Schlagwort: crypto market

Key takeaways

• Chainlink is the best performer among the top 20 cryptocurrencies by market cap, up 10% in the last 24 hours. 
• LINK could reclaim the $20 level soon as bullish momentum returns.

Chainlink outperforms other major coins

LINK, the native coin of the Chainlink blockchain, is up by 10% in the last 24 hours, outperforming the other major cryptocurrencies. The rally saw LINK surge from the Friday low of $15 and is now trading close to $19 per coin.

There is no major catalyst behind the move as the broader crypto market is currently undergoing a recovery. Bitcoin, the leading cryptocurrency by market cap, is trading above $111k after dropping below $104k over the weekend.

Altcoins are also in the green, with Ether leading the way after reclaiming $4k. BNB, SOL, XRP, DOGE, TRX, and ADA all added over 2% to their values in the last 24 hours. Thanks to the ongoing recovery, the total cryptocurrency market cap now stands at $3.75 trillion.

LINK eyes $20 amid bullish price action

The LINK/USD 4-hour chart remains bearish and inefficient despite Chainlink adding 10% to its value in the last 24 hours. At press time, LINK is trading at $18.8. However, the technical indicators are switching bullish as more buyers enter the market.

The RSI of 67 shows that buyers are in control, and LINK/USD could enter the overbought region soon if the bullish trend continues. The MACD lines are also within the positive area, indicating a strong bullish bias at the moment.

If the rally continues, LINK could reclaim the $20 level over the next few hours. An extended rally would allow LINK to target the major resistance and TLQ level at $23.5 over the next few hours or days. 

On the flip side, failure to build on this momentum could see LINK decline towards the weekend low of $15.7. An extended bearish run would see LINK retest the October 7 low of $14.9 in the near term.

The post LINK to reclaim $20 as coin pumps 10%; Check forecast appeared first on CoinJournal.

Key takeaways

• SOL is up 2.5% in the last 24 hours and is now trading above $190.
• The coin could rally towards $220 ahead of the Accelerate APAC event.

SOL tops $190 as market momentum switches bullish

SOL, the native coin of the Solana blockchain, has followed the broader market’s trend and is trading in the green. The coin is up 2.5% in the last 24 hours and is now trading above $190 per coin.

The recovery is supported by increasing trading volumes, which has surged to levels last seen in January. The increase in trading volume comes ahead of the upcoming Accelerate Asia Pacific Accreditation Cooperation (APAC) event on Friday. The event could highlight key ecosystem developments for the Solana blockchain. 

The Accelerate Asia Pacific Accreditation Cooperation event, starting Friday in China, will highlight Solana’s growing role in the region’s Decentralized Physical Infrastructure Networks (DePIN) ecosystem. 

Traders and investors are now optimistic that the event could push SOL’s price higher. The SOL trading volume generated by all exchange applications on-chain hit $220 million on Saturday, the highest level recorded since mid-January. The surge in volume indicates that more traders are interested in SOL as they are optimistic its price could surge higher in the near term. 

SOL targets $220 as bullish momentum returns

The SOL/USD 4-hour chart is bearish and efficient, but the momentum indicators are slowly turning bullish. SOL added over 2.5% to its value in the last 24 hours after dropping 13% last week following the rejection of the price faced around the 50-day Exponential Moving Average (EMA) at $206.09.

At press time, SOL is trading at $193 and could retest the 50-day EMA again in the near term. The RSI on the 4-hour chart reads 56, pointing upward toward the overbought condition and indicating early signs of bullish momentum.

The RSI must stay above the neutral level for SOL to embark on a sustainable recovery. An extended rally would push SOL’s price towards the $220 TLQ level over the coming days. 

However, if SOL fails to build on this momentum and faces a correction, it could extend the decline toward the strongest support level at $186.

The post Solana price prediction: SOL eyes $200 ahead of the Accelerate APAC event appeared first on CoinJournal.

Key takeaways

• XRP is down 7% in the last 24 hours and is now trading at $2.2 per coin.
• The bearish performance comes as the broader crypto market undergoes a correction.

XRP continues to decline despite Ripple’s efforts to accumulate more tokens

XRP, the native coin of the Ripple ecosystem, has lost 7.5% of its value in the last 24 hours and is now trading at $2.2 per coin. The bearish performance comes despite Ripple Labs leading an effort to raise at least $1 billion through a special-purpose vehicle aimed at accumulating XRP.

Bloomberg reported that the funding round will occur via a special purpose acquisition company (SPAC), with funds held inside a new digital-asset treasury (DAT) structure. The report added that Ripple intends to contribute a portion of its own XRP holdings.

Furthermore, Ripple announced on Thursday that it had acquired GTreasury, a corporate treasury software provider, in a deal worth $1 billion. Ripple is expanding into financial services via acquisitions, buying stablecoin payments firm Rail and prime brokerage firm Hidden Road earlier this year.

