Why the chainlink price target is $200+ in the coming days

Components of Chainlink

So first, let’s begin with something that we know is the most important piece of Chainlink, the service agreement, which involves staking, which involves decentralizing the entire network of Oracle nodes.

So if you didn’t know Chainlink is live for trading, the main net there is a network of Oracle nodes providing data to requesters. Chainlink Market has a great list, a breakdown of the nodes, and the data request jobs they have run link pools.

Twenty-seven data feeds and over one hundred and twenty-one thousand jobs ran chain layer twenty-eight data feeds and over one hundred and thirteen thousand jobs are in Few’s.

11,100 jobs ran with 32 data feeds and the list goes on. But right now, since there is no service agreement and sticking with the nodes, that chain link maybe not fully decentralized yet.

Store Link Token at 0% Fees

Decentralized Computation Network

The service agreement contracts are not required for the early version of the Chainlink main net. Currently, node operators can still accept jobs and get paid EnLink tokens for completing said jobs.

But no upfront tokens will be required to accept the job and therefore there is currently no ability to stake. Nor do the nodes require any link tokens on them as collateral.

So right now, requesters are still paying the node operators to retrieve data and reach consensus on the data that is provided. So as of right now, it works like this.

Requesters from the world of the applications and more each web three, a.k.a. the Decentralized Computation Network. They need data. It submits a job request in the form of a smart contract to the chainlink network of Oracle nodes.

And those nodes get the data from the providers to who they are connected, and then the nodes connected to the data providers the requester wants reach consensus on that data that is provided and then send it back to the requester in the decentralized computation network.

So you’re not using a single node to get the data, a single point of failure, and creating centralization and smart contracts which are supposed to be decentralized, including the daps running.

Then you can’t have decentralized computation without decentralized oracles. So right now we do have decentralization in providing data back to the requesters, the world of Web three, and computation.

Decentralization and Security

But since the service agreement and staking aren’t there yet, there isn’t a way to be fully stressless with the node operators as they don’t get penalized for bad data or bad uptime.

But those service agreements and the staking that come with it make number one, both the node commitment and performance of the note on-chain and fully verifiable.

Number two, oracles who deviate from their commitments have an immediate economic loss from their stake. And number three, oracles who can’t fulfill their commitments won’t be selected for other job quorums losing out on a ton of potential revenue.

So staking and chain link is about decentralization, but not in the sense of coming to a consensus. Taking is about creating crypto-economic security for data. Requesters can trust the network and not a single entity.

And when this launches is when the chain-link goes nutty. Buddy, in my opinion, why do you ask what? Since the jobs they are running likely have to do with a lot of money, the Oracle node operators in the network have to stake that dollar value in link with their node.

Remember immediate economic loss from their stay? Yes, that is so they don’t provide bad data to, say, a derivative contract worth hundreds of millions of dollars.

What you’re saying hundreds of millions of dollars in chain link will be staked by node operators when the service agreement goes live? Yeah, I’m kind of saying that as during a baseline protocol meeting, it was dropped.

How much value is being secured right now in the current version with chain-link nodes? Let’s listen in here. We send in the framework and a network of operators records then who can reach a consensus on specific data points.

So and when we discussed General, it was very clear. Basically, Gawronski, Cendant is being used by around twenty-three applications, which are based on experience. We get price data, mostly price data, which is a different kind of use case, and it’s guaranteed security.

Explicit and Implicit Stacking

The greater functions are securing around a few hundred million dollars of value, basically. Yeah, hundreds of millions. So when the service agreement goes live, we should see hundreds of millions of dollars in chain link-state right away.

And then the flagman himself, Serguei, decided to do a long presentation on Chain Link, titled The Evolution of Smart Contracts and Crypto Economic Security. And guess what? He explained the staking that is coming.

He said: To say now this is also highlighted by what happens when a service agreement in our system releases stake in proof of stake systems where the staking often goes to networks or it’s burned or something else happens to it.

In their case, many of the service agreements will likely go to the smart contract developers and in some cases might even be giving it to users because the service agreement is meant to guarantee a very specific outcome around data delivery to a specific contract under the extremely specific conditions defined in the service agreement.

So once again, we’re focused on data delivery, highly secure systems for data delivery. There are many forms of stake. There systems we consider having an explicit stake and implicit stake. Their node operators might have a certain amount of Lincoln.

