Chainlink’s price action has been closely following Ethereum’s as of late, but it is beginning to break free of this correlation…
Chainlink’s price action has been closely following Ethereum’s as of late, but it is beginning to break free of this correlation and gain some independent momentum.
This comes as the wider crypto market continues its ascent, with altcoins surging as Bitcoin consolidates around $18,000.
It does appear that there is an ongoing rotation of capital away from BTC and even Ethereum and towards smaller tokens that have a higher risk and higher upside potential.
This has benefited Chainlink, with the LINK token surging towards a crucial resistance level as analysts aim to see further near-term upside.
Where it trends in the near-term will likely depend on whether or not it can break above $13.80 in the near-term and flip this into support.
One trader is noting that a break above this level is required to flip bullish on the crypto, stating that a sustained bout of trading below this level will lead him to expect further downside.
As for how far-reaching this potential decline could be, he claims that a move as low as $7.50 could be in the cards.
Of course, for this to come about, it will require a downturn across the entire market. This may not be a real possibility, given how strong Bitcoin is at the present moment.
Chainlink Shows Signs of Strength as Bulls Target Key Resistance
At the time of writing, Chainlink is trading up just under 1% at its current price of $13.70.
This is around the price at which it has been trading throughout the past day or so, with the resistance at $13.80 proving to be somewhat significant.
Breaking above this level and holding above it for an extended period of time is vital for LINK to see any significant momentum in the near-term.
Analyst: LINK Could Risk Seeing a 50% Decline if Bulls Fail to Step Up
One trader believes that Chainlink could be at risk of seeing major downside if bulls are unable to break above $13.80.
He is particularly watching for a move down towards $7.50 if the aggregated market turns lower.
“LINK: Still no breakout above this resistance zone. The S/R flip I find required for further bullishness. Otherwise I’d be looking at $10 and $7.50.”
Bitcoin price is a mere $2,000 away currently from setting a new high and shocking the world that the cryptocurrency rose…
Bitcoin price is a mere $2,000 away currently from setting a new high and shocking the world that the cryptocurrency rose from the ashes like a Phoenix once again. The currently flaming hot cryptocurrency is the talk of the world of finance, and it has resulted in altcoins suffering significantly over the last several weeks.
While much of the cryptocurrency community expects alt season to follow the moment Bitcoin corrects and consolidates, BTC dominance could be forecasting that any improvement in the altcoin trend could be many months out. Here’s what the metric measuring the first-ever cryptocurrency growing market cap against the rest of the crypto industry has to say about altcoins.
Epic 2020 Bitcoin Rally Leaves Altcoins At Risk Of Capitulation
Bitcoin is trading at $18,000 and its total market cap has set a new higher high over the 2017 peak. All signs point to an extended Bitcoin bull run, after perhaps one more correction.
The last time around when the first-ever cryptocurrency went parabolic, altcoins followed. Two distinct altcoin seasons occurred, one during the initial run-up, then another when Bitcoin reached its all-time high, and retail investor FOMO flooded altcoins with capital.
The mainstream hadn’t heard of Bitcoin, let alone altcoins. With BTC trading at psychologically expensive prices, and the average investor finding comfort in whole rounded numbers, altcoins appeared to be the better option. The allure of discovering the next Bitcoin early pushed retail towards alts, and they have done nothing but suffer since.
BTC dominance dropped from a higher of over 90% to as low as 35%. The 2019 rally peak left altcoins reeling, causing dominance to top out at around 72%. Now, BTC represents exactly two-thirds of the total crypto market cap, according to dominance.
Bitcoin has attracted a new class of investors, who have next to zero interest in most altcoins that don’t have anywhere near the promise, appeal, adoption, and regulatory acceptance as BTC.
As smart money comes in, comprised of billionaires, hedge funds, corporations, and more, they’ll be focusing on BTC exclusively. In the current economic environment, Bitcoin’s benefits are being viewed as a safe haven and insurance policy, while altcoins carry a significant risk of capital loss.
Alts like Ethereum, XRP, Litecoin, and the tried and true coins could also benefit, but tokens way down the ranks are potentially doomed into obscurity. The one saving grace is another wave of retail investors searching for the next BTC and another alt season taking place, but that could be a significant way off, according to technicals and not just the current sentiment.
A possible breakout of a four-year trendline on BTC.D happens with a close on Sunday night | Source: CRYPTOCAP-BTC on TradingView.com
Five BTC Dominance Charts That Suggest Alt Season Is Postponed
Pure technicals don’t look promising for altcoins, based on BTC dominance. The metric measuring Bitcoin against all other altcoins puts the cryptocurrency at about two-thirds of the crypto market’s total market share.
The chart above highlights what appears to be a breakout from a trendline that first let altcoins gain some ground with Bitcoin stretching back as far as early 2017.
The breakout is supported by the Ichimoku cloud, but the candle must close to confirm | Source: CRYPTOCAP-BTC on TradingView.com
Adding credence and validity to the breakout is the fact that the price action is currently above the Ichimoku cloud on high timeframes. A close above the cloud would lead to a strong push higher.
