Connect with us

Blockchain

Chainlink In Bearish Mood As LINK Price Retreats To $8.63

Avatar Of Rajesh Khanna

Published

on

Chainlink
google news

Chainlink (LINK) price is showing a bearish momentum as the market appears to be showing signs of fatigue.

  • Chainlink price outlines bearish strides
  • LINK/USD pair key support spotted at $8.54
  • Pair resistance seen at $9.26

The LINK/USD pair price slips on a downtrend as seen overnight which has been predictable overall.

More so, the market also suffers a loss of 4.80% as seen in the past 24 hours and currently faces key resistance at $9.26. For now, LINK price appears to be extremely bearish with key support seen at $8.54.

LINK Price Sheds 1.83%

The daily chart reveals that the LINK/USD pair has suffered a massive decline as seen in the past 24hours. The plunge of LINK has been consistent with its bearish stance.

According to CoinMarketCap, LINK price has been down by 1.83% or trading at $8.51 as of this writing. It seems to have fallen from its support line of $8.54.

The current trading volume is down by 24.51% or at $363,041,655 with the market cap at $4 billion. Apparently, LINK price has been circling the $8 mark as seen since Sunday.

Judging by the daily price chart, the LINK/USD pair is seen to be immensely bearish for the past few hours with the MACD lingering in the bearish zone.

RSI for LINK is spotted at 42.09 and is stepping into the oversold zone which signals that market could go down further.

To date, the 50-day moving average is present at $10.48 while the 200-day moving average is hovering at $12.19 signaling that the market is having a marked decline.

Chart from TradingView.com

Chainlink MACD Line Hints At Further Retreat

The 4-hour price analysis is showing a bearish flag pattern signaling that the market is deflating further.

The LINK/USD pair is seen trading from $8.54 to $9.26, facing key resistance at $9.26 as seen in the past few hours.

The MACD line hovers above the signal line which indicates that the market could plunge further. Current RSI is below the 50 range which signifies a bearish trend.

More so, the 50-day and 200-day moving average are both falling flat and going under the current market price hinting that the market is suffering a massive downshift.

Chainlink price is showing an overall bearish momentum in the short term but would most likely nosedive with the key resistance stick at $9.26.

The market may expect some upward trend if the bulls can break past the key resistance level.

Chainlink In Bearish Mood As Link Price Retreats To 863

LINK total market cap at $3.8 billion on the daily chart | Source: TradingView.com

Featured image from Medium, Chart from TradingView.com
google news
Advertisement

Blockchain

Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Avatar Of Rajesh Khanna

Published

on

Crypto
google news

Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

google news
Continue Reading

Blockchain

Solana Outage Becoming a Recurring Event Worrying Investors

Avatar Of Rajesh Khanna

Published

on

Solana Achieves 100 Billion Transactions Milestone
google news