In this article we look at the latest relevant news and a price analysis for the crypto assets Stellar (XLM), Cosmos (ATOM) and Binance Coin (BNB).
What does the cryptocurrency market have in store for us these days?
All the details below.
Summary
Latest crypto news for Stellar, Cosmos and Binance
The latest crypto news for Stellar talks about the launch of a series of incentive programs that are part of the $100 million “Soroban” fund, aimed at helping the developer community test and experiment with projects on the smart contract platform.
In total there are 7 different programs that have already been launched or will be launched soon: Sorobounty Spectacular, Sorobanathon: Road to Mainnet, Stellar Community Fund (SCF), SCF Startup Camp, Soroban Dapps Challenge, RPCiege, and Soroban Quest.
Each of these is aimed at a certain class of developers with different skills and experience.
Speaking instead of Cosmos, it is worth noting the latest announcement by the Wormhole Foundation, which has launched an application, powered by the Cosmos SDK, to expand access to the interchain.
It is Wormhole Gateway and will help bring liquidity within all 23 blockchains connected to the project, improving security and protocol sovereignty.
Through a simple IBC integration, users will be able to link their funds to any IBC chain without added bridging costs.
The Cosmos SDK framework helps increase transparency and allows Wormhole to use IBC clients to facilitate liquidity transfers within the interchain while maintaining the free-flowing characteristics of the data.
Finally, as far as Binance is concerned, there is absolutely no denying the exchange’s latest collaboration with Canadian singer-songwriter “The Weeknd” who participated in his world tour, which began on 6 June.
Binance presided over all of the artist’s concerts bringing various gadgets and organizing some events to enhance the fan experience in the web3 world.
In particular, the exchange organized some “after hours” and gave away commemorative NFTs from the concert.
In parallel, at each of The Weeknd’s stops, a huge cube with the Binance logo was brought in on which an immersive AR experience was featured.
The last concert was in Prague and involved more than 60,000 people.
These kinds of participations by crypto service providers such as Binance help bring the younger generation into the world of web3 and enhance their brand in front of different audiences than those encountered in financial circles.
Market analysis of crypto assets Stellar (XLM), Cosmos (ATOM) and Binance coin (BNB)
Let’s now move to the markets and individually analyze the price-level situation of the crypto assets Stellar (XLM), Cosmos (ATOM) and Binance coin (BNB)
Starting with Stellar (XLM) we can immediately observe the positivity of the price action over the past month, propelled by the successful outcome of Ripple’s lawsuit against the SEC.
As Stellar is related to the blockchain network for transnational trades, on the day the court victory was announced, XLM pumped more than 60%.
In the following days, prices slightly corrected their trajectory by going into a bull flag with base at $0.13 and high at $0.19.
It is important for the cryptocurrency that the structure is not compromised and remains above the 60-period exponential moving average on the daily to continue the bullish trend.
Next target $0.236 where two tops touched in the past by the crypto converge.
In case of a bearish break, prices could easily return to the $0.1 area.
On the Cosmos (ATOM) front, things are decidedly worse: after closing out 2022 with a good year-end rally, the cryptocurrency saw a 2023 marked by only declines, with prices holding steady below the EMA 10 on the daily.
A few barren attempts at an upward restart were promptly blocked by the bears that drove ATOM’s value further downward.
Hence, the main trend is purely bearish, and the ending scenario for this year’s EMA is unchanged.
However, we may find a good entry for a speculative long as soon as (and if) the chart touches oversold levels in the RSI indicator, as happened for example on 10 June.
If you believe in the Cosmos project and the future of the interchains, no worries: these moments could be important to accumulate your holding and lower the average carrying price.
Finally, analyzing Binance coin (BNB) we cannot but notice an excess of volatility in the asset during 2023, driven by lawsuits and regulatory issues affecting federal agencies on various continents.
The exchange is working hard so that it can obtain the proper licenses in all the countries where it operates, although the undertaking is not trivial.
The failure of some of its actions in this area and the SEC attack have caused the value of Binance coin (BNB) to decline this year.
We are currently in a phase of lateralization, waiting for new stimulus to push prices toward a recovery of lost ground.
Although we are still in an uncertain market and there are few trading volumes on crypto market platforms, Binance still remains the leading exchange in the sector and its coin will be the first to pump in the event of a return to the bull market.
Therefore, no fears in the long run for BNB, which will find more serene moments.
In the short term, for an immediate restart it is first necessary to recover the $250 threshold, on which the daily EMA 60 flows, and then attack $280 and later $300.
The bearish scenario could instead see a return of the currency to the $220-$210 area.
Analysis of the total market cap of the crypto sector
In order to find a complete analysis cue of the altcoin sector of the crypto market and better understand the price action of Stellar, Cosmos, and Binance Coin, it is essential to take a look at the “total market cap” chart of the sector.
Removing the respective values of Bitcoin and Ethereum from the chart will provide a more realistic view of how much capital is entering/exiting the alt sector.
At this time it is obvious that investor interest is very low, with really sterile volatility and really low netflow.
Unlike the bull market period where several tens of billions of dollars were coming in every week, and the bear periods where as much was going out, right now we see little movement.
The total market cap (excluding BTC and ETH) currently comes in at $339.9 billion with a chart that is trending slightly downward.
It is difficult to find any cues to trade in the short term, whereas in the long term we can take advantage of these opportunities to increase holding positions.
A recovery of the $400 billion and later the $500 billion could trigger a restart of the whole market bringing back the much-loved “alt-season” that traders like.
Before then, there is much to watch out for.
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