In the chart below, the monthly BTC.D chart is also closing above the middle-line on the Bollinger Bands. The metric climbed another 30% the last time it closed above the moving average and usually guarantees at least a touch of the upper Bollinger Band which currently resides at 2019 highs.
Altcoins have until the end of November, to prevent dominance from soaring to the top of the Bollinger Bands | Source: CRYPTOCAP-BTC on TradingView.com
Although there are five charts total, the final chart has three more signals that are extremely bearish for altcoins. The Relative Strength Index is nowhere near oversold levels, and recently broke out from a downtrend line, letting the top cryptocurrency rip against alts.
The MACD is also flipping bullish via crossover for the first time since April 2019. The histogram also turned green for the first time since March 2018, just as the last significant altcoin season ended.
Altcoins have never quite recovered since 2018, and the increasing volume above on BTC.D suggests that the trend of favoring Bitcoin over altcoins is only strengthening.
For the naysayers that argue charting dominance is worthless, the ETHBTC chart – often used to gauge altcoins strength or weakness against BTC – gives signals inverse to all the above, pointing to a deep collapse in Ethereum while BTC runs to new all-time highs.
The next two weeks are especially critical for altcoins, and are facing a bounce or die type situation against the only just blossoming Bitcoin bull trend.
If Sunday night’s two-week close and the monthly November close at or above current levels, alt season could be delayed indefinitely, or at least for a few more months until retail is sucked back in.
Featured image from Deposit Photos, Charts from TradingView.com
It has been a wild past few days and weeks for the Yearn.finance governance token. YFI bulls attempted to spark a…
It has been a wild past few days and weeks for the Yearn.finance governance token. YFI bulls attempted to spark a strong uptrend earlier this week when they surmounted the $18,000 level, as this has long been a macro resistance level for the cryptocurrency.
The break above this level was technically significant, which seems to be confirmed by the subsequent rally that sent the crypto surging up towards the mid-$20,000 region.
Despite the intense selloff seen yesterday by both Ethereum and Bitcoin, YFI has remained strong and is entering what appears to be another full-fledged bull trend.
It is now down roughly 50% from its all-time highs, and rising yields within the yVaults and a renewed sentiment amongst investors indicates that serious upside could be imminent in the days and weeks ahead.
One trader is now noting that a move towards $27,000 could be imminent in the near-term.
He points to negative funding as a reason why upside is around the corner, noting that it indicates that there’s serious room for upside in the days ahead.
Yearn.finance Sees Explosive Upside Momentum
At the time of writing, Yearn.finance’s YFI token is trading up marginally at its current price of $24,000. This marks a massive rise from its recent lows of $7,500 set just a few days ago.
So long as it continues holding above the resistance-turned-support at $18,000, it may be able to see continued gains in the near-term.
It does appear to be facing some intense resistance around $25,000. Once this level is flipped to support, it may ascend to its previous all-time highs.
Unlike the summer DeFi rally, this latest one has come about in tandem with a rise seen by Bitcoin and Ethereum. It has also come about as investors focus their attention on higher-quality projects versus shiny new Uniswap listings with 10x potential.
Trader Claims YFI Will Likely Tap $27,000 Next
While sharing his thoughts on where Yearn.finance’s YFI token might trend in the near-term, one trader explained that he is watching for a move to $27,000.
He points to its negative funding rates as one reason why the crypto could see a strong push higher in the days and weeks ahead.
“YFI: No changes. Still expecting 27k all day long. Not to mention funding is still negative.”
Unless Bitcoin and Ethereum create any headwinds for the DeFi space in the days ahead, there’s a strong possibility that Yearn.finance’s YFI will continue pushing higher in the mid-term.
Featured image from Unsplash.
Charts from TradingView.
Bitcoin has come a long way from where it was just under one year ago, with the March 12th selloff sending…
Bitcoin has come a long way from where it was just under one year ago, with the March 12th selloff sending the cryptocurrency to lows of $3,800 – from which point it has seen exponential upside growth.
One analyst is now noting that BTC’s days seeing sharp selloff events like this one are over, with its underlying market structure maturing at a rapid pace throughout the past several months.
The recent exodus away from BitMEX may be contributing to its stability, as the market is now being primarily driven by spot trading volume rather than margin volume.
There’s an on-chain metric that further bolsters this notion, with the Exchange Whale Ratio remaining incredibly low throughout the course of BTC’s parabolic uptrend.
This indicates that large investors have little interest in offloading their holdings, despite Bitcoin’s price currently trading just 10% below its all-time highs.
So long as large sellers don’t step up and start placing pressure on the crypto, it may be well-positioned to see significantly further upwards momentum in the days and weeks ahead.
At the time of writing, Bitcoin is trading up just over 1% at its current price of $17,900. This marks a massive rise from daily lows of $17,400, but a notable decline from highs of $18,600.
Despite the $1,000+ selloff seen when BTC tapped highs of $18,600 late last night, the cryptocurrency has stabilized ever since and is now trying to break back above $18,000.
Where the entire market trends in the near-term will depend largely on whether or not BTC can gain a firm foothold above this crucial level.
