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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

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Solana

Solana soared in double digits over the last 48 hours. The coin touched the $43 mark before it started to retrace on its chart again. In the last 24 hours, SOL just lost 0.1% of it value and stuck to its bullish price action.

Owing to its recent development, Solana has displayed a price rally. Technical outlook of SOL was also bullish at press time.

The altcoin witnessed an increase in buying strength. This has been influential in driving the price up. Solana has opened up permanent retail space in Manhattan.

These stores are specifically dedicated to all things related to cryptocurrencies.

Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores have an intention to introduce approximately 100,000 people each month to the Solana ecosystem.

He also hinted that there are possibilities to open a virtual storefront soon in the future. A grant from the Solana Foundation has helped the Solana Spaces to set up a shop in Hudson Yards New York.

Solana Price Analysis: Four Hour Chart
Solana was priced at $42 on the four hour chart | Source: SOLUSD on TradingView

SOL was trading at $42 at the time of writing. The altcoin was finally able to break past the $40 price level. Overhead resistance for the coin stood at $47. SOL has struggled to move past that price zone for couple of weeks now.

For Solana to continue its bullish momentum, it has to trade above the $43 price ceiling level for a substantial period of time.

Nearest support line for the coin was at $40 and $38. If the coin loses the $38 price floor, the next support line awaits the altcoin at $36.

Trading volume of Solana registered a small decline which indicated that selling pressure might have been on the rise.

Technical Analysis
Solana displayed a fall in buying strength on the four hour chart | Source: SOLUSD on TradingView

SOL had just touched the overbought price zone, however, as price gently moved south so did buying strength. Although there has been a fall in buyers, buying strength remained higher than selling strength at the time of writing.

The Relative Strength Index was slightly below the 60-mark which meant that buyers exceeded sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA line, that indicated bullish force in the market.

Related Reading | Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery

Solana flashed buy signal on the four hour chart | Source: SOLUSD on TradingView

The altcoin reflected increased buying pressure on other indicators as well. Moving Average Convergence Divergence pictures price momentum and change in the same. MACD underwent bullish crossover and presented green signal bars which are tied to buy signals for the altcoin.

Bollinger Bands depict price volatility and fluctuations in the same. The bands have opened up wide which indicated that price of the altcoin could experience further volatility. For SOL to maintain its bullish stance, buying pressure and broader market strength will be necessary.

Related Reading | Bitcoin Breaks $24k As Exchange Whale Ratio Declines

Featured image from LeewayHertz, chart from TradingView.com

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Ethereum Fork (EthereumPoW) Proposed Amid the Merge Slated Next Month

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Ethereum Fork (Ethereumpow) Proposed Amid The Merge Slated Next Month

Ethereum fork supporters are getting ready to scrap the crucial EIP-1559. An Ethereum miner has written an open message to the community after receiving support from many industry heavyweights.

Towards the end of the transition towards proof-of-stake (PoS), the Twitter account of the proposed chain-split fork, EthereumPoW, claimed that the formerly “almighty” Ethereum Foundation had given up on “decentralization” as one of its aims.

In a lengthy discussion, backers of the Ethereum fork argued that the Ethereum Foundation was trying to use EIP-1559 to promote a favorable theme at the cost of the miners. They said the “elites” were silencing the miners while in reality, the working class is a political force that should possess some political power and influence for the sake of a more representative government. They further claimed that miners were pressured into participating.

The EthereumPoW group, who call themselves truly decentralized, has guaranteed that the new token will not be pre-mined and that there will be no inflation. The group will continue to prioritize protecting Proof-of-Work and the Nakamoto Consensus process.

In an interview with Bloomberg, Chandler Guo, a renowned Chinese miner, said that numerous Ethereum mining manufacturing businesses had come out to him to begin forking endeavors. Soon after the controversial founder of Tron, Justin Sun, backed the idea of a hard fork, it acquired widespread support.

Although Guo is the driving force behind the proposed fork, it has also received backing from BitMEX, a derivatives platform that just released a futures contract that would allow speculators to trade leveraged ETHPOW.

Circle, another stablecoin platform, has declared its complete support for Ethereum’s POS chain transition. Competitor Tether likewise announced its readiness to support Ethereum’s new blockchain upon its release. However, Chainlink has said explicitly that it would no longer accept Ethereum forks after the planned Merge on September 19th.

The largest cryptocurrency exchange in terms of trading volume, Binance, has said that it would not completely rule out supporting the next contentious fork of Ethereum, ETHPoW.

The “merge” is a protocol update that will occur on or around September 19 and will finalize Ethereum’s upgrading to a proof-of-stake consensus mechanism, and the exchange has declared that it will support the upgrade.

The corporation did, however, mention that it may back “merge resistors” who want to keep using proof of work and launch their own separate network and cryptocurrency. Binance said in a statement released Wednesday that “in case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens.”

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Litecoin Breezes Past $64 Level As LTC Picks Up Speed

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Litecoin

Litecoin (LTC) price shows an extremely bullish trajectory as it aims to breach the $64.02 mark.

  • Litecoin immensely bullish as it targets to breach the $64.02 mark.
  • Support spotted at the $60.87 level.
  • Price facing hurdles at the $64.32 zone.

On the other hand, LTC is facing hurdles at $64.32 as the bulls’ strong upheaval waned a bit. LTC’s price was at $60.87 early today and has even managed to reach a high of $64.32 with the bulls trying to nudge the prices higher.

LTC price has seen a tremendous boost of more than 3.47% as seen overnight and currently trades along the $64 range. Trading volume has also spiked to as much as $404 million in a 24-hour timeframe.

According to CoinMarketCap, LTC is up by 0.49% and currently trading at $64.38 as of this writing.

Litecoin New Target: $70

On a 4-hour timeframe, LTC price is looking very bullish and registering higher highs and higher lows. More so, LTC was able to break past the channel that it was stuck within the past week. Such breach hints at an optimistic market response and development intensifying the dominance of the bulls.

The LTC/USD pair currently trades above the 50 SMA and also the 200 SMA, indicating that the bulls are now on top of the market.

RSI for Litecoin is spotted at 63.83, implying that the market is sliced in between the overbought and oversold territory. More so, LTC’s MACD is extremely bullish indicating that the bulls are in control of the market as of press time.

LTC price shows that the bullish fervor is still strong in the market and can uptick in the coming days. LTC was able to breeze past the $64.02 and now the $64.32 mark which opens up the next target level set at $70.

On the other hand, the support zone is now spotted at $60.87, and if the bears can push the price below this zone, then that could potentially favor a massive sell-off.

LTC To Enjoy Continuous Steady Pace

LTC price analysis shows that the coin is enjoying an upward and bullish momentum with so much wiggle room for positive market sentiment and activities. More so, the 24-hour chart also shows that the market is also generating more gains. 

Now, investors should keep an eye on buying when there are tiny dips in the market because the LTC price is set to go higher in the coming days.

TRON total market cap at $4.35 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart from TradingView.com
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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum