This article will analyze the SCRT coin according to www.coinmarketcap.com data. First, we will discuss the SCRT coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is SCRT Coin?
Secret Network (SCRT) is a blockchain-based platform on privacy-centric intelligent contracts. It aims to enable private and secure decentralized applications (dApps) by encrypting the transaction amounts and the computational logic of smart contracts.
What are the projects of SCRT?
Projects on SCRT are built using the CosmWasm intelligent contract platform and leverage the network’s privacy features. Some of the projects and use cases being developed on Secret Network include:
Secret Finance: A decentralized finance (DeFi) ecosystem that allows users to trade, lend, borrow, and earn on Secret Network while preserving privacy.
Secret NFTs: The platform supports creating and trading non-fungible tokens (NFTs) with privacy features, allowing users to own and exchange digital assets privately.
Secret Auctions: A decentralized auction platform where users can privately buy and sell various items, such as NFTs and other digital assets.
Secret Games: Developers are creating privacy-focused games and applications on Secret Network.
Factors Influencing SCRT Price
Factors that can influence the price of a cryptocurrency like Secret Network’s SCRT coin can include:
Market Demand: The overall demand for SCRT, driven by increased interest in the project, its technology, and its applications, can impact its price.
Market Sentiment: General market sentiment towards cryptocurrencies and blockchain technology can affect the price of SCRT, as it does with other cryptocurrencies.
Adoption and Partnerships: Integrating Secret Network’s technology into real-world applications, partnerships with other projects or companies, and increased adoption can positively impact the price.
Regulatory Environment: Government regulations and policies related to cryptocurrencies, blockchain technology, and privacy can influence the price of SCRT and other cryptocurrencies.
Development Progress: The development progress, including the release of updates, new features, and successful implementation of projects, can affect the market’s confidence and interest in SCRT.
Overall Cryptocurrency Market: The overall market trends, including Bitcoin and significant altcoins, can impact the price of SCRT. Cryptocurrency markets are known for their interconnectedness.
These factors are not exhaustive, and the cryptocurrency market can be highly volatile and influenced by multiple variables. It’s essential to conduct thorough research and stay updated with the latest information before making any investment decisions.
SCRT COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 12.36 in November 2021, SCRT dropped 95% by the end of 2022, down to $ 0.60. It is currently trading at $ 0.45. According to www.coinmarketcap.com data, SCRT, which has a size of $95,093,129, has had a volume of $1,222,860 in the last twenty-four hours.
SCRT Chart Analysis
SCRT coin fell 95% from November 2021 to the end of 2022, from $12.36 to $0.60. Unlike many currencies we have reviewed, SCRT continues to decline in 2023 without rising. When we examine the weekly chart, we see that the SCRT coin has retreated toward the $0.33 support. In the possible upward movement in the market, the resistance zone is $ 0.86.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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