- On Wednesday, Monad’s price rose more than 21% on the daily chart over the past 24 hours, with a market capitalization of $342 million, which helped its price rise above $0.0316.
- This bullish momentum in the cryptocurrency came after Bitcoin (BTC) surged, with its value rising above $71,000 within a few hours after Trump announced a ceasefire.
- Key developments have boosted investor confidence, such as the bridge connecting Coinbase’s Bitcoin-coated core network directly to Monad and other major partnerships.
On April 8, Monad, a cryptocurrency tied to the Layer 1 (L1) blockchain designed to improve Ethereum’s scalability, saw a significant spike on the daily chart following bullish momentum in the overall cryptocurrency market, causing its value to rise significantly.
At the time of writing, Monad is currently trading at around $0.03165 with a 21% rise in the last 24 hours. It currently has a market cap of about $341 million, according to CoinMarketCap. Daily trading volume increased by more than 135% to $166 million.
Monad is gaining momentum with new developments on the network
According to popular technical indicators, Monad has entered a bullish phase. The 14-day RSI is currently above 47, and this level is showing increasing upward pressure. However, this does not indicate an overbought condition.
There was a bullish crossover last week between the 50-day moving average and the 200-day moving average. According to experts, this pattern could be the beginning of a long-term uptrend.
(Source: TradingView)
A major support level is at around $0.026, while a strong resistance level is around $0.032.
The price action has seen a growth in on-chain activities, as active addresses are constantly growing. This growth on the Layer-1 network sparked a rally in the cryptocurrency. However, many financial experts say the rise is only fueled by pure speculation.
Various technical factors and key developments played an important role as the token broke through the previous resistance areas. The move has attracted new buyers.
However, one of the main catalysts for this bullish momentum in the cryptocurrency market is the news of de-escalation in the ongoing war in the Middle East. On April 7, US President Donald Trump canceled his plan to launch a military strike on Iran at the last minute and announced that it would be carried out The United States and Iran The two parties agreed to maintain the ceasefire for two weeks.
Institutional inflows into Bitcoin and expectations for regulatory clarity have supported the overall market. Apart from this, the steady progress of the CLARITY Act has increased investor confidence in the cryptocurrency market.
This news sparked euphoria in the traditional financial world. Immediately after this, Bitcoin (BTC) rose to over $72,000 after consolidating below $70,000 for an extended period of time.
The cbBTC bridge has been activated through Chainlink. This bridge connects the Bitcoin envelope to Coinbase from the core network directly to Monad. The integration opens up more than $5 billion in Bitcoin-backed liquidity for decentralized finance applications on the Monad chain. This will allow developers to build lending, borrowing and trading products that use real exposure to Bitcoin.
The system will maintain 1:1 support and secure cross-chain verification. Several projects, including Morpho, Uniswap, and Curve, have already launched CBTC markets. This has enhanced overall activity and capital efficiency on the network.
The total value locked on Monad has reached $383 million following major partnerships with the New York Stock Exchange and Securitize. This alliance focuses on building a 24-hour platform for tokenized securities.
These partnerships improve asset transfers across exchanges. This will also attract institutional capital by ensuring regulatory compliance and operational efficiency.
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