While Bitcoin (BTC) and major altcoins tend to attract the majority of investor attention, there are several projects that aim to bring greater decentralization, transparency, accountability, and financial inclusion to society and businesses.
Over the past few months, Cointelegraph has been identifying projects of this type extensively and several of the featured tokens recently have seen massive increases in performance.
A good investor should keep track of how all the assets in their portfolio are performing, and during occasional reviews, underperforming should be removed and additional capital deployed towards assets that continue to produce profits.
In this new series, we will review some of the projects that were discussed earlier this year in order to provide an update on their fundamentals and current technical setup.
MOON / USD
The LUNA token of the protocol Terra It was trading at $ 0.6310 when it was filed on December 29, 2020. Since then, LUNA’s price has soared to USD 12.12, representing a gain of 1.821% in approximately two and a half months.
Cointelegraph Markets Pro’s VORTECS ™ data diverged from the March 7 price, suggesting a possible bullish outlook even as the price continued to weaken.
The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and Twitter activity. .
The graph above shows that the price continued to decline on March 7, but the VORTECS ™ score held firm at 67 and then began to rise a few hours before LUNA bottomed out near $ 7.83 on March 8.
Then, the VORTECS ™ score had reached 75 and continued to gain momentum when the price reached $ 11.69 on March 9 when the score reached 86.
On the fundamental development front, TerraUSD and its UST stablecoin witnessed high demand for Mirror, which is Terra’s synthetic asset protocol. To meet the demand, 80 million Luna were burned to mint 447 million UST. This reduced LUNA’s circulating supply from 484 million to 404 million, which has been an upward development for its price.
Another event that turned out to be positive was Robinhood’s trade ban on GameStop, BlackBerry and AMC shares. This may have led a large number of traders to decentralized exchanges and synthetic assets.
During this time, the daily trading volumes of the Mirror protocol reached an all-time high of $ 44.42 million. The total value of the assets locked in Mirror also reached 800 million in UST.
To drive greater use of UST, Terra funded its strategic investment arm Terraform Capital with $ 10 million in seed capital. These funds will be used to finance projects using UST and LUNA.
In addition to developments on the fundamental front, Terraform Labs, the company that runs Terra, got a boost when it raised $ 25 million from Mike Novogratz’s Galaxy Digital. This may have put the company in the limelight of other larger investors.
LUNA broke the $ 5 to $ 8.50 range on March 8 and gained momentum, hitting the $ 12 target today. Traders appear to have taken their gains near $ 12 as seen from the long wick on the day’s candle.
The rally has pushed the Relative Strength Index (RSI) above 79, suggesting that the LUNA / USD pair is overbought in the near term. This could result in a consolidation or a small correction in the next few days.
During the next dip, if the bulls can turn the $ 8.50 level into support, it could act as a launching pad for the next leg of the uptrend that can hit $ 15.50.
Conversely, if the bears sink the price below $ 8.50, the pair may drop to the 20-day exponential moving average at $ 7.34. This is important support to watch out for because a bounce could keep the uptrend intact.
Nevertheless, If the bears sink the price below the 20-day EMA, the pair may drop to the 50-day SMA at $ 4.68.
VET / USD
VeChain Token (VET) has also been on a roll since it was highlighted on December 29, 2020. The token has risen from $ 0.01916002 to $ 0.0675 today, a 252% gain in no time.
Let’s take a look at the fundamental new developments that may have given the momentum.
Norway’s Hydro partnered with DNV blockchain and started the “Tag. Trace. Trust” pilot service which aims to provide sustainability statements with verified data. This new platform allows customers to track the entire product journey from the factory gates until it reaches them.
Hydro plans to track the CO2 emission and traceability of aluminum from the raw material stage to the finished product. If the pilot is successful, many other industries could try this service.
Another project of the Danish company ReSea, which cleans rivers and oceans, has been certified by DNV’s Chain of Custody. With certification, any third party can verify and trace the recovered plastic, ensuring transparency in the community-driven collection process. Data is collected, recorded and monitored on the ToolChain platform and associated mobile application.
Along with real-world use cases, the technology of VeChain has also been used to launch VIMworld, an NFT-based collectibles platform that can benefit from the current craze for NFTs. This shows that VeChain is being used in various industries.
Currently, VET is in a strong uptrend. The bulls pushed the price above the overhead resistance of $ 0.060 on March 8, signaling the resumption of the bullish move.
If the bulls can sustain the price above the $ 0.06 breakout level, the rally could hit $ 0.085 and then $ 0.10. The rising moving averages and the RSI in the overbought zone suggest that the bulls are in control.
Contrary to this assumption, if the bears sink the price below $ 0.060, the VET / USD pair could fall to the 20-day EMA ($ 0.050). This is important support because a strong bounce will suggest that the bulls are still buying on each dip.
On the other hand, if the bears sink the price below the 20-day EMA, the pair could fall to the 50-day SMA ($ 0.0407). A break below this support could indicate a trend reversal.
HBAR / USD
Hedera Hashgraph (HBAR) was hedged on Jan 21 when it was trading at $ 0.10064. The token has rallied to $ 0.21420 today, a 112% gain in just a month and a half.
As gas rates skyrocketed on the Ethereum network, SUKU, blockchain-powered supply chain services ecosystem migrated from Ethereum to Hedera Hashgraph. This placed Hedera as a possible alternative to the Ethereum network.
In recent days, several large companies have joined the Hedera Governing Council and will run the nodes of the Hedera network. Some notable names are from the Australian payments company, eftpos, which operates Australia’s national debit card processing infrastructure and the mobile payments app Beem It.
Standard Bank Group, the largest African bank by assets and Électricité de France SA (EDF), one of the top five global utilities serving customers around the world, They have also decided to join Hedera Hashgraph.
Hedera launched its Hedera Token Service in early February with more than 60 initial ecosystem partners to support token issuers and app developers. With this move, the protocol opened its doors to the lucrative world of fungible and non-fungible tokens.
HBAR is in a strong uptrend. Both moving averages are rising and the RSI is in the overbought zone, indicating a clear advantage for the bulls.
However, the long wick of the candle today suggests that traders are taking profits at higher levels. The first support on the downside is at $ 0.16 and if that breaks, the HBAR / USD pair could drop to the 20-day EMA ($ 0.142).
A strong bounce at either level will indicate that dips are being bought. Then the bulls will try to resume the uptrend and carry the price to the next major resistance at $ 0.25.
Contrary to this assumption, if the price turns down and breaks below the 50-day SMA at $ 0.117, the pair will indicate a possible change in trend. The bears will attempt to sink the pair to $ 0.08.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and trade movement involves a risk, you must carry out your own research when making a decision.