Crypto News

TRON Showing Hints Of A Major Rebound After A Week Of Rout

Tron (TRX) holders have been on rough terrain since August with the bears dominating the market. The tables might be turning though in favor of the bulls as shown on the charts.  TRX bulls hint at a comeback after a long period of takeover by the bears TRX price down by 0.87% RSI divergence hints at increased investor optimism According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Apparently, Tron is trying to bounce back from its weekly low that registered at $0.056. It seems that the token is still traversing in the same range which validates a strong rebound from that level.  Related Reading: Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days TRON Market Demand Waning? Hence, there is evidently poor demand for TRX in the market which is normal whenever crypto tries to switch lanes from bearish to bullish.  Whale activity looks to be insufficient at this point and not gaining enough traction. Regardless, the supply of TRX has increased for the whales. There is hope as investor optimism ought to be amplified with the recent developments happening for Tron.  Tron’s weighted sentiment index has shown no significant changes in the market. TRX is still stuck in its lower monthly range which explains the failed uptrend happening over the weekend. On the other hand, there are a couple of signals that promise the possibility of the bulls pivoting in the coming days.  TRX Bulls Waiting For The Next Big Wave TRX price might prevail and rebound from the support zone as further validated by its RSI. The RSI divergence shows increased optimism that the price may escalate in terms of buying pressure. On-chain metrics for Tron also feature the increase in demand over the derivatives markets as seen in the past couple of days.  Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit Chart: TradingView.com Observation of the funding rates provides critical data because it validates the change in the derivatives market. These observations are usually tied up to the spot market.  While there are signals that hint at a bullish uptrend, the market sentiments reveal that the TRX bulls are on the sidelines and just waiting for the right timing to jump in when the crypto market improves.  On TRX price predictions, although the stablecoin is making progress, it still continues to drop which could go on for the next couple of trading sessions.  Tron’s price may hover below the $0.054 level before September ends. More so, there is also a possibility that TRX’s price could slide below the $0.045 range. With the crypto market currently struggling, TRX prices could also move in the same direction. The bearish thesis will only be proven wrong if and when the price shoot above the $0.066 mark.  TRX total market cap at $5.5 billion on the daily chart | Source: TradingView.com Featured image from CCN.com, Chart: TradingView.com

Crypto News

Chainlink Price Spikes Above $7 While Bitcoin Sinks Below $20,000

Among other investment assets, cryptocurrency is prominent when it comes to volatility in prices, including altcoins such as Chainlink. While an uptrend matters a lot to daily traders, dipping could be favorable for accumulation for long-term investment. The crypto market over the weekend saw slight positive progress in the prices of most tokens. The past week was downward, but this week could bring more hope. General analysis on a 24-hour scale for most altcoins shows that last Sunday came with a commendable trend. The majority of the tokens displayed significant progress in an uptrend. Chainlink native token, LINK, was at the forefront, among others. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit But the story is quite different for the primary cryptocurrency. After moving to the $19,000 region, BTC stalled on the level through the weekend. Chainlink Leads As The Top Performer The crypto market witnessed a positive turnaround, especially with the price performance of the altcoins. The total market cap has stalled with the outcome without making another drop. The value is currently around the $950 billion level. LINK, the native coin of the leads as the best performer among the altcoins. The token increased by above 5% in the early hours of trading today with an approximate price of $8. For Ethereum, there is a progressive reclaiming from its 20% post-merger drop. ETH swung into the green as the price crossed the $1,300 level. Other altcoins increased in their values. These include Solana (SOL) and Shiba Inu (SHIB), which rose slightly. However, for Cardano (ADA), the price stalled on a particular level despite the recent launch of the Vasil Upgrade. Some crypto assets with a slight dip include Polkadot, Ripple, Polygon, Binance Coin, Dogecoin, Tron, and Avalanche. BTC Stagnates At Around $19,000 The performance of Bitcoin over the past week has not been quite impressive. However, it is notable that before the US Federal Reserve’s rate increase, BTC made an upward jump. The token surged from $18,300 to around $20,000. However, its sustainability was short-lived. The announcement of the 75 bps rise in interest rates caused a drastic drop in the price of BTC. The primary crypto asset lost almost $2,000 in value within hours following the announcement. Bitcoin plummeted to a new 3-month low of $18,100. The crypto market was thrown into another panic as the selling pressure increased. But after a few days, the price of BTC reclaimed slightly and crawled to the $19,000 level. Then, as the market encountered more bulls, Bitcoin climbed up to $19,500 through the trading hours between last Sunday and today. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why At the time of writing, BTC is trading around $19,187, depicting a 0.71% increase over the past 24 hours. Its dominance over the altcoins has returned to 39%, while its market cap is almost about $365 billion. Featured image from Pixabay, Chart: TradingView.com

