Altcoins Bitcoin

Trader Calls One Ethereum-Based Crypto Asset the ‘Opportunity of a Lifetime,’ Says Altcoins May Erupt if Bitcoin Consolidates

Popular crypto analyst Michaël van de Poppe thinks one overlooked digital asset is the “opportunity of a lifetime.” Van de Poppe tells his 627,800 Twitter followers that the decentralized oracle network Chainlink (LINK) is a huge opportunity priced between $6-$8. Chainlink’s native asset LINK is trading at $7.26 at time of writing. The 25th-ranked crypto […]

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Bitcoin Crypto News

Why “Low” Capitulation Might Hint At More Pain For The Bitcoin Price

The Bitcoin price is stuck in a tight range following yesterday’s U.S. Federal Reserve (Fed) announcement on monetary policy. Macro forces have taken over global markets increasing the correlation across all asset classes. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? For a deep dive into how the Fed 75 basis point hike affected the Bitcoin price, and a look into the crypto market’s internal dynamics, check out the analysis from our Editorial Director Tony Spilotro. Link below: At the time of writing, the Bitcoin price trades at $18,900 with a 2% and 7% loss in the last 24 hours and 7 days, respectively. The entire crypto top ten by market cap is recording losses on similar time periods with the exception of XRP which continues to trend to the upside with a 29% gain over the past week. Why The Bitcoin Price Needs To See More Capitulation As NewsBTC reported yesterday, the crypto market has completed every major price catalyzer in the short term with the Ethereum “Merge”. Now, the market is moving in tandem with macroeconomic factors and with traditional markets. This might provide room for a relief rally or for more downside if major financial indexes trend in one direction or the other. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, there has been “little capitulation” for the S&P 500. Despite the fact that the equity index has been on a downtrend since reaching an all-time high at 4,819 into its current levels at 3,837, Timmer believes the market has been resilient and might need to see more capitulation before forming a bottom. Via Twitter, the expert said the following sharing the chart below: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (…). The above coincides with analyst Dylan LeClair look into previous Bitcoin cycles. The analyst believes BTC forms a bottom following a “final capitulation” of the mining sector. This event might lead to a crash in the network hashrate, which is yet to be seen. LeClair said: I believe with macroeconomic conditions as the catalyst, something similar will repeat. We’re not there yet. Will Bitcoin Re-Test Its 2020 Lows? But how low can the Bitcoin price and the crypto market crash? The benchmark cryptocurrency is already trading 80% lower than its all-time high, $69,000. This has historically marked a bottom for BTC’s price and has formed a barrier against further downside. In that sense, rather than a fresh leg down, the cryptocurrency might see more sideways movement across 2022 as the Fed continues to hike interest rates and traditional markets trend to the downside. This thesis might be supported by a potential downside pressure for the U.S. dollar (DXY). Related Reading: Bitcoin Taps $18,100, Why This Is Dangerous For The Market? The currency has been trending higher, moving opposite to the Bitcoin price and risk-on assets, but seems to be at a critical resistance area. This might provide the crypto market with room for a relief rally. As seen in the chart below, the DXY Index could be above to see a spike in selling pressure.

Altcoins Ethereum

Cardano (ADA), Shiba Inu (SHIB) and XRP See Surge of Interest As Crypto Markets Dip: Analytics Firm Santiment

A handful of crypto assets are witnessing a surge in social media interest despite the market’s price struggles this week, according to the analytics firm Santiment. Santiment notes Ethereum (ETH), XRP, Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) have been discussed more online in the past week, while most other crypto assets have been […]

