Kategorie: Crypto Analysis

Key takeaways

• LINK is the second-best performer among the top 20 coins, up 13.5% in the last 24 hours.
• The rally comes after Chainlink introduced the Chainlink Reserve.

The cryptocurrency market has turned bullish following days of bearish price action this week. Bitcoin hit the $117k level for the first time this week while Ether is targeting the $4k high once again.

LINK, the native coin of the Chainlink blockchain, is the second-best performer among the top 20 cryptocurrencies by market cap. The coin could rally higher as momentum indicators switch bullish.

Chainlink introduces the Chainlink Reserve

LINK is up 13.5% in the last 24 hours, outperforming other major cryptocurrencies in the top 20 except Stellar’s XLM. At press time, LINK is trading at $19.04 and looks set to hit a new weekly high if market conditions remain bullish.

The primary catalyst behind LINK’s rally is the launch of the Chainlink Reserve. Chainlink announced on Thursday that it has launched the Chainlink Reserve. This is a new upgrade centered on the creation of a strategic onchain reserve of LINK tokens.

According to Chainlink, the Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network. It will achieve this by accumulating LINK tokens using offchain revenue from large enterprises that are adopting the Chainlink standard and from onchain service usage. The team added that the Chainlink Reserve is being built up by using Payment Abstraction to convert offchain and onchain revenue into LINK.

LINK could soar past the $20.5 resistance level soon

The LINK/USD 4-hour chart is extremely bullish thanks to Chainlink’s ongoing rally. The technical indicators have switched bullish. The efficiency also showed that LINK has swept liquidity to the downside and could be gearing up to soar higher.

The RSI of 76 shows that LINK is close to an overbought situation while the MACD lines are deep within the positive territory. The momentum indicators suggest that LINK is extremely bullish and could rally higher soon.

If the trend continues, LINK could soar past the July high of $20.3 over the next few hours. Surpassing the $20.3 resistance level could pave the way for LINK to retest the $27.266 high achieved in January. 

However, if the broader market undergoes a correction, LINK could retest the resistance-turned-support region at $17.2. An extended bearish run would see LINK drop to the TLQ level at $16.103.

The post LINK eyes $20.5 as momentum indicators switch bullish; Check forecast appeared first on CoinJournal.

Key takeaways

• POL is one of the best performers in the top 50, up by more than 5% in the last 24 hours.
• The coin could rally towards the $0.265 resistance level if momentum continues.

Polygon’s POL outperforms the market, hits $0.23

POL, the native coin of the Polygon ecosystem, is one of the best performers among the top 50 cryptocurrencies by market cap. The coin added more than 5% to its value over the last 24 hours and now trades above $0.23 per coin.

There is no catalyst behind POL’s rally as it is responding to a market-wide recovery. The crypto market has been bearish since the start of the week but seems to have turned a corner after recording positive gains over the last 24 hours.

Bitcoin has recaptured the $115k level while Ether is eyeing the $3,730 resistance zone once again. XRP is also trading around $3 while other major altcoins are also in the green. 

POL has lost its place as one of the top 20 cryptocurrencies by market cap and now occupies the 41st spot in the market. Despite that, Polygon remains one of the leading projects in the crypto space.

POL eyes the $0.265 high

The POL/USD 4-hour chart is bullish but inefficient, suggesting a downward movement to grab liquidity before surging higher. The inefficiency lies around $0.22, and POL could drop to this point in the coming hours before resuming its rally.

The technical indicators are bullish, suggesting that buyers are currently in control of the market. The RSI of 68 shows a buying pressure. However, it is not yet in the overbought region, indicating that POL’s price could surge higher. The MACD lines are also within the positive territory, indicating a bullish bias.

If the rally continues, POL could rally towards July’s high of $0.265 over the next few hours. An extended bullish run would allow POL to target the $0.30 level for the first time since March.

However, the market could face a correction and test lower support zones. If that happens, POL could retest the strong support and TLQ at $0.2086.

The post Polygon price prediction: POL eyes $0.265 after a 5% rally appeared first on CoinJournal.

Key takeaways

• ETH is down nearly 2% and now trades around $3,600.
• The second-largest cryptocurrency by market cap could drop below $3,400 if market conditions remain bearish.

Ether fails to stay above $3,700 as market correction continues

Ether, the second-largest cryptocurrency by market cap, lost 2% of its value over the last 24 hours. The negative performance comes as Ether failed to take out the $3,730 resistance and briefly dropped below $3,600.

At press time, Ether is trading at $3,620 and could drop lower if the market conditions remain bearish. The bearish performance also comes despite Ether ETFs recording inflows of $73.22 million on Tuesday, likely driven by the SEC’s guidance on staking activities not being securities offerings.

Nate Geraci, president of NovaDius Wealth Management, explained that the guidance has cleared the last hurdle, stopping the market regulator from approving spot ether ETFs with staking.

Ethereum retests its daily resistance at $3,730, could drop below $3,400

The ETH/USD 4-hour chart remains bullish as Ether has defended its price above $3k over the last few weeks. On Tuesday, Ether faced rejection from its daily resistance level at $3,730 and declined by more than 3%. 

At the time of writing on Wednesday, it continues to trade in red at around $3,620. The technical indicators suggest a weakening bullish momentum, which could see the price drop further in the near term. 

If that happens, ETH could drop below the $3,400 low created over the weekend. An extended bearish run could result in Ether retesting the valid trading range around $3,077 for the first time since July 14.

The RSI of 53 suggests a weakening bullish momentum, while the MACD continues to hold a bearish crossover and supports the correction thesis. If the RSI remains above 50, the bulls could regain control of the market and push ETH above the daily resistance at $3,730 in the coming hours or days. Ether could also extend the recovery toward its next key resistance at $4,000.

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Key takeaways

• PENDLE is down 1% in the last 24 hours as the broader crypto market undergoes a correction.
• The coin could rally towards $4.5 soon after sweeping liquidity to the downside.

PENDLE defends its price above $3

The cryptocurrency market has been bearish since the start of the week, with most coins and tokens currently in the red. Memecoins have recorded bigger losses as they are more volatile compared to other narratives in the crypto ecosystem.

PENDLE, the native coin of the Pendle ecosystem, has lost 10% of its value over the last seven days but could bounce back soon. At press time, the coin is trading at $3.870 after defending its price above $3.5.

The primary catalyst behind a possible rally would be Pendle launching Boros on Arbitrum, allowing users to trade funding rates of Bitcoin and ether perpetual markets. Boros enables traders to go long or short on funding rate exposure using “Yield Units” (YUs), which are structurally similar to Pendle’s existing Yield Tokens.

This integration could boost PENDLE’s adoption, resulting in a price surge in the near to medium term.

PENDLE eyes $4.5 after sweeping downside liquidity

The PENDLE/USD 4-hour chart is bullish and efficient after PENDLE swept liquidity to the downside over the weekend. The efficiency could allow PENDLE to rally higher in the near term.

The technical indicators are also bullish, suggesting that buyers are currently in control. At press time, PENDLE is trading at $3.870. After sweeping liquidity to the downside and creating a TLQ at $3.6, PENDLE could surge higher and hit the first major resistance level at $4.5 over the next few hours or days. An extended bullish run would allow the coin to retest its recent high of $5.013. 

The RSI of 46 shows that the selling pressure is fading. However, RSI needs to stay above 50 for PENDLE to embark on a sustainable rally. 

On the flipside, PENDLE could retest the $3.6 weekend low if bullish momentum fails to hold. Failure to defend the weekend low would allow PENDL to retest the $3.090 support level for the first time since June.

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