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We Talk to Coinbaazar About Magnetocoin and More

We Talk to Coinbaazar About Magnetocoin and More

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New blockchain projects are springing up all over the world at ‘an alarmingly fast pace. So much so that new innovation is occurring by the second daily.

We reached out to Coinbaazar, one of the second-generation blockchain projects to talk about their token Magnetocoin and the projects’ importance to the environment. Co-founders, Shalendra Vermani and  Sanket Manocha told everything we needed to know and more! Here is what they had to say.

Shalendra Vermani Co-Founder Coinbaazar

Sanket Manocha Co-Founder Coinbaazar

E-Crypto News:

What is the general idea behind Magnetocoin?

“General Idea behind Magneto coin “an Internet currency” is to create a system where people will have a complete control over their MGT assets/money, transactions are instant, with near-zero cost payments”.

MGT is a peer-to-peer and open-source global payment network that is fully decentralized that enables payments to anyone in the world without the intervention of any third party. Blockchain-backed algorithm secures the network and results in much faster confirmation time and improved storage efficiency than the leading cryptocurrencies.

Magnetocoin tackles the complex difficulties of trust-based commerce systems by providing transactions that are rapid, secure, and irreversible and can be verified by anyone on the network.

E-Crypto News:

Please, can you tell us more about Coinbazaar’s peer-to-peer payments model?

Coinbaazar’s Peer to Peer model works on collaborative efforts of person-to-person contact and advanced Cyber Technology. Vendors/Advertisers create offers for buying or selling bitcoins for more than 300 + payment methods around the globe.

When traders open a trade to buy or sell bitcoins in their selected payment method, there the escrow system comes into play that ensures the safety of funds for both buyers and sellers until the trade is complete.

E-Crypto News:

How did Coinbazaar start? What was the “aha” moment that led to its founding?

The idea of Coinbaazar was conceived by Shailendra and Sanket, In the year 2018 after market research we came to the conclusion that people are generally buying and selling bitcoins on derivative exchanges, and paying huge fees, and because of Govt.

Regulations they are facing trouble in cashing their bitcoins when in need, at that time many countries were skeptical about regulations of exchanges, Take an example of India and Venezuela.

So we thought of creating a platform, where people can buy and sell bitcoins with 100’s of payment methods without being dependent on centralized exchanges, Finally, the development of coinbaazar started, keeping in mind we have to make a platform where the fees on buying and selling could be the lowest in the world.

We can proudly claim we have reached the level of being one of the lowest fee exchanges in the world.

E-Crypto News:

How has the Coinbazaar journey been so far?

It has been nothing short of a roller coaster ride, but in this ride, the lows were more exciting than the peaks. It was because of the lows our adrenaline kept pumping and pushing us to achieve the highs.

The most important aspect of this journey has been that we found the right kind of people and were able to build a formidable team that consists of developers, marketers, and moderators, who worked tirelessly, to make our journey a success.

It was a dream which was dreamt all through the journey and it has magnified to an extent that we are now in a position to deal with any challenges that would come our way.

E-Crypto News:

Please, can you tell us more about green cryptocurrencies? 

 

Green Cryptocurrencies are generally referred to nowadays, that use less computational power for the transaction to be successful. With the fast advancement in technology, many organizations are finding newer ways to go for environment-friendly cryptocurrencies.

Therefore, scrypt mining is used instead of miners such as SHA 256, resulting in the elimination of Bitcoin’s scalability challenge forever. Thereby ending the dependability & monopoly of mining farms.

People won’t need that exorbitantly priced fancy & high-tech. miners/machines. This is when we decided to introduce magnetocoin (MGT). Now people can easily mine MGT using their computers/Graphic card.

Consequently, making MGT one of the most environment-friendly cryptocurrencies, virtually leaving low “CARBON FOOTPRINTS” (Reason why Elon Musk retreated from his earlier stand of backing the bitcoin).

