• Long-term holders of SUSHI token have significantly reduced their holdings, causing the SUSHI protocol to experience a decline in growth.
• There has been an increase in the SUSHI 365-day dormant circulation, suggesting that long-term holders may be losing faith in a SUSHI revival.
• The Unique Active Wallets (UAW) metric has seen consistent growth and usage, but overall network growth has been minimal.

Overview of SushiSwap’s [SUSHI] Decline

Long-term holders of the token have significantly shredded their holdings. The SUSHI protocol has seen a decline in growth, thereby putting the network’s health at risk. Although associated with the DeFi movement, SushiSwap’s [SUSHI] recent escapades have reeked of adversity with the U.S. SEC knocking on its doors. However, the troubles of the project did not begin with the regulatory Subpoena it received lately. Instead, holders of the token have been considering and acting upon their exit strategy since the last year.

Dormancy Comes Alive

According to Santiment, the SUSHI 365-day dormant circulation had experienced several spikes amid the unfavorable market conditions of 2022 and since 2023 began. The metric describes the number of tokens that haven’t moved in one year being transferred on a particular day. Notably, the dormant circulation increase has been more visible, in large numbers since 20 February. A similar occurrence happened on 3 March, and most recently— on 22 March. This series of increases implies that long-term holders may have lost faith in a SUSHI revival. Hence, the resolve to exit their positions.

Is Support Back To Distrust?

Furthermore, Santiment data showed that the SUSHI spent coins age bands moved significantly on 23 March. The movement was one that could not be ignored, reaching as high as 10

Overview of Cardano

• Cardano, a decentralized Proof-of-Stake (PoS) blockchain, has been receiving consistent neglect by crypto investors.
• On-chain data reveals that social dominance and development activity have been low since February 26th.
• Whale activity has been increasing since January, although there is no confirmation that ADA’s current value is close to its bottom. Total Value Locked (TVL) has also increased significantly over the past 30 days.

Social Sentiment Rises

The lack of attention given to the network might be surprising though, especially as the ecosystem reacted positively to recent crises in the industry. Social dominance gauges the percentage of discussions around an asset among the top-100 per market capitalization and it hit 2.687% on 14 March, confirming that Cardano’s mentions across socials had become mainstream.

Whale Activity Increases

According to Santiment, Cardano transactions in the $100,000 to $1 million range have been hitting several highs since January. In fact, at the time of writing, a hundred ADA $100,000 transactions had taken place already on 15 March. These values describe a „buy the dip“ situation however there is no confirmation that ADA’s current value is close to its bottom yet.

Development Activity Stagnates

The project’s Development Activity metric did not measure very highly at press time and it fell slightly but remained around the zone it has occupied since March began implying that there has been no notable demand for upgrades on Cardano yet.

Total Value Locked Rises

Total Value Locked (TVL), which measures total value of all crypto-assets staked or locked up in a protocol saw an increase of 188.01% over last 30 days helping Cardano jump into top-20 chains per TVL list as well.

• Bitcoin’s dominance has hit it’s highest point since September 2022, despite a 6.21% price drop in the market.
• Altcoin prices have dropped significantly more than Bitcoin; Litecoin [LTC] 12.54% and Cardano [ADA] 10.37%.
• Futures perpetual funding rate indicates that most long positions were liquidated across exchanges.

Bitcoin Dominance Hits Highest Point Despite Price Drop

Bitcoin’s [BTC] price drop since the new month began might have been demoralising for investors. However, the king coin continues to exert supreme dominance in the market with a 6.21% decline at the time of writing, while fellow competitors like Litecoin [LTC] fell by 12.54% and Cardano [ADA] dropped by 10.37%. Santiment pointed out this trend on social media and noted that BTC’s higher social dominance historically has initiated market rebounding.

Positive Perpetual Funding Rate

Despite the initial hike, short-positioned traders did not renege on maintaining their position and gained significantly over longs due to the Futures perpetual funding rate according to Glassnode which indicates a positive rate meaning that most longs were liquidated across exchanges with a 0.05% rate at press time.

Santiment Analysis

The on-chain analytics platform Santiment affirmed that BTC has been comparatively outperforming a majority of the market’s altcoins but also pointed to its increasing social dominance which gauges the share of discussion referring to an asset and surged to its highest level since September 2022 according to them implying that BTC is getting hyped but with no guarantee of capitalizing on short-term bottoms as its dominance fell from 19.19% to 13.86 % at press time .

Is A Rebound On The Way?

The case for capitalizing on short-term bottoms may again be non-existent as mentioned above however ,the initial resistance to its historical March falls may now be in motion leading one to question whether or not there may be potential for a historical recoil on the way .

