Altcoins
Analysis of altcoins METIS, Quant (QNT) and Serum (SRM)
In this article, we will see the latest news most relevant to crypto projects MetisDAO (METIS), Quant and Serum and their respective altcoins.
One such cryptocurrency in particular is gaining mainstream attention, driven by a truly remarkable price increase.
Let’s see all the details below.
Latest news from crypto projects MetisDAO, Quant and Serum: which is the best altcoin?
Starting with the most interesting news to report today, we can mention the recent growth of the MetisDAO crypto ecosystem.who records on the chain indicators showing strong growth.
The Project Foundation, which supports the decentralized network of type layer-2is going through a phase of strong growth after presenting at the beginning of this month a a $360 million fund for the development of its own ecosystem.
The money will be used to strengthen the liquidity of its markets, its decentralized activity and the adoption of protocols built on it.
The fund has been widely welcomed by investors and users of Challenge applications, to the point that it has led to a +850% increase in active wallets on Metis over the last 10 days.
All this reinforces the image of a very valuable infrastructure within the L2 world, often underestimated in the past but now on the verge of demonstrating its potential to the entire crypto world.
Currently, Métis has a TVL of $695 million, with a growth of 560% in the last 7 days, positioning the network in 4th place in the ranking of second layer blockchains on L2Beat.
In terms of costs, Metis represents the most cost-effective solution that users can rely on.
Now moving on to Quant, we see how on December 24, Christmas Eve, the “Quant Advent 2023” ended, with which the web3 interoperability project team wanted to celebrate a year of success within its own community.interoperability.
From December 1st to December 24th, every day there were many topics covered, ranging from the most important news coming at Quant to new use cases and perspectives in the world of decentralized finance.
On the last day of Quant Advent, the theme of CBDC was discussed, recalling the words of Bank of England Deputy Governor Sir Jon Cunliffe, who predicted “a sea change on the horizon” on the digital payments front at the Innovate Finance Global Summit in April.
The theme of the day served to remind the community how The introduction of CBDCs is now considered a given in the new technology landscape and that it is now only a matter of time before they become as dominant as cryptographic stablecoins.
However, the biggest proponents of the cryptocurrency world are still hostile to the integration of CBDCs, as they claim that it completely eliminates the privacy aspect of its users, jeopardizing their freedom.
We will see in the coming months how and if the two extreme poles of decentralization through distributed systems and the centralization of digital central currencies will integrate with each other and which will be the preferred choice for investors.
Finally, speaking of Serum, there doesn’t seem to be any particularly interesting news on the horizon: the project, after the FTX Crash in November last year, is now dead.
Contrary to Solana and other protocols built on the blockchain that managed to recover after the economic and moral setback of 2022, Serum has developed NOTHING further.
His website is now offline and his X profile has no posts.
Even on Github, there are few commits to the Serum Repository, which is a testament to the fact that the DEX has now been abandoned even by its developers.
Technical analysis of altcoins METIS, QNT and SRM
Now let’s see the graphical situation for 3 altcoins METIS, QNT and SRM, belonging to the respective projects MetisDAO, Quant and Serum.
One cryptocurrency in particular has stood out for its performance in the cryptocurrency markets in recent days: METIS, whose price has increased by 246% in the last 7 days, thanks mainly to the developments we mentioned in the previous paragraph.
The crypto rally is a testament to the fact that It is not only Solana that is leading the positive trend of altcoins, but many other resources are creating their own stage to perform.
The METIS chart speaks for itself: the last 4 daily candles have taken the currency from $39 to the current $92 “to the moon”.
The increase volumes accompany the bullish surge of the asset, which could continue the movement in the coming days.
However, be careful with the extension of METIS which currently marks one of the highest values RSI ever recorded since its inception: a significant retracement could be expected in the near future.
For those looking for the long, it is absolutely necessary to pay attention to the psychological level of $100 on which METIS could stumble or dictate the continuation of its upward trend.
The situation is still positive, but much less encouraging for QNT, which despite recent increases has not yet reached the annual highs of around $160.
The altcoin, after marking a +28% in the last 7 trading days, could soon start a downward reversal, as anticipated by the local top in the form of a spike that is forming.
The bearish divergence in the RSI also indicates a high probability of a correction that could occur at any time.
This does not, however, exclude the possibility of a bullish continuation, which finds more support in the thesis of a break of the 150 days with significant volumes.
If this level is exceeded, we could see new annual highs before the end of 2023.
Anyway, for the interoperability project web3Next year should be broadly positive on the speculative front, leading to further price increases, but not immediately.
For short sellers, the level to watch for an increase in positions is $130, which if broken to the downside could lead to a sharp acceleration into the red.
On the SRM front, however, the analysis sees an altcoin in total distress, devoid of any support, whose prices are now in free fall.
As could be deduced from the previous paragraph, it is clear that, now that the development of the project has been abandoned, its crypto is also going through a phase of disinterest from the market.
Since the collapse of FTXSRM prices have been in a continuous downtrend, interrupted almost only by occasional manipulation situations handled by whales that have tried to speculate on a coin with very low trading volumes.
While many other altcoins are expected to rally in 2024, the same cannot be said for SRM: projections indicate a bearish year for the coin, which could even drop below the current low of $0.03.
This is a dramatic situation, especially for those who purchased the token in September 2021, when its price was above $12.
The Serum case teaches us to diversify our positions without ever betting on a single altcoin.
