GMX Price Increase
• GMX price closed the day at $61.55 on January 29th, its best daily close since listing on Binance in October.
• Flynt Finance introduced a new investment strategy for its clients using GMX’s GLP, sparking investor interest in the token.
• Transaction volume and total network fees earned on the platform have increased due to a growing number of users on the platform.
GMX Price Eyes $73
The GMX price blasted past a key resistance zone on January 29th, confirming a highly bullish technical setup. The ongoing correction is considered an opportunity to buy the token at a discount which may drive the price further up towards $73.
Flynt Finance Sparks Investor Interest
Investor interest in GMX has been sparked by news that Flynt Finance introduced an investment strategy using GMX’s GLP. This USDC delta-neutral strategy will use DEX’s liquidity pool to provide a stable stream of income for users while still earning high returns through fees generated.
Total Value Locked (TVL)
The Total Value Locked (TVL) on GMX has grown by more than 300% to new record highs of $519.05 million at press time, making up 36% of Arbitrum network’s overall TVL of $1.23 billion. The increase in user numbers has been attributed to these positive fundamentals and on-chain insights triggering higher usage levels on the platform.
GMX is experiencing rapid growth with the total trading volume having exceeded $80 billion and TVL topping record highs of $519 million at press time; all thanks to increased investor interest driven by developments, updates, partnerships or collaborations such as Flynt Finance’s introduction of an investment strategy for its clients using GMX’s GLP . Such positive fundamentals may continue pushing prices higher towards $73 as investors look to take advantage of this discount opportunity provided by ongoing corrections in prices
• Filecoin (FIL) is bullish today, with a nearly 10% increase in the last 24 hours.
• The total crypto market capitalization is back above $1 trillion, and FIL is one of the major contributors to this recovery.
• Despite the increased buying pressure, the technical indicators show that the bullish trend is weakening.
The crypto market is back in the green, and Filecoin (FIL) is among the biggest gainers from the bull run. In the last 24 hours, FIL has surged by nearly 10%, according to CoinGecko. At the time of writing, the coin was trading at $5.52 and had a market capitalization of more than $2 billion, making it the 34th largest cryptocurrency.
The bull run has been driven by a surge in the total crypto market capitalization, which is now back above the $1 trillion mark. This is largely due to the increase in trading volumes, with FIL seeing a healthy $490 million in the last 24 hours. The coin has been trading between $5.02 and $5.76, indicating an increase in volatility.
Despite the increased buying pressure, the technical indicators show that the bullish trend is weakening. The MACD line is nearly at par with the signal line after a downtrend, indicating that bears are coming back to the market. This indicates that there is a likelihood of FIL dropping lower. If the bullish thesis is invalidated, FIL will drop to the immediate support at $5.49. If FIL drops below $5.30, it could erase the gains made in the last 24 hours and plunge towards lower levels.
However, some analysts believe that FIL is still headed for a 10x gain in the near future. This is due to the fact that FIL is still in the early stages of its bull run and is yet to reach its full potential. As the coin continues to gain more traction, there is a chance that the prices could surge even higher in the coming weeks.
That being said, it is important to remember that the crypto market is highly volatile and unpredictable. Therefore, any price predictions should be made with caution and with an understanding of the risks involved. Investors should also keep an eye on the market and make sure to take profits when necessary.
• Polygon blockchain is attending the 2023 World Economic Forum in Davos to speak about the advantages of Blockchain technology.
• Polygon is dedicated to leading widespread adoption for public blockchain platforms and creating infrastructure that is valuable and available to as many people as possible.
• The decision to attend the WEF summit will increase the network’s visibility and favorability in the conventional financial markets.
Polygon, the leading blockchain platform, has announced that it will be attending the 2023 World Economic Forum in Davos to speak about the advantages of Blockchain technology. The summit is well-known for bringing together world leaders to discuss global issues and brainstorm solutions. By attending the summit, Polygon hopes to bring attention to the potential of decentralized applications and Web3 solutions.
Polygon is committed to leading widespread adoption for public blockchain platforms and creating infrastructure that is valuable and available to as many people as possible. With this in mind, the company is working to increase awareness of the potential of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) as well as other emerging technologies like Polygon.
