Kategorie: Crypto Analysis

Chainlink price has had a difficult performance in 2022 as the cryptocurrency industry has struggled. LINK has crashed by more than 50% this year as the total value secured (TVS) in its platform has fallen from over $60 billion to less than $35 billion. 

SmartCon Conference

September has been a busy month for cryptocurrency-focused events. Early this month, Near Protocol, hosted its NearCon Conference in Lisbon. It was a major event that saw representatives from leading projects like DAO Maker and Sweatcoin.

This week, Messari, the leading data analytics company, hosted the Mainnet event that had guests from companies like Cardano, Binance, Hedera, and Coinbase.

The next major event will be hosted by Chainlink. Starting from September 28th, the SmartCon Conference will have a whole slate of respected people in the tech industry. Some of the top speakers will be Eric Schmidt, the former CEO of Google, Arianna Huffington, Kain Warwick, and Ron Bodkin.

Historically, events tends to have an impact on cryptocurrency prices especially when there is a major announcement. For example, Near Protocol’s price did well during its event as investors reacted to some positive events like the launch of Sweat Economy.

The SmartCon Conference comes at a difficult time for Chainlink and other cryptocurrencies. In the past few months, the prices of most cryptocurrencies like Bitcoin and Ripple have crashed by more than 50% from its all-time high. 

At the same time, the total value locked in decentralized finance (DeFi) has crashed from more than $150 billion to about $54 billion. This is notable since Chainlink is used widely in the DeFi industry, where it provides oracles. Oracles take external data from exchanges and then push it to DeFi platforms like Uniswap and Aave.

Chainlink price prediction

The daily chart shows that Chainlink price dropped to a low of $5.90 earlier this year. Since then, the coin has remained in a consolidation phase and managed to move slightly above the 25-day and 50-day moving averages. The Awesome Oscillator has moved to the neutral level. 

Therefore, there is a likelihood that the coin will continue rising ahead of the upcoming SmartCon Conference. If this happens, the next key resistance level to watch will be at $9.6, which was the highest level in August.

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Bitcoin price came under intense pressure this week as the VIX and the US dollar index (DXY) surged. It moved below the important support level at $20,000 and is trading at $19,125. The BTC/USD and BTC/GBP have crashed by more than 50% this year.

US dollar index surges

The BTC price has been in a steep sell-off in the past few weeks as the US dollar index has bounced back. According to Bloomberg, Bitcoin surged to $112.8, which was the highest level in more than 2 decades. This happened as the British pound dropped to the lowest level since 1987 and is now approaching the parity level.

The euro has dropped below parity and is at the lowest level in more than 20 years. Other currencies like the Swedish krona, Japanese yen, and the Swiss franc have also been in a steep downward trend lately.

The US dollar index strength continued after the Federal Reserve continued its hawkish tone this week. In its meeting, the bank decided to hike interest rates by 0.75%, bringing the year-to-date increase to 300 basis points. Notably, the officials warned that the bank will continue delivering jumbo rate hikes later this year. 

The impact of the hawkish Fed became visible to the market as Bitcoin price crashed below $20,000. American stocks tumbled, with the Dow Jones, S&P 500, and Nasdaq 100 indices crashed by more than 1.80% on Friday. Bitcoin has a close correlation with US stocks. 

At the same time, bond yields continued soaring, with the 2-year yield rising to 4.2%, the highest level in more than a decade. 10-year and 30-year government yields rose to 3.68% and 3.61%, respectively. 

Therefore, there is a likelihood that the BTC price will continue struggling in the coming days as the Fed maintains its hawkish tone.

Bitcoin price prediction

The daily chart shows that the BTC price has been in a strong bearish trend in the past few months. It has moved below all moving averages and crossed the important support level at $20,704, which was the lowest point on June 26. The Relative Strength Index (RSI) has moved slightly below the neutral point.

Therefore, there is a likelihood that Bitcoin price will continue falling as sellers target the next key support level at $18,000. A move above the resistance level at $21,000 will invalidate the bearish view.

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• Optimism is a Layer-2 scaling solution on Ethereum

• Optimism price is falling amid a decline in ETH following the much-anticipated Merge

• OP, the native token, has lost support and faces further bearish pressure

Ethereum Layer-2 scaling solution Optimism OP/USD shows fewer signs of renewal. A week after the expected Ethereum Merge, Optimism crashed by around 15%. That happens amid fading hype around post-Merge gains in Ethereum-related tokens.

