Coinbase's Creator Token Faces Backlash After 66% Drop in Market Cap
- Token Collapse: Nick Shirley's creator token briefly reached a market cap of $9 million on December 28 but plummeted 66% to $3 million within two days, raising questions about the sustainability of creator coins in on-chain activities.
- Volume Analysis: The token generated $7.9 million in trading volume but failed to maintain its initial valuation, indicating a lack of market confidence in creator coins, which could negatively impact Coinbase's brand image.
- Community Response: Several Base developers and community members expressed dissatisfaction with the perceived bias in official support, questioning why other projects are not being backed, highlighting internal disagreements on the strategic direction for creator coins.
- Market Outlook: While market research projects the creator coin market to reach $10 billion by 2033 with a 17.5% annual growth rate, most trading volume is driven by existing cryptocurrency traders rather than new users, suggesting challenges in market expansion.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for ZEC
Technical Sentiment Analysis for Zcash (ZEC) As of , Zcash (ZEC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Zcash (ZEC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 12.005 | 98.288 | 183.865 | 270.148 | 355.725 | 442.008 | 527.585 |
| Fibonacci | 98.288 | 163.938 | 204.497 | 270.148 | 335.798 | 376.357 | 442.008 |
About ZEC
About the author