Conclusion
Despite Bitcoin’s recent price drop, it is still performing better relative to other altcoins in terms of social dominance which could potentially leadto a rebound in prices in historical fashion . However , there is still no guarantee that BTC will imitate its January and February performance as there are many factors such as lower dominance levels at play that could affect any potential rebounds going forward .

• The historical trend of Bitcoin (BTC) has been to decline in March, but this year could be different.
• An increase of 40% in the first 30 days of the year, and 6.71% in the last 14 days shows a positive technical outlook for BTC.
• On-chain data shows that holders of BTC who have not moved their coins for 10 years now outnumber those held on exchanges.

Bitcoin’s Historical Performance in March

Bitcoin [BTC] has had a „habit“ of performing poorly during the month of March over the years, making it the second-worst month excluding 2013. Miles Deutscher opined that if today’s monthly close holds true, then this would be two consecutive green months at the beginning of 2023. This raises questions regarding what to expect from March – will BTC go against its usual decline or follow suit?

Technical Outlook

The Exponential Moving Average (EMA) suggests that BTC could trend toward its performance ten years back. This is because the 20-day EMA (blue) was above the 50-day EMA (yellow). However, the Relative Strength Index (RSI) remained neutral at 50.98 – implying no strong bullish or bearish sentiment at press time.

Holders Who Have Not Moved Their Coins

On-chain analyst Will Clemente shared that 10-year dormant addresses were more than those held on exchanges at press time. This may be due to long-term holders choosing not to exit their positions during bear market seasons, while short-term speculators fail to see out such periods. Another on-chain analyst Willy Woo noted that 2.6 million BTC have not moved within this period and estimated it to grow to 3.7 million by 2030 due to events such as November 2022 FTX collapse being reaffirmed by Santiment data analysis firm.

What Does The Future Hold?

It is difficult to predict exactly how Bitcoin [BTC]’s price action will turn out and whether it will go against its usual March decline or follow suit and drop further down instead – only time will tell which direction it takes next! However, with a positive technical outlook and more coins being held by long term investors than those held on exchanges, there is potential for an uncharacteristically successful month ahead for Bitcoin [BTC].

Conclusion

March has traditionally posed difficult times for Bitcoin [BTC], but this year is looking promising due to a strong technical outlook and increased interest from long term holders versus those held on exchanges currently. It remains uncertain which way BTC’s price action will go however – only time can provide us with an answer!

• MultiversX, formerly known as Elrond, has seen a surge in its Total Value Locked (TVL) since the start of the year.
• Following the rebrand and launch of new products, user activity on the network has seen an increase.
• The team also plans to rename some of its current products and re-launch them under new names.

MultiversX’s TVL On A Yearly Rally

MultiversX’s Total Value Locked (TVL) has been increasing since the start of 2021. After the name change and rebranding in November 2022, there has been a surge in user activity on the network. Formerly known as Elrond, Multiversx is now a decentralized blockchain network focused on Metaverse capabilities. According to data from DefiLlama, its TVL has risen by 27% to reach $105 million at press time. This level was last registered two months ago.

Rebrand & New Product Launches

In November 2022, MultiversX decided to change its name from Elrond and move forward with a new brand focus on metaverse capabilities. This decision was accompanied by three new product launches: xFabric, xPortal and xWorld. As a result of these changes and incentive offerings that came with it, daily active addresses count on MultiversX hit an all-time high of 86000 on 8 February 2022 according to Artemis data provider. Similarly, shortly after this announcement transactions count reached 135000 on 9 February 2022 but gradually decreased to 85000 as per 19 February 2022 records from Artemis .

Increases In Fees Paid & Network Revenue

The increased user activity also resulted in higher fees for processing transactions which rose 38% according to Token Terminal data provider within one month period leading to 42% boost in daily network revenue during same timeframe as shown by Token Terminal figures . If this momentum continues then annual revenue is expected to rise 42%.

Upcoming Products Renaming & Re-Launching

MultiversX’s 2023 roadmap includes renaming some current products such as Ad-Astra Portal (which enables users bridge cross-chain assets into Multiverse), which will be relaunched under Multiverse Bridges name . Other projects such as TrueFi protocol integration are also planned for future developments .

Conclusion

Since beginning 2021 MultiVersX’s TVL has seen considerable growth due recent name change ,rebranding and launch of new products resulting increases in user activity leading higher fees paid and network revenues .Furthermore upcoming projects have been planned for future development making MultiVerse worth following closely in future times .

