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Pi Coin is Performing Better Than Bitcoin, But There’s A Catch | EVM News
NOIDA (CoinChapter.com)— Pi Network fans are waiting with bated breath for June 28, when the team will likely launch its open mainnet. Meanwhile, the PI coin price has outperformed Bitcoin, the world’s largest crypto.
The Pi Network team has repeatedly disappointed followers with mainnet launch delays and scams. Despite this, the hopium-smoking, delusocaine-snorting fans continue to shill the project.
But before the Pi Network shilling team starts foaming at the mouth, it will be wise to remember that overtaking a stationary Bugatti Chyron does not mean your car is faster.
Bitcoin Price Performs Poorly Than PI Coin Price Action
And that makes all the difference. It is doubtful that Pi Coin fans will take the time to see any price charts, probably because the PI coin does not exist now. All the PI coin trades happen as IOUs.
Analyzing the price performance of Pi Coin (PI/USDT) and Bitcoin (BTC/USD) over the past seven days, distinct trends highlight their relative performance.
Since June 18, Pi Coin has remained rangebound below $40. Despite stagnant price action, Pi Coin ended the period with a slight upward trend, rising 6.6% to reach a daily high near $39.4. Conversely, Bitcoin’s price over the same period tells a different story.
After reaching a high near $66,560 on June 18, Bitcoin has shown a clear downward trend, reflecting a general decline. Although there were minor recoveries, the overall trend remains negative.
No doubt, the comparison reveals that Pi Coin has outperformed Bitcoin in terms of price performance over the past seven days. However, it is important to remember that Bitcoin price is downtrend because of macro cues, the strengthening US dollar, bearish technical setup, and poor on-chain metrics.
On the other hand, the PI coin price is slightly up because deluded fans keep sharing posts like these, expecting the token to rise to $314 (value of Pi) within seconds of the mainnet launch. Yet, this is still better than posts speculating the Pi Network token to reach $314,159 post-mainnet launch.
Social media hype is a powerful cue for a crypto token, but relying only on hype might not be enough for the Pi Network token. If the platform fails to launch its open mainnet in June, it could prove catastrophic for the token’s price.
PI Coin IOU Price Remains Inside Bearish Setup
Meanwhile, the Pi Network token price continued to move inside a bearish technical setup called the ‘descending tr’angle.‘
Market analysts often consider the descending triangle a bearish continuation signal.
The configuration features a downward-sloping upper trendline, which gradually reduces the price action’s highs, and a flat lower trendline, which is a consistent support level the price finds difficult to break.
Moreover, the pattern suggests that selling pressure is intensifying, leading to successively weaker rallies. In this setup, the potential price target is typically gauged by the maximum height of the triangle at its widest point.
Hence, confirming the bearish pattern might result in the PI Coin price dropping nearly 34% to reach the projected price target near $24.5.
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Band Protocol Price Eyes 276% Jump As Bullish Wedge Pattern Emerge… | EVM News
NOIDA (CoinChapter.com)—Band Protocol (BAND) made significant advances in the crypto sector, and recent developments highlight the project’s commitment to expanding.
Unconfirmed social media posts suggest that Synthetix could be working on integrating Band Protocol. If true, partnership news could help BAND price confirm a bullish technical pattern.
BAND Price Formed Bullish Pattern
The Band Protocol token formed a bullish technical pattern called the ‘falling wedge.’
Bullish news, such as Bond Protocol’s making a new partnership or integrating with other projects, could help the project’s token confirm the pattern.
A falling wedge pattern features a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.
The pattern typically suggests that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs in the direction of the overall trend, which, for a falling wedge, is upward.
To estimate the price target of a falling wedge pattern, traders measure the widest part of the wedge at the beginning of the formation. They then project this distance upward from the breakout point to set a potential target.
An accompanying increase in trading volume can further confirm the reliability of the breakout. Higher volume during the breakout suggests stronger market conviction, supporting the likelihood of a successful price reversal.
According to the rules of technical analysis, the Band Protocol token price could rally over 276% to reach the pattern’s theoretical price target near $4.6.
It is unlikely the token would rally to the projected price target immediately after confirming the pattern, but breaking out of the wedge setup could attract more buying pressure, helping the token continue its rally till profit booking puts the brakes on the run.
BAND Bulls Struggling With 20-Day EMA
BAND price climbed above its 20-day EMA (red wave) dynamic resistance as the token entered July. However, July 3’s nearly 6% drop forced the token’s price back below the EMA resistance, suggesting bears aggressively defend the supply zone near the 20-day EMA.
Bulls have their task cut out, with the token starting July 4 with minor gains. Flipping the EMA resistance with good volumes would certainly help the BAND price’s cause, helping the token rally to the resistance near $1.34.
A break above immediate resistance might see the Band Protocol token’s price target the 100-day EMA (blue wave) resistance near $1.5.
On the other hand, if BAND price fails to rally, the token could drop to the support levels near $1.14 and $1.05 before recovering.
The RSI for BAND remained neutral, with a score of 45.56 on the daily charts.
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Litecoin Price Tests Critical Support: Will the Bulls Prevail? | EVM News
NOIDA (CoinChapter.com)— Litecoin price ended June down by nearly 1
0%, and so far, July has not been very kind to the blockchain platform. LTC bulls have failed to convert a recent surge in network activity into a bullish cue for the token.