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Bitcoin Crypto News

Bitcoin Loses $20,000 Grip, Extends Consolidation For 2nd Straight Day

As a result of last week’s remarkable surge, Bitcoin is now seeing one of its largest drops in recent months. After starting the week at $18,742, the coin’s price jumped to a staggering $22,537 on September 14, a gain of 15% over its September 7 low. Since the market bottomed in June, this rally has been its strongest. Bitcoin’s steep 14 percent correction during the crash almost entirely nullified this gain. Bitcoin’s value dropped from $22,536 to $19,735 in the space of just two days. Bitcoin’s link to the S&P 500 Index is blamed for the recent decline in its value. The Consumer Price Index report had been released by the US government a few days ago. The data indicated that year-over-year inflation increased from 8.1% to 8.3%. The global financial markets were rocked by this report. Related Reading: Bitcoin Price Has Strong Potential To Hit $25,000, Weekly Analysis Suggests Bitcoin Shaken By CPI Data After the report was released, the stock and cryptocurrency markets both felt the pain. The overall financial market followed the S&P 500’s lead and dropped 200 points. After a drop in the index, crypto markets went into a tailspin as well. Similar to the drop of 2972 points in the index, the price of bitcoin fell. A sell-off in the cryptocurrency market was caused by this crash. The decline is the result of more than just this report, though. The US Federal Reserve is considering boosting interest rates by 1 percentage point due to higher-than-expected inflation causing concerns for the start of a recession. The Fed’s contemplation instills panic in the market, causing further declines in the value of both equities and cryptocurrencies. As of this writing, Bitcoin has surpassed the 78.60 Fib level. This downward trend has placed Bitcoin in a perilous situation. BTC Bulls Must Reclaim $20K Turf Losing the $20,000 psychological support can cause the price to collapse to levels prior to the September 9 surge. And access to real-time data makes this feasible. The current reading of the fear and greed index is 19, indicating extremely fearful market sentiment. Bulls must recover to the 78.60 Fib level if Bitcoin is to survive market worries. This prior support level can serve as the market’s catalyst for recovery. If the bears prevail over the bulls, the price might fall to roughly $18,000 on September 7. Depending on current market conditions, this may not be true. As the S&P 500 continues to lose ground, Bitcoin may follow suit. The correlation coefficient of 0.69 indicates that there is still a correlation between the two markets. The correlation coefficient fluctuates between 0.93 and 0.65 as a result of the historical market activity. If the crypto industry as a whole is to revive, market conditions must improve and bulls must strive for a sustained recovery. Related Reading: Why Celsius Investors Don’t Seem Upbeat Despite CEL Rallying 30% BTC total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image Pixabay, Chart: TradingView.com (The analysis above represents the author’s personal views and should not be construed as investment advice.)

Crypto News

Chainlink (LINK) Performs Well Amidst Market Turning To Red

Price fluctuations are a daily occurrence in the crypto markets now. Since the fight against inflation began, the overall financial markets have tanked. Nowadays, asset prices swing without warning, and the continuing crypto winter only heightened the volatility.  The recent event expected to boost market recovery has been completed. Ethereum is now operating on a proof-of-stake mechanism as planned. But after the successful launch, crypto asset prices dipped, and losses spilled over to the next 24 hours.  Related Reading: Valkyrie Crypto Trusts Gather Nearly $74 Million In Funding Amid Bear Market Currently, almost all the assets are red in price movements. The leading crypto Bitcoin has lost 2.95% in 24 hours. Ethereum, the center of attention during this period, has also lost 1.70% in 24 hours and 15.73% in 7 days. But not all hope is lost. Some cryptocurrencies are rallying impressively, and the top leader in this category is Chainlink LINK.  Chainlink LINK Gains 9.03% Amid Market Pullback  Chainlink LINK is one of the cryptocurrencies currently gaining each hour on September 16. As of the time of writing, the LINK price stands at $7.71, representing an 8.19% gain in 24 hours. The price movement on September 16 has been very encouraging. LINK recorded some dips in its 24 hours trading, but not the red lines. The coin saw an intraday high of $7.759 and an intraday low of $7.4948. The next low point during the day was a dip to $7.60 before regaining its upward momentum.  If the price continues upwards, LINK might grow considerably higher before the market closes. This gain is a welcome development for the crypto as its 7 days price growth sits at 2.23%. What Could Be Pushing Chainlink Post-Merge Chainlink has proven useful in the crypto space. The network has eliminated the struggle with oracles in smart contracts. It created a decentralized pool of oracles to provide real-time, accurate information for on-chain transactions. Smart contracts using Chainlink oracles can operate with reliable information.  A few months back, an analyst Austin Arnold, a crypto analyst, addressed some key factors capable of pushing a crypto project’s value. He aimed to help his 1.24 million YouTube subscribers pick the right crypto to invest in during the raging bearish trend.  The analysts picked four popular projects, of which Chainlink LINK was the first. According to Arnold, five factors will drive LINK’s future growth after the crypto winter.  The first is the right team with capable skills in controlling the network. Other factors include adequate funding, strategic partnerships, solutions for real-life problems in blockchains, and network positioning in verticals.  Related Reading: Bitcoin Whale Selling Pressure Continues As BTC Dips Under $20k Arnold pointed out that the Chainlink network has these five characteristics. He noted how the Oracle network had improved BNB Chain BNB and Polygon MATIC, showing developers’ adoption.  Even during the crypto winter bloodbath in the market, Chainlink LINK maintained its price range between $6+ and $8+. It recorded a spike to $9.28 on June 10 but later dipped to $8.05. The lowest price LINK recorded between May to September 16 was $5.97 on July 13 before bouncing back to $6.18 the next day.  Featured image from Pixabay and chart from TradingView.com

