Dogecoin and Cardano saw promising rebounds in recent days, but this uptrend suddenly came to an end. Meanwhile, traders are looking to the explosive Lunex Network presale, which is already poised to dominate the entire crypto exchange market by 2025.
Dogecoin (DOGE) short position holders are selling
Dogecoin has been on an extremely bullish trend over the past few days, but all of these gains have generated 19,000 new Dogecoin addresses, reflecting increased investor interest. Even active Dogecoin addresses have seen a 37.23% increase over the past seven days, suggesting increased activity on the Dogecoin network.
Despite this promising rally, Dogecoin has now turned bearish on the DOGE/USDT daily chart. Dogecoin is currently trading at $0.1109 after a significant intraday decline of 5.43%. Given that Dogecoin volume is also up 9.99% in the past 24 hours, short-term holders might be selling at the moment.
Cardano (ADA) nosedives from breakout pattern
Cardano CEO Charles Hoskinson has announced that he will unveil a new roadmap for Cardano at the upcoming Cardano Summit in Buenos Aires in mid-October. However, unlike the typical uptrend that follows such major announcements, Cardano has abandoned its exit from a downtrend channel. Cardano is currently trading at $0.3665 after an intraday decline of 3.23%.
Since the Cardano daily chart is currently giving bearish signals. The current downward trend is expected to continue over the coming weeks. Most Cardano holders are currently short rather than long and increased selling pressure could trigger more declines in Cardano’s price. If profit-taking ensues, Cardano price could soon fall to the $0.312 support.
Lunex Network (LNEX) raises nearly 500,000 USDT in record time
Lunex Network’s LNEX presale is experiencing extreme bullish momentum as the new DeFi project has already raised 500,000 USDT within days of its launch. Since Lunex Network is not targeting a specific crypto sector but the entire crypto exchange industry, this new exchange-based token is already poised to generate 100x gains post-launch.
The main driving force behind Lunex Network’s rapid rise to the top is the platform’s cross-chain functionality. While traditional DeFi exchanges are still limited to a single blockchain network, Lunex Network allows traders to trade any of over 50,000 cryptocurrency pairs across multiple blockchains quickly and easily.
Since Lunex Network uses smart contracts to power its advanced aggregation tools, traders can get the lowest possible cost for each crypto transaction. Instead of fetching the transaction rate on a single network, Lunex Network splits the transaction across multiple blockchains to offer minimal costs for each transaction.
In addition to trading cryptos across multiple blockchains, Lunex Network’s DeFi wallet also allows traders to track their stocks, bonds, cryptos, and ETFs in one place. Since Lunex Network does not require any KYC verification upon registration, traders also do not have to worry about their security or anonymity being compromised.
Given these features, it is not surprising that the Lunex Network presale is seeing a massive influx of new investors every day. For now, Lunex Network is in its second presale stage with tokens being sold at a low price of just $0.0013 each. As Lunex Network gains momentum, analysts expect gains of up to 1,800% for LNEX before the end of the presale is wiped out by a sudden drop in the price of Dogecoin. As of September 30.
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