Crypto News

Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price? 

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended.  Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain.  Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week.  Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data.  Featured image from Pixabay and chart from TradingView.com

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Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

biggest-movers:-doge-hits-1-month-high-to-start-the-weekend

Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today’s session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high. Dogecoin (DOGE) Dogecoin was one of Saturday’s most notable More

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Crypto News Ethereum

Report Shows Ethereum Might Take Another Hit, Is It Possible?

Though volatility is a core attribute of cryptocurrency, the swing is quite excessive for Ethereum. The price movement for Ether was progressive from the beginning of the second of the year. ETH gradually surged over the $1,800 level before the Merge. To some reasonable extent, the positive sentiment surrounding Ethereum’s transition from PoW to PoS contributed to the surge. As a result, several participants in the crypto industry tilted towards the second largest crypto asset by market cap. Related Reading: Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow The token recorded a huge increase in its trading volume and other Ethereum derivatives over the period. However, the launch seems to come with a bearish trend for Ethereum. Just some hours following the Merge, ETH started a southward movement. The increasing selling pressure depleted the value gradually as the price kept decreasing. Through the past weekend, Ether plummeted below $1,300 as it lost sustainability on some supportive levels. Is Another Ethereum Correction Underway? There’s a hint for a more bearish pattern from the Ethereum technical chart. This implies the possibility of another correction of 25% from its current price, which hovers around the $1,350 region. So, ETH might dip further to $1,000. Based on the last report for the US CPI data for August, there’s an indication of a rise in the inflation rate. However, the response from the crypto assets has been very unfavorable. The FOMC (the Federal Reverse System’s monetary policymaking body) has scheduled its meeting for Wednesday, 21, 2022. But the entire crypto market is already feeling aggressive selling pressure before the outcome of the FOMC meeting. The analysis of the Ethereum price charts indicates a drastic drop below the token’s standard deviation. On the higher side, the price of ETH could not cross the hurdle at the $1,800 region. Also, the downtrend shows that Ether went beyond its critical support of $1,340. Hence, the overall technical implication is that the deviation from support levels has the risk of a downtrend. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears This is primarily because Ethereum’s deviation is below the regression channel from the lows as of June. The token is now exposed to the third deviation retreat of $1,250. With that, ETH could hit the next possible support level of $1,000. ETH Derivatives And Liquidations According to data from Deribit, the number of Ethereum put, and call contracts has skyrocketed. Its open interest ranges between $1,000 and $2,000, with expiration by the end of September. The range could mark the possible trading value for Ether. There have been more liquidated positions as the price of Ether increases. As of yesterday, the entire crypto market recorded over $400 million in liquidations. At the time of writing, data from Coinglass shows that Ethereum has over $58 million in liquidated positions within the past 24 hours. Featured image from Pixabay, Chart: TradingView.com

