Analysis crypto by Casper, FTM and Chainlink
An overview of current and future prices and a look at the latest news involving Casper (CSPR), Fantom (FTM) and Chainlink (LINK) crypto assets. What is happening in the cryptocurrency market?
Focus on the crypto assets Casper (CSPR), Fantom (FTM) and Chainlink (LINK)
It is worth mentioning that Casper is an open source blockchain optimized for businesses and developers. Specifically, it is the first proof-of-stake blockchain, built from the original Casper Correct-by-Construction (CBC) specifications, designed to accelerate the adoption of blockchain technology.
Fantom (FTM), on the other hand, is an open source directed acyclic graph network, compatible with the Ethereum Virtual Machine to be able to run existing smart contracts and create new ones that interact with contracts on Ethereum.
Finally, Chainlink is a decentralized blockchain network built on Ethereum. The network is used to facilitate tamper-proof data transfer from off-chain sources to on-chain smart contracts.
Will the crypto Casper (CSPR) reach $0.1 in 2023? The relationship between Fantom and Chainlink trends.
Casper has a market capitalization of $383,471,862 and is ranked 99th in the cryptoverse. However, the volume of CSPR also fell 25% at the session a few days ago.
As such, the ratio of volume to market value of the asset price is close to 0.0155, indicating a consolidated price trend. A fact that is also confirmed by the weekly technical chart of CSPR, which suggests a consolidated price trend.
CSPR is currently trading nearby $0.035 with a decrease of 2% in the intraday session. Meanwhile, the price resistance of the asset can be seen near the value of $0.075.
In addition, we see that the CSPR support can be observed near the value of $0.02. It is currently trading below the daily moving average of 50 and above 100. There could be a negative crossover in the future which could push the asset price to a new low in the future.
The RSI for the asset price is close to 44, indicating that it is in the neutral zone, although there is a slight positive slope that suggests an upward trend in the price.
Of remarkable importance is the fact that Casper recently entered into collaboration with Google Cloud, a factor that may push the asset’s price in the future. In fact, several analysts expect a strong upward trend in CSPR in the future.
In particular, with this partnership, Google hopes to offer its customers a reliable and secure blockchain platform capable of handling large enterprise-level applications.
Casper Labs has built a reputation as a leading developer of enterprise-grade blockchain solutions. The company’s blockchain platform is based on Casper consensus protocolwhich is designed to offer high scalability, low latency and high security.
This makes it an ideal platform for large companies and public institutions that need a secure and scalable blockchain solution.
Downtrend for crypto Fantom (FTM)
Phantom (FTM) is a popular crypto that has recently attracted a lot of attention from investors and traders. In fact, the coin made impressive gains in 2022, reaching an all-time high of $3.4 in January.
However, crypto has recently faced challenges and setbacks that have eroded its momentum and market share. This is because large investors in Fantom (FTM) are now flocking to the pre-sale of TMS Network (TMSN)the so-called new DeFi star that aims to revolutionize commerce.
Fantom (FTM) in particular took a hit then Other Cronjea prominent developer and advisor to the Fantom (FTM) Foundation, announced his departure from the decentralized finance (DeFi) space.
Cronje was behind several successful projects on the Fantom (FTM) platform, such as Solidly, Keep3r and Iron Bank. As a result, his announcement triggered a selloff of FTM and other tokens associated with his work, reducing the total value locked (TVL) of Fantom (FTM) from around $12 billion to 6.7 billion dollars the last few weeks.
The crypto has thus lost its place as the most traded token among Ethereum’s whales to ENS Domain Name Service.
DeFi Boom: Can Chainlink’s Price Come Back?
During the last week, LINK‘s price has undergone a 10% correction. A thorough analysis of historical on-chain data shows that LINK’s price movements are closely linked to development activity.
In addition, DeFi’s recent boom could trigger a price rally for LINK in the coming weeks. We see LINK gaining some traction as investors turn to decentralized financial protocols amid turmoil in the US banking sector.
Among other factors, LINK’s recent rally has been fueled by the increase in demand for DeFi products after major collapses in TradFi bank. In fact, as more and more investors turn to decentralized financial products and services, the hosting DeFi protocols require the additional services provided by Chainlink.
Unsurprisingly, the recent increase in Chainlink’s development activity to meet the growing demand for various DeFi smart contract platforms has highlighted this. According to Santiment’s on-chain data, developer activity on the Chainlink blockchain network has increased by more than 50% since the beginning of February.
As shown below, Chainlink’s developer activity score increased from 164.90 to 251.80 between 2 February and 28 March. Development activity indicates how many resources are being used to improve the network.
This may mean adding new features, extending network capabilities, or implementing bug fixes. A sustained increase, as mentioned above, represents a bullish signal.
Investors can accumulate LINK, expecting that the increase in value from increased development activity will have a positive impact on its long-term price development.
In particular, LINK’s previous price increases have often been preceded by an increase in development activity. If this condition holds, LINK holders can expect another price increase in the coming weeks.
