Join Our Telegram channel to stay up to date on breaking news coverage
LeverFi price rallied as much as 44% on Wednesday from lows of $0.00122 to set a swing high at $0.0017. This followed an announcement by the decentralized leverage trading platform that it had teamed up with Microsoft to develop AI-powered DeFi solutions.
The crypto company revealed this in a thread post on X, formerly Twitter, on August 15, saying that it was partnering with Microsoft to develop an AI DeFi solution called Morpheus. The answer is based on Microsoft Azure OpenAI services and serves as an artificial intelligence portfolio management assistant.
2/ The high-friction and high-risk nature of DeFi has led to many existing users losing conviction in decentralized finance, and continues to remain a major barrier discouraging new users. LeverFi hopes to change this for the better.
— LeverFi (@LeverFi) August 16, 2023
Morpheus is aimed at helping users make investment decisions by providing valuable portfolio management insights and real-time on-chain monitoring through intuitive machine learning.
According to the company’s Medium post, Morpheus will help users to navigate the “high-friction and high-risk nature of DeFi.” An excerpt from the post read:
“…we hope that Morpheus can help users avoid common pitfalls and protocol-related risks while at the same time, discover the true benefits and potential that they can achieve with DeFi.”
Two core AI engines will drive the AI DeFi Solution. One for protocols that allows Morpheus to scan, track and swiftly react and protect users in the event of security exploits or protocol risks. The other is for users and helps monitor “portfolio positions and be the first to react and protect if market conditions suddenly deteriorate, and aims to help users mitigate loss scenarios.”
Buyers swiftly reacted to the news sending the LeverFi token higher to reach levels last seen more than two months ago. The price of the LEVER token had, however, been turned down. At the time of writing, it trades in the third consecutive bearish session on the four-hour chart at $0.00120. Where is the token headed next?
Key Levels To Watch As LeverFi Price Drops Below 200 SMA
LEVER’s price action over the last twelve hours has seen it lose key support levels, including the 200-period Simple Moving Average (SMA) at $0.00123. LeverFi bulls were required to reclaim this support to avoid further losses. Failure to do so the crypto will extend the ongoing correction to revisit Thursdya’s intra-day low at $0.00117.
A four-hour candlestick close below this level will undo all yesterday’s gains, sending LEVER toward the 123.6% Fibonacci retracement level at $0.00104 or lower. This would represent a 14% drop from the current price.
LEVER/USD Daily Chart
This gloomy outlook was validated by the Relative Strength Index (RSI) position in the negative region. The price Strength at 39 reinforced the bears’ grip on the LeverFi price.
On the upside, LEVER faced stiff competition. This included the immediate barrier provided by the 200 SMA at $0.00227 and the $0.00131 level, embraced by both the 100 SMA and the 78.6% Fibonacci level.
Additional barriers would emerge from the 50 SMA at $0.00136, the 61.8% extension level at $0,001401, and the $0.00150 psychological level. If the DeFi token overcomes these roadblocks, it would have to break the barrier at $0.00162, where the 23.6% extension level lies, to return to yesterday’s high at $0.001762. This would represent a 49% increase from the current price.
Market participants should note that it is an uphill task for LeverFi to return to this level, given the sudden downturn in its price. Due to the uncertainty in the future price action of LEVER, investors are advised to look into alternative tokens such as Launchpad XYZ to diversify their crypto portfolio.
LEVER Alternatives
Launchpad XYZ is an all-inclusive web3 platform designed to build an accessible, community-driven environment where users can get trading crypto signals before they surge.
Its native token $LPX, powers all activities and transactions on the platform, allowing its users to access premium features, invest in new presale projects, and even engage in trading activities accessible on a single dashboard.
With features like Terminal, Trading Edge, Alpha, and AI assistant, users can easily make the most of their trading experiences on the platform and make informed investment decisions.
✌️ Say goodbye to hit-or-miss influencer shills
We've got the tools and insights you need to make your own informed decisions
Dive in today! 👉 https://t.co/ZUZaIKgy84
#LaunchpadXYZ #Crypto #Trading #Altcoin pic.twitter.com/HHThSlwVyJ— Launchpad.xyz (@launchpadlpx) August 16, 2023
The platform also aims to provide users access to new projects with high profit-yielding potential. Users can also earn a passive income by staking their LPX tokens.
This could be one of the reasons why the LPX presale has attracted massive investor interest since its launch.
Interested investors can buy the LPX token for as low as $0.0445 with their USDT, ETH, or bank card on the project’s website.
The team behind Launchpad XYZ has already amassed $1.318 million in presale out of the $1.5 million target.
LPX’s price will increase after the presale and will list on several exchanges for more accessibility and reach to a broader audience.
Visit Launchpad XYZ here for more information.
Related News
- How to Buy Launchpad XYZ – LPX Token Presale
- Launchpad XYZ Raises Close To $1 Million In Presale
- AI Crypto Projects
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
Join Our Telegram channel to stay up to date on breaking news coverage
