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Chainlink Pictured Chance Of A Further Pullback To This Level

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Chainlink

Chainlink was bearish on its chart at the time of writing. Over the last week, the coin witnessed significant decline on its chart. Despite the 2% overnight appreciation the technical outlook of Chainlink remained negative. Fall in the market movers prices has pushed many altcoins to travel south on their charts.

Prior to this, LINK was consolidating between $6.70 and $7.00 respectively. A fall in LINK’s price has caused it to travel below the $6.70 price mark. Technical outlook started to reflect a change in price direction as buying strength slightly grew in the market.

Despite the change on the technical outlook, LINK was still hovering in bearish territories. At the present moment, the altcoin’s price movement cannot be termed as an invalidation of the bearish thesis. For LINK to defeat the bears, the coin has to be above the $8.00 mark.

Along with that, buying strength has to consistently remain positive, a fall in that will drag the coin below the $6.00 support level. The global cryptocurrency market cap today is $1.03 Trillion with a 1.5% positive change in the last 24 hours.

Chainlink Price Analysis: Four Hour Chart

Chainlink was priced at $6.58 on the four hour chart | Source: LINKUSD on TradingView

LINK was trading at $6.58 at the time of writing. Before the decline on its chart, the coin was priced between the $6.70 and $7.00 levels respectively.

Immediate resistance for the altcoin was at $6.70 which had previously acted as a support level.

If LINK can manage to swoop past the aforementioned level, the next price ceiling would be at $7.34.

Nearby support level for the coin was at $6.22 but if the bears take over completely, LINK might fall as low as $5.54.

The amount of Chainlink traded over the last trading session saw an increase which meant that buying strength was recovering in the market.

Technical Analysis

Chainlink
Chainlink portrayed rise in buying pressure on the four hour chart | Source: LINKUSD on TradingView

The altcoin over the last 24 hours rose by 2% and buying strength also displayed some recovery. The Relative Strength Index moved up and beyond the half-line which indicated that buying strength was slowly rising on the chart.

This rise in the buying strength cannot be termed as a bullish move as the coin has to move past the $6.70 price level.

Price of LINK however shot past the 20-SMA line which is an indication of buyers driving the price momentum in the market.

As the demand resurfaced, LINK moved above the 20-SMA line. For bulls to take over completely, the coin has to remain above the 20-SMA line.

Related Reading | Cardano Moves In The Red With The Market, Can The Price Of ADA Stay Above $0.46?

Chainlink
Chainlink displayed sell signal on the four hour chart | Source: LINKUSD on TradingView

The altcoin despite rising on the chart minorly still displayed signs of being under bearish influence. The Moving Average Convergence Divergence portrays price momentum and reversals in the same.

MACD noted a bearish crossover and formed red signal bars.

These red signal bars were sell signal for the altcoin. Bollinger Bands which represents price volatility, had started to narrow down.

This reading meant that chance of price volatility and fluctuation was low at the time of writing.

Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red

Featured image from Libertex, chart from TradingView.com
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Nakamoto Games Host Tank Battle Tournament on UpOnly Platform

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Nakamoto Games Host Tank Battle Tournament On Uponly Platform
  • Tank Battle competition announced by UpOnly and Nakamoto Games.
  • It is planned for the competition to begin on August 22 and last for three days.

The debut of the upcoming tournament, which will include the blockchain gaming studio Nakamoto Games most recent game, Battle Tank, has been revealed. The Battle Tank competition will be held on UpOnly, a platform for Tournament as a Service (TaaS).

UpOnly, a pioneering data directory, provides in-depth and practical knowledge on the move-to-earn, play-to-earn, and Metaverse gaming businesses. To maximize their performance and locate the greatest play-to-earn opportunities, UpOnly wants to be the go-to resource for gamers worldwide.

With blockchain-based games, Nakamoto Games provides players all around the world with significant earning opportunities. The dynamic ecosystem provides a wide selection of cutting-edge games and frequently holds international championships.  

Insights From the Contest 

The competition is slated to start on August 22 and last for three days. Players who want to access Tank Battle must first connect their Web3 wallet to the Nakamoto Games platform. Then, to complete the tournament registration, players must connect the same wallet to UpOnly. The total prize pool is about 2250 $USDT, and there is also a further 60,000 $UPO up for grabs.

The suggested price for game players is substantial, and the ultimate winner will get $1,000. The second-place finisher in the tournament will receive $750 in prizes, while the third-place finisher will receive $500.  And also the native token $UPO of UpOnly can be used by participants and spectators to wager on the results of the competition.

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How Much Risk Will the Upcoming Ethereum Merge?

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How Much Risk Will The Upcoming Ethereum Merge?
  • Ethereum’s much-awaited ‘merge’ is set for around mid-September.
  • In the upcoming days, the ETH price may experience severe short-term volatility.

The most widely used blockchain platform, Ethereum, is currently going through a significant transformation. Ethereum’s much-awaited ‘merge’ is set for around mid-September, and will shift from PoW (proof-of-work) to PoS (proof-of-stake). The upcoming functionality will provide more security, speed and scalability, and low energy consumption. However, the Ethereum merge will have its possible risks and flaws. 

Risk Factors Regarding the Merge

The Merge is a significant update to a very complicated system. Based on this merger, Ethereum may operate slowly or possibly stop altogether. In this process, other unanticipated mistakes also might arise. Also, Ethereum’s overall security may change, as a result of the Merge. When transferred to proof-of-stake, new technical challenges and unexpected problems might occur. 

Based on the merging process, in the upcoming days, Ethereum’s price may experience severe short-term volatility. In the long run, there is also a possibility that Ethereum could lose its dominance as the cryptocurrency of choice for smart contracts. The most likely outcome is that several programmable cryptocurrencies will take the lead rather than just one. 

There’s a potential that the fork will become more popular than Ethereum itself. However, if you own ETH or an ERC-20 token on Ethereum, you will most likely own them in any Ethereum fork because these forks are simply replicas of the network. It is up to each user to pick which fork to support and what to do with their assets.

While Ethereum supporters and developers would argue that the move to PoS makes Ethereum significantly more decentralized and resistant to hostile assault, the actual data shows that staking centralization is growing, which can cause some significant issues.

 Additionally, the merger has already seen numerous delays. So, there is also a chance for further delay in the merge. 

Disclaimer: 

TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

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Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

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Ethereum

Ethereum extended losses below the $1,820 support against the US Dollar. ETH could decline further if it fails to start a recovery wave above the $1,900 level.

  • Ethereum started a fresh decline and traded below the $1,900 level.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,800 level.

Ethereum Price Turns Red

Ethereum followed a bearish path after it settled below the $1,900 level. ETH traded below the $1,850 support zone and increased pressure on the bulls.

The bears even pushed the price below the $1,820 level, but the price stayed above the $1,800 level. A low is formed near $1,806 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,840 level. It is near the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

The first major resistance is now forming near the $1,880 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near the $1,920 level, above which the price may perhaps move into a positive zone.

More Losses in ETH?

If ethereum fails to rise above the $1,880 resistance, it could continue to move down. An initial support on the downside is near the $1,800 zone.

The next major support is near $1,780, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,750 level. Any more losses may perhaps open the doors for a move towards the $1,650 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,880

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Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins

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Crypto Exchanges In Ontario Have A $30K Annual Cap On Buying Altcoins