Do not, however, get it twisted. Ethereum’s shift from Proof-of-Work to Proof-of-Stake introduces great benefits. These impacts will be realized in the longer term, and linked platforms such as Optimism will benefit. Meanwhile, investors may have to put up with a bearish market for Optimism after the token lost key support. The bearish market also reflects concerns about tighter economies as Central Banks hike rates to tame inflation.

Optimism prediction as token loses grip of $1.0

Optimism token trades at $0.922, slipping below $1, a support zone. The price level means Optimism has more than halved since its August high of $2.2. That also suggests a bubble burst since it witnessed a strong surge in July on the back of strong fundamentals.

Source – TradingView

A technical outlook shows that Optimism has fallen below the 20-day and 50-day moving averages. The decline below the $1 support opens chances for further declines. 

A look at the RSI shows a reading of 38. The reading indicates increased selling pressure. The token has more room to decline before we get to the oversold territory. Optimism will potentially continue to decline to find support at $0.74.

Summary

There is a lack of upside momentum for the Optimism token. The token lost important support at $1. It means that we should look for lower prices. The next support is $0.74 due to the weak sentiment.

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• The compound token has added 4% in a day as the price defies a bear market

• The protocol plays a role in the DeFi sector through crypto loans

• COMP trades at double its June lows with more upside potential

Compound COMP/USD has gained by more than 4% in the past 24 hours. The gains defy a largely bearish crypto sentiment. Markets are still reeling from a hawkish Fed tone amid faster rate hikes. With no specific factors influencing COMP, buyers could be finding it attractive at low prices.

COMP was trading at $60 as of press time. The price is more than double the low of $27 reached in mid-June. However, the level is significantly low compared to a high of $240 at the beginning of the year. The token’s all-time high remains around $915 as of May 2021. A combination of factors, including tighter economies and the Ukrainian war, caused the decline.

Consequently, investors are finding Compound attractive at low prices. In particular, Compound promises to revolutionize the DeFi sector with crypto loans. The nascent sector presents a massive opportunity, but it will take time before its full potential is realized.

COMP maintains a short-term trend, recovering support level

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Source – TradingView

Technically, the Compound token trades at $56, which is now a support zone. The recent price pump has helped the token to rise above the 20-day and 50-day MA. The 20-day MA is about to close above the 50-day MA, confirming bullish momentum. The MACD indicator shows an increasing bullish momentum after a break above $56.

Concluding thoughts

The Compound token has the potential to continue rising from the current level. The token will face a minor resistance at $66. If the momentum remains, the key target for COMP will be $75.

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• ApeCoin DAO unlocked 25 million APE tokens for the launch contributors

• The ApeCoin was launched in March amid community hype

• APE has added 25% in the past one week 

When ApeCoin APE/USD was launched with a lot of hype in March 2022, investors expected a lot. The token was launched to power the NFT ecosystem of the Bored Ape Yacht Club. APE attracted a real following, an aspect that gave a lot of popularity to BAYC. Since then, the hype around ApeCoin and BAYC has subsided. However, the ApeCoin DAO had a deal with its community, which could boost its token.

APE has gained by more than 15% in the past week. That happened after, on September 17, the treasury unlocked 25 million APE tokens. The tokens were reserved for the “launch contributors” of the project. 

There is still a twist. The release of new tokens was expected to add bearish pressure to APE. That’s because it increases the supply of the tokens, which are fixed at one billion. The recent pump after the release implies that investors had priced the token release. The release may, therefore, have rekindled the hype around APE, boosting the price.

ApeCoin meets resistance amid weekly gains

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Source – TradingView

Looking at the technical side, APE has met resistance at $6.0. The MACD indicator remains in the bullish zone. The token has also reclaimed the 20-day and 50-day MA. In all aspects, APE is bullish amid improved sentiment after the token release.

Concluding thoughts

We think it is not the right time to buy ApeCoin despite the latest gains. A resistance zone at $6.0 is likely to send the token lower. Investors should watch the level around $5.1 for a potential reversal.

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