Key takeaways:
- Latest news in the Clover Finance ecosystem
- What is the usage of the CLV token
- What to expect in the upcoming sessions
Yerevan (CoinChapter.com) – Clover Finance (CLV), a Polkadot-based DeFi service platform, registered a 60 percent gain on the charts as the CLV/USD exchange surged to $1.70 before stabilizing around the $1.34 price line. New listings on leading crypto exchanged fueled the rally.
Good news for Clover Finance
In detail, the previous listing also had a positive effect on the CLV price. On July 15, when Clover Finance got listed on Coinbase Pro, the price jumped to $2.80, then gradually declined and, after further fluctuation, stabilized at around $1.2.
Clover Finance announced the two new listings on July 29, which led to another sharp boost. First came the announcement about the Binance listing. Next, the company introduced the ERC-20 and the BEP-20 versions and urged users to transfer their native CVL tokens to ERC-20 or BEP-20 to trade the digital asset on the Binance platform.
The second tweet followed shortly after, reporting the listing with OKEx, a Seychelles-based cryptocurrency exchange.
While Binance is the leading exchange by volume ($18 billion in 24 hours), OKEx is currently ranked 17th, with approximately $4 billion in daily trading volume. Both exchanges open vast opportunities for tokens like Clover Finance, making them available to the general public.
Also read: Wink (WIN) wedge breakout halts midway as bulls battle bears
Closer look at the CLV token
Clover Finance is a cross-chain and can act as a two-way bridge between different Clover addresses. Using the CLV token, Clover Finance app users can navigate between their wallets in several dApps. It is also used as a governance token. Holding CLV enables the user to vote on essential updates on the Clover ecosystem.
Clover Finance helps build DApps that work not only within one blockchain. Instead, its users can send and receive cryptocurrencies across chains.
On the CLV two-hour price chart, the latest jump in value stands out, as the price action was relatively stable for a week after the initial fluctuation that followed the Coinbase Pro listing.
During the past few hours, CLV didn’t quite hold the 60 percent advance. Instead, it somewhat stabilized at a lower value of around $1.35.
The Relative Strength Index (RSI: the purple graph below the price action) returned to the normal range and stood at 65. Previously the RSI was too high and hit almost 82. At this point, bears tend to take over as traders consider the token overbought and withdraw their assets to avoid losses.
Also read: Bitcoin at risk of falling back to $36K on bearish divergence fears.
CLV could stabilize further in the upcoming sessions with a much more stable RSI and high trading volumes in the past hours. Thus, instead of continuing the ascend, the price might adopt a sideways movement. However, the subsequent few sessions will determine if that prognosis has merit.
Also read: Central banks snub Bitcoin, rakes in gold as inflation fears hit exchequers.