• Bitcoin’s [BTC] price has rallied by 32% on a year-to-date (YTD).
• CryptoQuant analysts have observed a pattern that suggests the formation of a long-term bottom.
• To experience strong bullish momentum, BTC needs to detach from traditional financial markets.

Bitcoin Price Rally

Bitcoin’s [BTC] price has rallied by 32% on a year-to-date (YTD). This indicates that it is significantly correlated to the traditional financial markets and its continued growth in the face of prevailing macroeconomic conditions is largely contingent upon its ability to decouple from them.

Pattern Observed in Market Bottoms

Pseudonymous analyst Grizzly observed BTC’s 200-day moving average and its realized price and found a pattern previously observed in market bottoms. The pattern, which suggests the formation of a long-term bottom, is characterized by the crossing or overlapping of the 200-day moving average and the realized price, moving from the top to the bottom. This was also observed in 2019, 2015, and 2012 after which BTC experienced a long-term upward trend.

Net Unrealized Profit/Loss Ratio

Another analyst Baro Virtual considered BTC’s Net Unrealized Profit/Loss ratio (NUPL). He found that this market situation was similar to what happened in spring 2019 when it broke its 365-day moving average and BTC experienced strong bullish momentum. However, after encountering rejection at 0.15 – 0.25 medium term resistance range, BTC’S NUPL index tested its 365 day MA which served as support for it. The successful hold of this MA will lead to solid bullish momentum if BTC detaches itself from traditional financial markets according to Baro Virtual.

Impact Of Federal Reserve Interest Rates On Crypto Prices

On 1 February 2021, The Federal Reserve raised interest rates by quarter percentage point marking smallest rate adjustment since March 2020 but surprisingly crypto prices fell slightly; Bitcoin’s price dropped by 0.2% while Ethereum dropped by 0.3%. This indicates that despite decoupling attempts crypto prices are still closely linked with traditional finance markets like US stocks etcetera

Conclusion
The success of Bitcoin’s growth depends heavily on whether it can successfully detach itself from other traditional finance markets so as not become hostage to macroeconomic indicators such as US stock market etcetera .

• Polygon (MATIC) saw an increase in its DeFi space with the integration of Dopex, a decentralized options exchange.
• MATIC’s market cap in BTC terms increased and its daily and weekly charts were painted green.
• WhaleStats revealed that MATIC had become the most traded token among the top 100 Ethereum whales.

Polygon (MATIC) Integrates with Dopex

Polygon [MATIC] has seen growth in its DeFi space over the past few months, with several new integrations that help increase the network’s offerings and capabilities. The latest one is the integration with Dopex, a decentralized options exchange. This launch was a step forward for Dopex, allowing it to reach a wider audience and provide more opportunities for users to take advantage of its innovative features.

Positive Market Reaction

Polygon’s growth in the DeFi space was further proven by having a look at DeFiLlama’s data, as its Total Value Locked (TVL) gained an upward momentum since the beginning of this year. MATIC’s price also responded positively to these developments, and its daily and weekly charts were painted green. As per CoinMarketCap, MATIC was up by over 3% and 6% in the last 24 hours and past week, respectively. At press time, it was trading at $1.23, with a market capitalization of more than $10.7 billion.

Matic Becomes Most Traded Token Among Whales

The increase in MATIC’s price might have played a role in making the token popular again among whales; WhaleStats revealed that MATIC flipped Shiba Inu [SHIB] to become the most traded token among the top 100 Ethereum [ETH] whales. Moreover, MATIC’s daily on-chain transaction volume in profit also increased due to recent price gains.

MVRV Ratio Uptick

MATIC’s MVRV Ratio registered an uptick which looked optimistic; CMC reported that since mid-January 2021 until now (February 4th 2021), there had been 7 days where MVRV Ratio crossed 1x mark indicating investors‘ confidence towards Rallying asset prices & Bullish trend continuation expectations amongst traders/investors investing into assets like Polygon(MATICS).

Social Dominance Grows Alongside Price Increase

MATIC’s popularity grew along with its social dominance as well as price increase; according to CoinGecko’s Social Volume metric chart , there had been significant hikes from January 14 till Feb 4th 2021 indicating increasing interest & hype around Polygon & related projects built upon it like Quickswap etc..

• OANDA has been named Singapore’s #1 crypto broker for client satisfaction in a recent survey.
• OANDA offers a user-friendly platform and advanced tools to help crypto traders make informed decisions.
• OANDA has opened up its crypto market to traders, allowing them to buy and sell Ethereum, the second-largest cryptocurrency by market capitalization.

OANDA, a prominent online trading platform, has been crowned Singapore’s #1 crypto broker for client satisfaction in a recent survey conducted by a leading financial news outlet. This marks the second consecutive year OANDA has earned this honor, solidifying its position as the go-to choice for crypto traders in Singapore.