They might stake another certain amount of links for specific contracts. So the stake rewards, they will be paid out based on that service agreement. It could be right back to the node. It could be developers, it could be the users of the app.

It could be just Staker’s with a note or combinations of the like. And chain link is going to support two types of staking implicit and explicit. Implicit is what it stands for. Implied but not plainly expressed.

No to operators and chain links have a stake in the network. If they deviate from the protocol, the asset they hold chainlink will decrease in value. If they provide good data and don’t, GVA chain links will increase.

An explicit stake is just that stated clearly for specific contracts. But the combination of the two explicit and implicit creates a bulletproof economic security layer or the chain link network.

Tracking Chainlink

So when is this coming? Well, you should have this weblink saved if you’re a link head like me, that chain link, pivotal tracker.

So this is where the chain-link development is tracked and we can search by the service agreement, see what has been completed. Typing that into a search project. We find all the tasks that have been completed.

As you can see, there are twenty-six done stories, arc development path. So let’s check a few of them out. A specific done story is this one the service agreement initiator that is done so agreement they can be initiated.

Service Agreement

How about tests? Have tests been done with the service agreement? As we can see, the ad service agreement, the integration test is done and completed. And finally, we can see the last thing completed regarding the service agreement was adding agreement aggregators into the service agreement.

But then we get into the icebox, the blue. These are the stories that have not been scheduled. As we can see. Basically, there is fifty percent to go regarding the service agreement.

But the fact is this Sergei is speaking about it on a deeper level and it leads me to believe the staking and service agreement is about to get a development sprint and we will see many tasks in the icebox be scheduled and start turning green.

Smart Contract

Now, the thing we need to worry about in the meantime is the growth of the chainlink network, the node operators, data providers, and the requesters, because when it goes live, the service agreement, will create a self-reinforcing loop between all of these, which will be hard to beat in the Oracle space.

And we can visualize this. The network growth with link rewards being paid out, the more linked being paid out to the nodes, the bigger the growth of the network all around.

And just look at the growth since the launch of the main net exponential with now over six hundred K linked tokens paid out since launch and the data put together by Crypto Sponge, it ended on May 25th so we wouldn’t doubt another fifty K tokens has been paid out since.

Fidelity

And you guys, this is just five crypto-related stuff. We aren’t even talking about the outside world, some of the chain link major enterprise partners and them diving in. So you guys, you know, Fidelity, they have a branch into cryptocurrency with Fidelity digital assets.

Well, Fidelity has some patents out there regarding smart contracts and blockchain data matching Oracle’s and Fidelity. They manage two point four trillion dollars in assets.

And guess who is a part of ISEE three together? Chain Link and Fidelity Labs, the ones who file patents for Fidelity, as we can see from their website. Two hundred plus since its founding in nineteen ninety-nine.

As we can see from this old article, Fidelity started their patent program at twenty twelve. So hundreds of millions right now versus trillions that could be coming in the future for chain links down the road.

Yes, but seeing patents filed by Fidelity Labs, who has been working alongside Chainlink, see three since 2017. Yeah. We hope you get the picture. Cheers.

DeFi boom and Bitcoin rally position NEXO to close 2020 with a 480% gain

Over the past three months NEXO token, the native asset of Nexo’s blockchain-based lending platform, has increased by more than 480%. Since Bitcoin (BTC) traded for $10,000, NEXO price has closely tracked BTC but the performance is somewhat lackluster when compared to the 1000% rallies seen from a handful of DeFi tokens.

*NEXO/USDT daily chart. Source: TradingView*

The project was initially revealed by the European FinTech Group Credissimo in late 2017 and claimed it would offer “the world’s first instant crypto-backed loans.”

Founded by Cresissimo employees Antoni Trenchev, Georgi Shulev and Kosta Kantchev, the original purpose of the platform was to provide crypto investors with a way to borrow against the value of their crypto assets as opposed to selling their assets and creating a taxable event.

Originally, Nexo planned to launch a public presale and main token sale, but those plans were canceled due to exceedingly high demand from its private sale to investors.

NEXO followed a trajectory that was similar to most of the projects that launched at the end of 2017 and early 2018 as the Bitcoin hype cycle was unfolding. The token’s value increased from around $0.10 when it first hit exchanges to over $0.40 in May 2018 before the reality of the crypto winter set and Nexo’s price dropped as low as $0.045 by September 2018.

