Connect with us

Blockchain

LINK Fails to Sustain Bounce, Heads for Recent Lows

Avatar

Published

on

The ChainLink (LINK) price has been decreasing alongside a descending resistance line since its Aug 16 all-time high.

Unless the price is successful in breaking out above this resistance, the price movement is still considered corrective.

LINK Breaks Down from Bullish Pattern

The LINK price has been decreasing since Aug 16, when it reached a high of $20.11.

While the price seemingly began an upward move on Aug 21, it reached a top shortly after with a high of $17.77. This created a lower-high and a descending resistance line that the price has been trading under since.

LINK has been recently trading between support and resistance at $10 and $13.30, respectively. The horizontal resistance has been validated multiple times, as can be seen in the multiple wicks on the daily chart.

LINK Descending ResistanceLINK Descending Resistance
LINK Chart By TradingView

Cryptocurrency trader @TradingTank outlined a LINK chart which shows an ascending triangle, normally considered a bullish continuation pattern.

LINK BreakoutLINK Breakout
Source: Twitter

Since the tweet, the price has broken down from the triangle instead and has even dipped below the $11.40 support area.

Due to the breakdown from a bullish pattern, it would be more likely for the price to retrace all the way to the $10 support area outlined in the previous section.

LINK TriangleLINK Triangle
LINK Chart By TradingView

Continued Decrease

Technical indicators in the daily time-frame do not yet show any signs of a reversal. The MACD, Stochastic Oscillator, and the RSI are decreasing, the latter failing to even reach the 50-line.

These are signs that further support the theory that LINK will reach the $10 support area.

LINK Technical IndicatorsLINK Technical Indicators
LINK Chart By TradingView

Since the aforementioned $20.11 high, the LINK price has been correcting, having possibly completed an A-B-C formation (in black below). However, it is not yet clear if the formation is a part of a larger A wave of a correction, or if the price has completed the entire correction and has now begun an upward move.

Until the price breaks the descending resistance line connecting the beginning of the correction and the top of the B wave, we cannot state that the price has begun an upward trend. This belief is strengthened by the bearishness from technical indicators.

LINK Wave CountLINK Wave Count
LINK Chart By TradingView

To conclude, the LINK price is expected to continue to decrease towards $10, and it’s possible that the correction is not yet complete.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Source: https://beincrypto.com/link-fails-to-sustain-bounce-heads-for-recent-lows/

Blockchain

Seoul Police Summons Bithumb Chairman For Interrogation

Avatar

Published

on

Rate this post

The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

Continue Reading

Blockchain

Binance US Joins Chicago Defi Alliance For Defi Industry Development

Avatar

Published

on

Rate this post

Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others. 

Binance US Will Help Mature Defi Space

It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers. 

CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations. 

CDA Formed When Defi Industry Collapsed in April

Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020. 

It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.

READ  Binance.US Partners With Crypto Brokerage Tagomi To Offer Institutional Liquidity

#Binance.US #Catherine Coley #Chicago DeFi Alliance #Defi Industry Collapsed #Defi Industry Development #Mature Defi Space

Source: https://www.cryptoknowmics.com/news/binance-us-joins-chicago-defi-alliance-for-defi-industry-development

Continue Reading

Blockchain

Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

Avatar

Published

on

Rate this post

California-based multinational technology company, Nvidia, has recently inked a deal of $40 billion with Softbank Group Corp. to buy the computer chip maker Arm Holdings.

A public statement released by Nvidia indicated that the company processed its payment in a combination of cash and shares. 

In the year 2016, the Japanese multinational conglomerate, Softbank Group Corp. purchased ARM for $32 billion.

Nvidia To Build Original Computing Company

Recently, the chief executive officer of Nvidia, Jensen Huang, said that now they will develop an original computing company for the age of artificial intelligence (AI).

Although Nvidia has purchased ARM, its headquarter will still be in Cambridge, England. 

Huang has further stated, “We will expand on this great site and build a world-class AI research facility, supporting developments in healthcare, life sciences, robotics, self-driving cars and other fields.”

Nvidia develops the graphics processing units (GPUs) which basically are used in video games. But apart from that, the company has deployed these units among mining fields in order to mine cryptos like Ethereum (ETH), Monero (XMR) and Zcash (ZEC). 

In the present time, mining bitcoin (BTC) with the help of GPU will be completely useless because now the world’s largest digital currency has been using an application-specific integrated circuit (ASIC).

Smartphone Technologies Based On Arm

As per the report, currently, most of the smartphone technologies are based on Arm Holding’s technology. 

Arm Holding develops designs for companies like Apple, Samsung and Huawei. Later, these companies use Arm’s design to build a customized chip. 

In the present scenario, the cloud data centers have also started using Arm’s technology. 

It is to be noted that to date, the companies have created 180 billion chips which are based on the design of Arm.