Crypto News

Chainlink Remain Strong As Alligator Flashes Relief, Is $10 Possible?

After showing so much strength as the price rallied to $52, cracking up an all-time high, the price of Chainlink (LINK) saw a decline to its present value of $7 against tether (USDT). Despite the uncertainties about where the market would be headed, only a few have shown strength as Chainlink (LINK) remains in the spotlight. (Data from Binance) Related Reading: WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022 Chainlink (LINK) Token Price Analysis On The Weekly Chart  LINK saw a decline in its price from its all-time high of $52 to around $6, with an over 70% drop from its all-time high despite having good fundamentals. The price of LINK has since struggled to have a relief bounce from its weekly low. The price of LINK bounced off after touching a weekly low of $6, and the price rallied to $10 before suffering a setback in price as it faced rejection, and the price has continued to range in this region. LINK’s price maintained a downtrend structure with a downtrend line acting as resistance for the price of LINK, but this resistance has been broken with what seems to be a glimpse of hope, possibly to the upside of the price. The price of LINK continues to face resistance to break higher at around $8, a break and close for LINK price in the region of $8-$9 acting as resistance; we could see the price of LINK rally to a high of $10-$12. If LINK fails to break above these resistances, we could see the price retesting the support at $6, acting as a demand zone for LINK prices. Weekly resistance for the price of LINK – $8-$9. Weekly support for the price of LINK – $6. Price Analysis Of LINK On The Four-hourly (4H) Chart On the four-hourly timeframe, the price of LINK continues to show great strength as the price breaks above the William Alligator indicator showing a possible trend reversal.  The price of LINK broke to the upside of the indicator with strong volume as the price has continued to hold above the indicator. The three moving averages of the Alligator Indicator support the price of LINK in the 4H timeframe.  The price of $7.5 that correspond to the indicator acts as a support for the price of LINK, preventing it from retesting lower support on the 4H chart. If the price of LINK fails to hold this support, we could see the price retesting the support at $7. The Relative Strength Index (RSI) for LINK is above 50 on the daily chart, indicating moderate buy order volume.  Daily resistance for the LINK price – $9-$10. Daily support for the LINK price – $7.5-$7. With LINK getting partnerships and developers continuing to build, this will help the price of LINK hold strong in the current market condition. Related Reading: Why Cardano (ADA) Could Be Registering Another Decline, Analyst Explains Featured Image From NewsBTC, Charts From Tradingview

Crypto News

No GPU Mining After the Ethereum Merge? Fork Token or ETC to Mine?