Innovation appears to be driving Nexo’s price action

In late October, as Bitcoin was preparing to break out of the $10,000 to $12,000 range, Nexo launched its ‘Nexonomics’ initiative to help drive the adoption of its token and platform. The idea was to progressively introduce upgrades and new features to the platform through the end of 2020 in order to help drive the tokenomics and promote the utility of the token.

The team also introduced its “Earn in NEXO” program which allows users to earn an extra 2% APY if they opted to have all interest earned paid in NEXO.

Since the launch of Nexonomics, NEXO price has seen an increase of more than 480% with its market capitalization increasing from $68 million to its current value of $383 million over a three-month period.

During that time Nexo has also seen a significant increase in trading volume, increasing from a daily average trading volume of around $5 million to its current volume of more than $30 million.

Nexo and DeFi tokens look to ride the Bitcoin wave higher

As the crypto market heads into the final weeks of 2020 with Bitcoin reaching successive new all-time highs, Nexo looks well-positioned to hold on to recent gains and possibly head higher if there is a renewed interest in DeFi platforms.

In the past 6-months, a number of large institutions have opened sizable Bitcoin positions and the FOMO surrounding crypto could result in projects like Nexo receiving extra attention due to the niche that they fill and the reliable interest they offer on deposits.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: COINTELEGRAPH

Terra Protocol (LUNA) rallies 66% after DeFi and stablecoin launch

Throughout 2020 a handful of new stablecoins launched and many analysts have suggested that stablecoin growth is the backbone of the crypto sector and partially responsible for the current Bitcoin rally.

For many traders, stablecoins provide a safe place to shelter during volatile periods in Bitcoin and altcoins but there are other ways to interact with these fiat-pegged assets.

Terra Protocol aims to create a programmable algorithmic stablecoin available on every blockchain. Similar to its better-known competitor, Maker (MKR), Terra Protocol has a native stabilizing crypto-asset called LUNA.

The project was created by a partnership of 15 large Asia-based e-commerce companies that serves more than 30 million users. Its ecosystem focuses on building efficient, scalable, competitive programmable payments.

Ahead of its March 2019 ICO, the company raised $32 million in a seed financing round that included Hashed, Polychain Capital, Huobi, and XRP Arrington Capital.

Terra’s key element is the Chai payments app, which now has over a million downloads on the Android store. Users can accumulate points that can be redeemed for merchant rewards with Chai’s partners.

These partners include TMon, Qoo10, Yanolja, Megabox, and Musinsa, which offer benefits in exchange for marketing promotion to Chai’s member base.

The company also offers a debit card called the Chai Card, which launched in June 2019. On Dec. 9, Chai received a $60 million Series B investment from SoftBank and Hanwha Investment & Securities.

Terra Protocol and yield mechanism

Terra Protocol aims to create a programmable algorithmic stablecoin available on every blockchain.

The protocol runs on a proof-of-stake blockchain where miners need to stake the native cryptocurrency (LUNA) to mine Terra transactions.

Recently, the market cap for the TerraUSD (UST) stablecoin crossed above $150 million, a significant milestone considering the token launched only 3 months ago.

According to Terra’s whitepaper, LUNA

“Achieves price-stability via an elastic money supply, enabled by stable mining incentives. It also uses seigniorage created by its minting operations as a transaction stimulus, thereby facilitating adoption.”

Unlike most decentralized finance applications, LUNA uses its own miners as oracles. The weighted median of votes achieves the target fiat pricing, and miners are rewarded for being accurate.

Currently, most of the yield revenue comes from the purchases of e-commerce clients using the CHAI app. This means LUNA token holders have great incentives for staking.

On July 6, Terra blockchain introduced its savings protocol, called Anchor. Unlike most DeFi applications, it offers a principal-protected stablecoin that pays an interest rate.

Anchor takes TerraUSD (UST) stablecoin deposits and will eventually be able to use the funding to acquire staking positions on different blockchains. This enables interoperability with proof-of-stake blockchains and will also generate passive income for depositors.

It is worth noting that Anchor does not include Ethereum ecosystem staking opportunities as those do not offer proof-of-stake.

Synthetic assets and referral marketing

Despite delivering important milestones, including its USD stablecoin and DeFi applications, LUNA has been mimicking the performance of its peers Synthetix (SNX) and Ren (REN).

More recently, on Dec. 4 LUNA launched a DeFi initiative called Mirror Protocol, enabling synthetic assets by providing on-chain price exposure. This includes stocks, commodities, and ETFs, and the platform uses Band Protocol (BAND) oracle solutions for pricing.

