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Bitcoin has once more experienced a major drop, dropping to below $56 000 and going as low as $55 600 this week. In a recent post on X, popular crypto analyst Ash Crypto explained the reasons for another fall of BTC. This decline is mainly attributed to worldwide economic factors such as stock market crashes […]
Chainlink (LINK) is at a crucial level after a sharp 22% retrace from recent local highs, sparking concern among investors and analysts. The recent downturn is compounded by unsettling on-chain data that suggests Chainlinks network activity may weaken, adding to the uncertainty surrounding the asset. This decline in activity, coupled with broader market volatility, has heightened fears of further losses. Related Reading: Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals If the current bearish sentiment persists, LINK will likely test the next significant demand level around the lower $9 mark. This level is critical for determining the assets short-term future. A break below could signal deeper declines, while a successful defense might provide a foundation for recovery. Investors are closely watching these developments, as the coming days will be pivotal for Chainlink’s price direction and overall market sentiment. Chainlink Driven By Low Network Activity Chainlink (LINK) has recently faced significant selling pressure driven by more than just market speculation. A decline in network activity also plays a crucial role in the ongoing bearish trend. According to key data from Santiment, the price-Daily Active Addresses (DAA) divergence currently stands at -56.35%. This negative divergence suggests a disconnect between Chainlink’s price and user engagement, signaling potential trouble. The DAA metric is vital for understanding whether network activity supports price movements. Generally, when active addresses, which measure user participation on a blockchain, increase with the price, it indicates strong underlying demand. It can suggest that the cryptocurrency is poised for higher values. On the other hand, if network activity rises while the price declines, it often presents a buying opportunity, signaling that the market may soon reverse. Related Reading: Can Avalanche (AVAX) Reclaim $30? Top Analyst Predicts A Dip Before A Bounce However, the current decrease in DAA for Chainlink paints a less optimistic picture. This drop indicates that user engagement isn’t supporting recent price action, a typically bearish factor. An increase in network activity is essential for LINK to see any meaningful consolidation and potential recovery. Without a corresponding rise in DAA, the cryptocurrency may struggle to break free from its current downtrend. Investors are closely monitoring this metric, as a continued decline in network activity could lead to further downward pressure on Chainlink’s price, possibly pushing it toward lower support levels. LINKs $9 Lifeline Chainlink (LINK) is currently trading at $10.24, following a dip below the August 16 low of $9.92. LINK quickly recovered after briefly touching $9.84, signaling demand at this level. However, despite this bounce, LINK remains below the 4-hour 200 moving average (MA), a critical technical indicator currently at $10.80. Analysts see this MA as a key level, and a successful move above it could indicate a shift in momentum, potentially pushing LINK toward the next resistance at around $11.50. Conversely, if LINK fails to hold its current position and slips further, a deeper correction could drag the price to sub-$9 levels. This would signal continued bearish pressure, with traders and investors closely monitoring the price. LINKs ability to reclaim the 200 MA or break below its recent lows will be crucial in determining its next significant move. Related Reading: Toncoin (TON) Price Action Signals 30% Crash After Losing A Key Level Featured image from Dall-E, chart from TradingView
The native token of the bankrupt crypto exchange FTX has seen sharp bullish action amid looming bankruptcy distributions.
Crypto platforms in Canada are having trouble preparing for new stablecoin regulations. Take your time, the Canadian Securities Administrators said.
The growing social media and online gaming usage will require more decentralized and community-owned alternatives.
In recent years, there has been an intense debate regarding which provides the superior casino experience: online or offline casinos. As new casinos online like https://xn--serisenorskecasino-j4b.com/nye-casinoer emerge online, more Norwegian players are choosing gambling digitally via platforms like My Empire. Playing from any location at any time or simply enjoying access to more games has […]
The former head of Alameda Research will serve her sentence in a minimum-security prison.
Splice Finance introduces a yield trading hub on Linea, allowing users to earn fixed or variable yields by splitting yield-bearing tokens. (Read More)
The Hong Kong Monetary Authority is looking at a potential CBDC from a wide perspective.
