Analyst: Chainlink Gearing Up for a Major Push Higher as Bulls Defend $10.00

Chainlink is currently attempting to confirm $10.00 as a support level as it faces inflows of selling pressure that jeopardize its near-term outlook.

Despite the present weakness it is facing, a confirmation of this level as support would be incredibly bullish, as it would mark a mid-term support-resistance flip that potentially kicks off the next leg of its recovery.

On the flipside, a break below this level would be grim, and potentially cause the cryptocurrency to plunge down towards its recent $7.50 lows that were set just a handful of days ago.

While speaking about Chainlink’s present market structure, one analyst explained that although it is not “super bullish” at the present moment, it does appear to be positioned to see some strong upside.

He specifically points to the aforementioned support-resistance flip, explaining that a confirmation of $10.00 as support could be enough to boost LINK’s price towards $12.00 – marking a 20% rise from where it is currently trading at.

Chainlink Faces Intense Selling Pressure as Bulls Guard $10.00 

At the time of writing, Chainlink is trading down just under 2% at its current price of $10.15. Bears are aggressively trying to force it lower, but buyers have posted a strong defense of this price level.

This dip came about rather unexpectedly today, as LINK was previously showing signs of being stable within the upper-$10.00 region.

The instability within the aggregated crypto market contributed to this weakness, and may cause it to see further downside in the near-term.

Bitcoin, Ethereum, and most other major digital assets all tested their near-term support levels yesterday afternoon and have seen declining upwards momentum ever since.

This could place some pressure on Chainlink in the days and weeks ahead.

Here’s the Key Level LINK Must Continue Defending

While sharing his thoughts on Chainlink’s present market structure, one analyst explained that LINK bulls must confirm $10.00 as a support level. An ability to do so could lead it to see further upside in the days and weeks ahead.

“LINK / USD: Price action is looking pretty good if we can flip $10 into some support over the next 24/48 hours, could be a good chance that we can soon retest $12 as resistance… Not super bullish at the moment, still ground to cover.”

Chainlink LINK

Image Courtesy of Cactus. Chart via TradingView.

Whether or not $10.00 continues to be defended by Chainlink bulls may depend largely on how the aggregated market trends in the near-term.

Featured image from Unsplash.
Charts from TradingView.

Uniswap’s UNI Bounces at Key Support as the Bull Case Continues Growing

Uniswap’s UNI token has been slowly grinding lower over the past few days, with buyers being unable to gain control over its short-term trend as the hype surrounding the token’s launch begins fading.

That being said, UNI’s buyers are now moving to establish its recent lows as a long-term base of support, as it has posted multiple positive reactions to the lower-$4.00 region.

Interestingly, the Uniswap governance token only appears to be loosely correlated to the rest of the market, which may mean that smaller Bitcoin fluctuations will only have a limited impact on where it trends in the near-term.

One analyst does believe that upside could be imminent, noting that it is imperative that bulls reclaim $4.70, as a break above this level could be the event that helps fuel its next strong uptrend.

Other investors are also noting that its fundamental strength still remains and that its upside potential is significant.

Analyst: Uniswap’s UNI Bounces at Support as Bulls Attempt to Spark Trend Reversal

In the time following the release of the Uniswap governance token a couple of weeks ago, it has been subjected to some wild price swings.

Following its launch, the UNI price plunged down to lows of $1.00 before it garnered some significant momentum that sent it surging up towards $8.50.

This marked a local top, as its price has been sliding lower ever since. Bulls were able to establish $3.50 as a strong short-term bottom, with UNI now attempting to set a higher low as it consolidates above $4.00.

At the time of writing, the Uniswap token is trading up just over 1% at its current price of $4.29.

Here’s the Crucial Level UNI Must Break Above

One analyst explained that Uniswap’s UNI token must surmount $4.70 in order to see further upside in the days and weeks ahead.

He believes that a break above this level could be enough to spark a fresh uptrend.

“UNI: There we go, bounce of around 10% since this area. Still, no clear trend direction given as $4.70 should be reclaimed, but at least a good entry.”

Uniswap UNI

Image Courtesy of Crypto Michael. Chart via TradingView.

Many investors are pointing to the potential release of a V3 of Uniswap as one factor that could boost the token in the near-term. This is expected to provide the DEX with many new features that make it more similar to a centralized exchange.

This may spur growth for both its trading volume and its liquidity.

Featured image from Unsplash.
Charts and pricing data from TradingView.

Yearn.finance (YFI) Still Down 15% After EMN Bug as Uncertainty Remains

Yearn.finance (YFI) took a strong hit around 24 hours ago when a yet-to-launch project related to protocol experienced a bug. For those that don’t know, Andre Cronje, founder of Yearn.finance, deployed a series of new contracts relating to a new, still-to-launch game called Eminence Finance.

Eminence is slated to be an Ethereum-based card game with a focus on guilds.

Users, largely YFI holders, deployed capital into the Eminence contracts despite no official launch or website.

Unfortunately, there was a bug in the deployed contracts that allowed a user to withdraw $15 million worth of DAI from the contracts by putting in much less.

Many immediately sold their YFI after the bug was exploited for that $15 million. The coin remains down around 15-20% since the bug was exploited as there remains uncertainty in the market.

Yearn.finance (YFI) Still Down After EMN Imbroglio

Yearn.finance currently trades for $25,000, around 15% below the price the coin was at right before the bug was exploited.

The hack made some investors lose faith in YFI in the short term, presumably because it may suggest that there may be bugs in the other contracts the protocol uses.

Alex Kruger, an economist and analyst that has a focus on crypto, recently explained on his outlook on YFI:

“I don’t hold $YFI any longer. Do think it will recover – and make ATHs. Trust in founders matters, and Cronje simply made the $YFI trade more difficult. Will re-enter at some point, and trade it more actively (shorter time frames)…. At the time of the exploit Cronje’s involvement was unclear. Without his tweetstorm response, $YFI would have easily dumped another 30% fast. Regardless, if unable to appreciate the gross negligence involved, you have likely spent too much time in crypto.

Not the End of the World

YFI may bounce back, though, as many aren’t convinced that this is the end of the world for the coin.

A co-founder of Real Vision just announced that he thinks now is a good time to deploy capital into YFI as it marks a good entry point from a longer-term perspective.

Photo by Daoud Abismail on Unsplash
Price tags: yfiusd, yfibtc
Charts from TradingView.com
Yearn.finance (YFI) Still Down 15% After EMN Bug as Uncertainty Remains

Chainlink Downtrend Could Continue Toward New Lows Despite Record Rebound

Chainlink recently saw a record-breaking rebound, closing an intraday rally with more than 30% gains on the day. The recovery kept climbing but has since turned around at the top of a downtrend channel that thus far has been holding.

Will the downtrend take the cryptocurrency lower? And what other factors back up any theories predicting more downside in the altcoin ahead?

Chainlink Downtrend To Deepend, Following Record-Breaking Rally And Rejection

Last week, after sweeping lows, Chainlink rebounded from under $8 back up to over $11 at the local high. The over 30% surge broke records for the most green day in all of 2020 – a year where the altcoin has been just about unstoppable.

The year started off with the cryptocurrency setting fresh highs, only to collapse during the Black Thursday carnage to nearly zero.

The bounce from lows sent Chainlink on a journey toward price discovery mode, and eventually peaked at $20 per LINK token.

From that peak, however, a downtrend channel has formed, and despite a record-breaking rally last week, the cryptocurrency was unable to break free. Failure to break out from the downtrend, could lead to new local lows.

chainlink linkusd downtrend

LINKUSD Daily Downtrend Pitchfork Channel | Source: TradingView

Technical Indicators Gives Credence To Crypto Asset’s Further Collapse

Downtrend channels are subjective, extended across price action manually using technical analysis drawing tools. But technical analysis indicators are created using precise mathematical formulas, leaving little room for interpretation and user error.

