The post DeFi Coin Soars 700% As Cardano and Shiba Inu Bow To Bearish Pressure appeared first on Coinpedia Fintech News
The cryptocurrency market experienced a massive downtrend on February 3 which has pulled top altcoins like Cardano (ADA) and Shiba Inu (SHIB) into the red region. Meanwhile, a crypto gem is making headlines and the name is DTX Exchange (DTX).
This rising star has gone against all odds to rise to the top, with its value increasing by 700% and getting more than 550,000 wallets in record time. This growth makes DTX Exchange the best ICO to invest in now for huge gains.
Cardano (ADA) Drops To $0.57
Cardano (ADA) is among the top crypto coins that are trading in the red zone. The cryptocurrency’s price decreased over the weekend sending it as low as $0.57. Fortunately, bulls quickly reacted to the downtrend, pulling the Cardano price to $0.70. Currently, data from CoinMarketCap shows the value of the Cardano token has dropped by 20.6% in the weekly timeframe. There are also losses of 34.5% and 34.5% on the biweekly and monthly levels.
Technical indicators like the relative strength index have gone bearish. It is currently at 33 which means bears are in control. As the current technical indicators suggest, the Cardano crypto might continue under selling pressures in the short term. In case ADA price falls below the support level at $0.84, it may plunge to lower lows. On the other hand, Lucky forecasts the price of the DeFi coin might surge to $2.
Shiba Inu (SHIB) Might Have Hit Rock Bottom
Shiba Inu (SHIB) has been on a downtrend in the last few weeks. Unfortunately, more disaster struck on February 3 when the value of the Shiba Inu coin price dropped to $0.00001284. While the value of the memecoin has increased to $0.00001400, it is still under bearish pressure.
Data from CoinMarketCap shows the Shiba Inu price has dipped by 20.4% on the weekly timeframe and 41.7% on the monthly level. Nevertheless, analysts are still optimistic about its future trajectory. Thom Sieloff notes the value of the cryptocurrency seems to have hit rock bottom. The cryptocurrency enthusiast noted the price of SHIB pumped by 383% last year.
Thom posted a chart that showed the Shiba Inu crypto price surging to $0.00005500. P2E_Daily notes the value of the memecoin might pump to $0.0000200 after hitting rock bottom. Despite this bullish prediction, technical indicators like the relative strength index are still under bearish pressure.
DTX Exchange (DTX) Attracts Attention With Next-Gen Trading Platform
DTX Exchange (DTX) is an innovative platform combining traditional and DeFi trading. To support DTX Exchange, VulcanX is a Layer-1 hybrid blockchain that rises above the shortcomings typical of both public and private blockchains. In the testnet phase, the VulcanX processed more than 200,000 TPS and thus it can be called a high-speed competitor in the blockchain market.
With this approach, traders can enjoy a smooth interface when using DTX Exchange. One of the most significant advantages of DTX Exchange is that it allows trading in multiple assets at once.
The trading platform offers more than 120,000 products – cryptocurrencies, shares, forex, metals, CFDs, and ETFs. This wide list helps both first-time investors and experienced ones to diversify their investments.
Meanwhile, the DeFi project is currently in the presale stage. It has raised over $13.4 million in funding, a sign that investors are optimistic about its potential. The DTX token has risen to $0.16 in the eighth stage. In conclusion, DTX Exchange’s hybrid platform, diverse assets, and presale success make it a suitable trading exchange for traders who need a diverse and customer-oriented platform.
This DeFi Coin Outshines Cardano (ADA) and Shiba Inu (SHIB)
Although the crypto market is volatile, DTX Exchange has raised its gains to 700%. Its ongoing crypto ICO has attracted the attention of over 550k investors who have pooled $13.4 million in funding. While Cardano and Shiba Inu investors hope for a price reversal, DTX Exchange is the best crypto to buy now.
Find out more information about DTX Exchange (DTX) by visiting the links below: