Schlagwort: crypto business

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LINK/USD value rose to a high of $18.05, as the recent bullish trend persists

  • At $18.05, there was resistance.

  • At $15.5, the LINK/USD pair found strong support.

The Chainlink price research shows that bulls have been ready to withstand the negative wave, which is good for cryptocurrencies. The currency had tremendous depreciation over the current month, but prices are steadily increasing, and they are predicted to reach beyond their current price level of $17 in the near term. 

However, the next barrier is still at $18.6, which explains why the price oscillation is moderate today. However, if the bullish trend continues in the following 24 hours, the resistance level may be exceeded, and LINK may have a smooth rally to $20, which is the next key level. 

The bulls maintain their advantage, overcoming the bearish impediment

According to the most recent updates, the one-day price chart for the Chainlink price review reveals that cryptocurrency prices have grown today, with negative pressure also visible. The price had hit $18.053, up 10.36 percent on Sunday. The chart also illustrates that the bulls attempted to make a comeback in recent days and have now regained control as bulls today have held prices above prior low. 

Source – TradingView

The four-hour Chainlink price analysis shows that the bullish trend is regaining control. The last few hours have been quite advantageous for the bulls, with the short-term moving line displaying more green candlesticks, surpassing the impediment created by the bears in earlier hours of the day.

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FIL/USD has a potential to gain 30% if bullish momentum is sustained

  • Filecoin price analysis turns optimistic.

  • At $19.2, there is support for FIL.

  • At $21.9, there is some resistance.

The most recent Filecoin price analysis indicates a positive trend, as the price has increased significantly today. Yesterday, the value of FIL peaked at $19.6 after breaking over the barrier of $19.3, and today, the bullish upswing has led to a further gain in the price, with its value increasing to $20.3, hitting a weekly high. At the start of today’s trading session, the price breakout was higher, as bulls managed to maintain their advantage. Prices are projected to rise much more in the following hours.

The upward trend in the FIL/USD 1-day price chart continues over $20

The one-day Filecoin value analysis reveals that today’s price function is still moving higher. The price has risen, and the coin is now worth $20.3. Although these price fluctuations are minor, the cryptocurrency has acquired a valuation of 5.60 percent in the previous 24 hours. The crypto combination has earned a value of 8.80 percent in the last week; perhaps, the price will rise more during the day. 

The FIL/USD has been able to hold the price level during this week, as the persistent downward trajectory appears to be drawing to a halt.

Source – TradingView

Even though the bulls had previously dominated the market movements, the bears hampered the price function, and a reversal was also witnessed four hours ago. However, the price is presently filling the range again, as it trades around the upper threshold of the volatility indicator.

As a consequence of the recent positive movement, the price is presently at $20.3.

The current moving average value is $19.7. Volatility is minimal, suggesting that an upswing is imminent. The Bollinger Bands Indicator’s upper limit is $20.55, signaling resistance for FIL’s price, while its lower limit is $18.1.

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Morgan Stanley: Bitcoin’s 50% correction “within historical norms”

  • Analysts at the bank say Bitcoin has corrected by 50% or higher on 15 occasions since 2009.

  • They say a breakdown to $28,000 is possible as this is 2021’s floor, while $45,000 remains a crucial resistance zone.

Bitcoin’s bounce from recent lows could be hindered if the flagship cryptocurrency slides below $37,000 again, with further losses likely given the potential for fresh sell-off pressure across traditional financial markets.

In such a scenario, Bitcoin’s price could retreat towards major demand zones in the $35k- $33K and see its cumulative losses since reaching an all-time peak hit +50%.

While the slump could be a worrying signal for the benchmark crypto, analysts at Morgan Stanley say this won’t be anything out of the ordinary.

Sheena Shah, the head of research for crypto at the bank said acknowledged in the report that it’s not easy to estimate what the fair value of a crypto asset is, especially given the speculative nature of the asset class.

Per the research note, Bitcoin’s correction is still within the perimeters of bear market crashes seen in previous cycles. Historical data shows Bitcoin price has tanked massively in about 15 bear markets in its life with the latest decline of 50% or more, not an isolated case.

The bank points to $28k as the key price level in this market cycle as it represents the coin’s 52-week low. If a bounceback strengthens and BTC/USD breaks and holds $45k, then the market can look to more gains amid a potential rally.

But Morgan Stanley thinks investors should keenly watch the markets, with the likely scenario being crypt assets remain in a correction amid macro trends.