E-Crypto News:

What are the various challenges that you guys met on the ground in the cryptocurrency space, and how did you surmount these problems?

One of the foremost challenges is to understand the know-how about the cryptocurrency’s exchanges, technologies, and regulations for a company to be established.

The other one being, to find the right people who can be an asset to the organization. We being cryptocurrency enthusiasts, studied and gathered information from all possible resources, going through hardships and negativities in building a cryptocurrency exchange.

Last but not the least, Security is our prime focus since it involved users’ funds.

We had to go through rigorous testing and security checks, we finally managed and introduced the coinbaazar platform and subsequently other verticals.

E-Crypto News:

What are your thoughts on the explosion of the NFT space?

As to why they’re blowing up right now, I would attribute it to a couple of things: the pandemic that’s forced everyone to have access to a computer or a smartphone, and an easy entry point. It is super easy for anyone to sign up and you don’t need to have a crypto wallet. Just like Nifty Gateway, people can use their credit cards.

For most of the NFT platforms, you need to have an Ethereum wallet. This means collectors need to purchase ETH from an exchange and send it to a non-custodial address that consists of a long string of numbers and letters to get started.

Which is easy to get into, easy to sign up for, and easy to purchase.

NFT is a much more open and a platform easily accessible to all, it helps Artist’s & creative people that type of visibility and empower them to be creative.

I feel creativity is not cheap, it is rich.

E-Crypto News:

What are your thoughts on the regulation of the cryptocurrency space by world governments?

The idea of digital currency is relatively new, and banks around the world are still reeling from the implications of Blockchain/Bitcoin technology. But the newer innovations from the financial Tech sector show that the status quo can be improved, it can only be a strong contender to replace paper money, provided the advancement in the digital currency space is done. Therefore this put the world’s governments in an awkward position.

On one hand, the world’s governments feel the need to create legislation that encourages the adoption of the cutting-edge financial infrastructure that could be a massive boon to economic competitiveness.

On the other hand, giving people too much freedom may risk the integrity of the country’s own paper money. A balance has not yet been reached upon; as a result, the reaction of the world’s governments has been quite different towards cryptos and their technology (when it comes to accepting them in totality).

Reactions range from being fearful, apprehensive to being positive, but either way, no government can take it lightly.

E-Crypto News:

Please, can you tell us more about your escrow process?

The escrow system plays an important role in the whole process of buying and selling bitcoins on coinbaazar. Anyone who wants to sell or buy bitcoins will feel secure as the moment any trade will be initiated the bitcoins will be automatically deducted and transferred to coinbaazar escrow wallet.

Let’s just understand this with an example, Suppose John wants to sell a bitcoin in the USA, he creates an offer, and Steve who wants to buy one, will open the trade where they can chat, where John will share his bank details so Steve can transfer money and can buy bitcoins from John,

The moment the trade is opened, The Bitcoins from John’s wallet, will be deducted automatically and will be transferred to Coinbaazar’s escrow wallet, So once Steve Transfers money In Johns Bank Account, John can Click on the Release button and the bitcoins will be instantly transferred to Steve’s wallet.

If in case the trade terms of both parties don’t match, Steve can easily cancel the trade even after opening it, and the BTC will be returned to John’s wallet. But in a rare scenario, in case John doesn’t receive the payment but Steve claims to have paid, in such a situation anyone of them can raise a dispute and our professional moderators intervene, establish the authenticity of either one, thus release the BTC to the genuine vendor. Thereby ensuring & securing the interest of all.

E-Crypto News:

How do you think cryptocurrencies and their allied technologies have changed the world?

The core basis of the cryptocurrency industry is based on Blockchain Technology. It was innovated to make it possible for two individuals to send payment over a secure platform without having to reveal their identities.

Since it came into existence, Blockchain has been evolving into something big, which is now becoming uncontrollable to individuals and countries.

We are still in the initial stages of advancements and developments and much more is coming our way.

