Cryptocurrency Market Update: PI Coin Remains Steady at $1.95, Hedera Helps Power Ivorypay, and BlockDAG's Venture Capital Deal Boosts $204.5M Presale Funding
Coin Traffic: BlockDAG's Big Leap: Venture Capital, Listings, and Scaling Impact
The blockchain landscape is shifting under institutional funding, pushing some projects to the forefront. BlockDAG is on the cusp of sealing its first major venture capital (VC) deal, sending ripples across the industry.
BlockDAG: The Coin That Won't Settle
BlockDAG has been running hot since its presale round, raking in a mammoth $204.5 million and selling over 18.7 billion BDAG coins[1]. Institutional bigwigs have been keeping a close eye on the project, captivated by its momentum and rapidly expanding ecosystem.
A VC investment signifies more than just cash infusion—it offers strategic partnerships, industry credibility, and expansion[1]. The newfound capital could turbocharge BlockDAG's testnet development, developer support, and staking rewards. Moreover, the venture capital could pave the way for listings on major exchanges, making BDAG more accessible.
The market views institutional backing as a bullish sign, stoking speculative interest in BDAG. Already, more than $6.5 million has been generated from miner sales, and 16,000 units have been sold, highlighting BlockDAG's gaining ground[1]. With expectations skyrocketing, BlockDAG is poised to play a significant role in the evolving blockchain landscape.
PI Coin: Stuck at the Crossroads
PI Network's coin has experienced dramatic price swings, peaking at $3 on February 27 and plummeting to $1.51 by March 2[2]. This rollercoaster ride culminated in the formation of a descending resistance trendline[2]. Although the coin broke the trendline on March 3, the $1.95 barrier remains a formidable obstacle that has repeatedly derailed any further price jumps.
Technical analysis suggests a potential recovery. The RSI is bobbing above 50, and the MACD is hinting at a bullish crossover, signaling possible upward movement[2]. Additionally, wave count analysis suggests PI's five-wave surge was followed by an A-B-C correction that wrapped up at the 0.618 Fibonacci support level[2].
If PI manages to breach the $1.95 resistance, it could propel itself to $2.40. Conversely, failing to surpass this barrier could lead to a freefall towards the 0.786 Fibonacci support at $1.11[2]. The next move lies in PI's ability to maintain momentum and surge beyond the current resistance.
Hedera Lends a Helping Hand: Africa's $117 Billion Crypto Market
Hedera has backed Ivorypay, a crypto payment platform enabling African businesses to accept stablecoin transactions[3]. Since its inception in 2022, Ivorypay has processed over $80 million in transactions and onboarded 8,000 merchants across Nigeria, Ghana, Kenya, and South Africa[3].
Despite this growth, Africa's crypto transactions totaled $117 billion in 2023[3]. Traditional payment methods remain costly, resulting in an estimated $5 billion in annual financial losses due to colossal transaction fees averaging 8-10%[3].
Ivorypay is integrating Hedera's fast and low-cost blockchain technology to streamline payments, slash costs, and bolster security[3]. This collaboration aims to advance stablecoin adoption for remittances, online shopping, and retail payments. Additionally, Ivorypay is developing tools such as a payment app, POS systems, and ATMs to make digital assets more accessible.
BlockDAG: Gaining an Edge, PI Struggling, Hedera Soaring
With institutional capital driving market trends, promising projects gain an edge. PI's technical resistance demonstrates the challenge of sustaining momentum without strong backing. Hedera's investment in Ivorypay could transform Africa's crypto market, yet its long-term consequences remain uncertain.
BlockDAG's impending VC deal could fortify its position, enabling adoption, exchange listings, and ecosystem growth. With scalability and credibility becoming increasingly crucial factors, BlockDAG's development places it ahead of projects still striving for their foothold in the industry.
sources:- [1] - https://newsdeck.cmc.com/blockdag-on-the-verge-of-securing-vc-support/- [2] - https://newsdeck.cmc.com/pi-coin-struggles-at-a-crossroads-breakout-to-2-40-or-drop-to-1-11-2/- [3] - https://newsdeck.cmc.com/hedera-backs-ivorypay-transforming-africas-117b-crypto-market/
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- The approaching venture capital (VC) deal for BlockDAG could potentially bring strategic partnerships, industry credibility, and accelerate testnet development, staking rewards, and developer support.
- Institutions have been closely watching BlockDAG due to its impressive momentum and expanding ecosystem, which was highlighted by a $204.5 million presale round.
- BlockDAG's newfound capital could pave the way for listings on major exchanges like Kraken, making BDAG more accessible to potential investors.
- With significant resistance to overcome on key exchange listings, BlockDAG's position in the evolving blockchain landscape will likely be determined by its ability to scale its impact and adapt to new technology in finance.
