Wednesday, October 4, 2023

Waves, Celo, and INJ Collapses as DeFi Resurfaces


The surge in WAVES, INJ, and CELO appear to fuel by promising future growth potential and significant institutional investments.

On Tuesday, Bitcoin (BTC) regained a $1 trillion market cap. A rare TD consecutive buy signal see by fund manager Dan Tapiero when Bitcoin fell below $47,000. A Bitcoin price of $3,600 in March 2020 would trigger this alert. However, Tapiero expects Bitcoin to hit $100,000 this year.

Despite recent advances above $55,000, Bitcoin’s market dominance remains 49.5%. Indeed, cryptocurrencies are gaining popularity among investors. Cryptocurrency season doesn’t drive by retail. 

In the latest report, crypto investment consultancy firm Two Prime Digital Assets says institutional investors are hedging against “outsized volatility events.” Fortunately, A 20 increase in Ether futures shows corporate interest. While focusing on altcoins, let’s still look at three recent winners’ technical and fundamentals.


Many crypto fans desire to trade but lack trading abilities. So they either miss out on opportunities or lose money. Others are full-time employees. That means well-designed algorithmic trading can work, but it is risky.  “Lambo Investments” debuted on April 15. Its exchange platform offered a free Lamborghini Huracan to attract traders. 

Waves have made a splash in NFTs and decentralized finance (DeFi). Some investors, though, stay committed to the NFT. On April 12, Perfection, the first Waves Duck NFT, auctions for one million Neutrino USD (USDN), an algorithm stablecoin backed by WAVES.

Waves founder and CEO Sasha Ivanov has ambitious expansion plans. Traders will undoubtedly keep a keen eye on movements that may affect investor interest. WAVES soared from just an intraday low of $11.09 on April 23 with an all high of $21.09. Less profit-booking on the April 27 candlestick. WAVES/USDT may give up many of its profits and dip to $16–17. Investors are purchasing falls if the bulls could convert this zone into support.

In fact, the 20-day EMA of $14.64 increase, and the RSI is positive, indicating an upward path of least resistance. $21.09 may be retested on significant bounce-off support. The pair may reach $25 if buyers can break over this barrier. Any drop underneath the 20-day EMA invalidates this bullish outlook. This might bring the price to the 50-day SMA of $12.65.


Pantera Capital and billionaire Mark Cuban have invested $10 million in Injective Technology’s DeFi protocol. This is the decentralized Robinhood. The protocol stated on April 15 that Trezor users can now access Ethereum-based applications. It has worked with many blockchains to serve its users better. They are API3, Harmony, SLPBP, and Klaytn. Regular token drops in Equinox Staking intrigued investors.

Injective’s native token, INJ, rose from $10.91 on April 20 to $21.55 on April 22. The long wick on the candlestick indicates the bulls failed on April 20. The bears agitates and rushed to encircle the bulls. On April 23, traders purchased the 50-day SMA ($13.40) as well as the 20-day EMA ($15.26). Bulls are buying on falls.

Also, On April 26, the bulls reached $18.15. If bulls hold over $18.15, INJ/USDT might hit $21.55. A break above this level could open the way to $26.44. It’s more likely that the bears will reach the 20-day EMA. If broken, the pair may fall below the 50-day SMA.


CELON was $3.24 on January 26th. On April 21, the token hit a new high of $7.23. On April 20, Telkom Innovation Pool bought “a significant amount” of CELO tokens. The amount invested was not specified, but it is likely to boost sentiment.

Thus, the 21st released “Optics,” a new gas-efficient Celo-Ethereum bridge standard, an open, integrated blockchain ecosystem with Cosmos and Polkadot is now possible.

On April 22 (cEUR), Celo Euro mainnet debut announce after Celo Dollar (cUSD) in June 2020. Users can now donate or accept funds via Celo. Recently, CELO has consolidated around $3.50 and $5.76. Price fell below range supports on March 25, but bulls reclaimed it on March 26. The price increased sharply on April 20 and 21, but the bulls couldn’t hold on. The bears dragged the price in on April 22.

Bulls bought the 50-day SMA ($4.39) despite breaching below the 20-day EMA ($5.01). On April 25, the bulls recovered purchasing momentum, although short-lived. If the bulls retain $5.76, a $7.23 retest is probable.

However, if a break occurs, the price may jump to $8.00. Price may stay range-bound for a few days if bears push the price below 20 days EMA.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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