According to Watcher Guru, we are only 12,554 away from the Ethereum Merge, which is expected to happen at 1:09 on September 15 (CST). By then, Ethereum will have transitioned to PoS, a major blow to PoW miners in the network. The Merge will force PoW miners that operate the $19 billion mining business to find alternatives. Source: https://watcher.guru/ethmerge Recent data shows that Ethereum miners are fleeing from the network. Right now, the average computing power of the whole Ethereum network stands at 854 TH/s. Trending downwards during the past week, the figure has dropped by about 19% from the peak in May. Ethereum’s massive PoW hashrate is of great significance to the entire crypto mining industry, and the ETH hashrate will shift to other PoW coins once Ethereum shifts to PoS, which may reshape the whole mining sector. Facing the impending transformation of the mining sector, Ethereum miners might exclude themselves from the shift to PoS by the Ethereum community to protect their own interests. From this perspective, PoW miners on Ethereum might root for a hard fork to preserve the existing PoW chain and generate a new coin. However, such a fork coin can be problematic in terms of risks and security. If Ethereum is forked, projects within today’s largest crypto ecosystem will have to make a choice. Meanwhile, multiple mainstream projects, covering the two stablecoin issuers Tether (USDT) and Circle (USDC), the oracle ChainLink, and the on-chain lending protocol Aave, have stated their support for the PoS chain. Without support from popular projects, the PoW chain will be worthless. Of course, some miners might choose to accept the reality and switch to ETC. The DAO hack split the Ethereum community into the ETH camp and the ETC camp. The two now differ in terms of algorithm, and ETH mining machines might need to go through firmware updates to become compatible with ETCHASH, the ETC mining algorithm. Despite that, there is no technical barrier between ETH and ETC, and it is cheap to switch from one to the other. As such, it is foreseeable that the ETC hashrate will soar after the Merge. In response to the current boom of ETC mining, many pools, including ViaBTC, have been offering mining benefits. Back in early September, ViaBTC Pool announced that it will terminate the pool’s PoW mining service and the revenue calculation of ETH when the TTD reaches a set threshold. The pool said that asset management functions such as ETH deposits & withdrawals and conversion, as well as ETH financial services that include hedging and loan, will remain available. It also recommended the ETC pool to miners who plan to continue with their PoW mining operations. To help miners switch to ETC mining, ViaBTC has partnered up with Bitdeer, a top mining service provider, and offered a major benefit: a free trial of the MiningOS firmware. All ViaBTC users can benefit from the six-month free trial of MiningOS, which will help miners minimize costs and maximize returns. Featuring simplicity, enhanced security, and high yields, MiningOS is an innovative firmware for GPU mining developed by the Bitdeer Group. The product is simple in that it allows miners to deploy their mining operation with one flash drive for downloading the image file, without having to go through the complicated code burning process. Backed by a top mining brand, MiningOS supports SSL connection and emphasizes security and privacy protection. Having been tested on a large number of GPU mining machines, MiningOS ranked second in terms of average revenue, and the figure is more than 2% higher than that of the second-place winner. Over time, the seemingly small difference will be translated into a substantial increase in revenue.   Join the event at https://minerplus.bitdeer.com/miningos Try out MiningOs for free: Click on the link or scan the QR code in the above picture to open the event page; Register and log in to your Bitdeer account; Install and deploy the MiningOS firmware; Contact customer service and apply for ViaBTC-exclusive benefits; Select ViaBTC Pool in the mining configuration; Enjoy the superior mining experience brought by MiningOS-enabled smart mining and hashrate boost. CPUs covered GTX 3070, GTX 3080, and GTX 1660s Target crypto ETC How to install MiningOS: You can click on the link below for the specific installation instructions or get help from customer service on the Bitdeer website: https://bdminerplus.zendesk.com/hc/en-us/articles/9876983152921-MiningOS-Installation-Tutorial About Bitdeer Bitdeer Group is the world’s leading provider of digital asset mining services. It was founded by Jihan Wu, a renowned pioneer in the cryptocurrency industry, along with Sequoia Capital, IDG and other well-known blockchain investment institutions. The group consists of two service platforms, “BITDEER” and “MinerPlus”, which provide a full range of mining services that include hashrate sharing and smart mining solutions. About ViaBTC ViaBTC, founded in May 2016, has provided professional, efficient, safe and stable cryptocurrency mining services for over one million users in 130+ countries/regions around the world, with a cumulative mining output value of tens of billions of dollars. As a world-leading, all-inclusive mining pool, it provides mining services for more than ten mainstream cryptocurrencies including BTC, LTC, ETC, etc. Backed by the one-stop, all-inclusive services spanning the mining pool, the exchange, and the wallet, ViaBTC is committed to offering global users more abundant supporting tools, stabler and more efficient mining services, and better product experiences.    Image by Nana Dua from Pixabay

