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Bitcoin as well as the majority of the cryptocurrency market experienced a serious downtrend these past few days with the flagship coin breaking below $28,000.
Let’s see which altcoins you should keep tabs on this week.
Zilliqa
The Zilliqa platform employs a unique sharded architecture to tackle the scalability issues experienced by other blockchains. Zilliqa can enhance the network’s overall throughput capacity by permitting multiple chains to process transactions concurrently.
In December 2022, the platform announced that EVM compatibility had been launched on a testnet, allowing smart contracts written in Solidity to be deployed natively to the Zilliqa blockchain. The next step after this testnet implementation is to bring the first complete release of EVM compatibility to the Zilliqa mainnet, which is set to go live at 08:00 UTC on April 25th, 2023.
EVM compatibility is coming to the #Zilliqa mainnet on April 25th, 2023!
This will allow users to transfer $ZIL with @MetaMask, deploy Solidity dApps on the network, and more.
Read more about EVM coming to mainnet:https://t.co/ccHjH8Mfdd#EVM https://t.co/ccHjH8Mfdd
— Zilliqa (@zilliqa) March 20, 2023
At the time of writing, ZIL is trading at $0.03187 after an 8.3% drop in the past 24 hours and has a $127.5 million trading volume. With its current market cap of 504.7 million, ZIL is ranked #86, according to CoinMarketCap data.
The 1-day technical analysis looks bullish, as the summary is pointing to “buy” with 14 signals, and the moving averages show “strong buy” with 12 signals.
SushiSwap
Sushi’s Merkle Distributor has been in operation for more than a year, enabling users to access their vested SUSHI tokens. In October 2021, a full release of all vested SUSHI tokens was made in the last update.
⏰ A reminder to claim your $SUSHI before the Merkle Tree Clawback is triggered.
⏳ The deadline is April 23rd, 2023 at 13:00 UTC!
❗️Act now and head to https://t.co/lm5dyd4Ebs to claim your $SUSHI (make sure to connect your wallet)
More info ⤵︎https://t.co/FHkv5BCpW6
— Sushi.com (@SushiSwap) March 3, 2023
However, the number of withdrawals has decreased significantly during the year, resulting in 10,936,284 unclaimed SUSHI tokens. Therefore, a Merkle Tree Clawback Proposal was suggested to clawback these tokens on April 23rd, 2023. This proposal was aimed at gathering community feedback on whether to execute the clawback and to decide on a timeframe for its implementation.
A three-month claim period has been granted after the implementation snapshot (which passed with 99.9% approval on January 23rd). After the deadline, the unclaimed tokens will be transferred directly to the treasury. The current clawback amount is near twice the amount of Sushi in the treasury.
Currently, SUSHI is trading at $1.03 after a 14.5% price drop in the past 7 days and has a 24-hour trading volume of $19 million.
The summary on the TA shows “sell” at 15 and the moving averages point to “strong sell” at 13.
Flow
Flow is a blockchain platform initially developed with gaming in mind but has since grown to accommodate various use cases since its introduction in 2020. With Flow’s blockchain, users can execute quick and inexpensive transactions while also having access to smart contracts.
One notable example of a Flow-powered blockchain application is NBA Top Shot, which offers non-fungible tokens (NFTs). Moreover, Flow operates its own digital currency, FLOW, which is actively traded on the market.
Flow’s upcoming upgrade on April 26th at 15:00 am UTC will unlock faster and more efficient data exchange and pave the way for more ergonomic ways to consume chain data and provide fully automated rewards payout.
Flow will be undergoing an upgrade on the 26th April, 8am PT! The upgrade includes:
⚡️ Unlocking faster & more efficient data exchange
🏅Making the network more resilient & light clients more efficient with the new consensus follower
💚 Paving the way for more ergonomic ways to…— Flow (@flow_blockchain) April 19, 2023
With a price of $0.8892 after a 17.25% drop in the past week, FLOW is currently ranked #53 and has a $921 million market cap. The 24-hour volume for the altcoin is around $15.4 million.
As for the technical analysis, the summary shows “sell” with 15 signals, while the moving averages point to “strong sell” with 13.
Helium
The Solana blockchain successfully welcomed the Helium (HNT) Network migration on Wednesday.
This transition promises more significant advantages for the Helium Network, such as quicker transaction processing and fresh smart contract capabilities.
Consequently, the Helium Foundation and other participating organizations can now concentrate on enhancing the development of decentralized wireless networks. They aim to create new applications that promote economic efficiencies and reduce the digital gap without worrying about maintaining a L1 blockchain.
HNT is priced at $1.84 after a 4% decline in the past 24 hours and has an $8 million trading volume. The $256 market cap ranks it #129 on CoinMarketCap.
The 1-day TA look rather bullish, with the summary and moving averages showing “buy” at 10 and 9, respectively.
Cardano
At present, opposing views are prevalent regarding the future trajectory of ADA’s value. Those who hold a bullish stance are optimistic due to various factors, such as the cryptocurrency’s well-established support level of $0.38, positive updates from its development team, and the increasing adoption of its blockchain technology.
In contrast, those with a bearish viewpoint contend that the recent rebound of ADA from the $0.38 support level could encounter formidable resistance at the $0.40 level, which has previously impeded its upward momentum.
Depending on their perspective, investors may choose to purchase ADA if it breaks above the $0.40 resistance level, short it if it is rejected at that level, or trade within the range of $0.38 support and $0.40 resistance.
ADA’s current price is around $0.385, with a 15% decrease in the previous 7 days, and it has a $237 million trading volume.
The TA from TradingView looks bearish, with the summary and moving averages pointing to “sell” with 9 and 5 signals, respectively.