These various tools, also suggest that Chainlink is ready for another dive lower.

According to the Bollinger Bands, a volatility measuring tool consisting of a moving average and two standard deviations, Chainlink was just rejected from the “mid-BB.” Rejections from this area, often are followed by a move to retest the lower band.

Reclaiming the middle-line, would suggest the opposite and send Chainlink towards the top of the band.

chainlink linkusd bollinger bands

LINKUSD Daily Middle Bollinger Bands Rejection | Source: TradingView

The Bollinger Bands aren’t the only indicator backing up the idea behind the downtrend channel. The Ichimoku indicator also paints an extremely bearish picture.

The “at a glance” indicator says a lot about price action. Looking backward on the chart, the chikou span, or lagging span, shows the price line hanging onto weak support.

chainlink linkusd ichimoku

LINKUSD Daily Ichimoku Rejection | Source: TradingView

The chikou span traces back 26 trading sessions and helps plot support and resistance levels. The chikou span looks back, but the cloud looks ahead. The cloud itself is twisted bearish, suggesting bearish future price action.

Finally, the kijun-sen (red) is above the tenkan-sen (blue) line signaling bearish price action, and Chainlink itself is in the process of being pushed downward further by the kijun-sen.

Using the Ichimoku indicator to find potential levels of support lower than the previous level that held, points to targets of $6 and $4.80 per LINK token. Unless the cryptocurrency can burst upward out of the downtrend channel, that is.

Featured image from Deposit Photos, Charts from TradingView

Bitcoin’s Network Health Plunges as New Investors Stop Buying BTC

Bitcoin’s price has been facing some turbulence throughout the past couple of days and weeks, with buyers and sellers being unable to catalyze any clear momentum in either direction.

Earlier this week, bulls roared when they sent the crypto rallying up towards $10,800, but the resistance just above this price level slowed its ascent, stopping BTC from testing $11,000.

Following a short bout of consolidation, the cryptocurrency eventually began drifting sideways, before facing selling pressure yesterday that sent its price plunging down to lows of $10,500.

Although it subsequently rebounded from these lows and has been trading sideways ever since, it is important to note that the cryptocurrency’s network health has been declining over the past week.

This has come about due to the lack of new entrants to the Bitcoin network, with its turbulent price action likely hampering its adoption amongst new users and investors.

Until there’s more clarity when it comes to the cryptocurrency’s price, it may continue seeing declining fundamental strength.

Bitcoin’s Price Action Creates Air of Uncertainty Amongst Investors 

Throughout the past few days and weeks, Bitcoin’s price has been struggling to garner any momentum in either direction.

It has mostly been consolidating between $10,200 and $11,200, and until one of these levels is decisively broken, its outlook remains unclear.

It is important to note that this has caused trading liquidity on exchanges to trend lower throughout the past week, according to analytics platform Glassnode. On-chain transactional liquidity, however, has been trending higher.

“While trading liquidity decreased due to lower exchange deposits, transaction liquidity rose due to an increase in the volume of BTC transferred on-chain,” they explained.

Until Bitcoin determines its mid-term trend, it may continue watching its liquidity plunge lower.

Glassnode: Network Health Declining Due to Lack of New Users

In their latest weekly update, Glassnode explained that Bitcoin’s network health has also been declining over the past week, which primarily stems from weakness in their “network growth” category.

“Network Health dropped from a score of 74 to 64 points over Week 39, decreasing by 13.5%. The network growth subcategory lost 8 points due to a decline in the number of new users joining the Bitcoin network. Meanwhile, network activity dropped by 10 points as the number of BTC transactions also fell.”

Bitcoin

Image Courtesy of Glassnode.

The sharp plunge seen across new users joining the Bitcoin network, transaction volume, and liquidity points to some mounting fundamental weakness.

