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ThecoinrepublicCryptocurrencyCan LINK, SNT, & ETH Show Gains...
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Can LINK, SNT, & ETH Show Gains Amid Rising Development Activity?

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As the market still awaits positive news, the weakness of the market leaders has severely impacted Altcoins, dragging them toward demand zones. 

Notably, a few ERC-20 tokens noted significant development activity in the last 30 sessions. Chainlink, Status, and Ethereum emerged as the top ERC-20 tokens that experienced a significant amount of development activity in the last 30 days. 

Hence, these can be good picks for investors if the broader market heads for a recovery. Investors need to add them to their watchlist as these cryptos may recover as soon as the sentiment improves.

Chainlink (LINK) Cryptocurrency

Chainlink crypto suffered rejection from the 20-day exponential moving average, losing most of the week’s gains. The bulls attempted a recovery this week after losing for three consecutive weeks; however, the bears made a comeback near the 20-day EMA, restricting the bulls. 

The development activity chart reveals that there has been a notable rise in the development activity of LINK. The development activity surged by approximately 40% this month and reached a 3-month high.

Furthermore, the development activity reflects the level of activity in the form of undergoing projects and developments in the crypto. Increased development activity indicates high developer confidence in the project for further growth, and this is usually followed by a rise in price.

Status (SNT)

The daily SNT/USD chart reveals that Status Crypto had been suffering from strong selling pressure after a bearish reversal was observed. SNT is looming below all key exponential moving averages including the 20, 50, and 200 day EMAs.

Moreover, Santimant data shows that there has been a notable jump in the development activity of Status crypto. The crypto registered the 2nd highest development activity after Chainlink in the past 30 sessions. 

At the time of writing, the crypto was exchanging hands at $0.026, recording a swift intraday loss of 0.66%. Ranked 363rd in the crypto verse, the crypto had a market cap of $102.68 Million.

Ethereum (ETH)

Ethereum Crypto seemed to be stabilizing near the $3300 level, possibly taking a short break from falling further. The bearish momentum appears to be waning at the moment. However, it has not faded completely. 

The significant jump in the development activity could further attract the bulls. However, it is necessary for the ETH crypto to surpass the $3478 level in order to reclaim the bullish territory. 

Ethereum enjoys being the market leader behind Bitcoin, which has a live market capitalization of $406.5 Billion. Being the second-largest cryptocurrency, it has a dominance of 18% in the cryptoverse. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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