Crypto News

Chainlink (LINK) And Cronos (CRO) Post Positive Moves Amidst Market Uncertainty

Chainlink (LINK) and Cronos (CRO) have recently enjoyed positive price movements, despite the market’s uncertainty over cryptocurrencies. Both tokens increased around15% from their low point 7 days back. The recent gains show that LINK and CRO are still holding strong as they continue to rank top 50 based on market cap. The two tokens also maintained a high trading volume throughout the last seven days. Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022 Upward Trends Amidst Market Uncertainty The entire crypto market still suffers from the recent bearish trend. However, LINK and CRO managed to maintain an upward movement amid investors’ concerns about the future of cryptocurrency markets. In fact, LINK has been one of the best-performing altcoins this week. It gained over 21% since last Thursday, reaching a high of $8.46 yesterday. This is not surprising considering the token’s performance in the last 30 days. LINK was able to gain around 16% this month alone. We can’t say the same for CRONOS’ 30-day performance. However, it did manage to move upwards by 16.9% during the past seven days. Its current value stands at $0.110, which is up from its lowest point of $0.105. Reasons For LINK’s Positive Moves A recent tweet from Santiment suggested that many investors opted to unload LINK holdings they purchased during a price drop. Yesterday, LINK reached a local high of $8.46, providing an opportunity for several market participants to benefit. The number of LINK transactions was four times higher than expected, according to the Santiment analytics team.  In another tweet from Santiment, LINK stakeholder activity peaked on September 28. Despite the general bearishness in the cryptocurrency market, this helped LINK break the $8 threshold and begin a period of growth. The increase led Santiment analysts to conclude that LINK has been “decoupling” from other cryptos in the last 10 days. The coin’s price, however, was unable to maintain the new high. According to CoinMarketCap, LINK has dropped over 0.22% in the last 24 hours to $7.89 at the time of writing. Social Engagement Responsible For CRO’s Rise The recent week was a breakthrough one for CRO. According to statistics from the cryptocurrency social analytics company LunarCrush, the altcoin ranked 26th in terms of market capitalization. The previous week has also seen a surge in CROs’ social engagement. As of September 23rd, its total number of social media mentions had risen by 40% to 37,000. Also, the value of CRO’s social engagements went up by 14% over that time, reaching $61.6 million. The alt’s price rose by 13% as of September 23rd, according to LunarCrush, because of the increased interest in it on social media.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity This past week saw a 1% decrease in the average seven-day supply of CRO on exchanges. To investors’ relief, this trend swung in their favor as an uptick in the indicator would’ve signaled a rise in selling pressure. As of the time of writing, CRO has gained 3.16% in value over the previous week, as measured by volume traded on CoinMarketCap. Featured image from Pixabay and chart from TradingView.com

Bitcoin Crypto News

Bitcoin Sells-Off Amid Strong Economic Data, Can $18,600 Hold The Line?

