What is happening within the crypto market and how are Daex (DAX), The Graph (GRT) and Lido (LDO) performing?
Below is an in-depth look at their prices and the latest news.
Crypto analysis of Daex (DAX), The Graph (GRT) and Lido (LDO)
It is worth mentioning that Daex (DAX) is a decentralized exchange that allows users to trade cryptocurrencies and tokens. The platform, in particular, offers a wide range of features, including margin trading and customer support.
The Graph (GRT), on the other hand, is a decentralized open-source indexing protocol for blockchain data. Specifically, designed to enable querying on the Ethereum network.
Finally, Lido is one of the largest cryptocurrency staking platforms in the world, known for having to its credit the ability to staking coins such as Ethereum, Solana, Polygon, Polkadot, and Kusama.
Focus on the price of DAX, how does its performance compare to GRT and Lido crypto assets?
The price of DAEX (DAX) is $0.00526483 today, with a 24-hour trading volume of $6,283. This implies a price decrease of -3.77% in the last 24 hours and a price increase of 7.91%%% in the last 7 days.
With an outstanding bid of 350 Million DAX, DAEX is valued with a market cap of $1,866,936. In addition, we see that the daily volume of DAEX (DAX) is $6,282.58 in the last 24 hours, which represents a -53.80%, down from a day ago.
Hence, in general, there is a recent decline in market activity. However, with a 7.90 % price increase over the past 7 days, the crypto DAX is outperforming the global cryptocurrency market, which is down -1.00 %.
Despite this, it is underperforming currencies such as Ethereum and the like, which are up 12.70 %. In fact, we see that the market capitalization of DAEX (DAX) is $1,868,515 and is ranked No. 1718 on CoinGecko.
Finally, we recall that the highest price paid for DAEX (DAX) is $0.158479, which was recorded about five years ago now. Hence, by comparison, the current price is -96.68% lower than the all-time high.
In contrast, the lowest price paid for DAEX (DAX) is $0.00132497, which was recorded in May 2020. Hence, in this case, the current price is 297.31% higher than the all-time low.
Will the GRT crypto see a bullish rally?
Based on the latest data, we see that the price of The Graph (GRT) is currently trading near a crucial support level in the daily time frame.
Hence, if it gets buyers’ support from the current price level, it is expected to rise 53% in the coming weeks.
Currently, it is trading near the demand zone around its previous support level. The current value of GRT is about $0.113 and has a market capitalization of $1.02 billion.
In addition, we observe that the price is gaining support from the 200 moving average, which could prove to be a crucial support zone in the near future.
In any case, investor sentiments regarding GRT’s price are taking a bullish turn, as evidenced by the Social engagement metrics, which show an extremely positive surge of 512%.
Specifically, there is a slight decline in bearish sentiment, a factor that suggests that investors are currently bullish about the GRT token and their interest is growing on various social platforms.
Finally, we see that the RSI line is currently receiving resistance from the 14 SMA after crossing the midline. At the moment, the RSI line is trading at 34.32 points, while the 14 SMA is trending just below the 50 RSI point at about 38.51 points.
At the moment, the stochastic RSI is trading near its extreme oversold levels. The %K line is giving a bullish intercept to the %D line near 14 points. Currently the value of the Stochastic RSI is 19.13 points.
Crypto news: Lido allows withdrawals of staked ETH
The market-leading liquid staking platform, Lido, recently allowed withdrawals of staked ETH. Specifically, the move came when Lido launched the V2 update live on mainnet on 15 May.
The update is the largest to date for the protocol and has two main components, as it reads:
“Lido V2 introduces two major components, with the most user-facing aspect being Ethereum withdrawals. This allows Ethereum stakers with Lido to directly unstake ETH through the protocol.”
Hence, Lido now has a withdrawal page where users can deposit their stETH tokens to get ETH in return. We see that Lido noted that under normal circumstances, the suspension period of stETH or wstETH can last from 1 to 5 days.
In addition, stETH fed back into the protocol will be burned to release ETH in a 1:1 ratio. Accordingly, the announcement added that the update reduces a number of previous drawbacks related to Lido’s staking experience on Ethereum.
Moreover, as stated, it enables more efficient use of staked ETH on Lido across the Ethereum DeFi ecosystem. Logically, a spike in withdrawals is now expected for today.
Source: https://en.cryptonomist.ch/2023/05/16/latest-crypto-news-lido-dax-grt/