SSV Network price forms 2 extremely bearish patterns

  • SSV Community is a fast-growing supplier of liquid staking infrastructure.

  • The builders launched a $50 million ecosystem progress fund.

  • It has shaped a rising broadening wedge and a bearish engulfing sample.

Liquid staking is doing nicely as traders await the upcoming Ethereum’s Shanghai improve. Lido DAO, the largest liquid staking supplier, has grown to grow to be the largest DeFi supplier on the earth. 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 Community 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. As a substitute, it companions with staking suppliers like Lido to supply a distributed validator know-how (DLT) resolution. By so doing, most builders can deal with what they do greatest.

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

”Distributing Ethereum’s safety layer has by no means been extra essential. The protocol is at the moment secured by a small group of corporations that, when put collectively, management your complete Blockchain. DVT’s purpose is to distribute Ethereum’s safety by providing fast and easy accessibility to an open-source public good.”

The key catalyst for the SSV token value would be the upcoming Shanghai improve that can let Ethereum holders be capable of withdraw their staked cash. One other catalyst for the token might be SSV’s mainnet launch which is able to 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. On the present value, the quantity is value over $260 million.

SSV crypto value forecast

SSV chart by TradingView

The 4H chart reveals that the SSV Community value has been in a gradual bullish pattern previously few months. Nonetheless, a more in-depth look reveals that a number of bearish patterns have began forming. The token has shaped a bearish engulfing sample, which is normally a warning signal. Additional, the token has shaped an ascending broadening wedge sample. In value motion evaluation, this sample can be a bearish signal. 

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

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