Recent developments have led to notable rallies in Kaia (KAIA) and Akash Network (AKT), both of which are benefiting from strong partnerships and bullish market sentiment.
Conversely, Ethena (ENA) has encountered price correction after a strong performance.
Kaia (KAIA) witnesses an impressive surge
Kaia (KAIA) has rapidly become one of the top-performing tokens in the market, boasting a 12.2% increase in its price over the last 24 hours.
The token has experienced a remarkable 23.7% rise over the past 7 days and a 28.2% jump in the last 14 days, indicating that it is on a strong upward trajectory.
Source: TradingView
This performance is largely attributed to the strategic initiatives Kaia has taken, particularly in Web3, where it is positioning itself as a key player.
One of the primary drivers of Kaia’s growth is its partnership with ABGA and Animoca Brands, which was officially announced to support the Kaia Demo Day.
🎉 We’re thrilled to announce that ABGA is partnering with @animocabrands to support the upcoming Kaia Demo Day hosted by @KaiaChain and @dosi_official! This strategic collaboration aims to provide Kaia projects a premier platform to showcase pioneering Web3 technology,…
9:10 AM · Nov 18, 2024
This partnership, aimed at showcasing Web3 innovations, has elevated Kaia’s visibility within the decentralized technology ecosystem.
The collaboration is expected to provide Kaia with a significant platform to present its solutions, helping to build greater awareness and trust in the project’s potential.
The Demo Day is set to feature cutting-edge Web3 projects that are helping to shape the future of decentralized applications.
In addition to this partnership, Kaia’s integration into various decentralized finance (DeFi) initiatives and its work on advancing blockchain technology further solidify its prospects.
With Kaia’s role growing in the Web3 space, many expect the token to see continued demand, making it an attractive prospect for investors looking for exposure to next-generation blockchain projects.
Akash Network (AKT) bullish momentum continues
Akash Network (AKT) has seen one of the most impressive rallies among altcoins in recent weeks.
After breaking out from a key resistance level at $3.84, the token surged past the psychological $4 mark and continued its upward trajectory.
Over the past 16 days, AKT has gained a staggering 103%, marking a significant reversal from its previous lows.
As of now, the token is trading at $4.18, with some analysts predicting that it could soon surpass its 52-week high of $6.82.
Source: TradingView
The Akash price has surpassed the 61.8% Fibonacci retracement level, which suggests strong market sentiment.
In addition, the 50-day and 100-day exponential moving averages (EMAs) are on the verge of a bullish crossover, indicating that the market is poised for further growth.
Further fueling the optimism around AKT is its potential for a Binance Futures listing, which could bring increased liquidity and drive the price higher.
The AKT-USD pair listing on Binance is expected to attract more institutional and retail investors, boosting demand and possibly pushing the price beyond its all-time high of $8.04.
The upcoming resistance levels for AKT are projected at $4.90 and $6.19, while the more bullish targets are set at $8.315 and $12.09, should the rally continue to gather steam.
However, the Relative Strength Index (RSI) is in the overbought region, which could signal a possible pullback in the short term.
Ethena (ENA) struggling with short-term setbacks
While Kaia and Akash Network are seeing bullish trends, Ethena (ENA) has faced some struggles, with a notable 11.9% decline in its price over the past 24 hours.
This drop follows a period of strong performance, with ENA showing a 35.8% rise over the last 30 days.
Source: TradingView
The primary catalyst for Ethena’s recent volatility is its ongoing efforts to adjust its fee structure.
The Ethena Foundation has finalized plans for a fee switch by November 30, which will significantly impact how the protocol generates revenue.
The Ethena Foundation is pleased to share that the @wintermute_t proposal to enable an $ENA fee switch has been approved by the Risk Committee The Foundation will be working with the Risk Committee to crystallize parameters for fee switch activation by 30th November, with…
8:07 PM · Nov 15, 2024
This move follows the approval of the Wintermute proposal, and the foundation is working closely with the Risk Committee to set the conditions for this major update.
The specifics of this fee adjustment will be disclosed soon, but the overarching goal is to bring more transparency and decentralization to the protocol’s revenue model.
In line with its commitment to decentralization, Ethena has emphasized that all income generated by the protocol will go toward the ecosystem, rather than to any centralized service providers. This is a crucial step in ensuring the long-term sustainability of the network.
Additionally, the foundation has committed to allocating protocol income to sENA-related projects, allowing for further development and improvements.
Despite these positive developments, the short-term price drop suggests that investors may be cautious about the potential outcomes of the fee switch and other protocol changes.
As the market adjusts to these updates, Ethena’s price may remain volatile in the near term, but its long-term prospects depend on how successfully it can navigate these changes and continue growing its ecosystem.
The post Ethena price drops as Kaia and Akash Network rally appeared first on Invezz
Read the full article here
