Crypto News

Solana Price Positive As It Trades Near $44, Are The Bulls Back On Chart?

Solana price has attempted to revisit the $44 price mark again and it is a matter of time till the coin displays its next move. Over the last week the coin rose by 14% and in the past one day there has been a close to 3% increase in market value. The coin has demonstrated steady recovery in the last 24 hours. At the moment bullish force has built up considerably in the market and it could push price of SOL higher with sustained demand. Technical outlook for the coin remained positive at the time of writing. Solana price previously in the past had not managed to break past the $44 price mark. For SOL to finally break past that level, demand needs to consistently go up. If the coin does not remain above the $44 level, it would fall to trade near its support zone. The global cryptocurrency market cap today was at $1.21 Trillion, with a 0.6% hike in the last 24 hours. Solana Price Analysis: Four Hour Chart SOL was trading at $44.79 at the time of writing. After multiple attempts the bulls were again attempting to move past the aforementioned price level. Overhead resistance for the coin stood at $46, however, moving past the $44 price zone will itself be a challenge for the bulls considering the bulls failed twice previously. Local support for Solana price stood at $40. If the bulls manage to cross the $46 price level then it could touch the  $50 price level. Amount of SOL traded in the previous session increased suggesting increased buying strength. Technical Analysis SOL’s technical outlook reflected bullishness on the four hour chart. The moment Solana price moved up, the indicators reflected the same sentiment. The Relative Strength Index was above the 60-mark signifying that buyers exceeded sellers at press time as demand for the altcoin soared. Solana price was also above the 20-SMA line and that meant buyers were responsible in driving the price momentum. SOL was above 50-SMA and 200-SMA signifying increased bullish momentum. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week The past week for SOL was quite beneficial to the coin. Over the last week the bulls gathered momentum which is why a push to the $44 mark was possible. Moving Average Convergence Divergence displays the price momentum and the reversals in the same. MACD underwent a bullish crossover and formed green signal bars which are in accordance with the buy signal and increased demand. The Chaikin Money Flow points towards the capital inflows and outflows. CMF broke past the half-line into a positive zone which meant increased capital inflows. Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges Featured image from Engadget, Chart from TradingView.com

Crypto News Ethereum

Ethereum Price Broke Past $1,800 Despite Higher Demand At Lower Levels

Ethereum price flashed recovery over the last 24 hours after it witnessed consolidation at the $1,800 price mark. Over the last week, ETH logged 20% appreciation. It has been a bullish week for the king altcoin. The last time the altcoin traded around this price level was almost two months ago. It had failed to topple over the $1,900 zone and had retraced shortly after that. The robust support line for Ethereum price was at $1,600. Ethereum price could possibly witness a sharp change once the Ethereum Merge goes live next month. The Merge is the transition from proof-of-work to proof-of-stake has been a highly anticipated event for the Ethereum community. This shift from proof-of-work shall diminish the altcoin’s power consumption by almost 99.5%. If the price of Ethereum manages to stay above the $1,900 mark for a substantial period of time, the coin will manage to touch the $2,000 mark price ceiling. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1,918 at the time of writing. The coin had finally managed to move past the $1,800 price region. Ethereum price has to maintain momentum over the $1,900 mark in order to touch the $2,000 price mark. Overhead resistance for the coin was at $1,970. Local support level for the coin was at $1,700 and then at $1,600 respectively. Incase ETH loses vigour and falls to the $1,600 mark, the inability to sustain at that price level can push the coin to $1,300. The amount of Ethereum traded in the last session was falling which meant that selling pressure was declining at the time of writing. Technical Analysis The altcoin’s technical outlook depicted bullishness on the four hour chart. Buying strength for Ethereum also increased as Ethereum price travelled upwards on its chart. The Relative Strength Index was parked above the 60-mark indicating that buyers dominated the market at press time. If demand for ETH continues to rise, the altcoin might be overvalued leading to a possible price pullback. Ethereum price was above the 20-SMA line, which meant that buyers were driving the price momentum. The altcoin was also above the 50-SMA line which points towards the rising price of the asset. Related Reading: TA – Ethereum Price Faces Resistance As Merge Date Is Announced ETH’s other important indicators also depicted positive price action. Moving Average Convergence Divergence is supposed to display that price momentum and reversals in the same. MACD witnessed a bullish crossover and flashed green signal bars above the half-line registering buy signal for the asset. Directional Movement Index is responsible in determining the price direction of Ethereum. DMI was positive as the +DI line was above the -DI line. Average Directional Index (Red) was bordering the 40-mark which meant that the current price direction was gaining strength. Related Reading: Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone Featured image from UnSplash, chart from TradingView.com