Bitcoin Crypto News

Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance

A Uniswap (UNI) recent market downturn has forced UNI’s trading range to shrink significantly. During the bull market in July, UNI jumped by more than 60 percent in just over two days, prompting the subsequent fall. After this price increase, the weeks that followed showed a reversal pattern known as a “head and shoulders,” which eventually led to a price decline. The price showed significant volatility over a 16-day period, as evidenced by the market’s historical statistics. This volatility pointed to a fierce battle between bulls and bears. Related Reading: Terra Dries Up As LUNA Sheds 40% From Recent High Chart: TradingView.com The bears clearly won this war, as the price of Uniswap fell by 17.30 percent, as shown in the figure. Prior to a price reversal, the regression channel shows the declining trend even more strongly. Due to this turn of events, the cost of Uniswap has risen from $5.745.00 to $6.459.00, a price hike of 13.54 percent. Nonetheless, the coin went through another period of volatility as price swings were driven by bulls and bears. It happened after Uniswap bulls attempted a break above the 50% Fibonacci retracement line. Chart: TradingView.com The bears prevailed once again in the end. The coin’s price dropped by an additional 15.54 percent after this victory. The loss of 13.54 percent in nine days was fully wiped out by the catastrophe. Uniswap’s trend has been on the rise since the most recent market meltdown, which has brought us to our current position. But a problem occurred as a result of the movement; it narrows to a point towards the conclusion. The leading trend line served as resistance. The Stoch RSI rating indicates that the currency experienced a single strong sell signal at this point. Related Reading: Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK? Uniswap Chart: TradingView.com This alerted Uniswap speculators and traders to the possibility of another market correction. In this predicament, UNI’s price can only move in two directions: up or down. 1 – the price will surpass the psychological resistance of $6.8 and continue to rise, and 2 – Uniswap price will not stabilize at the 50% Fibonacci retracement level before retracing. This speculative activity prevents dealers and investors from conducting business in the area. It stands at such a vital place as any breakouts can result in big gains and losses. As of this writing, Uniswap bulls are aiming to hold their position above the 50% Fib mark. If the price breaks upward, it will gain speed towards the 38.20 Fibonacci level and may perhaps surpass it. If the price falls, it should not fall below the $5.87 support level. UNI total market cap at $4.5 billion on the daily chart | Source: TradingView.com Featured image from Somag News, Chart: TradingView.com

Crypto News

Terra Dries Up As LUNA Sheds 40% From Recent High

LUNA has increased by about 300% just these past days, making it appear as if it had risen from the ashes. The feat began on September 9 and ended within a couple of hours. This is a result of a proposal to put a 1.2% token burn tax on all transactions, which will allow LUNC to become a deflationary cryptocurrency, according to a recent tweet from Haily LUNC. Unquestionably, the May-June LUNA crash has influenced the whole crypto community. There is a correlation between LUNA and other crypto stalwarts such as Ethereum if we compare the two. It may not be a price correlation, but rather investor sentiment. Following the latest market crisis, the market as a whole declined even worse. In the past few months, Bitcoin and the other leading currencies in the market have experienced severe bear markets. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route Given the issue surrounding LUNA, this rebirth is due to TERRA’s latest request for a 1.2 percent transaction fee. According to TERRA, this would consume 1.2% of the total LUNA in circulation per transaction. According to a recent analysis, the current surge in price poses a risk of reversal. After its unexpected price increase, TERRA declined by 30 percent, proving the validity of my analysis. StakingRewards estimates a yearly return of 38 percent on LUNA stakes. If TERRA keeps rising, the expected profits might be quite lucrative. But the state of things for TERRA as it is right now is not promising. Recent growth stems from expectations that LUNA will bounce back from a devastating decline. Only 1.2% of all LUNA will be destroyed, but is it enough for LUNA to reclaim its former prominence? According to the coin’s technical indicators, the latest “rise” was its final hurrah. The price of LUNA tends to converge at the 4-hour mark, which increases the potential for a fall at such times. The picture is also more distinct thanks to the 1-hour time marker. Right after the upswing ended, it plummeted, only to recover somewhat before continuing its downward trajectory. Overbuying signs mean the present support line at the 61.80 Fib level won’t hold. Related Reading: Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK? Crypto total market cap at $962 trillion on the daily chart | Source: TradingView.com Featured image from Business Today, Chart from TradingView.com