SUI impressive bullish momentum appears to be losing steam as technical indicators point toward a potential cooldown, with the Relative Strength Index (RSI) signaling overbought conditions, raising concerns about the sustainability of the recent rally. The $1.4 level is now in focus, as this cooling strength suggests that a pullback could be on the cards, offering a critical moment for SUI as it navigates through growing market pressure. Will the bulls hold their ground, or is a correction set to unfold? This article aims to analyze SUIs recent price action in light of technical indicators, particularly the RSI, which suggests a potential cooling of momentum. By examining the implications of overbought conditions and the likelihood of a retest at the $1.4 level, this analysis seeks to provide insight into whether SUIs bullish trend will continue or if a correction is on the horizon. Technical Indicators Point To Cooling Momentum: A Turning Point For SUI? Despite SUI’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, the cryptocurrency is undergoing a noticeable pullback, aiming to retest the $1.4 level. This suggests that the recent bullish pressure may be slowing as traders reassess key support and resistance zones. An analysis of the 4-hour Relative Strength Index suggests a potential price drop toward $1.4 as the RSI line is dropping from the overbought zone toward the 50% threshold, indicating that SUI’s bullish momentum may be losing strength. Related Reading: SUI Climbs 36% Amid Bullish Breakout Is $1.50 The Next Target? Also, on the daily chart, SUI is showing bearish sentiment as it attempts to retest the $1.4 mark. Since breaking above the 100-day SMA, the price has experienced a consistent upward trend without any significant pullbacks, indicating that a noticeable correction may be on the horizon. Finally, on the 1-day chart, a detailed analysis of the RSI signal line indicates that it has surpassed the 50% threshold and is currently at an impressive 82%. This high reading raises concerns about potential overbought conditions, which could trigger a market correction or pullback. $1.4 Retest Looms: What Traders Should Watch For Next As SUI approaches the critical $1.4 level, traders should be vigilant, as a breach below this point could indicate a potential move toward the $1.16 support level. If the price breaks below $1.16, it may signal a further decline toward the $0.8690 level and beyond. Related Reading: SUI Bulls Gear Up, Can They Push Through The $1.16 Ceiling? However, if SUI experiences a strong rebound at the $1.4 level, the price may start to rise again toward its all-time high of $2.18. A breakout above this level could indicate a continuation of the upward trend, possibly paving the way for a new all-time high. At the time of writing, SUI was trading at approximately $1.55, marking a 5.99% increase over the past 24 hours. The cryptocurrency’s market capitalization was around $4.1 billion, with trading volume exceeding $964 million, reflecting increases of 5.64% and 151.91%, respectively. Featured image from Shutterstock, chart from Tradingview.com
The former Alameda Research CEOs lawyers have requested time served, and prosecutors seemed flattering in their sentencing memo, but what will Judge Lewis Kaplan say on Sept. 24?
HashKey Group and Kaia collaborate post-rebrand to accelerate Web3 adoption, coinciding with the Kaia-Finschia merger and new mainnet launch.
Brazil recently lifted the freeze on bank accounts for Elon Musks Starlink and the X platform after the companies paid a $3-million fine.
Learn how to build a Web3 marketplace dapp on Linea, covering front-end and smart contract development for a decentralized marketplace. (Read More)
Lawyers representing the former Alameda Research CEO have requested time served and supervised release an outcome that appeared more likely after a filing by US Attorneys.
According to L2Beat, six Ethereum layer 2s have already reached Stage 1, while most others are still stuck at Stage 0.
According to Visual Capitalist, Amazon Web Services, Google, and Microsoft collectively control roughly 74% of the public cloud market.
Caroline Ellison's ex-boyfriend, Sam Bankman-Fried, was sentenced to 25 behind bars for his role in the collapse of the FTX exchange.
The elusive former CEO of Alameda Research will return to court on Sept. 24 for sentencing after pleading guilty to fraud and money laundering in 2022.
A filing in federal court suggested that the former Alameda Research CEO had a sentencing hearing scheduled for Sept. 24 the first in the FTX case since Ryan Salames in May.
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