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Report Shows Ethereum Might Take Another Hit, Is It Possible?

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Report Shows Eth Might Take Another Hit, Is It Possible?
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Though volatility is a core attribute of cryptocurrency, the swing is quite excessive for Ethereum. The price movement for Ether was progressive from the beginning of the second of the year. ETH gradually surged over the $1,800 level before the Merge.

To some reasonable extent, the positive sentiment surrounding Ethereum’s transition from PoW to PoS contributed to the surge. As a result, several participants in the crypto industry tilted towards the second largest crypto asset by market cap.

The token recorded a huge increase in its trading volume and other Ethereum derivatives over the period.

However, the launch seems to come with a bearish trend for Ethereum. Just some hours following the Merge, ETH started a southward movement.

The increasing selling pressure depleted the value gradually as the price kept decreasing. Through the past weekend, Ether plummeted below $1,300 as it lost sustainability on some supportive levels.

Is Another Ethereum Correction Underway?

There’s a hint for a more bearish pattern from the Ethereum technical chart. This implies the possibility of another correction of 25% from its current price, which hovers around the $1,350 region. So, ETH might dip further to $1,000.

Based on the last report for the US CPI data for August, there’s an indication of a rise in the inflation rate. However, the response from the crypto assets has been very unfavorable.

The FOMC (the Federal Reverse System’s monetary policymaking body) has scheduled its meeting for Wednesday, 21, 2022. But the entire crypto market is already feeling aggressive selling pressure before the outcome of the FOMC meeting.

The analysis of the Ethereum price charts indicates a drastic drop below the token’s standard deviation. On the higher side, the price of ETH could not cross the hurdle at the $1,800 region.

Also, the downtrend shows that Ether went beyond its critical support of $1,340. Hence, the overall technical implication is that the deviation from support levels has the risk of a downtrend.

Ethereum price trends below $1,350 l ETHUSDT on TradingView.com

This is primarily because Ethereum’s deviation is below the regression channel from the lows as of June. The token is now exposed to the third deviation retreat of $1,250. With that, ETH could hit the next possible support level of $1,000.

ETH Derivatives And Liquidations

According to data from Deribit, the number of Ethereum put, and call contracts has skyrocketed. Its open interest ranges between $1,000 and $2,000, with expiration by the end of September. The range could mark the possible trading value for Ether.

There have been more liquidated positions as the price of Ether increases. As of yesterday, the entire crypto market recorded over $400 million in liquidations. At the time of writing, data from Coinglass shows that Ethereum has over $58 million in liquidated positions within the past 24 hours.

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Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?

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Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?
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  • LIT price creates more bullish sentiment as price hold above daily EMA 
  • LIT looks more stable as bulls breakout of a descending triangle
  • The price of LIT could face major resistance at $1.2 

Litentry (LIT) has had a rough start to the year, but that could be shelved aside as the price looks more bullish recently against tether (USDT). Litentry (LIT) price has seen more of a downtrend in the bear market than an upside with the price struggling to regain the bullish structure and has failed each time with Bitcoin (BTC) price falling to a region of $18,700 affecting the price of the altcoin. (Data from Binance)

Litentry (LIT) Price Analysis On The Weekly Chart

The crypto market hasn’t had the best price movement in recent times, but this can not rule out that some crypto assets have continued to show great strength bouncing from their lows and breaking out of their downtrends to establish a bullish momentum.

Despite showing less price movement in recent weeks as the price continued to trade below the key resistance level of $0.7, preventing the price of LIT from rallying high.

The price of LIT closed the weekly price looking more bullish as bulls pushed the price to break the resistance at $0.7, setting up a more bullish price movement ahead of the new week for the price of LIT.

The price of LIT faced price rejection from a region of $0.75 from trending higher after the news from the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) had a negative impact on the price of LIT. LIT price responded well as price rallied from a low of $0.55 with what seemed to be an area of interest for more buy orders. 

LIT’s price needs to break and hold above $1.2 for the price to rally to a higher region with more bullish sentiments; if the price of LIT gets rejected from this region, we could see the price retesting a region of $1-$0.8 acting as good support zones.

Weekly resistance for the price of LIT – $1-$1.2.

Weekly support for the price of LIT – $0.75.

Price Analysis Of LIT On The Daily (1D) Chart

Daily LIT Price Chart | Source: LITUSDT On Tradingview.com

In the daily timeframe, the price of LIT continues to look bullish as the price breaks out of a descending triangle after trading in a range of downward trends. 

After respecting the downtrend line, the price of LIT formed, and the trendline continued to act as a resistance for the price of LIT as it failed to break above the line despite several trials. But the price of LIT built more strength, with the price breaking the trendline to set up more bullish sentiment ahead of a rally to $1-$1.2 with a possible higher target.

The price of LIT trades at $0.9 above the 50 Exponential Moving Average (EMA). The prices of $0.7 correspond to the price at 50 EMA for LIT on the daily timeframe.

Daily resistance for the LIT price – $1-$1.2.

Daily support for the LIT price – $0.75-$0.7.

Featured Image From Toptrading, Charts From Tradingview 

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Top Crypto Price Gainers of the Past Hour

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Top 3 Privacy Coins To Consider This June 2022 For Investors
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  • Top 3 crypto price gainers are RSR, MKR, EGLD.
  • According to CoinMarketCap, RSR has gained by 6.70% during the last 24 hours.

For the past few months, the global cryptocurrency market has witnessed a tremendous downfall due to several reasons. The market cap value has declined by more than 70% from 3 trillion, which was recorded in November 2021. Currently the MarketCap is  $927.26B. Also the top cryptocurrencies, Bitcoin and Ethereum are down today. 

Let’s examine the top 3 crypto price gainers of the past hour.

Price chart of top crypto gainers (Source : CMC)

Reserve Rights (RSR)

The Reserve ecosystem’s volatile cryptocurrency is the RSR. Reserve Rights is a stablecoin platform with two tokens. The Reserve stablecoin (RSV), which is governed by a number of assets managed by smart contracts, is added by the RSR’s dual token arrangement. The Reserve Rights token (RSR), the second token, is used to maintain the RSV’s price at $1 through a system of arbitrage opportunities. 

The current price of RSR is $0.01018 with a 24 hour trading volume of $16,155,126. In the past 24 hours, RSR has increased by 6.70% as per CoinMarketcap. 

Maker (MKR)

The Maker protocol, which is built on the Ethereum blockchain, has a governance token called Maker (MKR). MKR was developed by makerDAO and released in 2015. Maker protocol and MakerDAO manage and provide the smart contracts ecosystem for DAI, one of the most popular stablecoins.

According to CoinMarketcap, MKR currently trades for $776.29 with a $42,438,021 24 hour trading volume. MKR has gained 3.74% during the past 24 hours.

Elrond (EGLD)

With a focus on scalability and cheap transaction fees, Elrond is a piece of software that tries to motivate a distributed network of computers to run a smart contract platform. It was established in 2017 and is supported by Elrond Network, a business based in Malta committed to the development of the project. The EGLD coin, which Elrond uses to communicate with applications, send transactions, and reward network actors, is the platform’s own cryptocurrency.

At the time of writing EGLD is trading at $49.15 with a 24 hour trading volume of $37,296,069. In the last 24 hour EGLD has increased by 2.25% as per CMC.

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Sega To Build First Blockchain Based Games

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Sega To Build First Blockchain Based Games
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