LEVER price is defying gravity as cryptocurrencies sink

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Cryptocurrency costs have been beneath strain prior to now few days.
Lever has been an outlier as it has jumped by 354% from its lowest stage in November.
Its builders will launch a Trader Incentive Program on Tuesday.

Cryptocurrency prices began the week on a somber temper as buyers refocused on the upcoming Fed rate of interest choice and Fed choice. Bitcoin tumbled under $17,000 whereas the entire market cap of all cryptocurrencies dropped to $843 million. LEVER price defied gravity as the DeFi token jumped to $0.0053. It has jumped by greater than 354% from its lowest stage in November.

Trader Incentive launch

LeverFi is a small blockchain challenge within the DeFi business the place it competes with the likes of Uniswap and PancakeSwap. The platform’s predominant benefit is that it affords permissionless on-chain leveraged buying and selling with as much as 10x leverage.

Leveraged buying and selling is extraordinarily fashionable amongst merchants, which explains why FTX was such an enormous success. It is nonetheless one of many riskiest methods to make cash as a result of it entails borrowed cash. LeverFi additionally incorporates the idea of margin lending and the flexibility to earn yields on collateral.

The predominant cause why the LEVER price is rising is that the builders will launch the Trader Incentives Program on Tuesday this week. This can be a advertising technique the place individuals who commerce within the ecosystem can have an opportunity to earn 60,000 USD Coins. All merchants who take part with a minimal of $100 can be eligible to win these rewards.

The program will run for 3 months, which means that it’ll finish on March 12 subsequent 12 months. These funds can be distributed 20,000 USDC per 30 days. Traders can be ranked by quantity, with the primary one getting 4,000 USDC. The second, third, 4th, and fifth members will get 2,500 USDC, 1,500 USDC, 1,000 USDC, and 500 USDC, respectively. The different contributors will share the remaining reward pool.

LEVER price prediction

LEVER/USD chart by TradingView

The 4H chart reveals that the LeverFi price has been in a powerful bullish development prior to now few classes. As it rose, it managed to maneuver above the vital resistance at $0.0028, the very best level since November 27. It has managed to rise above all shifting averages whereas the Relative Strength Index (RSI) has moved above the overbought stage.

Therefore, I believe that the LEVER price will resume the downward development as buyers promote the very fact. Historically, buyers are likely to promote an asset after a significant occasion occurs. It is recognized as shopping for the hearsay and promoting the very fact.