However, a technical setup might help avoid LTC price more bloodshed, if the bulls manage to avoid invalidating the pattern.
Litecoin Price Testing Support Of Bullish Setup
The Litecoin token’s price has formed a bullish technical setup called the ‘ascending triangle.‘
The token’s price are currently testing the ascending trendline of the pattern. A rebound from here could infuse confidence in the token’s rally, attracting more buyers expecting a bullish breakout.
Under technical analysis, an ascending triangle pattern emerges when a horizontal trendline connects swing highs and an ascending trendline connects swing lows. The pattern indicates a consolidation period where the buyers gradually gain strength against a consistent level of resistance.
Volume analysis is critical, as it helps to validate the breakout’s strength. Typically, as the price action approaches the triangle’s apex, the volume tends to decrease, reflecting a period of reduced trading activity and uncertainty.
When the trendlines converge, creating a narrowing price range, buyers often enter the market in anticipation of a breakout. Ideally, the breakout occurs above the horizontal resistance line, accompanied by a significant increase in trading volume.
The surge in volume is a key indicator that the breakout is robust and likely to sustain.
According to the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the bullish pattern pans out, the theoretical price target for LINK is near $269.5, a spike of 267% from current levels.
LTC price Fails To Conquer EMA Resistance
Litecoin price has failed to move above the 20-day EMA (red wave) dynamic resistance since June 8, with prices dropping nearly 6% to a daily low near $72 on July 3. The downtrend suggests bears are booking profits near $72.
A sustained rally from here would likely see Litecoin price rally to the 50-day EMA (purple) resistance near $78. Moreover, flipping the above immediate resistance level could help LTC price rise to the resistance near $85.
On the other hand, if prices continue to fall, Litecoin could end up invalidating the pattern, inviting more bearish sentiment and likely ending up at the support level near $69. Failure of the immediate support could force LTC price to test the support near $63.8 before recovering.
The RSI for LTC remained neutral, with a score of 41.86 on the daily charts.
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Ethereum and Solana Battle for Dominance in Layer 1 … | EVM News
NAIROBI (CoinChapter.com)—Thanks to some recent developments, the rivalry between Ethereum and Solana has intensified. Ethereum remains a powerhouse in the Layer 1 blockchain sector and DeFi, but Solana is gaining traction with significant economic activity and growing market share.
CoinMarketCap data shows Ethereum commanding 62% of the $695 billion market cap in the smart contract space. The network also dominates revenue, securing 70% of Layer 1 income. Ethereum’s stronghold extends to the DeFi sector, with Ethereum doubling its total value locked (TVL) since the start of the year.
BNB Chain follows with $85 billion in the smart contract space, while Solana holds $59 billion. In terms of DeFi TVL, BNB Chain contributed $5 billion in the second quarter, and Solana contributed $4 billion.
Solana Gains Traction, but Ethereum Holds Strong
While Solana shows growth in certain metrics, Ether remains the dominant force. Mert Mumtaz, CEO of Helius Labs, noted that Solana’s economic activity surpasses Ethereum at times, driven by higher MEV and priority fees.
According to DefiLlama, despite Solana’s growth, Ethereum’s DeFi TVL stands at $57.36 billion, compared to Solana’s $4.5 billion. Tron and BNB Chain occupy the middle ground with $7.7 billion and $4.8 billion, respectively. Ethereum’s continued dominance in the Layer 1 sector, despite the rise of Layer 2 solutions, highlights the blockchain’s demand.
Ryan Connor, a researcher at Blockworks, posted on X about the strengthening case for the SOLETH relative value trade. Connor noted Ethereum’s market cap and price-to-sales ratio are near cycle highs, while Solana’s price-to-sales ratio is at all-time lows.
He emphasized Ethereum’s revenue decline and Solana’s growing market share and revenue, raising questions for traditional finance (TradFi) investors about Ethereum’s valuation.
Ethereum’s trailing 1-month price-to-sales (P/S) ratio fluctuated significantly, reaching a recent level of around 220, whereas Solana’s dropped to 67. Furthermore, Solana’s blockspace profitability has seen a sharp rise, reaching nearly $80 million in emissions.
In contrast, Ethereum’s blockspace profitability peaked at around $2 billion in mid-2021 but has since stabilized.
Additionally, the t30d DEX volume market share chart shows ether holding a majority share, although Solana has been increasing its presence, now capturing around 30%. Though the data supports the narrative of Solana’s growing influence, it also emphasizes Ethereum’s sustained leadership.
SOL & ETH Price Performance and Market Outlook
Price performance data reveals significant insights. As of July 3, 2024, Ethereum is priced near $3,280, experiencing a 5% decline in the past 24 hours and a nearly 3% decrease over the past seven days. Ethereum’s market cap stands at $395.8 billion, with a trading volume of $10.4 billion.
Solana is priced around $142, reflecting a 5.68% decrease in the past 24 hours but a 3.68% increase over the past seven days. This price increase aligns with Solana’s rising market activity, while Ethereum’s relative stability reflects its entrenched market dominance.
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