Market
Can Chainlink Help WLFI Beat Setbacks?
World Liberty Financial (WLFI), a project inspired by Donald Trump’s vision of financial independence, has announced its adoption of Chainlink’s infrastructure.
The partnership with Chainlink aims to establish WLFI as a reliable, secure DeFi platform focused on promoting USD-backed stablecoins and safeguarding the dollar’s role as the global reserve currency. However, amid these ambitious goals, the project faces significant skepticism from crypto investors and a challenging launch marked by technical setbacks.
Chainlink Adoption for Enhanced Security and Interoperability
According to a press release shared with BeInCrypto, World Liberty Financial’s decision to leverage Chainlink technology centers on its use of Chainlink’s Price Feeds for the Ethereum mainnet.
By integrating Chainlink’s secure price feeds, WLFI hopes to enable real-time, dependable financial data across assets like USDC, USDT, ETH, and WBTC. These are crucial to its future launch of an Aave v3-based lending service on its platform.
WLFI’s integration of Chainlink aims to address common DeFi challenges, such as secure cross-chain interoperability and protection from market volatility. This is particularly significant as DeFi has faced frequent scrutiny over transaction security and reliability. Chainlink’s ecosystem, which has processed over $16 trillion in transaction value, is expected to enable WLFI to secure more users and grow its DeFi ecosystem.
“Never before have we been more bullish on crypto or the overall future of DeFi technology,” noted Eric Trump, WLFI’s Web3 Ambassador.
WLFI’s mission represents a vision to democratize financial access and reinforce USD’s supremacy on the global stage, a stance inspired by Trump’s policies. This focus includes promoting privacy-oriented, peer-to-peer (P2P) transactions that WLFI claims align with “American values” of financial independence and freedom.
The platform’s governance is community-driven, with token holders (WLFI) voting on protocol decisions. This would allow World Liberty Financial to take what it calls a “user-driven approach” to shaping the future of its DeFi ecosystem.
Trump’s decentralized finance project also hopes to bridge Web2 and Web3, simplifying DeFi’s notoriously complex user interfaces. This is while it aims to attract a broader, mainstream audience.
The project’s integration of Chainlink for multi-chain connectivity and data infrastructure is a step in that direction. It seeks to streamline asset tokenization and make DeFi accessible to those without a technical background.
Chainlink Partnership May Instill Greater Confidence in World Liberty Financial
While World Liberty Financial’s partnership with Chainlink appears promising on paper, the project has faced investor doubt and early setbacks. During its presale phase, WLFI had to drastically cut its fundraising goals by 90%, sparking questions about the project’s viability. Similarly, many investors remained unimpressed, and concerns have circulated about the project’s capacity to achieve its bold vision.
BeInCrypto also reported how technical difficulties plagued World Liberty Financial’s highly publicized launch. Reports of delayed transactions and connectivity issues dampened investor enthusiasm as potential users faced difficulty accessing the platform. Such issues highlight the inherent risks associated with complex, large-scale DeFi launches, particularly for new projects striving to compete with well-established players.
Despite these challenges, Chainlink Co-Founder Sergey Nazarov expressed optimism. He said Chainlink’s infrastructure could attract a community of users who prioritize security and transparency.
“The Chainlink standard is already widely used across DeFi. It will help WLFI attract users that value the security and reliability that has already helped grow DeFi as an industry,” Nazarov said in a press release shared with BeInCrypto.
This suggests that the partnership may instill greater confidence in WLFI’s platform moving forward. Yet, World Liberty Financial must still prove its value amid a fast-paced DeFi playing field.
The tokenized asset initiative, central to WLFI’s long-term strategy, has yet to demonstrate its unique value proposition compared to established DeFi projects that already leverage Chainlink’s cross-chain infrastructure.
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
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
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
How PNUT, GOAT, BONK Fared
In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.
Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.
Peanut the Squirrel (PNUT)
At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.
PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.
On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.
As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.
Goatseus Maximus (GOAT)
Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.
The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.
If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.
Bonk (BONK)
Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.
As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.
Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060.
On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.
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.
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