Grayscale Investments rebalanced its DeFi fund to include Flexa Network’s AMP token.
Meanwhile, AMP is moving in a descending triangle pattern.
NEW DELHI (CoinChapter.com) — Grayscale Investments, the world’s largest crypto asset manager, announced the rebalancing of Grayscale DeFi Fund.
The investment firm announced it adjusted the DeFi fund’s portfolio by adding AMP, the native token of Flexa Network. In line with the CoinDesk DeFi Index methodology, Grayscale removed Bancor(BNT) and Universal Market Access(UMA) and rebalanced the fund with AMP.
Flexa Network is a merchant-focused app that allows users to receive payments in cryptocurrencies. The platform uses AMP tokens to collateralize the transactions.
Grayscale’s DeFi Fund is a basket of assets that make up the CoinDesk DeFi Index.
In accordance with the @CoinDesk DeFi Index methodology we adjusted the fund’s portfolio by selling amounts of the existing components in proportion to their respective weightings, and removed two components entirely: $UMA and $BNT. Cash proceeds were then used to purchase $AMP.
Grayscale’s rebalanced DeFi Fund basket consists of nine assets, with Uniswap(UNI) having the highest weighting of 42.33%, followed by Aave (13.06%), and Curve (10.63%). In addition, Flexa Network’s AMP contributes 7.39% to the fund. Since its inception, the fund has grown by 11.2%, with a current AUM of $11.6 million.
The crypto asset manager also reshuffled the weightings of the Grayscale Digital Large Cap (GDLC) Fund. However, Grayscale did not add or remove any tokens from the GDLC fund. As a result, Bitcoin and Ethereum continue to dominate the GDLC fund, accounting for a combined 90.63% of the total fund.
Meanwhile, Flexa Network’s AMP token moves in a bearish technical pattern called a descending triangle. The current downside target for AMP, if the pattern holds, might see prices nosedive over 86%.
AMP Token Price Charts
In detail, a descending trendline connecting lower highs and a horizontal trendline connecting a series of lows forms the descending triangle pattern. The chart pattern forecasts a weakening in demand for an asset. After breaking below the descending triangle pattern, the price target is equal to the height of the thickest part of the triangle.
As such, AMP prices may suffer a drop of 86% from current prices, pushing the Flexa Network token to $0.007, a price level last seen in Jan 2021.
AMP prices previously broke above a descending triangle pattern, only to paint the same pattern again on its daily charts. As a result, Flexa Network has jumped over 21% since Jan 1. However, the triangle’s descending trendline resistance rebuffed the rally on Tuesday.
AMP faces immediate resistance from its 200-day MA line near $0.056. However, if bulls use the Grayscale news to push prices upwards, Flexa could rise to $0.061 before corrections pullback prices. Moreover, Flexa Network is currently bearish across the medium and long-term timeframes.
AMPUSD in the daily timeframe with MACD. Source: Tradingview.com
Meanwhile, Flexa supports its 26-day EMA line near the $0.508 (~0.51) price level. If the price falls further, the support near $0.049 would play. AMP also has support at $0.047, near the triangle pattern’s horizontal trendline.
Meanwhile, momentum oscillator MACD is bullish for Flexa Network. However, the MACD histogram, which plots the difference between the MACD line (difference between 12-day and 26-day EMA) and its signal line (9-day EMA of MACD), shows AMP’s price momentum weakened 2021 ended.
However, the histogram bars are now expanding bars, signaling the strengthening of bullish momentum.
AMPUSD in the daily timeframe with RSI. Source: Tradingview.com
Flexa Network’s relative strength index is comfortably neutral at present, clocking 54.22 on the daily charts.
At the time of writing, AMP was changing hands $0.0522, up 0.53% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
LAGOS (CoinChapter.com) — The GameFi market has witnessed a significant decline in the last 30 days as the number...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.