CAKE, STX, MANA, MATIC: Here Are The Signals That Should Be Aware Of Traders! - News-Credit-Mortgage-Coin

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Friday, May 7, 2021

CAKE, STX, MANA, MATIC: Here Are The Signals That Should Be Aware Of Traders!

 


CAKE, STX, MANA, MATIC. I wonder which altcoins will exhibit new moves. Altcoins have gained significant momentum these days when Bitcoin's dominance remains below 50% and the asset is pulled below $ 64000.


The reason for the rise of the top 25 altcoins is likely to be a result of the selling pressure on Bitcoin and the investment outflow from Bitcoin to altcoins.


Traders are hoping to make double-digit gains in the next altcoin season. This situation is likely to develop. Because the value of Pancake Swap, Stacks, Decentraland and Polygon is low in the current sub-season.


Altcoin Prices

While CAKE is currently one of the top 5 altcoins with the highest social dominance, the altcoin is currently trading at $ 37.28, which is roughly 15% away from its $ 44.18 ATH, according to data from coinmarketcap.com. .


According to data from Messari, CAKE had the highest DeFi performance last week, with the altcoin delivering a total weekly return of 42%. This growth came after the event on April 30th of PancakeSwap, a successful launch of a prediction market. The prediction market for Pancake Swap, Binance Smart Chain's number one AMM and yield farm, has been a successful factor in price.



According to the chart above, CAKE's volatility has dropped to 0.02, and the altcoin remains below its value, consolidating 15% away from its ATH.

STX and MATIC
Similarly, despite the drop in trading volume, Stacks is currently trading at around 30% off its ATH, at $ 2.05, and the altcoin has been below its value for about a month. STX remained a consistently high volume altcoin for weeks in a row before its trading volume fell.

This could be a sign of declining interest from institutions or whales, but there is demand from retail traders on exchanges based on market data from coinmarketcap.com. STX's lucrative BTC rewards drove the demand, as the opportunity to double Bitcoin as staking rewards was lucrative.


While MATIC has been in the headlines for weeks, MANA has begun to pick up this week despite being less popular. MANA is currently trading at $ 1.40, according to data from coinmarketcap.com. The market value has increased by about 6% and even at the current price level, the value of MANA is low.

MATIC's trading volume has increased by about 13% in the past 24 hours, and the altcoin continues to rise. Investors' sensitivity to MATIC is currently neutral. The concentration of large HODLers has increased up to 92%, and MATIC is 17% away from ATH and continues to rise.




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