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Chainlink price analysis: Chainlink price to challenge the $25 mark

TL;DR Breakdown Chainlink price is expected to rise to $25 The closest support level is at $23.50 Chainlink price faces resistance at the $25 mark After climbing past the $32 mark, the Chainlink price failed to continue its bullish rally and the price has steadily stagnated and dropped to just below $25.While the price at […]

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TL;DR Breakdown

  • Chainlink price is expected to rise to $25
  • The closest support level is at $23.50
  • Chainlink price faces resistance at the $25 mark

After climbing past the $32 mark, the Chainlink price failed to continue its bullish rally and the price has steadily stagnated and dropped to just below $25.While the price at press time holds just below the $25 mark, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a -10.72 and a -12.04 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a -9.72 and a -10.75 percent decrease respectively


Technical indicators for LINK/USDT

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing and has been red since yesterday at 4 pm, the histogram’s size has decreased significantly as the price is hovering just below the -1.20 mark. Across the EMAS, the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time

The RSI broke out of the neutral region into the overbought region at 4 pm on June 7 but has since dropped back into the neutral zone. The indicator currently trades just below the 32.00 mark and moves upwards suggesting a declining bearish presence at the current price level. Moreover, the RSI trades with a steep slope as the bulls are taking over.

The Bollinger bands are currently wide and will expand rapidly in the immediate future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Chainlink price in the short term. However, as the price is consolidating well below the bands’ mean line; the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing

What to expect from Chainlink price?

Chainlink price analysis: Chainlink price to challenge the $25 mark 2
4 hour price chart by Trading view

Traders should expect Chainlink price to have a short surge upwards towards the $25 and maybe even challenge the $26 mark before the bears take over the market momentum and the price falls back to the support level. The short and midterm indicators also support a bearish trend for the future and are giving a high sell signal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/chainlink-price-analysis-2021-06-08/

Blockchain

El Salvador And Bitcoin: Jack Mallers Reveals The Inside Scoop

It might be the biggest story of 2021. Since El Salvador made Bitcoin legal tender, all eyes are on the Central American nation. Strike’s Jack Mallers was the person that delivered this world-shattering news. The exclusive closed the Bitcoin 2021 conference in Miami, talk about leaving on a high note.  Related Reading | Bitcoin Incentivizes […]

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It might be the biggest story of 2021. Since El Salvador made Bitcoin legal tender, all eyes are on the Central American nation. Strike’s Jack Mallers was the person that delivered this world-shattering news. The exclusive closed the Bitcoin 2021 conference in Miami, talk about leaving on a high note. 

Related Reading | Bitcoin Incentivizes Green Energy Infrastructure And Elon Agrees. Here’s Proof

Why was this young man the messenger? Well, that’s the story we’re here to summarize. Mallers was the guest in a recent episode of the “What Bitcoin Did” podcast and revealed the in and outs of this potentially world-changing event. As you might suspect, it all started in the Bitcoin Beach community way before Mallers arrived. In fact, in part, he went to El Salvador to check out the project.

El Salvador Makes Bitcoin Legal Tender, Chronology Of Events

  • In late February/ early March, Jack Mallers arrived at Bitcoin Beach. He wanted to “understand what was happenning.”
  • He lived in El Zonte for a month, at first. “I want to give Bitcoin Beach all the credit. They’re the reason I went to El Salvador.” 
  • Then he went to San Salvador. Strike was all over the news. Remittances are a big thing in El Salvador and their service does them for free by using the Lightning Network.
  • He got a Direct Message through Twitter. It was from President Bukele’s brother. He was scared at first. He didn’t know if he was in trouble. They wanted a meeting.
  • He tried to push the meeting a week. They got into a message exchange about the lack of financial inclusion in the country. The presidency saw Bitcoin as an integral part of the world’s future. They thought El Salvador was uniquely positioned to take the first step.
  • The presidency pushed the meeting for the next day. Jack Mallers was still scared. He went with a friend and had another one waiting to call the U.S. Embassy if something went wrong.
  • He went. He and President Bukele’s brother talked about financial inclusion, open networks, free markets. How the existing financial system is broken. And about how Bitcoin could play a role in improving the country and improving the world. 
  • They met a few more times and exchanged ideas about Bitcoin.

