Kategorie: Crypto Analysis

• 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.

Flow price has been in a strong bearish trend in the past few weeks as cryptocurrencies recoil. The coin has crashed to a low of $1.8750, which was about 50% below the highest level in August, giving it a market cap of $1.9 billion.

Flow growth continues

Flow is a leading blockchain project that seeks to become the best platform for developers to build quality applications. It is a proof-of-stake (PoS) platform that is known for fast speeds and low costs of transactions. 

Flow is also known for its high-profile partnerships. For example, it is the blockchain partner for organisations like the NBA, UFC, NFL, LaLiga, Samsung, and Ubisoft among others. According to the developers, there are over 8,000 builders in its ecosystem. It also has over 13 million account wallets and over 2 million transacting wallets.

Flow has seen strong growth in the past few months. In particular,  the network has seen strong growth of its NFTs, especially now that Instagram adopted the network. According to CryptoSlam, the total volume of NFT sales in its ecosystem was over $15.8 million. That was an improvement from the previous two months’ $11 million.

Flow has also done well in decentralized finance (DeFi). According to its website, the total value locked (TVL) in its ecosystem has risen to over $3.7 million. This growth was helped by Increment Finance, which is a platform that enables people to deposit, earn, borrow, and trade digital assets.

The recent weakness of Flow is mostly in line with the performance of digital currencies.The prices of most coins like BTC and ETH has been in a strong downward trend as the US dollar index continues rising. 

Flow price forecast

The four-hour chart shows that Flow has been in a strong bearish trend in the past few weeks. Along the way, the coin has managed to move below the 25-day and 50-day moving averages. The Stochastic Oscillator has moved below the oversold level. It has moved slightly above the important support level at $1.6731. 

Therefore, the coin will likely continue falling as sellers target the next key level to watch will be at $1.50. A move above the resistance level to watch will be at $2.20.

The post Flow price prediction: Is it safe to buy this crypto dip? appeared first on CoinJournal.

Ravencoin is up by 9% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.

RVN, the native token of the Ravencoin blockchain, is the best performer amongst the top 100 cryptocurrencies in the last 24 hours. It has added 9% to its value so far today, outperforming the broader market in the process. 

The cryptocurrency market is starting the week in a positive fashion, with the market up by less than 1% over the last 24 hours. The total crypto market cap remains below $1 trillion, despite today’s positive performance.

Bitcoin is still trading below $20k after losing more than 1% of its value in the last seven days. The leading cryptocurrency is still trading in the red zone today. Ether has maintained its position above $1,500 and is up by less than 1% on Monday.

Ravencoin’s positive performance comes after a cold storage wallet was revealed for the RVN coin. The Ice Wallet Storage will soon launch and will support the RVN coin.

Cold storage hardware wallet coming soon only to Ravencoin $RVN.
Designed for Ravencoin & Ravencoin Assets. i#
This is a huge deal for Ravencoin.
It’s a freaking hardware wallet man! 💥@IceWalletCold https://t.co/jbwQHwShTc pic.twitter.com/etUz6N2kjf

— Leon Ravencoin 🅁🅅🄽 ₿ (@leon_texas) September 4, 2022

Key levels to watch

The RVN/USDT 4-hour chart is positive, as Ravencoin has been performing well over the past 24 hours. The technical indicators show that RVN is outperforming the broader cryptocurrency market.

The MACD line is within the positive region, indicating bullish momentum for Ravencoin. The bullish momentum comes as the broader market is recovering from its recent bearish slump.

The 14-day relative strength index of 61 shows that RVN could enter the overbought region if the rally can be maintained.

At press time, RVN is trading at $0.03203 per coin. If the bullish momentum persists, RVN could surge past the $0.035722 resistance level before the end of the day. However, it would need the support of the broader crypto market to cross the $0.040577 resistance level in the short term.

The bears might regain control of the market and push RVN below the $0.028675 support level. However, RVN should comfortably defend its position above the $0.024799 support level in the near term.

The post Ravencoin is up by 9% on Monday: Here is why appeared first on CoinJournal.