In this article we will see the latest most relevant news for the cryptographic projects MetisDAO (METIS), Quant and Serum and their respective altcoins.
One of these cryptocurrencies in particular is attracting the attention of the general public, driven by a truly remarkable price increase.
Let’s see all the details below.
The latest news for the crypto projects MetisDAO, Quant and Serum: which is the best altcoin?
Starting from the most interesting news to report today, we can mention the recent growth of the cryptographic ecosystem of MetisDAO, which is recording on-chain metrics in strong growth.
The Foundation of the project, which supports the decentralized network of type layer-2, is going through a phase of strong growth after presenting at the beginning of this month a fund worth 360 million dollars for the development of its own ecosystem.
The money will be used to strengthen the liquidity of its markets, decentralized activity, and the adoption of protocols built on it.
The fund has been widely welcomed by investors and users of DeFi applications, to the point that it has led to a +850% increase in the number of active wallets on Metis in the last 10 days.
All of this strengthens the image of a very valuable infrastructure within the world of L2, often underestimated in the past but now on the verge of demonstrating its potential to the entire crypto world.
Currently, Metis has a TVL of 695 million dollars, with a growth of 560% in the last 7 days, positioning the network in 4th place in the ranking of second layer blockchains on L2Beat.
In terms of fees, Metis represents the most cost-effective solution that users can rely on.
The number of active wallets on #Metis is up 850% in the last 10 days
Check it out at https://t.co/HakMcam9jL!
— Metis
(@MetisDAO) December 27, 2023
Now turning to Quant, we see how on December 24th, Christmas Eve, the “Quant Advent 2023” has come to an end, with which the web3 interoperability project team wanted to celebrate a year of successes within their own communityinteroperability.
From the 1st to the 24th of December, every day many topics have been discussed, ranging from the most important news coming to Quant’s house to new use cases and perspectives in the world of decentralized finance.
On the last day of Quant Advent, the topic of CBDC was discussed, recalling the words of the Deputy Governor of the Bank of England Sir Jon Cunliffe, who had predicted “a radical change on the horizon” regarding the digital payments front at the Innovate Finance Global Summit in April.
The theme of the day served to remind the community of how the introduction of CBDCs is now taken for granted within the landscape of new technologies and that it is now only a matter of time before they become as dominant as cryptographic stablecoins.
However, the biggest supporters of the cryptocurrency world are still hostile towards the integration of CBDCs, as they claim that it completely eliminates the privacy component for its users, jeopardizing their freedom.
We will see in the coming months how and if the two extreme poles of decentralization through distributed systems and the centralization of digital central currencies will integrate with each other and what will be the preferred choice of investors.
Finally, speaking of Serum, there don’t seem to be any particularly interesting news on the horizon: the project, after the FTX crash in November of last year, is now dead.
Unlike Solana and other protocols built on top of the blockchain that managed to recover after the economic and moral setback of 2022, Serum has not developed ANYTHING anymore.
His website is now down and his profile on X does not have any posts.
Even on Github there are few commits on the Serum Repository, a testament to the fact that the DEX has now been abandoned even by its developers.
Technical analysis of altcoins METIS, QNT, and SRM
Let’s now see the graphical situation for 3 altcoins METIS, QNT and SRM, belonging to the respective projects MetisDAO, Quant and Serum.
One particular cryptocurrency has stood out for its performance in the cryptocurrency markets in recent days: we are talking about METIS, whose prices have risen by 246% in the last 7 days, thanks mainly to the developments we discussed in the previous paragraph.
The crypto rally testifies to the fact that it’s not just Solana leading the positive trend of altcoins, but many other resources are carving out their own stage to perform on.
The METIS chart speaks for itself: the last 4 daily candles have brought the currency that has gone from 39 dollars to the current 92 “to the moon”.
The increasing volumes are accompanying the bullish push of the asset, which could continue the movement in the coming days.
However, be careful with the extension of METIS, which currently marks one of the highest values RSI ever recorded since its inception: we could expect a significant retracement in the near future.
For those who are looking for the long, it is absolutely necessary to pay attention to the psychological level of $100 on which METIS could stumble or dictate the continuation of its upward pattern.
Always positive situation, but much less encouraging for QNT, which despite the recent increases has not yet reached the annual highs located around 160 dollars.
The altcoin, after marking a +28% in the last 7 trading days, could soon start a downward reversal, as anticipated by the local top in the form of a tip that is forming.
The bearish divergence on the RSI also indicates a strong probability of a correction that could occur at any moment.
However, this does not exclude the possibility of a bullish continuation, which finds greater support in the thesis of a break of the 150-day with significant volumes.
If that level were to be broken, we could see new annual highs before the end of 2023.
Anyway, for the interoperability project web3, next year should be overall positive in the speculative front, leading to new price increases, although not immediately.
For short sellers, the level to keep an eye on for an increase in positions is $130, which if broken downwards could lead to a strong acceleration in red.
On the SRM front, however, the analysis sees an altcoin in total distress, devoid of any support, whose prices are now in free fall.
As could be inferred from the previous paragraph, it is clear that, now that the project’s development has been abandoned, its crypto is also going through a phase of disinterest from the market.
Since the collapse of FTX, SRM prices have been in a continuous downtrend, interrupted practically only by occasional manipulation situations managed by whales who have tried to speculate on a coin with very low trading volumes.
While many other altcoin cryptocurrencies are expected to recover in 2024, the same cannot be said for SRM: projections indicate a year of declines for the currency, which could even drop below the current minimum of 0.03 dollars.
This is a dramatic situation, especially for those who purchased the token in September 2021 when its price was above $12.
The Serum case teaches us to diversify our positions without ever going all in on a single altcoin.