Jack Mallers Goes Back To The U.S. And Then

  • Two days later, the presidency calls him and tells him they’re going to make Bitcoin legal tender. They want to rebuild the country’s financial infrastructure and be a representation for the entire world. 
  • He went back to El Salvador. They talked every day, he advised them on the bill, implementation, and why it had to be Bitcoin only. 
  • Jack Mallers gives credit to a lot of Bitcoiners in the space. He called them and asked for advice. Mallers doesn’t give out the names because they might want to remain anonymous. 
  • He advised that they should use the Bitcoin standard. Other coins will introduce slippage and inflation to the system, “You want to subscribe to a hard money monetary policy that’s defended by a distributed network. And not exposed to any central point of failure, and that’s Bitcoin.”
  • He left the country to go to Indianapolis for another little project he was working on.
  • The presidency of El Salvador had the idea of announcing it at the Bitcoin 2021 conference.
  • Jack Mallers goes to Miami. He receives President Bukele’s video the day before his speaking slot at the conference. 
  • He stayed up all night crafting the talk and designing the slides. 
  • Mallers goes to the conference and hosts two panels during the day. 
  • The time comes, he gets on stage and all his notes were gone. Of course. Mallers improvises and gives this speech.

Important Quotes About Strike’s Role In El Salvador

There’s no commercial agreement between Strike and the government of El Salvador.

In fact, I advised and gave my opinion of the opposite. The economies of scale and network effects associated with open networks are so powerful. Just by plugging in to them you’re going to get the freemarket competition that every country would die for.

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

The reason Jack Mallers went to El Salvador was

To see if Stike can be helpful to solve the remittance problem, and onboard a relatively small country. A country that’s not included in the financial system. A country that is abused by financial intermediaries and financial institutions. And give them access to this new monetary network.

BTCUSD price chart for 06/19/2021 - TradingView

BTC price chart on Bittrex | Source: BTC/USD on TradingView.com

Important Quotes About The Bitcoin Open Network

One of the insights that has to be conceptually understood is that we in Strike view Bitcoin as the best monetary network. In fact, it’s the best monetary network conceived in human history.” 

It’s open. It’s ultimately inclusive to everyone on the planet. It works in the developing world the same as it works in the developed world.

Before we go, know that Peter McCormack filmed the whole sequence of events and has some kind of film coming out soon.

Featured Image by Oswaldo Martinez on Unsplash - Charts by TradingView

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Source: https://bitcoinist.com/el-salvador-and-bitcoin-jack-mallers-reveals-the-inside-scoop/?utm_source=rss&utm_medium=rss&utm_campaign=el-salvador-and-bitcoin-jack-mallers-reveals-the-inside-scoop

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Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions

The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing

The post Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions appeared first on Coingape.

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The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing from its All-Time High price above $64,000, the market trend has witnessed a more passive engagement from retail investors across the board.

This low activity rate is made more evident as Glassnode data showed that the cumulative or total fees paid on transactions in the network have attained their lowest level of 1.390 BTC in the past one year per a 7-Day Moving Average estimate. Based on a similar trend, the lower fees indicate a lack of congestion by users in the blockchain. 

This trend has its inherent impacts which are both negative and positive. On the negative end, the overall price of Bitcoin is kept low as inconsistent transactions and lack of buy-ups that stir a bullish run is absent. The positivity is best targeted at users as sending funds is now relatively cheaper, and more attractive.

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Investors Back US Traditional Markets: Impact on Bitcoin

Traditional market investors have pumped more than $756 billion in the daily reverse repurchase operation, a move that came after the Federal Reserve boosted interest rates for the traditional market offering. 

Following the meeting of the Financial Open Market Committee (FOMC) held last Wednesday, the interest rate for overnight repurchase agreement was adjusted to 0.05%, better than the 0% it has been, and the interest rate it pays banks on reserves held at the U.S. central bank was also boosted to 0.15%. These increments influenced the recorded inflows.

