Dusk price drops 5% as network plans to launch ERC-20 Dusk staking
- Dusk price has corrected 5%, which is a possible buying opportunity for investors.
- On March 15, the L1 blockchain will launch ERC-20 DUSK staking for ITN2.
- DUSK token holders should brace for volatility on Friday as staking profitability is a major price driver.
Dusk (DUSK) price is in a load-shedding exercise after a 62% climb beginning March 6. Coming at the same time as when the crypto market is dumping, led by Bitcoin (BTC) price, DUSK token holders appear to be de-risking ahead of the Friday launch.
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ERC-20 Dusk staking launch for ITN2 due on Friday
The Dusk ecosystem will be launching ERC-20 staking for the second series of the incentivized testnet (ITN2) on Friday, March 15. The first series was deployed in February, allowing users to set up their nodes and start participating.
Upcoming Event: ERC20 Dusk Staking for Dusk (DUSK) on March 15, 2024. Category: Staking/Farming. Learn more: https://t.co/Qy3vWOe7ub#crypto #web3 #DUSK #blockchain #CryptoNews #Tokenomics
— Kartik Mehta (@why_mehta) March 10, 2024
By February 20, the nodes were up and running. However, the final day of node running is March 15, after which users will no longer need to run or maintain their nodes. Rewards for node running will be paid out once mainnet is live, likely in April.
According to an official X announcement from Dusk, a network upgrade will be activated on block 438,000, with an expected activation time around Friday morning at 10:00 CET. The upgrade will solve many of the issues the network has experienced so far and will include the migration of the staking contract.
We have an important announcement for everyone running nodes during ITN
— Dusk (@DuskFoundation) March 13, 2024
We're excited to announce the first major ITN upgrade, resolving many of the issues the network has experienced so far. This upgrade includes the migration of the staking contract.
A network upgrade…
Users who miss the upgrade will be penalized and likely not be eligible for any reward. As staking rewards, just like mining rewards, are a major price driver, community members should brace for volatility. It could be bullish considering ERC-20 gas fees will be reduced.
Dusk is a regulated and decentralized network built for institutions, businesses and users. The use cases for the DUSK token include:
- Staking
- Offers governance rights to token holders
- Paying transaction fees
- Accessing network functionalities within the Dusk ecosystem
Dusk price outlook ahead of DUSK ERC-20 staking launch
Dusk price is consolidating within the confines of an ascending parallel channel, recording higher highs and higher lows. It remains below the upper band of the Bollinger indicator at $0.4143, meaning DUSK is not overbought. This stance is reinforced by the position of the Relative Strength Index (RSI) at 68, suggesting there is still room to the upside before the altcoin is overbought.
The position of the Awesome Oscillator (AO) indicator’s histogram bars in positive territory and flashing green adds credence to the bullish thesis. Increased buying pressure could see Dusk price clear the $0.4320 roadblock, with the potential to reclaim the $0.4499 range high. In a highly bullish case, Dusk price could hit the $0.5000 psychological level, a 25% climb above current levels.
DUSK/USDT 1-day chart
On the other hand, if bears have their way, Dusk price could extend the fall toward the centerline of the Bollinger indicator at $0.3412. If this level fails to hold as support, Dusk price could slip through to the $0.3000 psychological level. A candlestick close below this level on the daily timeframe would produce a lower low, giving bears a chance to seize control.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