Crypto News Ethereum

Ethereum L2 TVL Enjoys 284% Growth In The Past Month Ahead Of Goerli Merge

Total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has increased 284% in the last month, according to data from DefiLlama. Users lending and borrowing assets on Aave through Optimism’s layer-2 chain make up the vast majority of TVL. Ethereum Optimism TVL Surges In anticipation of The Merge update, which will see the blockchain switch from a proof-of-work network to one based on proof-of-stake, investors have been bidding up digital assets tied to the Ethereum ecosystem. The merge will be tested by Ethereum developers on the Goerli testnet on Thursday, August 11. If everything goes according to plan, the mainnet merging will be approved on September 19. The mainnet merge would probably be delayed if there are issues with the Goerli merge. The Merge’s anticipated launch date has been set for September 19, according to a recent Ethereum developer call. With Rollups, or off-chain computations, Optimism, an Ethereum layer-2 blockchain, aims to extend the ecosystem and expedite transactions. On Optimism, transactions are entered, and on Ethereum, they are completed. ETH/USD trades at $1,853. Source: TradingView The project is home to 35 protocols, including automated market maker Velodrome, decentralized exchange Uniswap, and derivatives exchange Synthetix. The Ethereum blockchain’s current capacity of 30 transactions per second is inadequate to manage the enormous amount of user trade orders on exchanges (including cancellations). Nevertheless, according to some analysts, the network might scale to 100,000 transactions per second with The Merge upgrade, with layer-2 solutions improving this capacity even further. Related Reading: Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next? Optimism blocks are constructed and executed on layer-2 while user transactions are batched up and submitted to the Ethereum layer-1. On layer-2, transactions are immediately accepted or rejected with no mempool, enabling a fast user experience. Correspondingly to the TVL development, the project’s namesake tokens have also rallied by 300% during the same period. Dai on Optimism 👀 From 30 million to 140 million in 5 days. pic.twitter.com/AQlNWvX6c9 — Maker (@MakerDAO) August 9, 2022 Goerli Testnet: A Brief The Ethereum network will be one step closer to its biggest update yet in less than 24 hours. The second-largest cryptocurrency by market capitalization has been preparing to switch from Proof-of-Work (PoW) to the significantly less energy-intensive and, in some people’s opinions, more decentralized Proof-of-Stake for years (PoS). Senior Ethereum developers stated last month that the so-called “Merge” to “Ethereum 2.0” will occur on September 19. However, there is still a challenge for developers to overcome before the “Merge” can be implemented on Ethereum’s mainnet. Developers want to implement the merging on one last testnet after completing the switch from PoW to PoS on two of Ethereum’s main testnets (Ropsten and Sepolia) in June and July. From its mid-July lows under $1,000, Ethereum has increased by more than 80%, and at last check, it was trading in the mid-1,800s. While most of this has coincided with a larger cryptocurrency market rebound amid an uptick in macro mood (Bitcoin is up over 25% from its mid-July lows), analysts have indicated that anticipation ahead of the merger has been a key tailwind driving ETH higher. Related Reading: Why Are Crypto Investors Rotating From Bitcoin To Altcoins? Featured image from iStock Photo, chart from TradingView.com

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Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next?