Crypto News

Chiliz (CHZ) Could Be Set For A Hot Streak With This Data

Chiliz (CHZ) is a blockchain technology company that aims to tokenize the sports and entertainment space. CHZ displaying enormous traction and uptick despite a bearish market Chiliz partners with giant sports organizations and teams CHZ price spikes by 6.21% as of press time Chiliz has ramped up on major developments and partnerships with giant sports organizations and teams all over the world. According to CoinMarketCap, CHZ’s price has soared by 6.21% or trading at $0.2161 as of this writing. Related Reading: XRP Sluggish In Last 7 Days As Ripple Vs. SEC Case Drags On CHZ Collaborates With Sports Clubs CHZ has shown a massive price spike last month following Chiliz’s partnership with FC Barcelona, a well-famed Spanish football club. The token was seen to climb by 73% on August 18, showcasing a four-month high. This recent price spike anchored the token to outperform major cryptos like Bitcoin and Ethereum. Basically, Chiliz is an open platform that allows a variety of sports organizations to mint limited tradeable fan tokens that provide their fans exclusive membership benefits and perks, access to NFTs, voting rights, and merchandise rewards. Chiliz has expanded its network with football clubs and organizations including FC Barcelona, Paris-Saint Germain, Manchester City, and Atlético de Madrid. Sports teams partner up with Chiliz for brand awareness and marketing plus also provide fans with modern and immersive experiences. CHZ Joining The Ranks Of Top Performing Crypto Chiliz is currently the 47th largest crypto in terms of market cap at $1,293 billion as of this writing. CHZ has currently joined the bandwagon of the top-performing cryptos over the weekend. So far, the coin was able to spike by 9.2% in the past 24 hours. This might be a minimal spike compared to the performance of other coins but at this point, the performance of CHZ is extraordinary considering the bearish market. CHZ recently announced on September 15 their plans to roll out a new fan token which has encouraged more investors to buy and trade the coin. Technical factors also contributed to CHZ’s uptrend. The crypto has been extremely bearish as it experienced a correction dropping from $0.24 to hitting a weekly low of $0.164. The RSI of CHZ is shooting above 50 implying a strong buying pressure. The performance of Chiliz the past week is comparably lower in comparison to the previous key support zone retested a week earlier. Related Reading: AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data CHZ total market cap at $1.4 billion on the daily chart | Source: TradingView.com Featured image from DailyCoin, Chart: TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).

Crypto News

Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day.  Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible the burn rate might hit 5000% in a few days.  Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Whale Accounts Invest Massively In Shiba Inu Even as the Shiba Inu tokens burn rate skyrockets, the token is drawing massive investments from individual whale accounts. Last weekend, two whales took up positions worth millions in the Shiba Inu ecosystem. The first one bought 702 billion SHIB coins costing close to a whopping $8.7 million. Another whale, in a first-time transaction, purchased 541 billion tokens worth almost $7 million, according to Ethescan.io data. Nonetheless, the newest whale on Shiba Inu continues to be anonymous, one of the benefits of decentralized finance. Will The Increased Burn Rate Have Any Effect On SHIB Price? As the number of tokens burned on the Shiba Inu protocol spikes, will it positively affect the price of SHIB tokens? This question remains on many minds as millions of SHIB tokens continue to go out of circulation. SHIB is currently trading at $0.00001233 after briefly dipping to 0.00001198 yesterday. The coin is doing quite well for itself amid the general crypto bear market, up about 93% in 1 year. It had hit an unprecedented all-time high of $0.00004217 close to the end of October 2021. However, it continued to drop amid general market volatility coming to rest at its current price. It is unclear if the increase in token burning will push the token any closer to its October 2021 peak.  Shiba Inu Grows Closer to Its Trillion Token Burn Benchmark This recent burn benchmark brings the meme coin protocol closer to its goal of burning trillions of tokens. It will be an integral part of the launch of ShibaSwap 2.0 and the anticipated Shibarium Layer 2. As it stands, Shiba Inu devs are continually seeking innovative options to burn the tokens.  Related Reading: NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume Finally, the dog token still has a lot of challenges to overcome in the coming days if its price is to climb. The soaring inflation, coupled with the scheduled CPI report release and next week’s FOMC meeting, is also part of it. In fact, SHIB’s price may plateau or even dip in the coming days despite the massive amount of coins burned. Featured image from Pixabay and 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