During this process, a few problems emerged. On was the lack of pricing mechanisms during weekends when traditional markets are closed. Another issue was the 150% collateral requirement in LUNA stablecoin.

The most recent product reveal took place on Dec. 10 when Terra Protocol launched BuzLink, a marketing platform that rewards the entire referral chain when a sale is made.

The marketing tool distributes stablecoin rewards to product referrers over the Terra blockchain. Therefore, all users who share the product link benefit when a user buys the product.

*LUNA Twitter Users Activity vs. USD price. Source:* *TheTie*

Data from TheTie also shows that price spikes have been accompanied by increases and decreases in social network activity. This suggests that traders can benefit from closely monitoring Terra Protocol partnerships and announcements to detect less active periods as these are typically associated with price stagnation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: COINTELEGRAPH

Bitcoin Price Tops $24K, Setting New All-Time High

Bitcoin Price cut through $24,000 Saturday afternoon, setting a new record high as the leading cryptocurrency’s ongoing rally continues through the weekend before Christmas.

The price of the leading cryptocurrency continued its recent torrid run, setting a new all-time high of $24,122.67 before falling back to $23,978.86, up 5.49% on the day.
The record price comes two days after bitcoin (BTC, +4.71%) first sliced through the $23,000 price point amid its more than 12% intraday gains.
With the latest price increase, bitcoin’s year-to-date percentage gains have grown to over 225%.

Social media is lighting up with bitcoin-related chatter as mainstream audiences pay increasing attention to bitcoin’s sustained rally. Tweets about bitcoin nears three-year highs Thursday per CoinDesk’s prior reporting as record prices attract increasing attention.
Coinciding with the weekend price jump, Christopher Wood, global head of equity strategy at investment firm Jefferies, is reportedly planning to cut his exposure to gold for the first time in years in favor of a first-time ever position in bitcoin. Wood is set to cut his gold position from 50% to 45% and initiate a 5% bitcoin holding.

Save yourself from Financial Crisis, Invest in Bitcoin Now!

Financial crisis always exists, but when you have the right plans then you don’t have to worry about the whole global financial crisis as you always have security saving with you at times of trouble that is very unexpected like the Corona Pandemic outbreak.

According to World Bank forecasts given on June 8, 2020, the global economy will shrink by 5.2% this year. (Source: World Bank- COVID-19 to Plunge Global Economy into Worst Recession since World War II)

The year 2020 taught everyone a great lesson to invest or save in the right place to avoid any financial crisis at present or in the future.

Your solution is BTC

Can you overcome this global problem and want to Save yourself from Financial Tremors? And, Is there a way to escape from this crisis like a pro? The answer is yes, as Bitcoin comes to the rescue!

As citizens of developing countries have used stable coins and bitcoins during local crises to protect their savings. They sustained their economy all together without facing a financial crisis. Thanks to Crypto trading!

Bitcoin, the world’s best-known cryptocurrency, Bitcoin jumped above $23,000 to a three-year high recently as a growing number of investors backed it as an alternative to other assets.

The currency climbed more than 4% to $23,000, its highest level since December 2017 and more than four times higher than the price in March when heavy selling sent its value below $4,000.

Historically, Gold reached an all-time high of 2074.88 in August of 2020 but has since waned to $1,885.While some investors have sought a safe haven, others have seen bitcoin as a growth asset that can perform strongly in an era of low returns from government bonds.

According to Bitcoin experts like Nate Martin, the sharp rise and fall of the value of Bitcoin have little to do with the pandemic and its effect on the share market. Therefore, it is evident that BTC will not get affected by the global financial crisis like gold or other assets.

Knowing BTC as the real solution Top institutions such as State Bank of India, ICICI Bank, HDFC Bank, and Yes Bank are allowing customers to use their bank accounts to fund cryptocurrency trading.

What do analysts say?

Analysts said the pandemic had encouraged investors to review the long-term outlook for bitcoin and other cryptocurrencies such as Ethereum, Litecoin, and XRP, which have all increased in value in recent months.

“The virus crisis is propagating the reassessment of bitcoin,” “There is a reassessment about its value here as an alternative currency; as an alternative to gold.”
said an analyst at JPMorgan Nikolaos Panigirtzoglou

BTC: The safest asset during the financial crisis

Currently, several countries within the EU, Japan, China as well as India are seeing a higher number of investors choose crypto assets than before. In the COVID19 impacted financial states, Europe has shown decided interest in stable coins and altcoins.

