Crypto trader and analyst Ben Armstrong is revealing the name of an Ethereum-based project that can potentially ignite a 500x parabolic ascent.
In a new video, the trader tells his 486,000 subscribers that investors who made huge gains off of Dogecoin’s (DOGE) meteoric ascent of 1,000% in two days are eyeing the decentralized finance (DeFi) space to find the next big mover.
Armstrong says he’s keeping a close watch on a little-known protocol that promises to make DeFi easy as it opens up yield farming to market participants in just a few clicks.
“It’s called APY.Finance and the ticker APY, a plug and play solution for investors which routes funds to the best yield farming strategies. One won’t have to search for options himself and worry about changing yield AKA returns. It’s all automated and is essentially an aggregator of DeFi.
What’s more, this new project, APY.Finance, is already connected to all the leading DeFi protocols such as Uniswap (UNI), SushiSwap (SUSHI), Aave, Compound (COMP), yearn, Synthetix, dYdX and more.”
According to the crypto influencer, users can deposit stablecoins such as Tether (USDT), USD Coin (USDC), and DAI and the robo advisor takes care of finding opportunities that offer the best risk-reward yield farming options. Armstrong highlights that gas fees for pool withdrawal and deposits are seven times lower than transaction costs at other leading DeFi platforms.
The trader also notes that APY.Finance, which is close to its official product launch, is founded by Will Shahda, an experienced and well-connected developer who has bagged multiple hackathons. Another member of the APY team is Chan-Ho Suh, a former quant developer for Capital One, a financial giant that specializes in credit cards, auto loans, banking and savings accounts.
Armstrong adds that he believes crypto magnate Sam Bankman-Fried’s FTX exchange will be the first to list the DeFi asset.
“FTX exchange, as it is tied to Sam, who’s behind Alameda Research, which is invested in APY.”
Ethereum Price Prediction: ETH bears contemplate a drop to $2450
- ETH price is building up downside pressure while clinging to the 200-SMA support.
- RSI remains flat below the midline, keeping the sellers cheerful.
- A drop towards $2450 remains in the offing if the 200-SMA caves in.
Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.
ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.
The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.
At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.
Ethereum price defending 200-SMA but for how long?
Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.
Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.
Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.
Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.
Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.
ETH/USD: 12-hour chart
On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.
ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.
ETH Locked in DeFi on Historic Highs: Details
Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million
After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.
7,830,000 Ethers locked in DeFi
The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.
As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.
Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.
The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.
Yearn.Finance (YFI), Rari Capital (RGT) are on fire
In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.
At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.
Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.
Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!
There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.
Ethereum Price Analysis:
The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course.
To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.
Network Activity is Stagnant
According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment.
Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump.
Santiment claims that network growth has been static for several months before the price of ETH fell.
This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.
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