Bitcoin has been unable to break above or below its current rage, and price action remains undecided. During yesterday’s trading session, the cryptocurrency saw upside volatility, but gains were surrounded once more today as macroeconomic forces took over BTC. Related Reading: MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and 4% profits in the last 7 days. While large cryptocurrencies have been able to preserve some of their gains from the past week, most are following the general sentiment in the market. U.S. Economy Report Tumbles Bitcoin Price As Bitcoin was moving into its upcoming resistance level at around $20,500, the U.S. published its recent economic report on the job sector. The initial jobless claims for September’s last job came in at 193,000, the lowest level since April 2022, according to a report from CNBC. This represents a 16,000 decline from the previous week when the jobless claims stood at 215,000. This data indicates that the U.S. economy has continued to see a spike in its job force, with fewer people reporting unemployment. The Jobless continuing claims also saw a decline of 29,000 for a total of 1.3 million. This data has relevance as the U.S. Federal Reserve (Fed) is set at stopping inflation from rising, as measured by the U.S. Consumer Price Index (CPI). The latter metric is currently at a multi-decade high which forced the financial institution to hike their interest rates. However, the Fed’s monetary policy seems to be having no impact on U.S. economic growth. The report stated: The strong labor numbers come amid Fed efforts to cool the economy and bring down inflation, which is running near its highest levels since the early 1980s. Central bank officials specifically have pointed to the tight labor market and its upward pressure on salaries as a target of the policy tightening. Bitcoin Far From Seeing A Price Bottom? As a result of this data, the legacy financial markets and Bitcoin traded to the downside. Market participants must be pricing in further interest rate hikes and more aggressive measures from the Fed as it attempts to cool down inflation. As the data went public, President of the Cleveland Federal Reserve Lorretta Mester spoke about doing “what we must do to get back to price stability”. Other members of the financial institution are likely to adopt a similar stand. This will translate into more pain for Bitcoin and risk-on assets. Commenting on the data, an analyst for Material Indicators said the following, while sharing the chart below showing the crypto market’s reaction to the jobless report: FireCharts shows how BTC traders responded to the economic news. Strong economic report means FED tightening hasn’t had much if any impact yet. Translation: More aggressive rate hikes through Q4 and into 2023. Macro Analysis: THE BOTTOM is not in. Related Reading: Solana Price Fails To Break $34 Again, What Could This Mean? As NewsBTC reported yesterday, Bitcoin must stay above $18,700 to $18,600 to sustain any potential bullish momentum. If bulls can defend these levels, the cryptocurrency could see a relief that will push its price north of $20,000 ahead of more economic announcements from the Fed.

Crypto News

MANA Price Gets 2.5% Weekly Boost As Bulls Charge For Reversal

This week, MANA showcased a slew of 2.5% gains. EMAs are also moving above Decentraland’s token’s price. MANA price tallies 2.5% gains MACD looks flat and not showing any bullish sign Decentraland market cap at $1.29 billion At this point, MANA’s price is close to its lowest for 2022. The bears are eyeing a new low for the year while also trying to get on top of the costs below the range of $1.0. Sometime in August, MANA’s price plunged which negatively impacted buyer expectations especially as the coin is still getting massive rejections resulting from the trend reversal. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? MANA Price Down In Market Value  According to CoinMarktCap, MANA price has nosedived by 3.04% or trading at $0.6949 as of press time. MANA price has depreciated in market value, prompting the bulls to wait for the next big wave or a confirmation of a trend reversal before moving to consolidate into long positions. From July to August, MANA appeared to have allowed the bulls’ entry but has failed to offshoot above the $1.0 price level. With that being said, the key resistance level has been marked at $1.0 while the support zone is at $0.64. Evidently, MANA/BTC has also dropped by 2.9%. After MANA’s price dipped below the 200-day EMA as seen on April 5, 2022, MANA has retreated further since then. On the other hand, all the other EMAs such as 20, 50, 100, and 200 are doing great as they sprint above the current price. The buyers are trying to push the price near the 20-EMA. MANA’s RSI shows a spike from the lower regions. This climb validates the optimistic outlook for the token. Meanwhile, the MACD is looking flat into the negative range as seen in the daily price chart. MACD Shows No Trace Of Bullish Momentum The MACD is not demonstrating any bullish momentum as both the trendlines are moving over the neutral range. RSI is looking bullish as the MANA bulls shoot for a slight bounce above the 20 EMAs. On the other hand, the key support level is near the current levels which means the bears can attempt to short-cover at the earliest possible time. Decentraland is said to be one of the few cryptos that buyers and traders should have on their active wallets, with its huge market cap of over $1.29 billion as of this writing and circulating supply that surpasses that of Bitcoin by at most 100 times. Many blockchain-based or NFT games have aspired for decentralization but it seems Decentraland remains to be one of the few that are ambitious enough to make it happen.  Related Reading: BNB Price Watch: The Charts Look Good For Traders – More Green On The Plate? BTCUSD pair breaks past $19K border, trading at $19,445 on the daily chart | Source: TradingView.com Featured image from Smart Valor, Chart: TradingView.com

