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1 month ago
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ARTICLE AD BOX
The broader crypto market has been experiencing an extended consolidation with several altcoins facing noticeable resistance in their price trajectory. One of such tokens is Ethereum (ETH) which has come under heavy criticism especially as it experiences a progressive decline from its year-to-date (YTD) ATH of $4,066 even after multiple recovery attempts.
This uncertainty surrounding the native ETH token has prompted investors to diversify into other promising projects. Meanwhile, on the receiving end of this diverted attention is Cutoshi (CUTO), a fast-rising meme coin project with DeFi elements. Thanks to its diverse market appeal, the native CUTO token is gaining enormous attention in the presale market.
Cutoshi’s Hybrid Protocol Attracts Crypto Whales Amidst Broader Market Downturn
The Cutoshi (CUTO) ecosystem completely redefines the meme coin concept from what it’s typically known to be. Essentially, the hybrid protocol adopts Satoshi Nakamoto’s blockchain core principles like decentralization, privacy and monetary freedom. As such, its DeFi hub features lucrative and community-centric features like a DEX platform and a staking protocol.
Considering its community-focus, Cutoshi also allows individuals to optimize their earnings by engaging its farming mechanism or even earn complimentary rewards like the native $CUTO token, NFTs and Cutoshi Merch by engaging in community quests. Additionally, there is a Cutoshi academy which is aimed at bridging the knowledge gap while eliminating DeFi illiteracy.
At a current price of $0.022 price in the second presale phase, Cutoshi has successfully pulled in over $350K in funding with analysts anticipating a 100x increase by launch
Ethereum Token Technical Metrics Suggests Imminent Retracement
Ethereum (ETH) technical metrics suggest that ETH price decline may just not be over any time soon. Asides from the obvious progressive decline from its YTD ATH of $4,066 back in March, technical analysis further reveals a strong bearish momentum for ETH tokens.
Notably, Ethereum’s directional moving average is indicating a strong sell signal, with the 200-day EMA of $2,816 reflecting a progressive decline when compared to its 10-days EMA of about $2,427. While it appears that the ongoing downturn in ETH price will last for a little while, it further casts a shadow of doubt about the potential for a bullish Q4.
source: CoinMarketCap
Currently, the native ETH token is trading within a weekly price range of $2, 382 and $2,410, which reflects a meager 1% price gain in the past with and a little above 3% in the past month. Although almost inconsequential, the ongoing attempt for a price recovery is taking place amidst obvious consolidation in the overall price trajectory. If this effort persists, then maybe there may be some renewed optimism within the Ethereum community.
Cutoshi vs. Ethereum: Which Has the Most Bullish Potential This Q4?
Ethereum token, from all indications, is undergoing a severe bearish phase, which makes a bullish stance an unrealistic position, at least in the immediate short term. While this stance could change, especially when the broader market becomes bullish, there is no guarantee for any major price rally.
In contrast, Cutoshi has been drawing a lot of interest in the presale market largely because of its diverse market appeal. Besides, the meme coin project, undergoing its presale phase, offers more stable return for investors, as the native CUTO token is expected to witness a dynamic price increase throughout the presale stages.
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