LEVER’s crypto price rose sharply on Wednesday as other coins recovered. The coin rose about 15%, according to data collected by Binance. It traded at $0.0030, which was about 20% below its low this year. The small-cap coin has a market cap of over $41 million.
What is LeverFi and why is it rising?
The decentralized finance (DeFi) industry has seen significant growth in recent years. While the past few months have been challenging, there are signs that it is recovering. For example, total value locked (TVL) in the industry has risen to more than $85 billion.
LeverFi is a relatively small blockchain project in the DeFi industry. The network allows users to harvest farms using leverage. In other words, it allows traders to deposit yield-bearing collateral and trade the fluctuations in asset prices with leverage of up to 10x.
LeverFi accepts a wide range of assets such as regular coins such as BTC and ETH and liquidity pool assets such as Curve, UNI and Cake. All these assets are then staked in platforms such as Yearn Finance, Convex and Pancake to earn revenues. These leveraged trades are then settled using the Lever platform.
According to the developers, Lever will be deployed in the Ethereum blockchain and then scaled up to other popular platforms such as Avalanche and Arbitrum.
The LEVER crypto price has risen as investors cheered the recent addition to the Binance platform. This means that users can buy and trade the $LEVER coin on its platform. At the same time, Binance Futures recently added the $LEVER perpetual contracts with up to 20x leverage.
The current rally is mainly due to the upcoming Ask Me Anything (AMA) from Lever’s platform, which will be hosted by Binance. The company will give more than $5,000 in rewards.
LIVE crypto price prediction
The hourly chart shows that LeverFi price bounced back on Wednesday ahead of the upcoming AMA. It moved slightly above the declining trendline shown in blue. It moved slightly above the 25-day moving average, while the Relative Strength Index (RSI) moved below the overbought level. The coin is likely to resume the bearish trend and retest the key support level at $0.0025.