Crypto analyst Rekt Capital thinks as much, noting on Monday as Bitcoin retreated from highs of $38,300 that BTC/USD could yet see a fake breakout. He says it would be important to take note of such a scenario, where Bitcoin sees an upward flip only to retreat sharply.

Trader and crypto analyst Ali Martinez points to on-chain data from IntotheBlock to suggest Bitcoin is facing stiff resistance around $37,500-$38,500.

“Breaking such a critical supply barrier could allow BTC to advance towards $42,300,” he noted.

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Here is why Ripple (XRP) has been dropping in the last three months

Over the last few months, many of the cryptocurrencies have been bearish, with major ones like Bitcoin and Ethereum also nosedive.

At the time of writing, Ripple price was had dropped by about 5.27% with a hitting a high of $0.6185 and a low of $0.5828 in the last 24 hours.

Now let’s take a look at the reasons behind the nosedive.

What is Ripple?

Before we delve into the recent bearish trend, it’s important we first explain what Ripple is for those coming across it for the first time.

Ripple is a company that runs a digital blockchain-based payment platform called RippleNet that uses XRP as its native cryptocurrency.

Despite having issues with the US SEC, Ripple has partnered with a number of financial service providers to make cross-border transactions seamless, traceable, and affordable,

What has caused the long Ripple (XRP) price drop?

Most investors are bearish on XRP following a three months-long nose dive.

However, although Ripple has been the most controversial blockchain-based project for a while, the token has remained in the top ten position cryptocurrency in the market.

According to CoinMarketCap, the trading volume was up 6.72% despite a 5.31% drop by market cap. The surge in the trading volume is mainly attributed to an increase in the selling volume as the token price drops.

Ripple had attempted a bull run at the beginning of October after a partnership between Nelnet and Ripple to lower the impact of cryptocurrencies on the environment. But the Bull Run was very short-lived. It only took days for XRP to turn bearish.

Today, XRP has hit a high of $0.6021 and a daily low of $0.58 which is being attributed to the increased selling pressure.

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Russia banning crypto could have an opposite effect, former president Medvedev warns

Medvedev is a former Russian president and prime minister and currently the Deputy Chair of the Security Country.

Russia’s intention to ban cryptocurrencies has elicited reactions from across the board, with many other people voicing opposition to the move for various reasons.

Former Russian president Dmitry Medvedev, who also had a stint as the country’s prime minister, has added to the many who think the move would not be the best course of action from Moscow.

Medvedev is also Russia’s Security Council deputy chairman.

In an interview with Tass, he noted that he believes central bank regulators will find a better way to deal with the matter. However, he said that he doesn’t think the restrictions will achieve what regulators aim at.

According to Medvedev, calls from the Bank of Russia around crypto regulation that seek to see crypto-related activities banned could end with the opposite effect to the desired results.

“To be honest, when you try to ban something, this very often leads to the opposite result,” he told Tass.

Ban would slow down innovation and sideline Russia

Medvedev’s comments come just days after Russian President Vladimir Putin asked the central bank, and other government regulators, to strike a consensus on the proposed regulation of cryptocurrencies.

In its report on crypto and related activities in Russia released on 21 January, the central bank noted what it called risks and threats, and proposed a total ban. With this move, the country would not allow activities such as trading, mining, and usage.

Among those against the proposed ban are Maxut Shadayev, the Minister for Digital Development, and Anatoly Aksakov of the State Duma. The Russian Association for Electronic Communications (RAEC) also released a statement opposing the plans, noting that the ban risked sidelining Russia and slowing down innovation in the country.

According to Shadayev, a total ban could see the country lose experts and specialists in the innovation space. Meanwhile, Aksakov wants to see cryptocurrencies declared legal, with the government putting in place mechanisms to strictly monitor and supervise the industry.

Russia is not the only country to consider banning cryptocurrencies or adopting stricter regulations.

India had a bill seeking a crypto ban reconsidered earlier in the year, while in 2021, China embarked on a severe crackdown on the crypto sector. The Chinese crackdown forced miners and major crypto companies to relocate to other countries as authorities banned crypto mining and trading.

The US has so far not indicated taking such a move, but industry experts say the country could adopt tougher regulations following recent reports on the sector.

Despite the regulatory uncertainties, many within the crypto sector and across mainstream institutions believe crypto and the underlying blockchain technology ‚is here to stay.‘

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