Uniswap price at the current moment has displayed a downward movement on its chart. The coin lost the $9 price mark and was moving closer to its local support level. Over the last 24 hours, UNI depreciated considerably by 6%. Most gains that UNI logged were lost over the past week. The technical indicator for UNI has depicted mixed trading signals. The buyers in the market have left owing to the recent fall in price. For Uniswap price to pick up momentum, buying strength and demand for the coin remain quite crucial. As selling pressure mounted, UNI started to flash bearish price signals on its chart. The price of the altcoin needs to experience a breakout for the bulls to drive the price momentum. The coin broke below its $8.40 support line and fell below that. An increase in demand for the coin can help UNI recover over the next trading sessions. Uniswap Price Analysis: Four-Hour Chart The altcoin was priced at $8.30 at the time of writing. Uniswap lost its immediate support line and the bears have changed that level to a resistance mark for the coin. Overhead resistance for the altcoin was at $8.76, however, a tough price ceiling for the altcoin was at $9.30. The coin has tried to break past the mentioned price mark a couple of times but was met with sellers in the market. The immediate price floor for the coin stood at $7.80. Although over the past few weeks UNI has recovered considerably, the demand for UNI has to keep growing. The volume of UNI traded in the last session has declined as there has been a fall in buying strength. Technical Analysis UNI had moved closer to the oversold zone over the last trading sessions, however, it did not touch that zone. At the moment, the coin has low buying strength but the coin was not overbought. The Relative Strength Index noted an uptick below the half-line signifying that the demand for the altcoin could register an increase over the next sessions. Uniswap price was seen below the 20-SMA line, this signalled bearishness in the market. It also depicted that the sellers were driving the price momentum in the market. Related Reading: Why Are Crypto Investors Rotating From Bitcoin To Altcoins? The altcoin has flashed bearish signals on most technical indicators. UNI registered a sell signal on the four-hour chart. Moving Average Convergence Divergence depicts the price momentum and change in the momentum. As demand for UNI has remained low, MACD underwent a bearish crossover and displayed red histograms. The red histograms were sell signal for UNI. Chaikin Money Flow determined the capital inflows and outflows. CMF was below the half-line as capital inflows were less than outflows at the time of writing. With increased demand and buying strength, the coin will attempt to move up on its chart. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? Featured image from TechCentral, chart from TradingView.com

Crypto News

Chainlink Price Above $8, Can It Go Past Its Immediate Resistance?

Chainlink price has been trading in an upside channel over the past few trading sessions. The altcoin has managed to move past the $8 level, it is now eyeing the next important resistance mark. The technical outlook of the coin has turned positive as buying strength increased on the chart. Over the last 24 hours, the coin moved up the chart by 2% and in the past week, LINK logged 14.7% appreciation. Chainlink price also managed to revisit the $8.80 mark however, the coin has experienced tough resistance at that price mark. For Chainlink to move past the aforementioned price ceiling, buying strength has to remain high in the market. Once LINK topples over the $8.80 price ceiling, it could target $9, thereby, invalidating the bearish thesis completely. It is important to note that a small dip in demand for the altcoin can bring back the bears Chainlink Price Analysis: Four-Hour Chart LINK was priced at $8.72 at the time of writing. The altcoin retraced briefly after it touched the $8.80 price mark. The immediate price ceiling for LINK stood at $8.80 and a push above that level will propel Chainlink’s price to $10. The local support level for LINK was at $8.16 and a fall below that will make the coin trade near the $7.60 price mark. The amount of Chainlink traded in the past session increased. This reading meant that bullish pressure had started to build in the market and that buying strength increased over the last trading sessions. Technical Analysis The altcoin has depicted trading on an upside in an ascending trendline. Chainlink price formed higher highs and higher lows signifying positive price change. If LINK doesn’t break past the immediate resistance mark, the coin can lose its current price momentum. The altcoin had just visited the overbought zone after which it travelled south briefly. The Relative Strength Index was positive above the 60-mark depicting increased buying strength. Chainlink price was above the 20-SMA line. A reading above the 20-SMA line indicates that buyers were driving the price momentum in the market. Related Reading: The Bear Market Correction Could Be Over, According To ARK. Reasoning Inside LINK has depicted an increased buy signal on the four-hour chart. Indicators also captured the increase in demand. Moving Average Convergence Divergence portrays the current price momentum and possible reversals in the same. MACD underwent a bullish crossover and formed green signal bars on the indicator. These green signal bars are buying signals for the coin. If buyers continue to act on it, the Chainlink price could soon topple over $8.80. Parabolic SAR depicts the trend, the indicator, however, hasn’t painted a positive picture. It started to form a dotted line above the candlestick, this could be in the anticipation of a fall in price over the next trading sessions. Related Reading: Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement Featured image from Yahoo Finance, chart from TradingView.com

