Schlagwort: crypto business

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Should you buy chainlink as the price get stuck at $15

  • LINK/USD extends range-bound price action below resistance

  • LINK/USD market eyes a target above $17.73

Across the board, the overall crypto market is trading in a neutral direction. After strong selling pressure took charge of the price movement. And with less concern about fundamental analysis, Chainlink seems to exclude the list of assets governed by an economic release.

Hence buying Chainlink (LINK) from a technical analysis outlook will aid trading decisions.

Technical levels to watch before buying chainlink

Heavy bearish storms drag the value of Chainlink downhill after weak volume among the bulls caused the value of Chainlink to depreciate against the US dollar. At the same time, it is assumed that supply and demand are the major factors that control the price action of the digital currency market.

From north to south LINK/USD trading activities have proved to be a good example of the reaction caused as a result of market supply and demand, which tend to leave a mark on the crypto market price action.

LINK/USD hourly chart technical analysis

Source – TradingViewWith a technical analysis look on the 4-hour chart market investors would discover that the LINK/USD chart pattern is in for a long-term bearish price movement. As $10.59 near-term support endures welcoming the value of the digital asset to balance its feet along with its horizontal support. Alongside buying LINK/USD at this price point would enable a long-term gain for traders because $10.59 serves as the all-time low initial support for the asset.

Final thoughts and trading recommendation 

The upcoming Federal Open Market Committee (FOMC) meeting that’s set to come up on Wednesday would perhaps produce a rise in volatility in the crypto market. After expectations from market players await an interest rate hike announcement from the Fed chairman Jeremy Powell soon.

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MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO

  • MicroStrategy CEO Michael Saylor also noted the same thing during an earlier interview.

  • The company’s shares have plunged alongside the rout in crypto and stocks, currently trading -35% year-to-date.  

MicroStrategy will buy more Bitcoin and does not plan to sell any from its current haul, according to the US-based software intelligence company’s Chief Financial Officer.

This is the company’s plan for investing in cryptocurrency, and will continue to be the case despite the current market outlook, Phong Le told the Wall Street Journal.

Bitcoin price reached highs of $69,000 in November but corrected sharply this month to plummet to lows of $33,000 on Monday.

Although the flagship digital asset has recovered 8% on the day to currently around $36,750, the sell-off pressure remains even as US Federal Reserve looks to hike interest rates and geopolitical tensions in Russia/Ukraine mount.

The negative sentiment cropping from these factors continues to weigh on investors in the stock market, with a cascade effect likely to be felt in the crypto market.

Despite the bearish outlook for the broader crypto market, MicroStrategy isn’t swaying from its strategy, the CFO added.

“To the extent we have excess cash flows or we find other ways to raise money, we continue to put it into Bitcoin,” Le told the WSJ.

MicroStrategy holds close to 125, 000 bitcoins, bought at an average price of $30,159.

Apart from adding to its BTC haul, the company is also eyeing new investments in the Bitcoin-backed bond market. Le said that the publicly traded company will venture into this market probably by 2023, although that would depend on liquidity in the market.

The diversification is part of the firm’s constant hunt for other investment opportunities that would contribute to the shareholder gains in Bitcoin.

Le’s comments come days after MicroStrategy CEO Michael Saylor said in an interview that the company wasn’t prepared to sell any of its Bitcoin. They also come after the company’s stock fell sharply on Monday.

The decline had pushed the stock’s overall losses since Friday to 30%, aligning it with the bloodbath witnessed in crypto and tech stocks. The shares are 35% down year-to-date, with a similar outlook for other crypto-centric companies.

The recent declines came as it was revealed that the US Securities and Exchange Commission (SEC) had rejected MicroStrategy’s non-GAAP accounting measures. This relates to the company’s decision to adjust for BTC impairment losses, which they said would clearly reflect on the software firm’s finances.

After the SEC’s disapproval, the firm noted it would make necessary revisions in future earnings reports, which should probably reflect in its Q4 earnings results on 1 February.

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Here is why Cosmos (ATOM) Price is rallying

The Cosmos native crypto (ATOM) has surged by more than 17% in the last 24 hours; a time when all the major cryptocurrencies like Ethereum and Bitcoin have nosedived although they are now turning green as they try to correct.

Cosmos is currently at $36.08 with a trading volume of $3.9 billion and is up. If it continues with the current bullish trend, it might set a new all-time high within the first quarter of 2022.

What is Cosmos (ATOM)?

Cosmos is simply a project that solves the problems facing the blockchain industry to make blockchain technology less difficult and complex for decentralized apps developers.

