The native token of Popsicle Finance, a decentralized finance (DeFi) market-making and revenue-earning protocol, has been announced as controversial but prolific blockchain developer Daniele Sestagali announced his return to the project. It's skyrocketing.
Bitcoin (BTC) and ether (Ethereum): The largest cryptocurrency by market capitalization appeared surprisingly stable on Wednesday, trading around $16,780, roughly flat over the past 24 hours, as traders grappled with an uncertain market outlook for next year. ETH followed the trajectory of BTC, falling 0.3% around $1,209. U.S. stocks rose slightly, with the Dow Jones Industrial Average ending the day up 1.6%. The tech-heavy Nasdaq Composite Index rose 1.5%, while the S&P 500 Index rose 1.4%.
wave (wave): The decentralized blockchain's native token fell 5% to $1.51 on Wednesday, as Waves founder Sasha Ivanov called on crypto exchanges to deactivate the futures market associated with the WAVES token. It has plunged more than 40% in two weeks. The coin's downturn is believed to be due to the volatility of USDN, an algorithmic stablecoin designed to be pegged 1:1 to the US dollar. The stablecoin is backed by the WAVES token and has been depegged multiple times this year.
dYdX (Dai DX): Sean Farrell, head of digital asset strategy at Fundstrat, said the token price has fallen more than 14% to 1.18 as many investors are “on the front lines of a major supply unlock starting in February”. dollar, he wrote in a note Wednesday.
Cryptocurrency market analysis: Technical indicators suggest Bitcoin and Ether will continue flat trajectory
Momentum for both BTC and ETH remains in neutral territory, using the Relative Strength Indicator (RSI) as a proxy for momentum. BTC's current RSI is around 49.06, which is a very moderate level. RSI is a technical indicator that ranges from 1 to 100. A reading above 70 indicates the asset may be overbought, and a reading below 30 indicates the asset may be oversold.
Searching BTC data going back to 2015 and filtering by RSI level of 49-50, we find 61 occurrences 30 days after the fact, with an average increase of 2.2%. For ETH, filtering on the 47-49 RSI level shows 43 occurrences since 2017, with an average 30-day gain of 6.7%.
Applying these performance numbers to current prices, the price of Bitcoin is $17,144 and the price of Ether is $1,291. This is not at all surprising considering the two have traded in the past. The results should not be seen as a prediction, but they can provide context for what direction investors think prices will go.