A larger number of investors believe that Bitcoin is here to stay. Many veterans have been holding onto Bitcoins for as long as 7 to 8 years. The rise in the value of bitcoin has not yet decelerated.

In fact, the value keeps rising as more and more investors harbor the hope that crypto-assets like bitcoin have the power to disrupt the current financial state of India and other novel coronavirus ravaged economies.

Price analysis 12/18: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Christopher Wood, the global head of equity strategy at Jefferies, has dumped five percent of their physical gold position in order to buy Bitcoin (BTC). This move shows that a growing number of institutional investors consider Bitcoin to be at par or a better store of value than gold.

Wood also said that if Bitcoin were to have a big correction, he would buy more. The fact that institutional investors are content purchasing in the $16,000 to $20,000 range suggests that institutional investors are not worried about a pullback as they view it as an opportunity to accumulate for the long term.

One River Digital Asset Management also recently revealed a $600 million bet on Bitcoin and Ether. CEO Eric Peters, said the hedge fund plans to buy more Bitcoin and Ether in the first half of next year to take the total allocation in the assets to $1 billion.

This is further signal that the institutional demand for crypto assets is likely to remain high going into 2021.

*Daily cryptocurrency market performance. Source:* *Coin360*

Nigel Green, founder and CEO of deVere Group, expects Bitcoin’s bull run to continue in 2021 as the digital asset’s rally will be supported by the influx of “some of the world’s biggest institutions.” Green expects Bitcoin’s price to at least rise by 50% or even possibly double next year.

However, not everyone is convinced about the prospects of Bitcoin. Billionaire Mark Cuban said that Bitcoin is not a hedge “against doomsday scenarios” and it is “unlikely to replace fiat currency anytime soon.”

Will Bitcoin correct in the short term and give a bragging opportunity to the naysayers, or will it continue to rally higher? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USD

Bitcoin (BTC) picked up momentum after it crossed the $20,000 psychological barrier on Dec. 16. The up-move continued on Dec. 17 and the price hit a new all-time high at $23,795.29.

The BTC/USD pair has formed an inside day candlestick pattern today, which usually acts as a continuation pattern. This pattern suggests that bulls are taking a break after the aggressive buying of the past two days.

However, the positive thing is that the price is close to the recent high, which suggests that bulls have not closed their positions in a hurry even after the sharp rally of the past two days. This indicates that traders expect the rally to extend further to $25,000 and then $26,000.

Although it is difficult to call a top in a market backed by strong momentum, the pair could face strong headwinds at $26,000.

On the downside, the critical level to watch is $20,000. If the bulls flip this level to support, then the next leg of the uptrend could resume. However, if the price dips below the $20,000 support and fails to recover the pair could witness a deeper correction.

ETH/USD

Ether (ETH) broke above the $622.807 resistance on Dec. 16, which completed the ascending triangle pattern. This bullish setup has a target objective of $763.614.

However, after the breakout from a pattern, the price usually retests the breakout level. Even in this case, the price has corrected to $622.807.

If the bulls can flip $622.807 to support, it will suggest that traders are buying at this level. That increases the prospects of the continuation of the uptrend. The rising moving averages and the relative strength index (RSI) above 64 suggest that bulls have the upper hand.

This positive view will be invalidated if the price dips and sustains below $622.807. Such a move could suggest that the recent breakout was a bull trap. This narrative will be further strengthened if the price breaks below the trendline of the triangle.

XRP/USD

XRP broke above the downtrend line and the 20-day exponential moving average ($0.54) on Dec. 16, which suggests that the correction could be over. The bulls attempted to sustain the momentum on Dec. 17 but faced stiff resistance above $0.65.

The inside day Doji candlestick pattern today hints at indecision among the bulls and the bears. If the price dips below the 20-day EMA, the XRP/USD pair may drop to $0.50 and then again to $0.435420.

If that happens, it will suggest that the pair may remain range-bound for a few days. A breakout of $0.6794 will invalidate this view.

The flattish 20-day EMA and the RSI oscillating between 43 and 57 also point to a possible consolidation in the near term.

LTC/USD

Litecoin (LTC) surged above the symmetrical triangle on Dec. 16 and followed that up with another strong move on Dec. 17. This move pushed the price above the $93.9282 resistance and the $100 psychological level.