Bitcoin Blockchain Crypto News

Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months

With the swings in the crypto market, Bitcoin has been at different unexpected levels this year. The crypto winter in the year’s first half gave the leading crypto asset a blow off its balance. As a result, BTC’s price fell to over half its value as of November 2021. But despite the price fluctuation, the Bitcoin hash rate moved upward since its drop in mid-July. In a recent report, the BTC hash rate has hit a new all-time high (ATH). This new position came following the last increase in the mining difficulty. Related Reading: Here’s Where Investors Expect Cardano (ADA) Price To Be At The End Of September The significance of the hash rate metric for the Bitcoin blockchain is that it provides information on the strength of the network based on the BTC mining process. In addition, it correlates the number of active miners and their computational mining equipment working on the network. Many people create a link between the price of a cryptocurrency and its hash rate for future moves. But there could be twists in some cases, as seen in the past few weeks for Bitcoin. Hash Rate Gets Higher Amid Price Struggle The price of BTC has been in a battle over the past few months. It could barely sustain its position around the $20K region in July. However, the Bitcoin hash rate has been at higher levels in the weeks that the price was struggling. Usually, during the summer months, the regulatory authorities in several countries influence mining activities. For example, they forbid the local miners due to higher energy demand during the period. Hence, the BTC hash rate will drop. The record for this year’s season indicated a drop to 170 Ehash/s in mid-July from its June value of 250 Ehash/s. But as summer fades, the metric is making its recovery. Within some weeks, the hash rate has surged by more than 50%, taking it to a new all-time high of 265 Ehash/s last weekend. Trend In Bitcoin Mining Difficulty BTC mining difficulty readjusts after every 2,016 blocks (two weeks). This readjustment is necessary to keep the network in the proper stance. This means that the Bitcoin blockchain will maintain the production of its block in just 10 minutes. Hence, through the mining difficulty adjustment, it will be hard for miners to operate when there are lots of them connected to the network. Conversely, it will be easier to mine when the number of miners drops. Related Reading: Crypto Traders Bleed Heavily After Betting Against Market The mining difficulty is currently at 30.98 T, while the subsequent readjustment will occur in less than 24 hours. As per BTC.com data, the metric could be positive again and display up to a 3% increase. With many miners being offline during the summer, the mining difficulty indicated more negative readjustments. But the trend changed on August 31 to give the highest positive value for the metric since January this year. Featured image from BBC, chart from TradingView.com

Bitcoin Crypto News Ethereum

Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target?

