Why is DeFi Kingdoms (JEWEL) crypto dipping today?

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Why is DeFi Kingdoms (JEWEL) crypto dipping today?

 Why is DeFi Kingdoms (JEWEL) crypto dipping today?
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Highlights

  • DeFi Kingdoms (JEWEL) is primarily a DeFi game that is built on a blockchain network, which is designed with usable NFTs.
  • On Tuesday, the Jewel crypto saw a fall of over 6%, along with a volume loss of over 42% at 7:00 AM, according to CoinMarketCap.
  • It was trading at US$0.155620 with a trading volume of US$8,51,989 over a day, according to CoinMarketCap.

DeFi Kingdoms (JEWEL) is primarily a DeFi game that is built on a blockchain network, which is designed with usable NFTs. This multi-blockchain protocol operates on Harmony, Ethereum, and Avalanche blockchains and as a P2E game protocol it aims to become a multiplayer online game in future.

Its gameplay elements feature decentralised exchanges, liquidity pool opportunities, and utility-driven NFTs, which offer an immersive experience to its users. The Jewel cryptos allow the users to embrace the potential of the blockchain in game form and create synergies between gaming and decentralised finance.

On 26 July, the Jewel crypto was witnessing a fall of over 6% and also in volume loss of over 42% at 7:00 AM (GMT +1), according to CoinMarketCap.

Why is Jewel crypto trailing?

Although the exact reason for Jewel crypto’s fall is not clear, it could be due to the recent losses it witnessed in the last one month. The Jewel crypto was down by 2.4% in the past 30 days. In fact, this could also be due to the bearish market sentiment as the token witnessed its all-time low in June of US$0.114416.

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The Jewel token acts as the governing token of the DeFi Kingdoms metaverse game, giving it utility value. The gamers of the DeFi Kingdoms can use Jewel crypto to purchase Hero NFTs, and it can be swapped through the DEX for other tokens and in-game items.

A look at the charts of the Jewel token would show the falling trend.

Image credit: Trading View

The RSI of the token, which looked like on its way up, has dipped to 42.49 7:00 AM (GMT +1).

However, the rise in RSI was not reflective of the momentum as it barely showed signs of moving up. As the charts indicate, both the MACD and the signal line are overlapping each other indicating that it has very little to move up from.

ORN’s price performance

The Jewel crypto on Tuesday wasn’t shining bright as it was trading at US$0.155620 with a trading volume of US$8,51,989 over a day, according to CoinMarketCap. The token had a fully diluted market cap of US$77,369,186 and a total supply of 320,111,120 JEWEL coins.

With the crypto market back under the US$1-trillion mark, many experts think that the bearish trends in the market are not completely over. Hence, market participants should be cautious before investing.

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