Published
5 months ago on
November 28, 2023
Table of Contents
- Meme Moguls - Merging Finance and Fun for Memecoin Traders
- Bitcoin holds the line above the support level of $35,600
- Aave Rallies Amidst CZ Departure and Chainlink Collaboration
With Fidelity and BlackRock both recently filing for spot Bitcoin and Ethereum ETFs, more institutional options could soon emerge for crypto exposure. However, for now, Bitcoin price action remains in consolidation mode after last week's correction. This is proving bullish for altcoins such as Aave and Meme Moguls, both on the rise, with the latter being an exciting and fun concept that is attracting attention from seasoned traders.
Meme Moguls - Merging Finance and Fun for Memecoin Traders
Technical analysis and traditional coins, while important, can be a little dull. Aave combines finance with fun through its community and the Aavegotchi game. Meme Moguls aims to do a similar thing for the memecoin community. The platform will be a memecoin decentralized exchange, a community hub, and combine play-to-earn games with the fun of memes.
For many of us, this whimsical element of crypto is part of what keeps us coming back for more. However, the Meme Moguls team realized that there was no single place for people to trade memecoins, share insights, and also earn at the same time.
People will be able to earn MGLS just from participating in the community, by winning at the MM casino, or by choosing the best meme portfolio in the MM fantasy league.
The DeFi side is important too and traders will be able to see and analyze memecoin trends and earn MGLS and NFTs by providing liquidity and staking their coins.
Meme Moguls is in the first stage of presale at $0.0021 with predictions of a 100x surge in the presale alone, so the only way is up! To reward early investors, the team is also giving away $10,000 at the end of each presale stage.
Bitcoin holds the line above the support level of $35,600
As major asset managers submit ETF applications, Bitcoin trades rangebound following the profit-taking shakeout. Analyst Daan Crypto views this stabilization period as healthy, allowing the market to digest recent volatility. For Bitcoin, the key question is whether it can build momentum for the next breakout attempt.
So far, price action has found support near $35,700 and the monthly volume weighted average price. Historically this level has offered backstops during pullbacks. Holding here keeps short-term momentum intact. However, Daan cautions that failure to maintain this floor could accelerate selling pressure towards the low $30,000s.
For now, easing bearish momentum hints buyers taking advantage of the dips could return, limiting further downside. This ranging behavior shows Bitcoin digesting recent swings while participants reevaluate conviction. Once a directional cue emerges, Bitcoin could challenge resistance around $45,000. But patience remains key until its next trend manifests.
Bitcoin is maintaining its position and currently changing hands at $36,294.
Aave Rallies Amidst CZ Departure and Chainlink Collaboration
When Bitcoin goes sideways after a rally, altcoins usually jump. Aave saw a gain of 5.2% over the last 24 hours as the market waits to see where Bitcoin will go. This follows the news that CZ’s Binance has stepped down due to the current investigation. Although many will be sad to see the bastion of crypto’s CEXes step down, the net effect is that Binance will be able to keep operating, which is ultimately bullish for the entire market, including Aave.
Short-term technical indicators for Aave are strongly bullish, according to Central Charts.
From a long-term development perspective, the collaboration with Chainlink’s interoperability protocol is also very bullish.
Currently, though, Aave is struggling with its stablecoin GHO. It has not been able to stay pegged at its intended $1 price since it launched over the summer. Aave's founder said that getting people to use GHO was more important at first than keeping it at exactly $1. But now work is underway to reclaim the peg.
Recently a special group focused just on GHO's price - called the Liquidity Committee - formed to guide efforts back to $1, tapping a developer nicknamed TokenBrice to hit $0.985 by November 30. While it's unclear if they will make it, this very public process tries new ways to stabilize coins for everyone to learn from.
Aave’s Aavagotchi game, image courtesy of Aavegotchi’s Medium
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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