This could all rapidly shift if the cryptocurrency makes a trend-defining move in the near-term.

Featured image from Unsplash.

‘DeFo’ staking enabled for Waves’ Neutrino stablecoins

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

The decentralized exchange (dex) built on Ethereum, Uniswap has accumulated a whopping $2 billion in total value locked (TVL) this week. Tuesday’s data shows out of all the decentralized finance (defi) application’s Uniswap dominates the $11 billion landscape by over 18%.

Just recently, the defi space has touched a few new milestones as the ecosystem’s TVL this week has topped $11 billion. The dex Uniswap is dominating the defi landscape by 18.65% with over $2 billion TVL to-date.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Uniswap is followed by Makerdao ($1.9B), Aave ($1.56B), Curve.fi ($1.22B), and the Wrapped Bitcoin (WBTC) project ($990M). The Uniswap trading platform has captured a massive amount of demand this week with 104,324 unique users during the last seven days.

Today according to stats, the Uniswap dex is moving just as much trade volume as some of the top centralized exchanges (cex) globally. On Tuesday, Binance has the top trade volume as far as cex trade volumes are concerned with $2.5 million in 24-hour volume.

Coinbase Pro is the second-largest cex in terms of trade volume on Tuesday with $343 million trades during the last 24 hours. Uniswap is well above Coinbase Pro with $398 million today, making the dex the second-largest crypto exchange worldwide in terms of trade volume on September 29.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Dex volume in general has been quite large this week and during the last seven days Dune Analytics data shows 13 dex platforms saw $3.7 billion in trades. $2.3 billion of those swaps took place on Uniswap as it currently captures 63.7% of the trailing seven day average.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Cumulatively, all 13 dex platforms saw a whopping $24 billion in swaps during the last 30 days. Dex platforms following Uniswap’s trade volume lead include Curve.fi, 0x, Balancer, Kyber, Synthetix, Dydx, and the Bancor Network respectively.

Uniswap’s weekly and 24-hour trade volume has been a topical conversation on social media and crypto-related forums. A number of crypto enthusiasts wonder if dex volumes will someday supersede cex volumes entirely.

Ethereum proponents believe the rise of stablecoins and dex platforms like Uniswap are starting to prove ETH skeptics wrong.

“In the last bull market, critics said ETH had no use case besides scammy ICO’s,” the CTO and analyst Leon Fu from the web portal cryptocurrency.market recently told his 19,000 Twitter followers. “With the rise of stablecoins, Uniswap, and other protocols [that] enable actual utility [and] have nothing to do with ICO’s. Clearly, ETH skeptics were wrong,” he added.

What do you think about Uniswap’s massive trade volume this week and during the last 24 hours? Let us know what you think about this subject in the comments below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Easily Spend Your Bitcoin via Prepaid Debit Card or a PayPal Account with Bitcoin of America’s Easy to Use Trading Platform

Easily Spend Your Bitcoin via Prepaid Debit Card or a PayPal Account with Bitcoin of America’s Easy to Use Trading Platform

Bitcoin of America offers a number of convenient ways to transfer your bitcoin or litecoin to commonly used USD payment gateways like prepaid debit cards or a PayPal account. Read the guides below to find the method that’s best for you. Most commonly, bank transfers are used to transfer bitcoin, but using popular fiat gateways like PayPal and Prepaid debit cards can make it easy to spend Bitcoin and Litecoin anywhere that accepts USD.

Sell Bitcoin to Prepaid Debit Card

Want to spend your crypto at any location across the globe that accepts debit cards, to make purchases of goods and services?

Simply sell your bitcoin or litecoin using Bitcoin of America’s online exchange, and you will receive a prepaid debit card for the amount sold for use immediately online; you can also obtain a physical card in the mail.

If you aren’t already familiar with how prepaid cards work, they function in pretty much the same way that a pay-as-you-go mobile phone does, when you top up the phone with cash. In other words, with prepaid cards you credit the card with cash in order to use them, and add more cash when the credit on the card is low.

