While Bitcoin (BTC) and large altcoins are attracting the most attention from investors, there are several projects that aim to bring more decentralization, transparency, accountability, and financial inclusion to society and businesses.
Over the past few months, Cointelegraph has extensively identified such projects, and some of the recently highlighted tokens have seen massive increases in performance.
A good investor should keep track of the performance of all of the assets in their portfolio. Occasional reviews should remove the underperformers and add additional capital to the assets that continue to generate profit.
In this new series, we will look back at some of the projects that were analyzed earlier this year for an update of their fundamentals and current technical makeup.
LUNA / USD
The Terra Protocol’s LUNA token traded for $ 0.6310 on December 29, 2020. Since then, the LUNA price has risen to $ 12.12, which is a gain of 1,821% in about two and a half months.
Cointelegraph Markets Pro’s VORTECS ™ data deviates from March 7th price, suggesting a possible bullish outlook, although price continued to weaken.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
The graph above shows that the price continued to fall on March 7th, but VORTECS ™ remained at 67 and rose again a few hours before LUNA’s bottom near USD 7.83 on March 8th.
By then, the VORTECS ™ value had reached 75 and continued to pick up pace when the price hit $ 11.69 on March 9 when the VORTECS ™ value hit 86.
In terms of fundamental evolution, TerraUSD and its UST stablecoin saw tremendous demand from Mirror, Terra’s synthetic asset protocol. To meet the demand, 80 million Luna were burned to mint 447 million UST. This reduced LUNA’s circulating supply from 484 million to 404 million, which was a bullish move for the price.
Another event that turned out to be positive was Robinhood’s ban on trading its GameStop, BlackBerry and AMC stocks. This could have led a large number of traders to decentralized exchanges and synthetic assets.
During this time, the daily trading volume of the Mirror Protocol reached an all-time high of $ 44.42 million. The total value of locked assets on Mirror also reached 800 million in UST.
To encourage the continued use of UST, Terra financed its strategic investment arm Terraform Capital with start-up capital of USD 10 million. These funds will be used to fund projects that use UST and LUNA.
In addition to the groundbreaking developments, Terraform Labs, the company that manages Terra, received a boost when it raised $ 25 million from Mike Novogratz’s Galaxy Digital. This may have put the company in the focus of other larger investors.
LUNA broke out of the $ 5 to $ 8.50 range on March 8 and picked up speed to hit today’s $ 12 target. Traders appear to have booked gains near $ 12, as evidenced by the long wick on the day’s candlestick.
The rally has pushed the relative strength index (RSI) above 79, suggesting that the LUNA / USD pair is overbought in the short term. This could lead to a consolidation or a minor correction over the next few days.
If the bulls can flip the $ 8.50 level into support during the next dip, it could serve as a launch pad for the next leg of the uptrend, which could hit $ 15.50.
On the contrary, if the bears cut the price below $ 8.50, the pair may fall to the 20-day exponential moving average of $ 7.34. This is an important support to look out for as a rebound could keep the uptrend intact.
However, if the bears pull the price below the 20-day EMA, the pair may fall to the 50-day simple moving average of $ 4.68.
Vocational Education / USD
VeChain Token (VET) has also been in a crack since it was highlighted on December 29, 2020. The token has gone from $ 0.01916002 to $ 0.0675, which is a 252% gain in a short period of time.
Let’s look at the new fundamental developments that may have given the boost.
Norway’s Hydro has partnered with DNV Blockchain and launched the “Tag. Track. Trust. “The aim is to provide sustainability claims with verified data. This new platform enables customers to follow the entire journey of the product from the factory gates to its point of arrival.
Hydro plans to track the carbon footprint and traceability of aluminum from the raw material stage to the finished product. If successful, the pilot could get many other industries to try this service.
Another project by the Danish company ReSea, which cleans rivers and oceans, has been certified by DNV’s Chain of Custody. With the certification, every third party can check and track the recovered plastic in order to ensure transparency in the community-controlled collection process. The data is collected, recorded and monitored on the ToolChain platform and the associated mobile app.
In addition to real-world use cases, VeChain’s technology was also used to launch VIMworld, an NFT-based collectibles platform that can take advantage of the current NFT mania. This shows that VeChain is used across industries.
Vocational training is currently on a strong upward trend. The bulls pushed the price above the overhead resistance of $ 0.060 on March 8, signaling the resumption of the uptrend.
If the bulls can hold the price above the $ 0.06 breakout level, the rally could reach $ 0.085 and then $ 0.10. The rising moving averages and RSI in the overbought zone suggest that the bulls are in control.
Contrary to this assumption, the VET / USD pair could hit the 20-day EMA ($ 0.050) if the bears cut the price below $ 0.060. This is important support as a strong rebound suggests that the bulls are still buying on any dip.
Conversely, if the bears cut the price below the 20-day EMA, the pair could fall to the 50-day SMA ($ 0.0407). A break below this support could signal a turnaround.
HBAR / USD
Hedera Hashgraph (HBAR) was covered on January 21st when it was trading at $ 0.10064. The token rose to $ 0.21420 today, up 112% in just a month and a half.
When gas fees rose on the Ethereum network SUKU, the blockchain-based supply chain service ecosystem migrated from Ethereum to Hedera Hashgraph. This made Hedera a possible alternative to the Ethereum network.
In the past few days several large companies have joined the Hedera Governing Council and will operate the Hedera network nodes. Some notable names come from the Australian payment company eftpos, which operates Australia’s national debit card processing infrastructure and the Beem It app for mobile payments.
Standard Bank Group, the largest African bank by assets, and Électricité de France S.A. (EDF), a top five global utility serving customers around the world, have also chosen to partner with Hedera Hashgraph.
Hedera launched its Hedera Token Service in early February with over 60 initial ecosystem partners to support token issuers and application developers. With this step, the protocol opened its doors to the lucrative world of fungible and non-fungible tokens.
HBAR is on a strong uptrend. Both moving averages are rising and the RSI is in the overbought zone, indicating a clear benefit for the bulls.
However, the long wick of today’s candlestick suggests that traders are posting profits at higher levels. Initial support on the downside is $ 0.16 and if that breaks the HBAR / USD pair could hit the 20-day EMA ($ 0.142).
A strong rebound from both levels suggests buying on dips. The bulls will then attempt to resume the uptrend and push the price to the next major resistance at $ 0.25.
Contrary to this assumption, the pair will signal a possible change in trend if the price declines and falls below the 50-day SMA of $ 0.117. The bears will then attempt to bring the pair down to $ 0.08.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading step is associated with risks. You should do your own research when making a decision.