Crypto News

MATIC Price Demonstrated Bullishness, How Soon Will It Touch $1?

MATIC price had been on a bearish trajectory for the past few days. Over the last week, the coin hasn’t made any progress in terms of price appreciation. In the last 24 hours however, MATIC registered a 2% increase in its market value. Currently Polygon MATIC price is slightly underneath the $1 price mark. Price of MATIC has been stuck below the $1 mark for months now, every time the bulls start to pick up momentum, the coin was met with selling pressure. For MATIC to invalidate the bearish thesis completely, it is important that the coin trades above the $1 mark for a considerable duration. Technical outlook for the coin has turned positive however, this positive reading could soon lose steam if buying strength doesn’t remain consistent over the next trading sessions. At the current moment, MATIC has registered increased number of buyers compared to sellers. MATIC price still has to encounter a tough resistance at the $1 mark. The coin hasn’t been able to break past that resistance for months now. A small decline in price would push MATIC price to $0.74 before another potential rally. MATIC Price Analysis: Four Hour Chart The price of the altcoin was $0.92 at the time of writing. MATIC price was trading close to its $1 price mark, the bulls tried to push price towards the $1 mark at the end of last month but it was invalidated by sellers in the market. A strong overhead resistance for MATIC was at $1. A fall from the present price level will drag the altcoin down to $0.73 and then eventually to $0.68. Amount of MATIC traded in the past session fell on the chart. This reading is tied to a fall in selling strength for the altcoin in the market. Technical Analysis Polygon’s MATIC price had registered a substantial recovery since the middle of last month. Despite the recovery, MATIC had visited the oversold territory once and had also registered increased number of sellers compared to buyers. At press time however, buying strength remained more than selling pressure. The Relative Strength Index was placed slightly above the half-line indicating bullishness as buyers exceeded sellers. MATIC price was above the 20-SMA line. Price of the altcoin also managed to move above the 50-SMA. Both these observations point towards buyers driving the price momentum in the market. Related Reading: Ethereum Crosses $1,700, But Could Return To Path Of Pain, Expert Says The altcoin has managed to paint mixed technical signals. MATIC captured sell signal on its four-hour chart. Moving Average Convergence Divergence depicts the price momentum and trend reversal. The indicator despite a minor price appreciation underwent a bearish crossover and flashed red signal bars. The red signal bars are an indication of sell signal on the chart. Chaikin Money Flow is responsible in determining capital inflows and outflows. CMF stood above the half-line, into the positive zone as the coin registered increased amount of capital inflows than outflows. For MATIC to soar past the $1, broader market strength and buying pressure will be required. Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently Featured image from The Face and chart from TradingView.com

Crypto News

XLM Depicts Buying Resurgence, Where’s It Headed Next?