Crypto News Ethereum

China Reports GPU Price Fall To All-Time Low Post Ethereum Merge

The successful Ethereum upgrade to proof-of-stake consensus is receiving more backlashes from the market. Therefore, the Ethereum upgrade should produce only positive feedback, but where there are merits, demerits must exist. One of the aftermath challenges the industry faced since the Ethereum upgrade was the drop in GPU prices. Graphic Processing Units (GPUs) in crypto mining increased over the years because they proved very efficient. Related Reading: TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally GPU companies were earning huge profits due to the increased demand from ETH miners. However, it is no longer so, as the price of GPUs has dropped drastically over the past three months. Furthermore, the prices of GPUs dropped further after the upgrade. Is Ethereum Merge Major Cause Of GPU price Crash? South China Morning Post (SCMP) reported that GPU prices in China dropped to the lowest due to the Ethereum merge. ETH mining has reduced. So miners’ demand for GPU went low. Miners’ demands for expensive cards such as GeForce RTX 3080 and RTX 3090 became low and caused a reduction in price to trice the factory prices. Also, due to the China mining ban and COVID lockdown, the demand for costly GPUs fell and worsened during the bear market. A Shanghai trader, Peng, told SCMP that RTX 3080 dropped by over 37% in the last three months. According to Peng, the price of RTX 3080 went from 8000 yuan ($1,140) to less than 5000 yuan (%712). Peng attributed the drop in the price of GPUs to the poor condition of the crypto market. Ethereum mining was one of the highest contributors to the high demand for GPUs in the past years. Traders noticed a slump in GPU prices as the Ethereum merge drew near. SCMP reported that retailers at ‘Buy Now,’ a large electronics market in Shanghai, are experiencing low GPU demand. Retailers Lower GPU Prices Chinese retailers reduced factory-suggested GPU prices by over 33% in a few weeks to sell their equipment. The reason for this is the crypto bear market and GPU correction market. According to data from Baidu, traders are losing the selling price compared to the factory cost of GPUs. Analysts estimated that the average price drop of GPUs per week is about 10%. Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners. This report is still unconfirmed, but it would likely cause further reduction in the coming weeks. Although the crash in GPU prices may adversely affect many businesses, others think it marks the end of two years of nightmare. Many GPU retailers would previously raise the prices as high as possible because of the high demand by miners. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit The crash in GPU prices could prove beneficial to AI coders, gamers, and other users because Crypto miners caused an unnecessary increase in GPU prices. Featured Image From Pixabay, Charts From Tradingview

Bitcoin Crypto News

Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

The price trend of Shiba Inu has been following the rest of the cryptocurrency market and remains negative. Notably, SHIB is still seeking to reclaim the high points it reached last year, when the value and popularity of the meme coin surged. As of this writing, SHIB is trading at $0.00001145, down 4.5% in the last seven days, data from Coingecko show, Sunday. Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors are optimistic that the asset will recover and are boosting their coin purchases while ignoring the market’s weakness. According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 holding addresses, representing an increase of around 35,835 new holdings over the course of three months. The new holders represent a 3% increase from the 1,190,195 who were registered on June 26. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Shiba Inu: Increasing Use Case In addition to the prospect that new SHIB holders may wager on the coin’s appreciation, investors are likely drawn by SHIB’s rising utility. It is worth mentioning that interest in meme-based cryptocurrencies waned as a result of unfavorable publicity around the coins’ supposed lack of utility. Since June, Shiba Inu’s value has been on a roller-coaster ride, but the price has mostly remained low. The coin’s three-month high price was $0.000017 on August 15, and as of the time of writing, it had gained about 5% in the last 24 hours. Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001. Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure whenever it succeeds to breach past local resistance barriers. Holding On To The Meme Coin Meanwhile, around 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally abstained from disposing of their coins. These holders are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-profit asset. As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. The decline in trade volume is unfavorable for a coin that heavily depends on speculative appeal. As the number of SHIB holders increases, it appears that interest in the coin is waning. Google Trends data indicates that global searches for the keyword “Shiba Inu” decreased to their lowest level in the past 12 months, suggesting that SHIB could be losing its most avid fans. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com Featured image from Daily Pets Care, chart from TradingView.com