The CEO of Arm, Simon Segars, has recently stated that Arm Holdings along with Nvidia will be developing new solutions for the global ecosystem fo innovators.

READ  Mt.Gox Rehabilitation’s Plan Deadline Day Extended

#application-specific integrated circuit (ASIC) #Arm Holdings #Artificial Intelligence (AI) #Bitcoin (BTC) #California #Cambridge #chief executive officer of Nvidia #England #Ethereum (ETH) #graphics processing units (GPUs) #Jensen Huang #Monero (XMR) #NVidia #Softbank Group Corp. #Zcash (ZEC)

Source: https://www.cryptoknowmics.com/news/nvidia-signs-definitive-agreement-with-softbankgroup-corp-to-acquire-arm

Continue Reading
Blockchain18 mins ago

Seoul Police Summons Bithumb Chairman For Interrogation

Visual Capitalist9 hours ago

Basic Income Experiments Around the World

Author profile picture
Publications10 hours ago

These Full-stack Projects Are a Must for Your 2020 Portfolio 🤯

Author profile picture
Publications11 hours ago

How To Use Prometheus Adapter to Autoscale Custom Metrics Deployments

Automotive11 hours ago

New Nissan Z Not Using Adaptive Steering, Goal Is A ‘Connected’ Feel

Automotive12 hours ago

ALYI EV Battery And Charging Station New Details Out Next Tuesday

AR/VR13 hours ago

How Augmented Reality is changing Retail

AR/VR13 hours ago

Benefits & Use Cases of Augmented and Virtual Reality in Education

AR/VR13 hours ago

Facebook Lowers Price of Enterprise-focused Quest to $800

AR/VR13 hours ago

Felix & Paul Studios’ Space Explorers is Going Travelling as ∞INFINITY: Living Among Stars

AR/VR14 hours ago

The VR Game Launch Roundup: A Bumper Sept Lineup

Cyber Security15 hours ago

Deepfake Detection Poses Problematic Technology Race

Cyber Security15 hours ago

Mitigating Cyber-Risk While We’re (Still) Working from Home

AR/VR15 hours ago

Get Front-Row Access to TIDAL Concerts in Oculus Venues in 2020

Blockchain16 hours ago

Binance US Joins Chicago Defi Alliance For Defi Industry Development

Coinpedia16 hours ago

JZZ Technologies, Inc. Taps Lucrative Market with its Active Lifestyle Publication Delivered to 12 Million Seniors

Esports16 hours ago

U.S. Department of Commerce Announces Sanctions Against TikTok, WeChat

Blockchain16 hours ago

Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

Blockchain16 hours ago

Everything you need to know about Blockchain Programming

Coinpedia16 hours ago

Top DeFi Gainers: UNI 50%, SUSHI 25%, MKR 4%

Blockchain17 hours ago

Abkhazia Facing Energy Crisis, Government Blames Illegal Crypto Mining

Cannabis17 hours ago

Sun Kissed’s Hakuna and Endocanna Health Sign Major Synergistic Product Distribution Agreement

Coinpedia17 hours ago

GenTech’s SINFIT Featured in a New CEO Interview on MoneyTV with Donald Baillargeon

Gaming17 hours ago

Evening Reading – September 17, 2020

Gaming18 hours ago

Let’s talk about This Week at Bungie – September 17, 2020

Blockchain18 hours ago

KuCoin and Poloniex Team Up To Research Crypto Industry

Coinpedia18 hours ago

Everything That Beginners Should Know about Bitcoin

Fintech18 hours ago

IFC Acquires Stake in Collectius To Launch US$60M Investment Platform

Coinpedia18 hours ago

5 Significant Things to Consider Before Making a Bitcoin Investment

Coinpedia18 hours ago

Bitcoin Wallets – How To Select The Best One?

Coinpedia18 hours ago

Beginner Guide – A Comprehensive Guide for Buying And Selling Bitcoin!!

Blockchain18 hours ago

VeChain Associates With China Animal Health And Food Safety Alliance (CAFA)

Gaming19 hours ago

Unboxing & review: JunkBots – One man’s junk

Start Ups19 hours ago

Paytm App Down From Google Play Store

Blockchain19 hours ago

Ethereum Miners Hourly Revenue Hits Five-Year Record

CNBC20 hours ago

U.S. stock futures are mixed after Dow snaps a 4-day winning streak

Start Ups20 hours ago

Origa Lease Finance Secures 2 Million USD in Debt

Fintech20 hours ago

Visa y Mastercard apuestan fuerte a tarjetas contactless: American Express, fuera de juego

Payments20 hours ago

Angolan National Bank and Beta-i create fintech regulatory sandbox

Payments20 hours ago

Why this prominent crypto analyst thinks Ethereum DeFi has topped for now

Trending