- Aethir has launched its decentralized cloud computing network on the Ethereum mainnet.
- The value of its ATH token may plunge in the short term.
As a researcher with a background in blockchain technology and market analysis, I’m closely monitoring the developments of Aethir, a decentralized cloud computing network launched on Ethereum mainnet. While I’m excited about its potential to offer high-performance computing resources for organizations requiring significant computational power, I can’t ignore the bearish sentiment in its market.
On June 12th, Aethir, a company specializing in decentralized physical infrastructure networks (DePINs), debuted its distributed cloud computing system on the Ethereum (ETH) primary network.
Users can access top-tier computing power through the protocol for the purpose of training artificial intelligence (AI) models and producing digital content with superior quality.
For businesses with substantial computing needs, this service is indispensable due to its capacity for flexibility and the ability to handle large-scale tasks.
Aethir’s mainnet launch comes with a native token, ATH.
Within the Aethereum (AETH) ecosystem, its role is essential for governing functions and ensuring security. Furthermore, it’s necessary for participating in governance and securing stakes on the Ethereum network. Additionally, payments to Arbitrum (ARB) compute providers are made using AETH.
Seven months have passed since the testnet debut of this mainnet on November 7, 2023, on Arbitrum – an Ethereum layer-2 scaling platform. In simpler terms, the mainnet version of this project was introduced to the public seven months after its successful trial run on Arbitrum.
Aethir revealed that over half a million users had joined its test network, while it successfully conducted a $146 million node sale in the announcement.
ATH pursues new lows
After the introduction of ATH, its value dramatically increased by nearly 100% before experiencing a correction. Currently, one unit of ATH is valued at approximately $0.073 according to current market prices. However, as reported by CoinGecko, the price of ATH has decreased by around 14% over the past 24 hours.
During that timeframe, the token’s daily trading volume amounted to $261 million, marking a 38% increase. The contrasting trends between the all-time high price and trading volume suggested a strong bearish attitude among investors in the market.
When an asset’s price decreases yet its trading activity significantly increases during the same timeframe, this is indicative of heightened selling demand. Essentially, many investors are choosing to offload their holdings, which contributes to the asset’s declining value.
Examining ATH’s major technical signals on an hourly timeframe revealed a persistent downtrend, suggesting decreasing interest in the altcoin.
At the current moment, the Relative Strength Index (RSI) and Money Flow Index (MFI) for this asset stand at 44.88 and 34.85 respectively from my analysis.
These metrics assess an asset’s market position by monitoring its price trends and fluctuations. At such levels, ATH’s Relative Strength Index (RSI) and Money Flow Index (MFI) indicate that investors are more inclined to offload their assets than buy additional tokens.
I’ve observed a notable trend in the market based on the findings from the Chaikin Money Flow (CMF) indicator of Advanced Trading Hub (ATH). In my analysis as a financial analyst, this tool measures the inflow and outflow of money in ATH’s market. At present, the CMF value stands at -0.23.
A CMF (Commercial Metrics Factor) with a negative value indicates that the market is experiencing weakness. This signifies that market participants are exiting liquidity from the market, which could potentially lead to additional price decreases.
If ATH’s selling pressure continues to increase, its price might decline toward $0.048.
As a researcher studying the cryptocurrency market, I have observed that if the bullish trend returns and the accumulation of tokens gains momentum, the all-time high (ATH) price of this particular cryptocurrency could potentially surge towards the value of 0.078 dollars.
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2024-06-14 13:11