SSV Network price forms 2 extremely bearish patterns

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SSV Network is a fast-growing supplier of liquid staking infrastructure.
The builders launched a $50 million ecosystem development fund.
It has fashioned a rising broadening wedge and a bearish engulfing sample.

Liquid staking is doing properly as traders watch for the upcoming Ethereum’s Shanghai improve. Lido DAO, the largest liquid staking supplier, has grown to grow to be the largest DeFi supplier on this planet. And SSV, a number one liquid staking infrastructure supplier, has seen its token develop by greater than 91% this yr.

SSV launches ecosystem fund

SSV Network introduced that it was launching a brand new $50 million ecosystem fund in a bid to develop its ecosystem. For starters, SSV doesn’t provide liquid staking itself. Instead, it companions with staking suppliers like Lido to supply a distributed validator expertise (DLT) answer. By so doing, most builders can deal with what they do greatest.

SSV Network mentioned that the fund will go to builders engaged on the DVT expertise. It comes a yr after the builders launched a $3 million fund. It has distributed a few of these funds to firms like Ankr, Stader, and Moonstake. SSV additionally allotted $10 million in 2022 as we wrote here. In an announcement, the co-lead of SSV community mentioned:

”Distributing Ethereum’s safety layer has by no means been extra necessary. The protocol is at present secured by a small group of firms that, when put collectively, management the whole Blockchain. DVT’s intention is to distribute Ethereum’s safety by providing fast and quick access to an open-source public good.”

The main catalyst for the SSV token price would be the upcoming Shanghai improve that can let Ethereum holders have the ability to withdraw their staked cash. Another catalyst for the token shall be SSV’s mainnet launch which can occur within the subsequent few months. Its testnet is already up and working. It has 763 operators and 5,307 validators with 168,824 ETH staked. At the present price, the quantity is price over $260 million.

SSV crypto price forecast

SSV chart by TradingView

The 4H chart reveals that the SSV Network price has been in a gentle bullish development up to now few months. However, a better look reveals that a number of bearish patterns have began forming. The token has fashioned a bearish engulfing sample, which is normally a warning signal. Further, the token has fashioned an ascending broadening wedge sample. In price motion evaluation, this sample can be a bearish signal.

Therefore, the outlook for SSV crypto price is bearish, with the following degree to look at would be the decrease facet of the ascending wedge at $16. The development invalidation level for this commerce shall be at this week’s excessive of $21.67.