Crypto News Ethereum

Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

value-locked-in-defi-drops-to-lows-not-seen-since-march,-ethereum-dominates-tvl-by-57%

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading More

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Bitcoin Crypto News

Ripple Gains While Bitcoin Remains Below $20,000

A recent plunge pushed Bitcoin below the $19,000 mark, but it gradually recovered. This action followed its 6% gain as of yesterday. Meanwhile, Ripple Coin (XRP) seems to be among the notable digital tokens in the bullish trend. Investors incurred huge losses due to the ongoing crypto winter. Many believed that the Ethereum Merge would halt the market’s bearish trend. On the contrary, most altcoins, including BTC, depreciate their prices. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 Bitcoin Fails To Jump Above $20,000 Last week, Bitcoin made some promising moves toward the $23K price level. But, unfortunately, that was where its bullish journey ended. From then up to now, the crypto market condition has not been pretty, particularly for investors. Following the introduction of the U.S. CPI numbers, BTC lost a few more thousand, dropping to the $20K price mark. It maintained this position for a couple of weeks until it rose to about $20,500 on Sunday. That looked like a start for a bullish move until Monday when its price dropped massively, hitting the $18,300 price level. The three-month low became its lowest bearish benchmark. As of September 20, BTC gained some push to arrive at $19,500. The 24-hour growth of 1.72% reduced its weekly losses to around 10.90%. While this seems like a good price movement, the token and the crypto market remain in the red zone. Recently BTC fought to regain the $19K price. It made some bullish movements at the time. Unfortunately, BTC has lost about 2% of its value in the last 24 hours. Chances are that it will plunge even further before the close of the market. The token is now down to 39.4% regarding its dominance over other digital tokens. Meanwhile, its market cap has dropped to about $360B. Ripple XRP Growth Amid Bear Market Amid the bleeding market, XRP (Ripple) seems to be in the spotlight among the gainers. Its growth can be traced to the recent event between Ripple Labs and the SEC. Ripple trades at $0.4, a 10% increase in the last 24 hours. Following the Monday red zone parade, several other digital currencies gained some bullish push yesterday. Unfortunately, the green glory didn’t last for many of these digital tokens, according to today’s market watch. Among the digital assets with the highest losses was Ethereum. The Merge, as many believed, was meant to take Ether to some green heights. While that is probable, Ethereum is currently plummeting to an unknown price level. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level A few days back, Ethereum traded at just over the $1,600 mark. Days later, it went down to a little below $1,300. At the time of writing, Ethereum trades at $1,311, around a 1% decrease in the last 24 hours. Featured image from Pixabay, chart from TradingView.com

Altcoins Ethereum

Crypto Analyst Says One Ethereum-Based Altcoin To Explode 165%, Eyes Path Ahead for Binance Coin (BNB) and ETH

A widely followed crypto analyst is predicting a massive surge for one little-known altcoin and updating his outlook on Binance Coin (BNB) and Ethereum (ETH). The pseudonymous trader known as Crypto Capo tells his 536,000 Twitter followers that he expects ETH-based Reserve Rights (RSR), which facilitates the stability of stablecoin Reserve Token (RSV), to spark […]

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Altcoins Ethereum

Crypto Analyst Issues Warnings for Avalanche (AVAX), Polygon (MATIC) and One Additional Altcoin

A widely followed crypto analyst is issuing fresh warnings for a trio of altcoins as the markets attempts to recover from a lengthy downtrend. The pseudonymous trader known as Altcoin Sherpa tells his 183,000 Twitter followers that layer-1 blockchain Avalanche (AVAX) and Ethereum (ETH) scaling solutions Polygon (MATIC) and Optimism (OP) are primed to see […]

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