Autor: dot-traders

• Chainlink is a decentralized oracle network for smart contracts

• Its native LINK token has surged 13% in the past week

• The token is showing strong bullishness, but momentum remains low

Chainlink LINK/USD is ranked the 23rd largest crypto asset with a market capitalization of $3.5 billion. It is considered the most secure and flexible infrastructure in the crypto blockchain space.

According to its website, the platform is a decentralized oracle network. It offers tamper-proof inputs, outputs, and computations to enhance advanced smart contracts on any blockchain. Chainlink also provides passive income opportunities through staking rewards.

Despite the prolonged crypto market correction, LINK is reaping significant gains. In the past 24 hours, its native token, LINK, has surged 4.51%, bringing weekly gains to 13.35%. Similarly, the tokens have pumped 76% in daily trading volumes to $369 million.

The reason behind the positive gains is not specific. However, a recovery around the DeFi segment could have partly contributed. The top DeFi projects, MakerDAO and Lido, have gained 1% and 6% in their total value locked in a week. As a blockchain that enhances the capabilities of smart contracts, Chainlink is strategically positioned.  

Its technical outlook shows a bullish trend in the LINK token, but the RSI momentum indicator says otherwise. 

LINK shows bullishness amid a weak momentum 

Source: TradingView

Currently, LINK is exchanging for $7.15. The token is approaching $7.4 resistance, which is the immediate resistance level, as per the daily chart above. The trend is showing a steady recovery since testing $6 support on August 29.

Furthermore, the trend-following indicator MACD is looking green. It has crossed the signal line from below to above. However, the RSI is at the neutral 50. Chainlink will need to attract more buyers to gain enough momentum to clear the $7.4 resistance level.

Concluding thoughts

The current level does not present a perfect buy entry. Investors should wait until LINK clears the next resistance level. They should also watch for the momentum indicators to turn positive for an opportunity to enter.

The post Can Chainlink clear the $7.4 resistance level? appeared first on CoinJournal.

• Robinhood announced MATIC transactions on Polygon in addition to Ethereum

• The support increases liquidity for MATIC token

• MATIC gains in the past one week are 10%

Talk of making important headlines and defying market sentiment. Polygon’s MATIC/USD is a cryptocurrency to watch whenever one is looking for a good investment. The Ethereum Layer-2 scaling solution has proved to be a reliable blockchain. 

On CoinMarketCap, MATIC has registered more than 10% gains in the past week. Other cryptocurrencies have negligible gains, while others remain in the bear zone. The gains reflect confidence in Polygon and the increasing utility of its native token MATIC.

On August 31, Robinhood announced that users could transact with MATIC on the polygon network. It is additional support to Ethereum, with Robinhood saying more cryptos are coming soon. The support will raise MATIC liquidity and boost the price. The brokerage firm said the addition of MATIC was attributed to the huge fees on Ethereum. 

MATIC is trapped by the $1 resistance as price makes a comeback

Source: TradingView

The weekly chart is the true barometer to illustrate MATIC’s price action. In the weekly chart, it can be seen that MATIC is trapped below the $1 resistance. The price is bullish after the latest retracement but is facing some bear pressure. The bear pressure could be a result of the weak crypto market sentiment.

Concluding thoughts

While Polygon’s MATIC has strong fundamentals, weak market sentiment is a bear trigger. The price faces a key hurdle at $1 while the bottom is at $0.6. While we believe MATIC has room to go higher, caution should be exercised as price battles $1. The $0.78 is short-term support that the price could also slide if a breakout fails at $1. We urge investors to buy when the price crosses $1 or buy now for a long-term hold.

The post Polygon’s MATIC remains attractive, but a key hurdle remains appeared first on CoinJournal.

• Cardano is set for the Vasil hard fork on September 22

• ADA has surged by more than 12% in the past one week

• The token faces immediate resistance, but the hard fork is a major bull trigger

Cardano ADA/USD blockchain will undergo the long-awaited hard fork upgrade on September 22. A tweet by the development team on September 2 pointed out that testing all core components was successful. The Vasil upgrade will grow Cardano’s network capacity and reduce transaction costs.

Cardano hard fork comes after several delays, which developers attributed to software bugs. With these issues now ironed out, investors could be looking at Vasil as a critical event. That would be bullish for the native token, which has largely been dented by the market sentiment.

Cardano faces immediate resistance at $0.5 amid weekly gains.

Source – TradingView

From a technical perspective, Cardano is bullish after settling at the $0.44 support. The token has turned bullish ahead of the Vasil upgrade. However, market sentiment remains subdued, adding some breaks to ADA. 

$0.5 is the level to watch as ADA turns bullish. The MACD indicator has turned bullish in line with the price surge. Already, the level of activity on Cardano is rising ahead of the hard fork. In August, the number of on-chain transactions on the network rose 4.49% to 49.1 million. It suggests that investors are finding Cardano attractive, a milestone that will boost ADA price.

Concluding thoughts

Cardano is witnessing a surge in activity ahead of the Vasil upgrade. The upgrade, expected on September 22, is a potential price trigger. ADA price could face resistance at $0.5 even as the overall crypto sentiment remains weak. Investors can buy after a breakout or take advantage of a potential retracement. ADA is a hold for investors looking to lock value.

The post Cardano prepares for a breakout as the date for hard fork confirmed appeared first on CoinJournal.