XLM price picked up momentum after the coin retraced on its chart over the past week. Over the last 24 hours however, XLM appreciated by 3.6% and was successful in toppling over its immediate resistance mark. The bulls were back in charge and the technical outlook of XLM also portrayed the same sentiment. Currently, XLM price has become steady on the $0.121 level. Over the past few days, XLM has consistently formed higher highs and higher lows which is a sign of bullishness in the market. If the altcoin is able to hold onto its price momentum, then the coin could eye the $0.130 price ceiling over the upcoming trading sessions. Buying strength for Stellar remains crucial for the coin. XLM price last hovered around this price mark multiple weeks back, around the end of June. A crash from the present price level could bring XLM price to $0.114. Previously when XLM price traded at $0.124, it was met with bearish pressure resulting in Stellar falling to $0.114. XLM Price Analysis: Four Hour Chart The altcoin was priced at $0.126 at the time of writing. The bulls resurfaced along with buyers in the market, this made XLM flip its immediate resistance mark into its support line. Overhead resistance for XLM now was at $0.127 and then at $0.129. On the other hand, local support for XLM price stood at $0.119. Inability to sustain its price over the aforementioned support line, can bring the altcoin down to $0.114. Stellar has made considerable recovery given the altcoin had touched a 20-month low price level in the middle of July, this year. Trading volume of Stellar dipped on the four hour chart, this is an indication of falling selling strength in the market. Technical Analysis Technical outlook has painted an extreme bullish picture for XLM price on the four-hour chart. There has been a sharp spike in the number of buyers on XLM’s chart. The Relative Strength Index was parked into the overbought zone which meant that the asset was overvalued. Buying strength had overpowered selling strength heavily at press time. XLM price was way above the 20-SMA line. This reading points towards the buyers driving the price momentum in the market. The price of the altcoin was also above the 50-SMA and 200-SMA which signified that demand for the altcoin had substantially increased. Related Reading: Has Bitcoin Price Found Support At A Decade-Long Trend Line? Stellar captured buy signal on its chart in accordance with the other indicators on the chart. The Moving Average Convergence Divergence depicts the price momentum and reversal in same. MACD had pictured green signal bars over the half-line after it experienced a bullish crossover. The green signal bars were tied to buy signal for XLM. Directional Movement Index is responsible for portraying the current price trend and the strength of the trend in the market. DMI was positive because the +DI line was above the -DI line. Average Directional Index (Red) was seen moving towards the 40-mark, this signified strength in the present price direction indicating that XLM price will continue to register an upward movement over the upcoming trading sessions. Related Reading: Market Sentiment Holds Steady As Bitcoin Aims For $24,000   Featured image from StormGain, Charts from TradingView.com

