Kategorie: Crypto News

• Chainlink traded at $6 on Monday, stabilising at the crucial support

• LINK buyers have always defended $6 against the onslaught of bears

• LINK could fall further if a break in the crucial support happens

The start of Chainlink staking ignited an interest in the native token LINK. The cryptocurrency was on an uptrend in the last two weeks of November, ahead of the crucial milestone in early December. But as the early access kicked off, LINK has failed to register gains. Instead, the token has succumbed to the bear market. Bulls are battling $6, as the price now faces a brutal collapse if bears win. But will this happen?

Chainlink price outlook and analysis

$6 is an important price level for Chainlink. Past price action shows that bulls have defended this crucial level since June. The level has been tested severally, offering clues that LINK could overcome a further slump.

Nonetheless, there is no price action signal to support a recovery up to this point. From the daily chart below, multiple inside bars are forming at the crucial level, underlying indecision in the market. Since this happens in a bear market, it signals the exit of sellers or the entry of buyers.

LINK/USD Chart by TradingView

From a technical outlook, LINK trades below the 20-day and 50-day moving averages. The moving averages have almost been flat, indicating that LINK is better considered to be in an extended consolidation. The cryptocurrency is recovering slightly, although the RSI signals that bears remain in control.

Will Chainlink recover?

The next price action will shape the direction of Chainlink. LINK price has stabilised at $6, but the bear pressure is still on. If the cryptocurrency loses this support, a lower price of around $5.4 will remain in sight.

Where to buy LINK

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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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post Back to basics for Chainlink. Bulls have to defend $6 before a further crash happens appeared first on CoinJournal.

• Binance coin recovered slightly on Monday after a losing streak

• Crypto analyst says Binance could collapse similarly to Terra Luna

• The cryptocurrency is under pressure due to concerns about centralised exchanges

Binance (BNB/USD) traded up marginally on Monday, overcoming an accelerated selloff the past week. The selloff has been sparked by concerns of market turmoil for the world’s largest crypto exchange.

According to Delphi Digital, a crypto insights firm, Binance recorded over $5 billion in crypto outflows on December 13th and 14th. The outflows happened amid concerns about the insolvency of Binance following the collapse of FTX. Binance produced its proof of reserves to assure its stability, but this didn’t calm the markets. As CoinJournal reported, auditor Mazars faulted the reserves, and this caused a further confidence crisis. A crypto analyst now thinks Binance could head the LUNA direction.

Remember the famous Terra Luna crash? Perhaps it could sound too alarming to think Binance could have a similar fate. But pseudonymous crypto analyst Smart Contracter says the multi-year trend of BNB versus BTC mirrors that of Terra Luna. Using the Elliott Wave theory, the analyst says BNB/BTC has completed Elliot’s five-wave cycle. He says this is the same price action LUNA printed before crashing in May. Smart Contracter says BNB is set for a reversal at $0.007378 BTC, coinciding with the 61.8% Fib level. The analyst says BNB could fall to $80-$100 next.

BNB recovering above the 23.6% Fib level amid bear pressure

BNB/USD Chart by TradingView

We apply the Fibonacci retracement levels, with the June bottom as the swing low and the November top as the swing high. From the Fib levels, BNB lost dynamic support at 78.6%, 61.8%, 50%, 38.2%, and 23.6% Fib levels. The latest recoveries have pushed the price above the 23.6% Fib level.

However, BNB should be considered bearish as long as the price remains subdued by $266, support-turned-resistance.

What next for BNB?

BNB could remain under bear pressure as long as negative cryptocurrency news emerges. In a bear scenario, BNB stares at $200. The price has to move above $266 to consider the upsides possible.

Where to buy BNB

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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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post Binance coin stabilises, but this analyst thinks BNB is heading the LUNA way appeared first on CoinJournal.

• Shiba Inu recovered 1.21% on Monday after a bearish move

• The developers teased a “countdown,” as some fans speculate the Shibarium update

• SHIB could touch the June lows next

Shiba Inu (SHIB/USD) gained 1.21% on Monday to trade at $0.0000087. The token is slightly recovering from a bottom price of $0.0000080 over the weekend. This is an important zone for SHIB, or rather, the cryptocurrency could touch a demand zone that was crucial to bulls in the past.

A historical price movement of SHIB shows that $0.0000072 is a potential demand zone for SHIB. At the height of a bear market earlier this year, SHIB settled at this zone in June before embarking on a strong recovery. The gains took SHIB to a high of $0.0000179 in August before another bear cycle followed. Amid the intraday gains, this is the next level to watch for SHIB.

Meanwhile, the Shiba Inu community is guessing about the Shibarium beta test. This was after a weekend tweet teased users with a “special countdown.” The countdown was still running down at 7 hours and 48 minutes as of press time. It is unclear what this countdown is all about, but users started to speculate on the Shibarium update. Others quashed it as a distraction to unimportant partnerships and hire.

As the “countdown” unfolds, Shiba Inu fans will keep their hands crossed that something important will pop up. Probably, this could coincide with reports that SHIB is alongside BTC and ETH, the most watched cryptocurrencies on Binance. But technical indicators show a potential further slump.

SHIB recovers slightly from an oversold level near the June lows

SHIB/USD Chart by TradingView

On the daily chart, SHIB is on a slight upside after touching a level slightly above the June lows of $0.0000072. The trend is still bearish, and a potential decline to June’s bottom could be on the card. The RSI reading is still below the midpoint, signalling a bear control.

When will SHIB become bullish?

The $0.0000072 could attract buyers again if bulls fail to capitalise on the current SHIB price recovery. This is the level to watch for bullish reversal signals.

Where to buy SHIB

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.

Buy SHIB with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SHIB with OKX today Disclaimer

The post Shiba Inu nears a demand zone as the SHIB army guesses Shibarium in “countdown” appeared first on CoinJournal.