The decision to attend the WEF summit will also bring a great amount of visibility to the Polygon network, and could potentially open up new opportunities in the traditional financial markets. As the world’s leading blockchain platform, Polygon has the potential to lead the charge in the adoption of Web3 solutions, and the summit is an ideal place to showcase their capabilities.
Polygon is also actively seeking out new partnerships and alliances with like-minded organizations to further its mission of increasing the adoption of blockchain technology. Through these strategic partnerships, Polygon hopes to create an environment where Web3 solutions can thrive, allowing for more equitable access to financial services and other opportunities.
By attending the WEF summit, Polygon hopes to engage in meaningful conversations with world leaders and share its vision for a more transparent, secure, and equitable future. Through this, Polygon hopes to demonstrate its commitment to the development of Web3 technologies and the potential they have to revolutionize the way we interact with the world.
• Cardano price has broken out of a falling wedge pattern, reaching highs of $0.3460.
• The Moving Average Convergence Divergence (MACD) is signaling a buy signal and a steady bullish grip on Cardano price.
• Support is currently at $0.3000, with a potential for a massive breakout in the near future.
Cardano price has had an impressive start to the new year. After a breakout from a falling wedge pattern, the smart contracts token climbed to new highs of $0.3460, the highest it has been in 2023. After an initial surge in price, ADA has since retreated to $0.3150, possibly due to a spike in selling pressure as some investors book early profits.
The Moving Average Convergence Divergence (MACD) indicator suggests that buyers still have the upper hand and are not ready to let go of the aggressive approach witnessed in the last few days. The MACD (line in blue) flashed a buy signal on the 12-hour chart just before the New Year as it crossed above the signal line (in red). The momentum indicator sustained movement above the mean line hints at increasing buying pressure. Besides, the long green histograms cement the steady bullish grip on Cardano price.
Support is currently at $0.3000, with a potential for a massive breakout in the near future. However, if declines intensify, we could see ADA spiraling to $0.2700 and $0.2400, respectively. A breakout could possibly see Cardano price climb to $3 in the next bull market, with investors eagerly awaiting the potential for such an increase.
Cardano price continues to be one of the most promising tokens on the market today. As the smart contracts token continues to break out of its current patterns, it is becoming increasingly clear that its future is looking brighter than ever. With the current momentum and indicators showing a clear uptrend, it is highly likely that Cardano price will reach $3 in the near future.
•Tokens in the metaverse soared on Monday as the ability to smell entered the Metaverse.
•As a result, metaverse tokens rallied with Zilliqa price soaring as much as 50% leading crypto gains at the start of the week.
•OVR Technology showcased a VR headset with a container holding eight primary aromas that can be mixed together to create various scents.
The world of virtual reality has been growing increasingly popular in recent years, and now there are moves to make the experience even more immersive. On Monday, the metaverse – a term used to describe a virtual world – experienced a surge in tokens as the ability to smell had been added to the experience. This resulted in a rally of many metaverse tokens, with the price of Zilliqa skyrocketing by as much as 50%.
The news of smell being added to the metaverse was unveiled at the Consumer Electronics Show (CES) 2023, which took place in Las Vegas between the 5th and 8th of January. Several metaverse-focused companies showcased their new developments, with one of the most notable being OVR Technology, based in Vermont, US. The company unveiled a VR headset with a container holding eight primary aromas that can be mixed together to create various scents. The device is due to be launched in the last quarter of 2023.
The CEO of OVR Technology, Aaron Wisniewski, expressed his belief that the addition of smell to the metaverse would give users “unmatched power”, allowing them to fully immerse themselves in the experience. The move is part of a larger trend of incorporating human aspects into the virtual reality world, as outlined in a report from McKinsey & Company. Such advancements could result in a boom in the metaverse, as users become increasingly comfortable engaging with the virtual environment.
Overall, the addition of smell to the metaverse has resulted in a surge in the prices of many tokens. Zilliqa has seen the biggest price surge, with the crypto rising by as much as 50% in a single day. Other tokens such as Sandbox (SAND) and Decentraland (MANA) have also seen healthy gains, with the latter up by 13.5%. It remains to be seen how the addition of smell will impact the metaverse in the long-term, but it appears that the industry is set to experience further growth in the near future.