But for sure, blockchain and cryptocurrencies are a revolution that is innovated in the last decade, specifically for the benefit of all, not just specific to a person or country.

E-Crypto News:

What are your thoughts on the recent cryptocurrency price pullback? Do you think this is the beginning of the end for space? Please, can you tell us the reasons for your answer?

 

Cryptocurrencies are here to stay…since their inception has been quite volatile from time to time. People are now starting to realize the price pullback depends on various factors.

One of the major factors is the regulatory concerns and weakness in more speculative areas of financial markets. The other factor could be negative comments by Top Crypto Investors or Financial Institutions without even realizing the overall market impact for the cryptocurrency price falls.

But this has now become a usual trend and people are more aware while investing and holding, and a lot more people are rather filling their buckets with cryptocurrencies, leaving aside the negativities and evolving into big-time players.

E-Crypto News:

Between SHA-256 and Scrypt which of these two cryptographic processes do you think work better for the implementation of distributed ledgers?

In more technical terms, SHA256 is a rather simple procedure from an architecture standpoint. Consider data “streaming down” between various “steps” (correct terminology is “round”).

The numerous “streams” of data are scrambled every time you move from one stage to the next. When you reach a “step,” the multiple “streams” are blended. It is worth mentioning that SHA-256 is a component of the NSA-designed SHA-2 cryptographic hash function. In the early days of bitcoin mining, it was possible to employ a powerful CPU.

GPUs became the new preferred form of mining gear after the mining program was changed to enable them. Eventually, FPGAs and ASICs took over. Mining bitcoin has become an extremely expensive process due to the employment of these application-specific integrated circuits.

This equipment demands a large amount of electricity. Scrypt is GPU friendly for miners, and the vast majority of Scrypt miners are GPU miners.

Scrypt requires more memory than SHA-256, but this is countered by the fact that Scrypt mining consumes less energy than SHA-256 mining. With less electricity comes less heat production and less noise from your miners.

This makes scrypt the preferred algorithm for distributed ledgers as there is no way that an attacker will be able to introduce false hashes into the system which won’t be rejected by every other node on the system.

E-Crypto News:

Are there any limits of the total number of Magnetocoins to be produced? What are the dynamics of the Magnetocoin economic cycle?

Yes, the total number of magnetocoin that can ever be produced is 35 Million; Magnetocoins are introduced in the system through the process of mining.

Mining is essentially like a big tournament of Crossword Puzzle, where each computer that is node can be called a participant.

The goal of this competition is simple, to solve the crossword puzzle, but the catch is there’s only one puzzle. And every time it gets solved by a participant. The puzzle resets for everyone, and for solving these puzzles the participants are given mining rewards or block rewards.

These block rewards are made to incentivize the miners and introduce the new Magnetocoins into the ecosystem. Currently, the block reward is 90 Magnetocoins and will halve every 4 years.

E-Crypto News:

What are the steps, members of the cryptocurrency space have to take to become miners for Magnetocoin?

Magnetocoin is a decentralized cryptocurrency which anyone can mine with their regular computers and graphic cards.

One just needs to download the mining client from the magnetocoin website and run the client to install it. Once the client is installed it takes about 15-20 minutes to sync with the magnetocoin network.

On the right-hand bottom corner, the user will see a green tick mark and connection to the network. Once the miner is connected just click help>debug window>console and type “setgenerate true”. The mining will start thereafter.

This information is also available on the website. For any other assistance, users can also join our social networks like discord channel and ask their questions.

E-Crypto News:

What are your thoughts on the proliferation of new cryptocurrency tokens?

With the volume of smart contract tokens entering the market, I believe this is overwhelming. There is a prevalent misconception that tokens and coins are identical. However, this could not be further from the truth.

Tokens are essentially smart contracts that operate on currently existent blockchains such as Ethereum, Binance, or any other comparable chain.

The tokens have a predetermined quantity available with the owner from the outset, and the general public holders are subject to the intentions of the token’s owners.