The long wick on Dec. 17 candlestick shows profit booking at higher levels but the bulls did not allow the price to stay below the $100 support. This suggests that traders are buying on every minor dip.

However, the long wick on today’s candlestick shows that traders are again booking profits at higher levels. This is an early signal of exhaustion and if volume dries up the LTC/USD pair could correct to $93.9282 in the next few days.

If the price rebounds off this support, it will confirm it as the new floor. That could start the journey towards the next target level at $140. Conversely, if the price breaks below $93.9282, the pair could drop to the 20-day EMA ($84).

BCH/USD

Bitcoin Cash (BCH) broke above the $322.08 resistance on Dec. 17 but the price turned down from $331.69. This shows that the bears are aggressively defending this resistance.

The inside day candlestick pattern today shows that the uncertainty continues as bulls buy on dips and bears sell on rallies. The rising 20-day EMA ($286) and the RSI above 59 suggest an advantage to the bulls.

If bulls can propel the price above $338, the BCH/USD pair could rally to $371.70 and then to $400. Conversely, if the bears sink the price below $300, the pair may drop to the 20-day EMA. Such a move could keep the pair range-bound for a few days.

LINK/USD

Chainlink (LINK) formed a Doji candlestick pattern on Dec. 17 and has made another one today. This shows indecision among the bulls and the bears, but the positive sign is that the price has sustained above the $13.28 support for the past two days.

If the bulls can push the price above $15, the LINK/USD pair could rise to $16.39. A breakout of this resistance could signal the start of a new uptrend that may retest the high at $20.1111.

The flat moving averages and the RSI just above the midpoint do not point to a clear advantage either to the bulls or the bears. If the price again turns down from $15, the pair may remain range-bound for a few days.

ADA/USD

Cardano (ADA) turned down from the $0.175 overhead resistance on Dec. 17 but the bears could not prolong the correction. The bulls purchased the minor dip and are likely to again try and push the price above $0.175.

The rising moving averages and the RSI in the positive zone suggest that bulls are in control. If the bulls can drive and sustain the price above 0.175, the next leg of the uptrend could begin. The next target on the upside is $0.20 and then $0.26.

Contrary to this assumption, if the price again turns down from $0.175, a drop to the 20-day EMA ($0.152) is possible. A strong bounce off this support will increase the likelihood of a break above $0.175.

However, if the bears sink the price below the 20-day EMA, the ADA/USD pair could drop to $0.14 and then to the 50-day simple moving average ($0.131).

DOT/USD

The bulls pushed Polkadot (DOT) above the $5.5899 overhead resistance on Dec. 17 but could not sustain the higher levels. This shows that the bears are aggressively defending this resistance.

However, the bulls have not given up much ground and are likely to make another attempt to push the price above $5.5899. If they can sustain the price above this resistance, the DOT/USD pair could rally to $6.0857 and then to $6.8619.

The upsloping moving averages and the RSI above 57 suggest that the path of least resistance is to the upside. This positive view will invalidate if the price again gets rejected at $5.5899. In that case, a drop to the 20-day EMA ($5) is possible.

BNB/USD

Binance Coin (BNB) continues to oscillate between the $32 resistance and the $25.6652 support. In an established range, traders sell when the price nears the resistance as they expect the price to turn down.

However, the bulls purchased the dip to the moving averages today and will now make one more attempt to push the price above $32.

If they succeed in sustaining the price above the range, the BNB/USD pair could start the next leg of the uptrend that could retest the all-time high at $39.5941.

On the contrary, if the price again turns down from $32, it will suggest that bulls have not been able to overpower the bears. That could keep the pair inside the range for a few more days.

XLM/USD

Stellar Lumens (XLM) broke out and closed above the $0.18 resistance on Dec. 16. This move suggests that the correction may be over. The upsloping moving averages and the RSI in the positive zone also suggest that bulls have the upper hand.

However, the bears have not thrown in the towel yet. The long wick on the Dec. 17 candlestick shows that the bears are selling on rallies.

If the price rebounds off the current levels or the 20-day EMA ($0.168), the bulls will once again try to resume the uptrend. A close above $0.21 could result in a retest of the $0.231655 resistance.

Conversely, if the bears sink the price below the 20-day EMA, the XLM/USD pair may consolidate in a large range for a few days before starting the next trending move.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: COINTELEGRAPH