Bitcoin (BTC) easily brushed past the $22,500 mark today as seen a couple of hours ago. Bitcoin now trades at $22,342.12 BTC’s bull run triggered by Ethereum Merge Bitcoin registered 18% gains so far since September 9 Bitcoin was able to peak on a Monday and as shown on Coingecko charts, BTC was trading at $22,610, up 14.5% in the last seven days. The gains that BTC have registered is said to be brought about by the uptick in the stock market – kind of like a domino effect. Related Reading: Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK? BTC Offshoots Key Resistance Of $21K James of “Invest Answers”, a popular Bitcoin trader and influencer, have this notion that BTC is now veering towards the $24K mark. But, crypto experts are also quick to warn traders to be wary and avoid executing a pump-and-dump maneuver especially due to extremely risky macroeconomic conditions. On September 9, BTC has registered a nearly 20% gain so far and moved close towards the long-term descending trendline with a key resistance at $23,000. It seems that Bitcoin’s bullish movement has been triggered by the Ethereum Merge which is announced to be rolled out on September 14. BTC was also able to bounce back from a nearly oversold zone at 32 to now at a reading of 39. On-chain metrics also show the appearance of a bullish divergence with the RSI forming an ascending trendline with the coin’s weekly candlesticks cascading down. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route More so, BTC’s MACD has also managed to cross over following a spike in buying activity. Since January, Bitcoin price has been straight bearish showing one low after another. With that in mind, traders must keep an eye on a BTC price push that goes above $25,600 or a breach to the 200-MA at the $30K zone that hints an optimistic change in trends. The key here is to wait and see whether the bull run will continue or if the current trend remains consistent. CPI, PPI Date To Be Released September 13 Several macroeconomic conditions continue to cause rapid fluctuations in the market. The U.S. Federal Reserve is set to continue battling inflation with Jerome Powell, Fed chairman, having strong convictions that the central bank can push the inflation numbers under 2%. More so, Loretta Mester, Cleveland Fed President, and Neel Kashkari, Minneapolis Fed President are both strong advocates against the perils of inflation. At this point, the CME Fed Watch Tool has revealed a 95% probability of 75 bps.  The current interest target rate is at 225 to 250 bps but Mester says that the Fed might increase the interest rate above 400 bps in the quest to fight off inflation. CPI date is set to be rolled out on September 13, alongside the CPI for both Euro and UK, as well as the PPI for the United States. BTC total market cap at $431 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, Chart from TradingView.com

Crypto News

Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK?

Chainlink (LINK) made a couple of announcements in line with the integration of ZIL/USD Price Feed that safeguards Web3 projects from crashes and data hacks as well as its thrust towards going green. Chainlink starts bullish but swerves towards the bearish zone Chainlink working on tech initiatives to combat climate change LINK total volume grows from 200 million to 516 million in September Chainlink in collaboration with Coorest, DlcimateDAO, and Hyphen is working on initiatives directed toward climate change. Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route LINK Shows Amplified Social Media Metrics All of these new developments have greatly amplified the social media metrics of Chainlink. As evidence of that, LINK’s social media engagements have spiked by 6.65%, and social mentions also skyrocketed by 16.23% as seen in the past week. LINK has been noticeably bullish with its total volume growing from 200 million to as much as 516 million as observed early in September. In addition, the altcoin’s MVRV has also been surging which gives a rather positive momentum for LINK. Development activity has also shown a minimal uptrend with further updates contributing to LINK’s price increase in the coming days. While it looks like things are going pretty well for Chainlink this month, it wasn’t an easy route for the altcoin. Evidently, there has been a huge drop in the number of unique active wallet addresses as seen in the past three months. Dominance in terms of market capitalization has also plunged as it capsized by 4.64% as seen in July. LINK Displaying Weakened Momentum On a 24-hour timeframe, LINK’s price is seen to have increased by 2.72%. LINK has currently breached the support present at $7.46 and is hovering towards the key resistance at $8.25. Chainlink’s RSI is currently at 64.72 revealing an increase in selling activity or hinting at a downward movement. On the other hand, its OBV is observed to be treading a sideways motion. Chart: TradingView.com Chainlink was seen to be bearish and displaying a negative momentum in the past couple of hours; with the price crashing towards $7.54. LINK’s value has improved a bit in the past few hours. According to CoinMarketCap, LINK price is down by 2.83% or trading at $7.72 Chainlink reveals to be following a downward movement and could even plunge further. The overall market conditions also look negative with the bears trying to dominate the market. Related Reading: XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August LINK total market cap at $3.6 billion on the daily chart | Source: TradingView.com Featured image from The Daily Hodl, Chart from TradingView.com