Each time you sell bitcoin the card transaction increases your cash balance, but unlike a normal debit card, a prepaid card is not connected to a bank account. Another benefit of a card which only holds the money you have, because it’s not tied to your bank, is that if you fall victim to a scam, you only lose the money on your prepaid card.

In summary, the benefit of prepaid cards is that it’s a great option if you are looking for a quick, easy, and straightforward way of selling your bitcoin or litecoin without the hassle of using your bank account to wire money.

The minimum amount you can receive following a sale on Bitcoin of America using your prepaid card is $25.00 and a maximum of $1999.00.

PayPal Account

Another method is that you can receive the proceeds of selling your bitcoin or litecoin to your PayPal account on the Bitcoin of America exchange. PayPal is one of the most popular and trusted online payment methods, an accessible and secure digital e-wallet, a safe way to withdraw funds after selling bitcoin or litecoin.

If you haven’t tried it before, PayPal also comes with a one-touch service enabling you to checkout without having to re-enter your login details, which is also available on the mobile app.

Just as a prepaid card has its benefits for limiting the impact of scammers, so PayPal is particularly well-suited for crypto investment purposes, designed with user protection in mind, monitoring transactions 24/7 to eliminate identity theft and phishing attacks.

To sign up to PayPal use your internet browser to go to PayPal’s website and click Sign Up, then decide whether you want a personal or business account. Follow the instructions to complete the account set up. To make use of PayPal’s ability to send and receive money, you’ll then need to connect your bank account to your new account.

There is also the option to connect your account to a debit or credit card. If you see a “confirm credit card” link in the card details section of your PayPal Wallet, you’ll need to confirm your card before you can use it with PayPal. If you don’t see this link, you can begin using your card right away.

Bear in mind that you cannot as an individual use PayPal to sell bitcoin or litecoin, as it runs contrary to the acceptable use policy, which states “You may not use the PayPal service for activities that: Section 3, h) involve currency exchanges or check cashing businesses”.

To read step by step instructions on How to Sell Bitcoin to a prepaid card or PayPal, visit the guide on the Bitcoin of America website.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Waves Exchange Launches ‘Decentralized Forex’ Market Using Stablecoins

Cryptocurrency exchange Waves Exchange has announced the launch of a ‘decentralized forex’ market within its platform powered by stablecoins pegged to various fiat currencies.

According to a press release shared with CryptoGlobe, Waves Exchange will initially support seven stablecoins pegged to the value of fiat currencies: USDN, EURN, JPYN, CNYN, RUBN, UAHN and NGNN.

The stablecoins are developed with the use of the Neutrino protocol, a “plug-and-play infrastructure for algorithmic finance” voted upon by Waves Exchange’s community members. Traders on the decentralized forex market will be able to use the stablecoins to trade, swap, and earn yield rewards up to 15% through staking, according to the document.

It adds that the stablecoins are fully collateralized by Waves tokens, while the stablecoins will be pegged to the value of local currencies. JPYN, for example, will remain pegged to the value of the Japanese Yen (JPY).

The press release adds:

A network of secure oracles will constantly supply up-to-date currency prices from fiat Forex exchanges. So, for example, the EURN/CNYN exchange rate will always equal the real-world EURN/CNYN rate.

Currently, users can already stake their USDN tokens on Waves Exchange to earn between 12% and 15% a year on their holdings, the announcement reads, but with the use of the decentralized forex (DeFo) market, these returns are going to be expanded to other currencies.

This, as DeFo is reportedly going to combine elements of Forex markets, staking, and decentralized market making protocols like Uniswap. DeFo users will be able to stake their assets, and earn more interest when providing liquidity to new stablecoin pools.

Withdrawing stakes won’t incur any penalties, allowing investors to quickly switch between trading and staking their assets. Waves Exchange is reportedly planning on adding more trading pairs in the future.

Featured image via Unsplash.