Ripple revealed that GTreasury’s treasury platform, used by Fortune 500 enterprises for managing cash, foreign exchange, and risk, will now become part of its suite of financial tools. 

XRP could dip below $2 as bullish momentum grows weaker

The XRP/USD 4H Chart is bearish and inefficient after the coin price found resistance around the lower trendline of a falling wedge pattern earlier this week. It has lost 7.5% of its value in the last 24 hours and is now trading below the daily support of $2.35. 

The RSI of 37 shows that bears are currently in control, with the MACD lines also signalling selling pressure. At press time, XRP is trading at $2.216 per coin. If the correction continues, XRP could extend its dip toward the next daily support at $1.96. Last Friday’s low of $1.77 could also be revisited if the bearish trend continues. 

However, if XRP recovers, it could extend the recovery toward the 200-day EMA at $2.62 over the next few hours. The $3 resistance level remains a medium-term target for now.

The post Ripple price forecast: XRP could dip below $2.0 as bearish momentum thickens appeared first on CoinJournal.

Key takeaways

• ETH is trading around $4k per coin, down 1.7% in the last 24 hours.
• The leading altcoin could rally towards $4,300 soon amid choppy price action.

Ethereum Foundation deploys 2,400 ETH and $6M on Morpho

Ether, the second-largest cryptocurrency by market cap, has been underperforming over the past 24 hours despite the Ethereum Foundation announcing its DeFi expansion to Morpho.

The Ethereum Foundation announced on Wednesday that it is deploying 2,400 ETH, valued at about $9.3 million, and $6 million worth of stablecoins into the decentralized finance (DeFi) lending protocol Morpho.

The team added that the funds will be deposited into Morpho’s yield-bearing vaults as it looks to expand its recent treasury policy. In its announcement, EF stated that, 

“Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles. FLOSS licenses ensure that builders are free to fork and build on existing protocols, making the DeFi ecosystem more resilient and permissionless.”

The Ethereum Foundation is the non-profit that manages research and protocol updates for the Ethereum blockchain. Currently, the foundation holds about $823 million worth of ETH assets in its treasury.

ETH could reclaim $4,300 as price action remains volatile

The ETH/USD 4-hour chart remains bearish and efficient as the price action in recent days has been choppy. The volatile price action resulted in $124.7 million in futures liquidations in Ethereum over the last 24 hours, with another $77.1 million in long liquidations also recorded. 

The momentum indicators are currently weak, but could turn bullish as market sentiment improves. ETH lost the $4,100 support on Wednesday after hitting the $4,300 level on Monday.

The RSI of 47 is below the neutral 50, indicating that the bears are losing control of the market. The MACD lines are also within the negative zone after flashing a sell signal earlier this week. 

If the bearish trend continues, ETH could drop to the support near $3,470 in the coming hours. However, if the bulls keep ETH’s price above $4k, it could rally towards the $4,300 resistance level. An extended rally would bring the 4H TLQ of $4,513 into focus.

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Key takeaways

• ZEC has outperformed other cryptocurrencies in the top 30, adding 5% to its value in the last 24 hours.
• The coin could rally above $300 as bullish momentum returns.

ZEC outperforms the broader crypto market

ZEC, the native coin of the Zcash ecosystem, is the best performer among the top 30 cryptocurrencies by market cap. Up 90% in the last seven days, the coin remains bullish despite the recent market crash.

The privacy-focused coin formed a four-year high of $298 on Saturday, recovering excellently from the crash to $149 recorded during Friday’s market crash. However, it has dipped since then and is currently trading at $249 per coin.

The Open Interest (OI), which has been on a decline over the past three days, is now recovering as retail interest in the coin resumes. ZEC could target the $300 psychological mark over the next few hours or days as the bulls regain full momentum of the market.

ZEC eyes the $300 psychological mark amid bullish momentum

The ZEC/USD 4-hour chart is bullish and efficient as the coin has added 5% to its value in the last 24 hours. It has closed above the 61.8% Fibonacci retracement level of $235 and could be set to rally higher in the near term. 

The technical indicators on the 4-hour chart remain bullish, suggesting that ZEC could rally higher in the near term. The RSI of 52 shows that ZEC is still not within the overbought region, indicating further room for growth. The MACD lines also flashed a buy signal following the recent dip. 

By closing above the 61.8% Fibonacci retracement level at $235, ZEC could bounce back to challenge the $300 resistance level over the next few hours. An extended rally would allow the coin to hit $320 for the first time since May 2021. 

However, a bearish close below the $235 level over the next few hours could see the bears take the price to the $200 region. An extended bearish run would see ZEC threaten the next major support level at $193.

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