Crypto News

Solana Price Caught In Consolidation, Unable To Break Past The $40 Level

Solana price has been trading laterally as the altcoin has not been able to move past the $40 price mark. The altcoin has experienced a blow recently as thousands of wallets were drained of their assets owing to an exploit. The latest exploit had allowed hackers to drain the funds using private keys. After the attack on the network, Solana’s value swiftly dropped to $38. Solana price has now been stuck at the $40 level. The current support level for the coin stood at $40 and failing to stay on the aforementioned price mark, SOL could fall to $36. Bitcoin too has been consolidating at the $23,000 level after the king coin fell minorly on its chart over the past two days. Altcoins also have been affected in a similar manner. In case of Solana, the buying strength of the coin fell owing to the recent fiasco. Fortunately, only a certain number of wallets were affected and Solana Network was not compromised. The global cryptocurrency market cap today was at $1.14 Trillion, a 0.4% negative change in the last 24 hours. Solana Price Analysis: Four Hour Chart SOL was exchanging hands at $40.2 at the time of writing. The coin has still not recovered from the correction it experienced after it moved past the $46 price mark. The recent loss of funds from some accounts have definitely set back Solana’s recovery. Overhead resistance for the coin was at $41, however, Solana price will be able to invalidate the bearish thesis, once it manages to revisit and hold its price above the $46 price mark. On the flipside, support level for Solana price was at $36. A fall from $36, will bring the asset down to $34. Volume of Solana traded over the last session dipped slightly indicating fall in selling strength. If Solana price continues on a downtrend, then soon the altcoin will trade below the ascending triangle confirming bearishness. Technical Analysis The altcoin registered a depreciation in buying pressure as Solana holders ran to sell the coin due to . Over the attack. The last few trading sessions however, the coin displayed an increase in buying strength. The Relative Strength Index was seen moving above the half-line which meant that buyers were overpowering sellers at the time of writing. Solana price also was seen above the 20-SMA line which meant that buyers were driving the price momentum in the market. This could be bullish price action for the coin. If buyers hold their position in the market, SOL could break its consolidation soon. Related Reading: Solana Hot Wallets Suffer Ongoing Attack, Roughly $5M Stolen Thus Far SOL’s technical outlook hinted towards bullishness on the chart. Moving Average Convergence Divergence indicated the price momentum and change in the trend. MACD flashed green histograms after a bullish crossover. This reading was tied to buy signal for Solana. Bollinger Bands depict price volatility and price fluctuation. The bands were wide and parallel which meant that Solana price will not witness a sharp volatility. Related Reading: TA: Solana Struggles To Break Key Resistance After $5M Hack Featured image from US News Money, Charts from TradingView.com

Crypto News

Cardano Price Moves Above $0.50, Is The Price Ready For Breakout?

Cardano price is currently trading slightly above $0.50, price of the asset has been consolidating over the past few days. ADA has been struggling below the immediate resistance level. The coin has attempted to flash a break-out couple of times but it was met with the bears each time. Since Cardano price is trading sideways, chance of a breakout cannot be ruled out immediately. Technical outlook for ADA has also started to turn positive as the buying strength started to recover on the chart. Over the last 24 hours, Cardano price noted a small depreciation. In the past week, ADA lost 2% of its market value. Currently the support levels are between $0.50 and $0.45 respectively. The price had continued to form higher highs and higher lows till the coin started retracing over the last two days. It could be possible for the altcoin to resume its previous price momentum if the technical outlook continues to remain positive. Buying strength remains crucial for ADA at the moment. A slip below its present trading level will push ADA down to $0.45, which would mean that the bears will be in control again. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.51 at the time of writing. Cardano price was struggling underneath the immediate resistance of $0.55. Cardano’s price had formed a similar pattern previously, where it fell below the $0.45 mark and shot up above the $0.55 price level. If ADA loses it current momentum, it could again rally on its chart. Additionally other resistance levels stood at $0.62. If Cardano price fails to hold on the $0.45 level, it could touch $0.38 over the upcoming trading sessions. Amount of ADA traded was in the green which meant that buying strength picked up on the chart. Technical Analysis ADA’s technical outlook started to turn positive over the last 24 hours. The buyers started to enter the market as the coin tried to move upwards on its chart. The Relative Strength Index was positive as the indicator was seen above the half-line. This reading indicated that buying strength was higher than the selling strength on the four hour chart. Cardano price was parked above the 20-SMA as demand for the altcoin appreciated. This meant that buyers were driving the price momentum in the market. Related Reading: Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down The altcoin also demonstrated mixed signals on its shorter time frame. ADA flashed a sell signal but also the buying momentum hasn’t faded out yet. The Awesome Oscillator pictured red histograms on its half-line, AO represents the price momentum and changes in the same. The red signal bars are sell signal on the four hour chart. Moving Average Convergence Divergence outlines the momentum and trend reversals too. MACD underwent a bullish crossover and continued to form green histograms which are buy signals for ADA. The histograms on MACD were fading which were a sign of bearishness. For Cardano to break past its price ceiling, it important buyers remain in the positive on the chart. Related Reading: Cardano (ADA) Regains Some Support But Rate Stuck Below Vital $0.50 Level Featured image from The Financial Express, chart from TradingView.com