ATOM is the native token of the Cosmos blockchain network.

Why the ATOM price is rallying

The current ATOM rally is highly attributed to the recent announcement by the market cap on Twitter saying that it will share IBC integrated tokens on the Cosmos network. Currently, Terra has already dominated this market with 49.6%.

ATOM is expected to shoot to the moon after the Terra market domination. However, when ATOM hit an all-time of $44.8 on 20th September, it started a phase that ended at $20.18 in December and since then it has continued to rise.

With the failed January 7 and 17 breakout attempts, the bulls started an inverted head and shoulder breakout on January 1st and the altcoin hit a five-week high of 79.61% ROI from its 29th December low.

The bears maintained their 43.6% Fibonacci support as the bulls continued to defend the 23.6% support level which they later lost by 38.2% in the recent sell-off, during the sell-off ATOM lost 35.6% of its worth, although they recaptured 38.2% from the growing selling effect.

There was a bearish bias after RSI formed the downward channel due to the resistance near the midline which led the MACD’s histogram to discover a closing equilibrium that favored the sellers.

The post Here is why Cosmos (ATOM) Price is rallying appeared first on Coin Journal.

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You can now buy OOKI, the token of an innovative decentralized protocol: here’s where

Ooki is a decentralized protocol for margin trading, borrowing, lending and staking. It enables developments of dApps for lenders, borrowers, and traders. It has added 29% to its value in the last 24 hours. 

This article has everything you need to know about Ooki Protocol, including where to buy the Ooki token.  

Top places to buy OOKI now

As OOKI is such a new asset, it’s yet to be listed on major exchanges. You can still purchase OOKI using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy OOKI right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for OOKI

Now that you’re connected, you’ll be able to swap for 100s of coins including OOKI.

What is OOKI?

OOKI is a community-run project, governed by the community vote for all major changes to the protocol. It makes it possible for users to interact with the most flexible decentralized finance protocol on multiple blockchains.

The OOKI token allows the Ooki community to govern the protocol through staking OOKI token and voting in the Ooki DAO. OOKI token holders receive a portion of protocol revenue.

50% of fees generated by the protocol are distributed to OOKI stakers. The remaining 50% of fees are allocated to the insurance fund and Ooki treasury.

Ooki Protocol provides four primary services to it’s users: leveraged margin trading, borrowing, lending, and staking. Trading is at the core of Ooki Protocol. Users can easily open long or short leveraged trading positions at fixed interest borrowing rates.

Ooki protocol also allows users to borrow funds with collateral and lend funds to earn interest. A unique feature of Ooki protocol is the existence of fixed rates of interest on borrowed funds.

Should I buy OOKI today?

Ooki can be a lucrative investment, but take the time to study the market and read analyses of its prospective price trajectory. Take all investment advice with a grain of salt.   

OOKI price prediction

Price Prediction is moderately bullish on Ooki. They predict it will trade for at least $0.014 at the end of this year. In 2023, the price of Ooki Protocol is expected to reach a minimum of $0.021 and a maximum of $0.025 with the average price of $0.021 throughout the year.   

OOKI on social media

 

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Chainlink extend negative price action to the south as price trade below $17.75 resistance

Supply and demand have been termed as the major factor that causes uphill and downhill in the market. However, in a bearish moment such as this period, it’ll be best to have a firsthand approach to the market.

While it’s easier to open a buy or sell order on the flip side, the consequence of inadequate understanding of the market price movement may result in total loss of trading account. And to be able to stay ahead of the market do read below to get a grasp of what Chainlink (LINK) has to offer this week.

LINK/USD technical analysis outlook

Source – TradingView

Across the hourly chart, the price action of Chainlink had broken below the $17.73 resistance after strong bearish market volatility pushed the price of the assets into a negative sell-off mode.

However, at the time of writing this analysis, the value of LINK/USD tends to trade along the July 23rd market initial support region. In essence, if the price should plunge below this level, the entire price movement of LINK/USD will meet near-term support at a $10.59 bearish price target.

Weekly price chart

Source – TradingView

After facing rejection along with $27.31 resistance, the value of LINK/USD tends to plummet aggressively against the US dollar as fundamental economic updates from the US region aim to hasten the action of sellers at driving the price of the asset to the South. However, the overall price action of Chainlink across all time frames remains negative.

Where could be a positive turning point for the asset

While awaiting the market to complete its bearish price movement, we should however be aware that if this negative price action should extend further, the value of LINK/USD may likely find a resting point at $10.59 If at all the volume of the sellers outweigh the buyers‘ momentum.

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