The crypto industry is believed to hold the potential to revolutionize financial transactions through the utilization of decentralized currencies such as Bitcoin and Ethereum. Blockchain technology has the power to disrupt multiple industries. Although the crypto industry is still in its infancy, it possesses immense potential for growth and innovation. OANDA is at the forefront of this industry in Singapore.

The survey, which evaluated the top crypto brokers in Singapore based on criteria such as customer service, platform usability, and trading options, determined that OANDA was the clear winner. This victory is a testament to the hard work and dedication of the OANDA team, who strive to continually improve the platform and introduce new features to meet the evolving needs of its users. In response to the growing demand for crypto trading options, OANDA has opened up its crypto market to traders, allowing them to buy and sell Ethereum and other popular cryptocurrencies.

The OANDA platform offers a user-friendly interface and advanced tools to help traders make informed decisions. In addition, traders can rely on 24/7 customer support if they ever have any issues or concerns. The Ethereum trade offering is a key feature of the OANDA crypto market. Ethereum is the second-largest cryptocurrency by market capitalization and is widely regarded as one of the most promising digital assets in the crypto space. By providing Ethereum trading, OANDA is enabling its users to access this highly sought-after asset.

OANDA’s commitment to providing a top-notch trading experience for its clients has once again earned it the title of Singapore’s #1 crypto broker. As the crypto industry continues to evolve, OANDA will remain at the forefront, delivering an unbeatable combination of quality and value to its users.

• Monero (XMR) lost 15% of its value to the current price correction, dropping from $188 to around $160.
• XMR found steady support at $166.68 during the first phase of its price correction, but was stopped by intense selling pressure in the red zone.
• Despite this, the oversold condition could influence a trend reversal, and other metrics point towards a momentum change, with open interest rates increasing as the price declined.

Monero (XMR) has recently seen a sharp decrease in its price, dropping almost 15% from its peak of $188 to around $160. This price correction has been largely due to the intense selling pressure, as evident by the Relative Strength Index (RSI) entering the oversold territory. This is a sign that bears have been coming out in droves, but it could also be an indication of a trend reversal, as the oversold condition could trigger a price recovery.

At the same time, the open interest rates for XMR have been increasing despite the price drop, suggesting that there is still money flowing into the asset’s futures market. This is a positive sign, as it shows that the downtrend momentum could be weakening, and that a price recovery could be on the horizon. XMR has also found some support at $166.68 during the first phase of the price correction, and if this holds, then it could act as a base for the asset to aim for the immediate resistance targets of $162.58 and $164.26 in the next few hours or days.

On the other hand, bears could still push XMR lower to $157.71, invalidating the bullish outlook and possibly triggering a further price correction. Therefore, it is important to keep an eye on the price action of XMR and the open interest rates to get a better picture of the asset’s future movements.

1. Bitcoin has climbed past the $17k mark recently, but is facing intense resistance near the $17.6k and $17.8k marks.
2. ApeCoin has also traded within a higher timeframe zone of resistance and has posted a bearish divergence on the 4-hour chart.
3. A rejection at the order block could see a pullback to the bullish breaker at the $4.4 zone.

The crypto market has been in a state of flux lately, with Bitcoin soaring past the $17k mark, while altcoins have been struggling to keep up. ApeCoin (APE) is a notable exception, as the coin has seen an impressive run, trading within a higher timeframe zone of resistance.

The king of crypto, Bitcoin, surged to $17.4k at the time of writing and faced intense resistance near the $17.6k and $17.8k marks. A drop for Bitcoin could drag the rest of the market down as well. As for ApeCoin, it has been trading within a higher timeframe zone of resistance. A pullback was likely for APE, but this could be followed by a northward move.

On the daily timeframe, ApeCoin registered a bearish order block on 5 November, marked by a red box. This move upward to $5.25 was followed by a sharp drop to the $2.82 level a few days later. This marked the zone of resistance as a place where a similar reaction could occur once more. A rejection remained likely, and only a daily session close above $5.25 could flip this bias.

On the four-hour chart, the relative strength index (RSI) was receding even as the price climbed higher- a bearish divergence. This indicated that the bullish momentum was visibly slowing, even as the on-balance volume (OBV) climbed higher to indicate steady buying pressure.

A rejection at the order block could see a pullback to the bullish breaker at the $4.4 zone. The $4.26-$4.37 range was a good demand zone where buyers could potentially enter. If ApeCoin breaches the $5.25 mark and closes above it, then traders can expect it to test the $6.1 level, which is the next major resistance.