LVL Bucks the Trend of Crashing Cryptos – Is Calm Returning Finally?

Cryptocurrencies are subject to macroeconomic activities, laws of supply and demand, ecosystem-related developments, investors’ sentiment, and even regulatory crackdowns.

Following the recent activities of the US Securities and Exchange Commission (SEC), many cryptocurrencies have gone into their bear markets, crashing on their previous gains in the past few months.

However, there are still some assets bucking the bearish trend of the market, leaving investors eager to know if the calm is returning at last. One such asset, Level Finance (LVL), is pushing forward with a prevalent bullish signal for the coming days to weeks.

While LVL indicates a 0.25% price increase at the time of writing, trading at $4.9456 today, June 22, 2023, its price action and technical analysis could tip at the asset’s behavior in the nearest future.

LVL Price Action Since June 1

Since a cryptocurrency’s past and present price behavior can help determine its future actions, here is LVL’s price action from the start of June till today, June 22.

At the beginning of the month (June 1), LVL was trading for $5.9916, followed by a rally that sent its market price to $6.1682 in the space of four days (June 4). From June 5, the price of LVL returned to the $5 level, recording $5.9134 on June 5, $5.3310 on June 9, and $5.1828 on June 10.

Following the general crypto market fall due to the SEC’s activities, LVL declined to trade with the $3 and $4 levels. As such, it recorded $4.5198 on June 11, $3.9971 on June 18, and $4.0485 on June 21.

However, considering the asset’s market price today, June 22, LVL has increased by 0.43% at the time of writing, confirming its increase to $4.9458.

The price action of Level Finance (LVL) in the short term could be a sign of price consolidation, suggesting potential stagnation of LVL’s market price within the $4.9 level.

Potential Trend Reversal for LVL in the Coming Days

Level Finance crypto (LVL) is on a short-term bearish market, with several indicators suggesting a trend reversal in the future.

The Moving Average Convergence/Divergence (MACD) indicator is above the signal line with a green bar on the histogram. This means that LVL is likely to see more price rallies before the end of trade today.

Meanwhile, the crypto is trading a few pips below its 50-Day Simple Moving Average (SMA), a short-term bearish signal which could cause LVL’s market price to fluctuate in the course of its trade.

In contrast, the Relative Strength Index (RSI) indicator is at 51.63, indicating the coin’s neutral market position between the oversold (below 30) and overbought zone (above 70). However, its straight-line movement projects equality in the number of BUY and SELL trades in LVL’s market.

Thus, if the number of buyers increases in the coming days, the RSI could take its next move toward the overbought zone (above 70), making the crypto overvalued in the market. 

Otherwise, it could move to the oversold zone (below 30) as well, causing a trend reversal in the future. Considering the bullish signals on many indicators, the calm market days for LVL may be returning gradually. 

Notwithstanding, it’s worth knowing that cryptocurrencies are volatile and can deviate from expected performance. As such, adequate risk management approaches, and comprehensive technical analysis should be in place before investment.

Factors Influencing the Price of Level Finance

Several factors can impact the price of Level Finance token (LVL) as mentioned above. 

Nevertheless, the recent surge in Bitcoin’s price could be one of the driving forces behind the sudden gains of LVL. Here’s why BTC increased and how it could affect LVL.

BTC Spikes Thanks to BlackRock ETF Filing

After BlackRock filed for the approval of a spot BTC EFT on June 15 in the US, Bitcoin prices began to increase. 

Even though BlackRock is not the initial applicant with SEC, they are the leading amongst other applicants with more than $8.5 trillion assets under their management.

Apart from BlackRock, many other applicants like Cathie Wood’s ARK, Grayscale, and 21Shares have filed for the same BTC ETF three times without any approval from SEC. As a result, Grayscale sued the SEC to the appeal court to contend for BTC’s soundness in the future.

Since BTC is the leading cryptocurrency in the market that drives the price of others, its rise as of June 15 could be a factor that can skyrocket LVL’s price in the long run. Even today, many assets apart from Bitcoin are trading green, feeling the impact of its uptrend. 

Irrespective of the potential price increase for LVL, there are a few altcoins, like the DeeLance token (DLANCE), with promising price outlooks that investors can consider for their portfolio.

DeeLance (DLANCE)

DeeLance (DLANCE) is at the forefront of the evolving freelance industry. With a decentralized strategy, DeeLance aims to connect recruiters and freelancers suitable for their jobs using blockchain innovation.

Unlike other freelancing platforms, DeeLance aims to provide a Job Hiring and Freelancing Platform, an NFT Marketplace, and a Metaverse for all of its users, pitting them in the ever-changing world of crypto.

The project also offers a low-fee operation for both freelancers and employers. This is different from what’s attainable on popular sites such as Fiverr, Freelancer, Upwork, and others. 

DeeLance comes with a utility-infused token that allows users to purchase properties in the metaverse, like land and offices, pay for services, advertise banners, and even lease offices on the platform.

By harnessing the power of blockchain, DeeLance facilitates increased efficiency in freelancers, reduces costs for transactions and withdrawals, and provides enhanced security and transparency.

Furthermore, the project users its NFT integration to create a new level of ownership and control over the creative output of its users.  Besides enabling royalties for sale and future use, this innovation creates more security and value for clients and freelancers.

DeeLance Tokenomics

A total of 1 billion (1,000,000,000) $DLANCE tokens will be supplied and allocated for seven different purposes.

30% of the tokens will go for presale, 18% will be Reserved for the ecosystem, 16% will be for Centralized Exchange (CEX) listing, and 14% will be for Advisor and Partnership.

Furthermore, 10% of the remaining tokens will go for Liquidity, another 10% will be for the Team, and the last 2% will be used for Airdrops and Rewards on the platform.

$DLANCE Token Presale Success So Far

$DLANCE is an ERC-20 utility token minted on Ethereum mainet. Out of the total 1 billion $DLANCE tokens, 30% are out on presale and have raised over $1.3 million since the fundraising campaign began.

Currently, 1 $DLANCE is priced at $0.038 and is set to increase to $0.043 in the next few days. At the end of the presale, the token will list at $0.057 on several exchanges. DLANCE is a high-price potential token thanks to its ecosystem.

As the DeeLance platform expands in the nearest future, the demand for its utility token is anticipated to rise, suggesting potential price appreciation. While the presale is ongoing, interested investors can grab as many DLANCE tokens as possible ahead of its potential price increase.