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Top Gainers’ List July 25, 2022: SON, JUP, HIVE

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Top Gainers’ List July 25, 2022: Son, Jup, Hive
  • The crypto market witnessed a slight surge for the past week.
  • JUP becomes the top gainer after being listed on the top exchange, Coinbase.
  • SON has climbed over 41% within the last 24-hours.

Since the past week, the crypto market has witnessed a minor surge from its long-term bear trend. Remarkably, Bitcoin slipped down to $18,000 in mid-June, following that the entire crypto industry faced a crashdown that prolonged for the past month. Though BTC is still in its bear market, it initiated to surge up last week while the current price value is at $21,970.

As a matter of fact, the crypto industry is about thousands of cryptocurrencies where each excels in its ecosystem and features. Thus, when a token is surpassing the mainstream cryptocurrencies like BTC and ETH in terms of performance then that would be trending. Despite the fact that BTC has substantially climbed up in the past week, some cryptocurrencies have overperformed. We’re going to have a look at the top gainers of the day.

Surges Over 10% In a Day

CryptoDiffer is a platform that analyzes the crypto market and based on the updates it shares the project news. Similarly, the top gainers of the past 24-hours are shared while the top three tokens are SON, JUP, and HIVE. 

The first cryptocurrency Souni (SON) has a trading volume of $3M and surged over 41% within a day. Then, Jupiter (JUP) climbed over 25% in a day after being listed on the Coinbase exchange boosting the price value. Moreover, the other reason might be the launch of new NFTs on Leda, an NFT marketplace using the Jupiter blockchain. Furthermore, the top third token is Hive blockchain (HIVE), which soared to 19% in the last 24-hours, having a trading volume of $34M. 

However, the final set of tokens is Clearpool (CPOOL), Rich Quack (QUACK), Mobilecoin (MOB), and Cult DAO (CULT). The fore-mentioned tokens have surged to 16.7%, 14.7%, 12.4%, and 10.4% respectively. CULT was one of the trending tokens during the launch period, as the price value achieved highs and gathered traction towards the project.

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How Much Risk Will the Upcoming Ethereum Merge?

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How Much Risk Will The Upcoming Ethereum Merge?
  • Ethereum’s much-awaited ‘merge’ is set for around mid-September.
  • In the upcoming days, the ETH price may experience severe short-term volatility.

The most widely used blockchain platform, Ethereum, is currently going through a significant transformation. Ethereum’s much-awaited ‘merge’ is set for around mid-September, and will shift from PoW (proof-of-work) to PoS (proof-of-stake). The upcoming functionality will provide more security, speed and scalability, and low energy consumption. However, the Ethereum merge will have its possible risks and flaws. 

Risk Factors Regarding the Merge

The Merge is a significant update to a very complicated system. Based on this merger, Ethereum may operate slowly or possibly stop altogether. In this process, other unanticipated mistakes also might arise. Also, Ethereum’s overall security may change, as a result of the Merge. When transferred to proof-of-stake, new technical challenges and unexpected problems might occur. 

Based on the merging process, in the upcoming days, Ethereum’s price may experience severe short-term volatility. In the long run, there is also a possibility that Ethereum could lose its dominance as the cryptocurrency of choice for smart contracts. The most likely outcome is that several programmable cryptocurrencies will take the lead rather than just one. 

There’s a potential that the fork will become more popular than Ethereum itself. However, if you own ETH or an ERC-20 token on Ethereum, you will most likely own them in any Ethereum fork because these forks are simply replicas of the network. It is up to each user to pick which fork to support and what to do with their assets.

While Ethereum supporters and developers would argue that the move to PoS makes Ethereum significantly more decentralized and resistant to hostile assault, the actual data shows that staking centralization is growing, which can cause some significant issues.

 Additionally, the merger has already seen numerous delays. So, there is also a chance for further delay in the merge. 

Disclaimer: 

TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

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Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

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Ethereum

Ethereum extended losses below the $1,820 support against the US Dollar. ETH could decline further if it fails to start a recovery wave above the $1,900 level.

  • Ethereum started a fresh decline and traded below the $1,900 level.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,800 level.

Ethereum Price Turns Red

Ethereum followed a bearish path after it settled below the $1,900 level. ETH traded below the $1,850 support zone and increased pressure on the bulls.

The bears even pushed the price below the $1,820 level, but the price stayed above the $1,800 level. A low is formed near $1,806 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,840 level. It is near the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

The first major resistance is now forming near the $1,880 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near the $1,920 level, above which the price may perhaps move into a positive zone.

More Losses in ETH?

If ethereum fails to rise above the $1,880 resistance, it could continue to move down. An initial support on the downside is near the $1,800 zone.

The next major support is near $1,780, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,750 level. Any more losses may perhaps open the doors for a move towards the $1,650 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,880

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Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins

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Crypto Exchanges In Ontario Have A $30K Annual Cap On Buying Altcoins