As Solana experiences a significant dip in its price, investors are turning their attention to alternative investment opportunities. DeeStream’s innovative streaming platform emerges as a beacon for Monero and Cosmos investors amidst the market downturn.
Moreover, the 23% dip experienced by Solana has caused some investors to also look for alternatives to diversify their portfolios. Meanwhile, Monero and Cosmos investors are making moves to secure their slots in the DeeStream presale while the opportunity is still available.
Analyzing Solana’s price movement
Solana recently experienced a drop in its price, falling to $118 before rebounding to $155. This rebound was driven by strong buying activity at support levels, indicating investor confidence in the cryptocurrency. For long-term investors, the range between $132.40 & $121.36 is seen as a potential buying area, as Solana’s price has retraced from its previous highs. Should Solana make a turnaround from these buying zones, its initial target could be $166.
This indicates that it could be wise to consider making strategic long-term investments in Solana if its price settles within the suggested purchase zone. To mitigate risks, investors can consider placing strategic stop-loss orders just under the lower boundary of this zone, which stands at $121.36. Additionally, it’s advisable to contemplate profit-taking plans if Solana’s price nears or surpasses the target of $166.
Kraken delisting Monero in Ireland and Belgium
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Kraken, a prominent cryptocurrency trading platform, has announced the delisting of Monero for users in Ireland and Belgium. This change will take effect on June 10, 2024. Any remaining Monero balances users hold will be automatically converted to Bitcoin following the delisting date. The platform will cease Monero trading and deposits starting May 10, 2024, prohibiting further transactions involving the privacy-focused cryptocurrency.
Additionally, Kraken has mandated the closure of all margin positions in Monero by the same date, with any remaining positions set to be automatically closed by the platform. Kraken’s delisting announcement coincides with the upcoming full implementation of the European Union’s Markets in Crypto-Assets (MiCA) legislation. At present, Monero is trading at approximately $126, with a decrease of around 6.25% in the past week.
Cosmos faces market downturn
Cosmos, a key player in the cryptocurrency world since its software launch in 2019, is experiencing a market downturn. Its value has dropped significantly to $8.57, indicating a cautious sentiment among investors. The decline in Cosmos trading volume, down by 50.85%, suggests that investors are shifting their focus towards potentially more profitable ventures.
Despite the current downturn, a crypto analyst named Bstaz15 remains optimistic about the Cosmos token’s future. According to Bstaz’s analysis, Cosmos is currently 8% above its 200-day Exponential Moving Average (EMA), suggesting an upward trend with a potential price target of $17 by the end of the month. This would represent a significant increase from its current trading price of $8.57 on the crypto market.
DeeStream’s streaming platform becomes a beacon for investors
DeeStream is changing how online streaming works by creating the first decentralized platform where content creators can connect directly with their fans worldwide. A big part of what makes DeeStream unique is how it shares its revenue: half of the money made from sponsored ads and platform fees goes to people who own DeeStream tokens.
The live-streaming market worldwide was worth about $160.55 billion in 2024, and experts think it’ll grow even bigger to about $247 billion by 2027. DeeStream is in a good spot to get a big piece of this expanding market. DeeStream is currently going through its presale, which is at Stage 2, and the tokens are priced at only $0.06 per token. This means investors can get involved early in a project with lots of potential to grow.
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Find out more about the DeeStream presale by visiting the website here.
Disclaimer: This article is sponsored content and is not financial advice. CryptoNewsZ does not endorse or guarantee the accuracy of the content. Readers should verify information independently and exercise caution when dealing with any mentioned company. Investing in cryptocurrencies is risky, and seeking advice from a qualified professional is recommended.
