- The continued decline in the value of stablecoin USDN led to a fall in the price of WAVES.
- With negative sentiment trailing the token, the chances of an upside are limited.
Despite recent claims that Neutrino USD [USDN] is not intrinsically linked to Bangos [WAVES], the recent troubles of the algorithmic crypto-collateralized stablecoin led to a severe decline in the value of the token.
A dienoraštyje published on 8 December, the ecosystem confirmed that the incessant de-pegging of its USDN stablecoin could not increase its volatility as “USDN is a separate project built on Waves blockchain that uses WAVES as collateral” and “it is not intrinsically linked to WAVES token.” However, as USDN’s value dropped, it pulled WAVES down with it.
skaityti Waves’ [WAVES] Price Prediction 2022-23
Attempting to restore confidence in these assets, the founder of the WAVES protocol, Sasha Ivanov, assured investors that the USDN stablecoin would be fine and that the token would not be reduced to zero value, in a tweet on 20 December.
Kad išvengtumėte nesusipratimų: USD USD tiks gerai.
Tiesiog atėjo laikas sukurti protokolą, labiau pritaikytą dabartinėms rinkos sąlygoms. Pirmiausia bus lengviau stabilizuoti usdn ir po to paleisti naują protokolą.
Taigi, vaikinai, saugokite kvapą, bangos nesiruošia nuliui.
– Sasha.waves (@sasha35625) Gruodis 20, 2022
However, in a later twEET, he confirmed his decision to launch a new stablecoin; an act that did not strengthen investors’ confidence.
Du dalykai:
– Išleisiu naują stabilią monetą
– Bus a USDN prieš tai pradėtą padėties sprendimo planą.– Sasha.waves (@sasha35625) Gruodis 20, 2022
Further, on 21 December, Ivanov asked for several centralized exchanges, including Binansas, Kraken, OKX plėtinysir „Bybit“, to disable the futures market for the token. According to the founder,
“They are a breeding ground for FUD and making money off short positions, profitable because of it.”
#Bangos nereikia $ bangos ateities sandorių rinkos. Jie yra FUD auginimo terpė ir užsidirba pinigų iš trumpųjų pozicijų, todėl pelninga.
Maloniai prašau visų #cex‘s to disable Waves futures markets.@binance @kucoincom @KRAKENFX @HuobiGlobal @okx @Bybit_Official
– Sasha.waves (@sasha35625) Gruodis 21, 2022
All attempts to calm fears about a potential death spiral for WAVES have been futile, as many believed that the token would eventually fail.
Your sacrifice will not be forgotten.$ Bangos to zero soon pic.twitter.com/C1vJZGQ26u
— Brandon Hong (@brandank_cr) Gruodis 21, 2022
WAVES in an ocean of losses
As of this writing, WAVES exchanged hands at $1.50. According to CoinMarketCap, the asset’s value declined by 58% over the last two weeks.
WAVES’ assessment on a daily chart revealed that the token had been severely distributed in the past few weeks. As a result, as its price fell, many holders exited the market while suffering significant losses on their investments.
Further, the token’s Money Flow Index (MFI) rested at 5.36 at press time, showing that it was oversold. Likewise, its Relative Strength Index (RSI) was spotted far from its neutral position at 27.46.
Are your WAVES holdings flashing green? Check the Pelnas skaičiuoklė
WAVES’ on-balance volume (OBV) declined by 8% in the last two weeks and was pegged at 530 million at press time. Usually, when an asset’s price and its OBV are making lower peaks and lower troughs, the downward trend is likely to continue. With increased negative sentiment trailing the token, its downtrend might persist.
Lastly, WAVES’ Chaikin Money Flow (CMF) rested below the center line in a downtrend at -0.18. A negative CMF is expected in a seller-dominated market, and a further decline should be expected with the state of things in the ecosystem.
Source: https://ambcrypto.com/waves-sees-increased-investor-distribution-as-usdn-troubles-persist/