the Awesome Oscillator (AO). The AO compares the long and short-term price movement of a cryptocurrency to determine momentum.
When the indicator is above the midpoint, it means that momentum is increasing upwards. However, if the reading is in the red region, it suggests increasing downward momentum. The latter is the case with ZIL, especially with the appearance of a red histogram bar.
In addition, ZIL may struggle to exit the downturn. If selling pressure increases, the price may drop to $0.015. Failure to defend this point could force a correction to $0.012, especially if Bitcoin’s (BTC) price continues to fall.
Read more: Zilliqa (ZIL) Price Prediction 2024/2025/2030
However, the token may evade reaching these targets if buying pressure increases. Should that be the case, ZIL’s price may drop to $0.17.
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
Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition
Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.
According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.
Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie
The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.
Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.
Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.
Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.
As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.
The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.
This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.
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
Can the SAND Token Price Rally Be Sustained?
SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours.
On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally.
The Sandbox Holders Adopt a Bullish Approach
According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days.
This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.
Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023.
The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.
SAND Price Prediction: Rally Above $0.66?
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.
Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.
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
Token Unlocks to Watch Next Week: AVAX, ADA and More
Token unlocks release tokens previously restricted under fundraising agreements. Projects strategically schedule these releases to minimize market pressure and prevent token price declines.
Here are three major token unlocks to keep an eye on next week.
Immutable (IMX)
- Unlock date: November 29
- Number of tokens unlocked: 24.52 million IMX
- Current circulating supply: 1.67 billion IMX
Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during its IMX token sale on CoinList in September 2021. By March 2022, the project secured $60 million in an investment round, followed by an additional $200 million from investors such as ParaFi Capital, Declaration Partners, and Tencent Holdings.
On November 29, Immutable will release 24.52 million new IMX tokens into circulation. These tokens will support project development and growth within the broader Immutable ecosystem.
Optimism (OP)
- Unlock date: November 30
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.25 billion OP
Optimism, a Layer-2 scaling solution, enhances transaction speed and reduces costs on the Ethereum mainnet. Its OP token is vital for governance, enabling holders to vote on proposals and influence the network’s development and management.
On November 30, Optimism will release 31.34 million OP tokens into circulation. Tokenomist (formerly TokenUnlocks) reports that core contributors and investors will receive these tokens.
1Inch (1INCH)
- Unlock date: November 30
- Number of tokens unlocked: 98.74 million 1INCH
- Current circulating supply: 1.27 billion 1INCH
1inch is a decentralized exchange aggregator that pools liquidity from multiple DEXs to offer users the best trading rates. It streamlines trading by identifying the most efficient transaction routes, minimizing slippage, and lowering fees.
On November 30, 1inch will unlock nearly 100 million 1INCH tokens. These tokens are allocated for developers, early investors, and venture capital funds.
Sui (SUI)
- Unlock date: December 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.84 billion SUI
Sui is a high-performance Layer-1 blockchain designed to enhance network operations and security using a Proof-of-Stake consensus mechanism. Developed by Mysten Labs, the project was founded in 2021 by former Novi Research employees who were instrumental in creating the Diem blockchain and the Move programming language.
The SUI token supports governance, allowing holders to vote on key proposals and influence the platform’s direction. On December 1, the next token unlock will release a significant portion of tokens allocated to Series A and B participants, the community reserve, and the Mysten Labs treasury.
ZetaChain (ZETA)
- Unlock date: December 1
- Number of tokens unlocked: 53.89 million ZETA
- Current circulating supply: 517.85 million ZETA
ZetaChain is a decentralized blockchain platform designed to enable seamless interoperability between different blockchain networks. The platform’s standout feature enables cross-chain communication, allowing the exchange of tokens and data across blockchains like Ethereum and Binance Smart Chain.
On December 1, ZetaChain will release nearly 54 million ZETA tokens. These tokens will support various initiatives, including a user growth pool, an ecosystem growth fund, rewards for core contributors, advisory roles, and liquidity incentives.
Next week’s cliff token unlocks will also include Cardano (ADA), Ethena (ENA), and dYdX (DYDX), among others, with a total combined value exceeding $540 million.
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.
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