Every day, a new token is added to the market, but coins work differently; a whole cryptocurrency with its blockchain provides genuine decentralization.

Transactions on this form of cryptocurrency are final and cannot be reversed. With Magnetocoin, we attempted to incorporate the basics of cryptocurrency that even the most publicized crypto tokens today fail to achieve.

It is difficult to obtain, restricted in supply, and simple to verify.

E-Crypto News:

Do you have any other projects you’re interested in besides Magnetocoin?

Yes, we are planning to expand our horizon in the crypto space, we have few projects in mind. One of them being a Derivative Exchange and the other being creating our own smart chain contracts using MGT blockchain which can further be used for technological advancements.

Besides, we already have 2 more verticals

Cryptoplo.com

a global news channel, fair and objective portal, where readers can find the best information and latest cryptocurrency news.

Talkoncrypto.com

As the name suggests talkoncrypto.com is a public domain cryptocurrency forum platform where people can chat, share & discuss a variety of topics related to the world of cryptocurrency starting from announcements, industry’s developments, new launches of Apps to latest topics, and much more.

E-Crypto News:

Do you intend to add network bridges to other ledgers? Please, can you tell us the reasons for your answer?

Yes. We have such plans ahead in the future. Magnetocoin Blockchain is digital ledgers visible to all. However, while all on-chain data is transparent, the technology of a blockchain serves a self-contained ecosystem.

To preserve the consensus that supports the security and accuracy of a shared ledger, only miners who rigorously follow the rules of each network are authorized to validate and write transactions to the blockchain.

The technology is extremely effective, but the walled structure of blockchains may be stifling Defi’s advancement by tying Defi users to a single network when the blockchain landscape as a whole provides a world of functionality and opportunity.

At a time when the Lego-like composability of decentralized finance applications (dapps) is changing the face of financial services, autonomous blockchains must “communicate” with one another more than ever.

Bridging magnetocoin blockchain will allow users to reap the benefits of various blockchain technologies without having to switch platforms. This not only relieves strain on Magnetocoin but also encourages innovation in other ecosystems without requiring a winner-take-all mindset.

E-Crypto News:

Do you intend to make your blockchain EVM compatible? Please can you tell us the reasons for your answer?

There is always a scope for Advancements and Developing New Technologies. Yes, we may plan to convert our chain to proof of stake in the future and also make it evm compatible.

Our goal is to make sure existing solidity developers will be able to make and execute smart contracts on Magnetocoin blockchain.

It means that the code, which developers write, will be compiled into EVM byte code, and the blockchain then executes EVM code when smart contracts are executed.

EVM is the industry standard for developing smart contracts. With EVM compatibility, developers can build in the same way they would on Ethereum, using the same tools and applications. We will also be working to make our Blockchain Web3 Client.

E-Crypto News:

Please can you give us full details on the technical capabilities of the ledger behind the Magnetocoin blockchain?

Cannot be tampered with

The digital ledger is replicated in every node on the network. To add a transaction, each node must verify that it is valid. After that, it’s entered into the ledger. This increases transparency and makes it impenetrable to corruption.

Decentralization

The network is decentralized, which means there is no governing authority or one individual in charge of the infrastructure. Instead, the network is maintained by a set of nodes, making it decentralized.

A higher level of security

Because it did away with the need for centralized authority no one can easily change the network’s characteristics to their advantage. Encryption adds a layer of protection to the system.

Distributed ledger

A ledger on the network is maintained by all other users on the system. This distributes the computational power across the computers to ensure a better outcome.

Consensus

Consensus algorithms are at the heart of any blockchain which is smartly built. Every blockchain features a consensus mechanism to assist the network in making choices. Magnetocoin works on a proof of work consensus.

No one on the network is entitled to receive preferential treatment. Everyone must first go through the standard channels before adding their blocks. It’s not like you’ll earn more perks just because you have more power.

Faster settlement

Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer money relatively faster, which saves a lot of time in the long run.

