Monat: Oktober 2022

Chainlink (LINK/USD) has been under pressure of late. The losses in the week stand at 8.28% after accelerating by an intraday of 2%. The cryptocurrency has now lost about 88% of its value since last year’s high of around $53. But is Chainlink set to fall further?

Chainlink price drops to $7.13 amid bearish pressure

LINK bottomed at $6.0 in June as recovery looked sustainable. Currently, LINK trades at $7.13 from a local top of nearly $10 in August. The August high reflected optimism around Chainlink Economics 2.0. In particular, a token staking mechanism introduced by the new roadmap inspired the crypto community. The update also introduces long-term security on the network.

Consequently, the current LINK price reflects a broader concern than the blockchain’s specifics. A weak crypto sentiment due to macro concerns is responsible for the losses. Last week, US job numbers came stronger than expected, raising the speculations of economic tightening.

On Thursday, the US will release the inflation report amid expectations of elevated prices. A high inflation rate will cement the Fed’s resolve to raise rates aggressively to tame prices. Consequently, investors are taking a back seat from risky assets such as Chainlink ahead of the report. 

What’s the outlook for Chainlink price?

Chainlink 2.0 is a game changer for LINK. However, the update should be looked at in the longer term in influencing LINK price. That’s large because cryptocurrencies are showing a lot of correlation with macro events.

Besides, the recession continues to be a big fear. With the recession bells continuing to ring, the near future outlook for LINK remains bleak. Potentially, we will see a further downside before LINK makes a sustained comeback. Should the existing concerns fail to subside, the $6.0 bottom remains in sight.

LINK technical analysis

The daily chart outlook shows bears have overcome a potential rise above $7.5 for LINK. The level has been tested multiple times. On the downside, however, bulls have resisted a decline below the short-term ascending trendline. Who wins?

Source – TradingView

Looking at the daily chart, two possibilities, a bull and bear case, line up for the Chainlink token.

In the bull case, we assume that LINK buyers will continue to defend the ascending trendline. That will allow the price to continue to push high up for a potential breakout above 7.5. For such a possibility, the crypto sentiment must improve. It could also happen due to Chainlink’s specific developments. 

In the bear scenario, LINK bears will push the price below the ascending trendline. That will allow them to defend the $7.5 resistance. If bears manage to do so, then LINK could head back to the yearly bottom at $6.0.

Is the bear scenario more likely? Probably yes, from the technical indicators. The MACD indicator is in the bear zone while momentum is weakening. The recent declines also saw the LINK price move below the moving averages. However, soft inflation data on Thursday could turn the tables and help LINK overcome a possible drop to $6.0. So, we keep both scenarios open.

How to buy Chainlink

eToro

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Capital.com

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The post Chainlink price: what’s the outlook after an 8% dip? appeared first on CoinJournal.

Shiba Inu (SHIB/USD) trades at merely $0.000010 after losing more than 10% in the week. That comes as investors develop a risk-off attitude towards volatile assets. The current level is a make-or-break point for SHIB, going by the current technical indicators.

The absence of a price catalyst in cryptocurrencies has been fueling a bear market for SHIB. First, the general mood in crypto remains bearish. As of press time, leading cryptocurrencies Bitcoin and Ethereum had fallen by more than 4% and 3%, respectively. The declines happen as investors exercise caution ahead of the US inflation data on Thursday.

Aside from the macro events, the SHIB fall happens amid delayed projects. That includes the much-anticipated metaverse. The utility of the meme token remains low, and most of its movements have been somewhat speculative. However, whales continue to hold the token on expectations of a price pump. Data by Whalestats shows that SHIB is the most-held cryptocurrency by Ethereum whales. The rank excludes stablecoins, USDC, USDT, and stETH.

Shiba Inu price movement and prediction

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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Source – TradingView

Shiba Inu trades at crucial support on the daily chart. We call it a make-or-break level because if bulls do not hold it, the price could crash back to the yearly lows. Turning to the MACD indicator, a bearish crossover occurred as the price hit $0.000010.

The momentum is weak at the crucial support. The trading volume is down 49%, highlighting a decline in investors trying to scoop the meme token at the support. 

Should you buy Shiba Inu?

SHIB is not yet a buy. Although a reversal could occur at the current level, sentiment remains weak, and momentum is low. Thus, there are greater chances that SHIB will fall below $0.000010. The probable next support for the cryptocurrency lies at $0.0000080.

The post Shiba Inu slides 9% to find support. What are the odds of a reversal? appeared first on CoinJournal.

Huobi Token (HT/USD) rose another 25% on Wednesday, capping a solid weekly 58% gain. The surge happens amid positive developments for the crypto exchange.

Well, Huobi is trying to redeem itself after a challenging time in the cryptocurrency market. Peers such as Voyager and Celsius have been facing liquidity challenges. That sent panic that other crypto exchanges like Huobi could follow suit. Consequently, the Huobi native token crashed to trade at below $4 earlier this month. That is ten times less than its May 2021 high of almost $40.

As of press time, the Huobi token traded at $6.4 as enthusiasm returned. CoinJournal had reported that About Capital was injecting funds in the crypto exchange. In a press release on October 8, Huobi said its founder Leon Li Lin will sell his stake in the exchange to About Capital. The Hong-Kong based asset manager is expected to inject “sufficient” capital to fund the exchange’s global expansion. 

On October 9 again, Huobi announced a new Global Advisory Board. The board consists of leading blockchain and non-blockchain business leaders. These include Tron founder Justin Sun, one among those speculated to be eyeing the purchase of the crypto exchange. The board will spearhead Huobi’s global expansion. 

Huobi token posts double-digit gains on key developments

Below, the Huobi token is making parabolic moves following positive developments. However, the token has met resistance at $6.8.

Source – TradingView

On the daily chart, the Huobi token is retreating from an overbought resistance at $6.8. With the positive sentiment, the token could break the resistance barrier. However, due to oversold conditions, we urge buying lower after a correction. The potential support lies at $5.55. Alternatively, the token could correct to the 20-day or 50-day MA.

Concluding thoughts

Huobi token could continue to claim higher levels due to positive developments. However, the current valuation of the cryptocurrency is too high for an outright buy. Investors should consider buying lower.

The post Huobi token jumps another 25%. How far can it go? appeared first on CoinJournal.