In tandem, the United States Dollar appreciated against other currencies on Friday, rising 92.70 against top fiat currencies. This may also account for the unrelenting sell-offs in the Bitcoin markets, as an appreciated Dollar is a cogent advantage for the market bears.

Economic policies from market watchdogs have an overbearing impact on Bitcoin and the cryptocurrency ecosystem as a whole. While many market proponents and bulls anticipate a resurgence in price amidst growing fundamentals, the current performance of Bitcoin does not discount the favorable nature of the network at present.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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Bitcoin: ‘Magic’ of the Golden Ratio to the rescue?

It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few we

The post Bitcoin: ‘Magic’ of the Golden Ratio to the rescue? appeared first on AMBCrypto.

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It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few weeks. Additionally, as our recent analysis pointed out, the crypto asset’s price is set to further consolidate under the $41,500-resistance level. 

An “upward rally” or an “uptrend” is something that Bitcoin hasn’t seen over the past few days. Amidst the death cross narrative doing the rounds, the aforementioned phrases have sort of become alienated to the community now. Nevertheless, there is something to cheer about.

The “Magic” of the Golden Ratio

Source: Twitter

A pseudonymous analyst recently highlighted that after every downtrend (encapsulated within the red region), whenever Bitcoin’s price has shown signs of recovery, it has broken past the 1.0 Fibonacci level (light green line). Next, its price has only surged beyond 1.618 or the ‘golden ratio’ (dark green line). The market has then always used the same level as support to further continue its uptrend. 

What’s more, after retesting the aforementioned level, the crypto has always gone to touch its genuine cycle top. Commenting on similar lines, the analyst added, 

“Every cycle, Bitcoin recovers from its previous bear market, then exceeds the recovery by 61.8% on the downside (market at 1.618).”

The analyst went on to add, 

“Every cycle, after exceeding above the 1.618, BTC has tested this level for support before 🚀 (surging).”

Bitcoin’s price, for now, is yet to successfully sustain a breach of the $40k level. At press time, BTC had fallen by over 4% in 24 hours, with the crypto valued at $35,638.

Interestingly, all the previous sell-offs have eventually pushed Bitcoin towards the golden ratio and the price has been subject to its “magic.” Looking at the prevailing market scenario, Bitcoin has already breached the 1.618-level, as indicated by the chart. Looking at past precedents and keeping the ‘cyclic’ nature of Bitcoin in mind, the odds of an uptrend from this level seem to be quite likely. All in all, the ‘golden ratio’ might act as Bitcoin’s bottom before the next uptrend begins.

Well, even though an uptrend is on the cards, there is no surety of when it will exactly happen. However, the analyst went on to contend,

“This Bitcoin Year of the Bull is not over. Much more to come – and the price will go much higher.”


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Source: https://ambcrypto.com/bitcoin-magic-of-the-golden-ratio-to-the-rescue

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QNT Technical Analysis: Price Below the Fibonacci Pivot Point of $72.67

QNT price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

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The Quant Network is the first blockchain network to develop the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a speedy, straightforward, and secure ecosystem. QNT is the native token of this network. Technical Analysis of QNT is as follows.

Past Performance

On Jun 12, 2021, QNT opened at $51.71. On Jun 18, 2021, QNT closed at $71.01. Thus, in the past week, the QNT price has increased by roughly 37%. In the last 24 hours, QNT has traded between $71 – $76.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

https://zephyrnet.com/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $75. The price has increased from the day’s opening price of $71.01. Thus, the market seems bullish.

READ  Will Ethereum undergo a 27% surge or a 16% drop?

The MACD line has turned negative while the signal line is still positive.  In other words, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish.  Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 25% – deep into the ‘oversold’ region. It faced rejection at 60% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down. It is a good time for traders to go long.

Besides, the OBV indicator has also fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price. In short, all three indicators have shown bearish signals.

READ  Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

QNT Technical Analysis

Currently, the price is below the Fibonacci pivot point of $72.67. It may soon fall below the first Fibonacci pivot support level of $70.76. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $69.58 and $67.67, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

#QNT #The Quant Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67

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