E-Crypto News:

If you had three wishes and a genie that could make them come true, what would they be for Magnetocoin and other members of the cryptocurrency space?

 Wish #1: Answer to these question now three wishes would be to see magnetocoin as the most sought-after cryptocurrency.

Wish #2: Wish two is that the magnetocoin has to an absolute robust performer.

Wish #3: Wish three is that we should be commanding a position where people would think of our name as a synonym with magnetocoin.

E-Crypto News:

Do you have any secrets you want to tell us? Care to spill the beans?

  To call secrets as secrets won’t be right, but yes there definitely are some trade secrets that should be known when our platform is well accepted and counts among the top five exchanges. The reason for the same is that once you are popular even initial slippages are termed as a success story.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://e-cryptonews.com/coinbazaar-magnetocoin/

Blockchain

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

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Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

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The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  Retail Use OF Bitcoin By Merchants Is On Rise: BitPay and Coinbase Data

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

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Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

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Blockchain

Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

Published

on

Table of Contents

Rate this post

The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  OKCoin Top Officers to Assume New Position Next Month

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

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Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

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Chainlink (LINK) and AAVE Technical Analysis: What to Expect?

AAVE and Chainlink prices are bleeding. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

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AAVE and Chainlink prices are bleeding as sellers double down. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Chainlink (LINK)

LINK is the token behind the world’s most adopted oracle service provider in crypto.

Past Performance of LINK

The crypto market brutality continues, and LINK is no exception.

June 21 bear candlestick defines price action this week.

As we advance, how prices react at spot levels would either see LINK/USDT dump or reverse sharp losses.

Presently, LINK is down 30 percent week-to-date and losing roughly six percent on the last trading day alone.

READ  Ripple Client TransferGo Hits Over $3 Billion in International Cash Flows

Day-Ahead and what to Expect

Reading from the daily chart, the middle BB is the primary liquidation line.

LINK/USDT prices are down below $20 as sellers double down, unwinding gains of May 24—canceling bullish prospects.

Confirmation of June 21 losses would see LINK chart in a new trajectory, placing sellers firmly in the driving seat.

LINK/USDT Technical Analysis

LINK Price Daily Chart for June 22

LINK prices are trending below the middle BB as bears press lower.

There might have been gains on the tail end of June 21. Still, confirmation of yesterday’s bar is enough to shock the market, forcing more sellers into action.

In that case, LINK/USDT prices may dump to the Q1 2021 lows of around $10.

AAVE

The CertiK-certified borrowing and lending DeFi protocol uses AAVE as its primary token.

READ  Bitcoin Holders Not Buzzed By Bitcoin’s 10000 USD Rally

Past Performance of AAVE

From the daily chart, AAVE is under immense pressure, trading within a bear breakout pattern. The immediate resistance and buy trigger line lie at $300.

At the time of writing, AAVE is down 12 percent against the USD.

Day-Ahead and what to Expect

In a bear breakout pattern, AAVE/USDT is free-falling.

Sellers are stepping up as fear grips the market.

Notably, AAVE bear bars—like June 21, for example—are banding along the lower BB. It, therefore, means the underlying sell momentum is stronger.

As such, every pullback could present a selling opportunity for aggressive traders.

AAVE/USDT Technical Analysis

AAVE Price Daily Chart for June 22

AAVE is free-falling in a sell breakout pattern to confirm the double-bar bear pattern of May 18 and 19.

Following June 21 high-volume sell bar, traders may unload on pullback targeting $150 in the immediate term.

READ  DappRadar Announced $5 million Raise in Series A Funding

Sharp gains unwinding June 21 losses may shift fortunes in favor of bulls. However, risk-averse traders should wait for conclusive gains above $300.

#AAVE #AAVE/USDT #Chainlink #DeFi #LINK #LINK USDT

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Source: https://www.cryptoknowmics.com/news/chainlink-link-and-aave-technical-analysis-what-to-expect

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