Crypto News

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

Bitcoin Crypto News

Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely

Bitcoin price has been a topic of debate since the digital asset first made its entry into the mainstream over a decade ago. With its continued growth, a lot of people have come forward to proffer their predictions for the price of the cryptocurrency both in the long and the short term. One of those is billionaire Mike Novogratz. However, despite being usually bullish on the price of bitcoin, Novogratz does not seem to expect much in the short term. Bitcoin Unlikely To Reach $30,000 Currently, the price of bitcoin is bouncing between the $23,000 and $24,000 level. This has seen a lot of speculation as regards what will happen when the digital asset is able to break out of this rut finally. For many, the recent recovery has led them to believe that there will definitely be a run-up back to $30,000, where the price had fallen from. However, not everyone seems to share this bullish short-term sentiment, and Novogratz is one of those. Related Reading: Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10 The CEO of Galaxy Digital has been one of the many proponents of bitcoin, investing in the asset both on a personal and professional level. However, with bitcoin’s current trend, Novogratz does not expect a recovery. Mainly, he does not expect the asset to see $30,000. BTC trending above $23,000 | Source: BTCUSD on TradingView.com Novogratz explained during an interview with Bloomberg that he fully expected the price of the digital asset to continue to trend between $20,000 to $22,000, not believing that a break above $30,000 is possible with the recent run-up. “I’d quite frankly be happy if we’re in a $20,000 – $22,000 or $20,000 – $30,000 range for a while, with the next move breaking up,” he added. Factors Dragging Down Bitcoin There are a number of things that affects the cryptocurrency market and, by extension, the price of bitcoin. Recently, the news of the United States going into a recession has been the catalyst for the recovery trend, but Novogratz believes that the performance of bitcoin continues to be greatly tied to decisions by the government. Related Reading: Market Sentiment Holds Steady As Bitcoin Aims For $24,000 The Fed had once again increased interest rates which had affected the financial markets. With the current situation, any decision from the Fed has an impact on the digital asset due to its close correlation with the macro markets at the moment. But Novogratz believes that the Fed will stop raising rates, which is expected to have a positive impact on financial markets. Despite not believing that the price of Bitcoin cannot touch $30,000 during this run-up, it has not changed the billionaire’s stance on bitcoin. He has previously stated that the price of the digital asset will grow to $500,000. His company also remains committed to its bitcoin strategy, holding a total of 16,402 BTC, making it the public company with the third-largest bitcoin holding in the world. Featured image from CryptoPotato, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News Ethereum

Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?

Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin. The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange. When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now. Related Reading: Why Bitcoin At $100K Is Just A “Matter Of Time”, Says Bloomberg Intelligence On the other hand, low values could suggest whales on the exchange currently don’t believe the coin’s price is going to go up soon. Now, here is a chart that shows the trend in the ETHUSD long positions on Bitfinex during the past year: The value of the metric seems to have sharply declined in recent days | Source: CryptoQuant As you can see in the above graph, the quant from the post has marked the relevant points of trend for the ETHUSD Bitfinex longs during the period. It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto. This trend has taken place either immediately after the drawdown on the indicator, or some days following the fact. Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently The longest gap between the price plunge and the metric’s decline in the past year was back in March, where the crypto continued to rally for 18 days before forming the local top. In the past week, the Ethereum longs on Bitfinex have once again seen a sharp downwards move, amounting to around 300k such positions being closed. So far, the coin has continued to keep going up for around 6 days now. If the past pattern is anything to go by, then the current trend may mean ETH could observe a local top forming in the next 12 days. ETHUSD At the time of writing, Ethereum’s price floats around $1.7k, up 8% in the last seven days. Over the past month, the crypto has gained 40% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the coin has been mostly trending sideways during the last few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Crypto News

CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting

Celsius (CEL) has been rallying in recent times. The native token of the now bankrupt Celsius Network had taken a nosedive when the company had first filed for bankruptcy, but it seems the time is changing with the recent recovery. As Celsius continues with its proceedings, the price of CEL has shot up over the last week, reaching as high as $2. What Is Behind CEL Recovery? The recovery in CEL’s price has obviously come as a surprise to the market. The altcoin had struggled tremendously before finding its footing once more. But the rally that followed has exceeded expectations on all fronts. After struggling below $1 for the better part of last month, the digital asset has now found some much-needed reprieve. Related Reading: What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours? CEL’s price soared about 50% in the last 7 days alone, causing it to touch as high as $2 in the early hours of Tuesday. It has since retraced back down to around $1.80, but the bull trend continues to hold and has triggered speculations around what was causing the increase in price. However, the reason behind the CEL run-up is a simple one of supply and demand. Since Celsius had begun bankruptcy proceedings, it has locked up a large amount of crypto on its platform. Now, the majority of that crypto was being held on the exchange to earn CEL rewards, which is how new supply was introduced into the market. Since all of the cryptos are now frozen, CEL inclusive, and there is no new supply being pumped into the market, it has led to a supply squeeze. CEL price at $1.85 | Source: CELUSD on TradingView.com Simply put, there is now more demand for CEL than there is supply. Celsius is not allowed to put new tokens into the market, which means that the only available tokens are the supply currently in the market. Short sellers are also being forced to close their positions, else, they lose a lot of money in the short squeeze, leaving only the long-term traders and CEL bulls to dominate the market. Related Reading: Number Of Crypto ATMs Installed Worldwide Reaches New Milestone This singular reason alone has rewritten a bullish part for the digital asset. Bankruptcy proceedings are known to take years, an example is the Mt Gox case, and with most liquid CEL supply being frozen on the platform for years, it is expected that this will be a prolonged short squeeze. However, not a lot of optimistic price predictions are now emerging for the altcoin due to this reason. Price Estimates from Coinmarketcap show that investors expect the digital asset to hit as low as $0.77 in the month of September. Featured image from The Coin Republic, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Blockchain Crypto News Ethereum

Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement

The upcoming Ethereum blockchain upgrade has received different reactions and comments within the crypto industry. The launch of the upgrade, also known as the Merge, is to be within August 2022. Many experts in the system have confidence that Merge could be a bullish event that would positively impact the blockchain. But there are still some concerns about the possible post-merge hard forks on the network. When it comes to the cryptocurrency space, every network has a consensus mechanism for its operations. This is what helps in the validation of transactions and to maintain the security of the ecosystem. Also, it ensures the positive sustainability of the network by creating new blocks and tokens. The most popularly used mechanisms are the Proof-of-Work (PoW) and Proof-of-Stake (PoS). Related Reading: Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA The Ethereum blockchain has been using the PoW mechanism, which requires a mining process for its transaction validation. The process consumes a lot of electricity or energy as it requires using computing machines. Also, most miners use fossil fuels to generate power, creating environmental pollution through carbon emissions. But the Merge is a formidable change for Ethereum as the network would finally shift from PoW to PoS consensus mechanism. Moreover, the transition would solve the issues of energy usage inefficiency and reduce carbon threats in the atmosphere. The blockchain must rely on staking for transaction validations and adding new blocks. But some setbacks could follow the transition. Most of the concerns are centered on miners’ hard fork of the Ethereum network. According to Kevin Zhou of Galois Capital, there could be up to three hard forks on the blockchain with the launch of Merge. Concerns About Post Ethereum Merge Hard Forks Increase There are growing concerns in post-merge hard forks as the launch of Merge gets closer. The founder of Tron and Poloniex Exchange, Justin Sun, has pledged his support for any Ethereum hard forks. However, for Barry Silbert, the founder of Digital Currency Group, support is only for Ethereum and Ethereum Classic. He maintained that he has no support for any post-merge hard fork on the blockchain. On its part, Chainlink has stated its support for Ethereum’s Proof-of-Stake layer. The protocol made its stance public through a blog post. It mentioned that it would not facilitate any hard fork from the Ethereum blockchain. Furthermore, Chainlink confirmed that Ethereum’s move to PoS is a unanimous decision by the community, and it agrees with such a change. Related Reading: Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant? Also, in its advice, Chainlink pointed out how smart contracts could circumvent possible issues with post-merge. However, there should be a hold on their operations once they lack a distinctive strategy for migration after the Merge. Featured image from Pixabay and chart from TradingView.ccom

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

CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume 

CryptoDickButts (CDB) floor price has skyrocketed with the overwhelming support from popular influencers. CDB soared on Sunday, outpacing other well-known NFT collectibles with significant volume. CDB was able to land the 6th spot for the largest daily trading volume for NFTs on OpenSea. As of this writing, CryptoDickbutts has soared by a whopping 690% or roughly 290 ETH equivalent to around $495,000 surpassing leading NFT projects such as Art Blocks, Cool Cats, and Goblintown. CDB’s trading volume has remarkably increased by over 135% in the last seven days. The CryptoDickbutts is the brainchild of famous comic book artist K.C.Green. Created in 2006, the Dickbutts has become very popular over the internet as a meme shared over varied social media platforms. Related Reading: Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA CryptoDickbutts Soars Following 3.8 ETH Farokh  Investment On CDB Dickbutts is a collection of over 161 NFTs which was hereinafter dubbed as the OG Collection rolled out in March 2021. This was then followed by a Series 3 composed of over 5,200 NFTs launched in August 2021. CryptoDickbutts NFT collection wowed everyone as its sales volume soared last week following the announcement of Farokh, Rug Radio host regarding his entry of 3.8 ETH or equivalent to roughly $12,000 into CDB. CryptoDickbutt is far from cheap as the most budget-friendly CDB NFT collectible you can find in Series 3 sells for about 3 ETH or roughly $5,100 as of press time, which has increased by over 31% overnight. This is remarkably the highest that CDB has ever reached which is up by 163% in the previous month. CDB Price Pump Triggered By Massive Influencer Support  In terms of NFT Floor Price, CDB still has a long way to go as it’s currently at the 34th spot, but with CryptoDickbutt’s spike, investor interest and demand has been revived. The meme culture is definitely at its strongest point now, most especially for CDB. While other NFT projects seem to have dwindled in popularity, CryptoDickbutts has emerged stronger than ever. This NFT project is under the CryptoDickbutt DAO, including popular personalities like ProbCause, Blondish, and Steve Aoki. Related Reading: Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant? The price pump for CryptoDickbutts is a surprise but somehow Meltem Demirors, Coinshares Chief Strategy Officer, may have something to do with it. Recently, Demiros started this so-called emergency Twitter Spaces on Sunday. Apparently, Demirors mentioned, “The Dickbutt community has always been about one thing and one thing only, and that is the universal truth of one D equals one B… I also think that commenting on prices defeats from the overall objective here. Dickbutts are not about investing. Dickbutts are a culture.” CDB started out as a joke but is now taken seriously by the NFT community. CDB was able to strike partnerships and collaborations with Silver Jets and Naughty America, among others. Crypto total market cap at $1.11 trillion on the daily chart | Source: TradingView.com Featured image from Blockhead, 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

Bitcoin Crypto News Ethereum

Here’s Why Vitalik Buterin Believes Crypto Payments Will Become Mainstream

Crypto payments have become more popular, especially following the bull market run in 2021. There are now millions of merchants worldwide accepting cryptocurrency payments through direct and indirect integrations. Even big corporations have jumped on the bandwagon. Nevertheless, crypto payments still remain in their very early stages. There are still a good number of places […]