On-Chain Data Suggests BTC Won’t See Any Mass-Selloff Events
The CEO of CryptoQuant – an on-chain analytics firm – explained in a recent tweet that he does not believe Bitcoin will see any more mass-selloff events going forward.
He contends that the cryptocurrency’s Exchange Whale Ratio is still incredibly low, signaling that large investors are not selling into this rally.
“Dear BTC shorters, You can call me a moon boy, but unfortunately, there won’t be a mass-dumping like March this year. Exchange Whale Ratio (90-day MA) is still very low. Long-term bullish is inevitable.”
Image Courtesy of Ki Young Ju. Chart via CryptoQuant.
Unless so-called “whales” try to front-run Bitcoin’s all-time highs and sell around $19,000, there’s a strong possibility that the cryptocurrency will break above this price and enter price discovery mode.
Featured image from Unsplash.
BTCUSD pricing data from TradingView.
Crypto price prediction part of Technical analysis and the study of statistical patterns, obtained from historical price and volume data, to identify opportunities for trade. Technical analysts analyze trends of price fluctuations, trading signals, and other analytical methods to determine the strength and weakness of an asset.
Technical Analysis may apply historical trading data such as cryptocurrencies, forex, commodities, and stocks to any protection.
you can find below these top 5 crypto price prediction report.
Ethereum (ETC)
Bitcoin (BTC)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)
With BuyUcoin you will get knowledge of Cryptocurrency Trading
In last week’s report, we were expecting the turnaround point to be 16400$ but BTC again broke that level of resistance and managed to make a new high at around 16800$.
Overall downside biased is still remained the same and we still believe BTC will drop to the projected targets of sub 10,000$ soon.
From the intraday perspective, BTC will drop towards the 15200$, and then it will see the push towards the 16,200-16300$ as shown in the graph. Click the link for Buy Bitcoin in India Instantly.
Ethereum Price Prediction Weekly
Ethereum Crypto Price Prediction Graphically
ETH is making the higher lows on the daily time frame and rejecting the trend line as shown.
If ETH remains below the 470$ region, we can expect the drop towards the 420-425$ on the intraday perspective, and then we see the final push towards the 440-450$ region, before any major meltdown to the downside regions. Click the link for Buy Ethereum in India Instantly.
Ripple Price Prediction Weekly
Ripple Crypto Price prediction graphically
XRP longer term targets of 29-30 cents is also complete (we had posted these target few weeks back), and this pair is among the top gainers from the past few days as it is up around 18% in the past 24 hours.
Aligning with the BTC analysis we expect XRP to drop towards the 24 cents before any movement further. Click the link for Buy Ripple in India Instantly.
Litecoin Price Prediction Weekly
Litecoin Crypto price prediction graphically
LTC did manage to outperform BTC and ETH in the past few days and reached our longer term targets of 73$(which we had posted a few weeks back in our analysis report).
As the longer term outlook for this pair is complete, we can now expect the drop towards the sub 60$ region. Click the link for Buy Litecoin in India instantly.
Bitcoin Cash Price Prediction Weekly
Bitcoin cash crypto price prediction graphically
BCH has not done any upside movement in the past few days and still moving within our regions, we are expecting some sort of drop on this pair and the first target will be located around 200$(intraday region).
If BCH didn’t hold the 200$ handle then the next support floor will be toward the 160$ region. Click the link for Buy Bitcoin Cash In India Instantly.
Yearn.finance’s YFI token is trading up significantly today, with bulls aiming at providing the cryptocurrency with a strong foothold within the…
Yearn.finance’s YFI token is trading up significantly today, with bulls aiming at providing the cryptocurrency with a strong foothold within the lower-$20,000 region.
Where the aggregated crypto market trends in the near-term will likely depend on Bitcoin and Ethereum, with the strength seen by these two digital assets helping to provide the DeFi sector with serious momentum over the past few days and weeks.
YFI’s immense momentum throughout the past few days and weeks has created a tailwind for the broader altcoin market, but it is now pushing up against some immense resistance levels that may slow its ascent.
One trader who forecasted this latest leg higher for the cryptocurrency is now predicting that it will see a short-term pullback.
He believes that this will be followed by another leg up that sends the crypto flying significantly higher.
The key resistance to watch now sits at roughly $21,000. The selling pressure here has proven to be significant, and a failure to break above this level could cause it to see significant near-term downside.
Yearn.finance’s YFI Rallies Past $20,000 as Uptrend Kicks Off
At the time of writing, Yearn.finance’s YFI token is trading up roughly 10% at its current price of $20,200. This is where it has been trading throughout the past morning, with the resistance at $21,000 slowing its ascent.
Its ongoing upswing has come about as the result of the strength seen by Bitcoin and Ethereum.
If these two cryptocurrencies can continue pushing higher, then higher risk altcoins like Yearn.finance’s YFI token may also be able to surmount its crucial near-term resistance.
As a whole, the DeFi sector will likely follow YFI’s lead, as it has become one of the primary benchmarks for this fragment of the market.
YFI May See One Pullback Before Rocketing Higher – Trader Claims
While sharing his thoughts on where Yearn.finance’s YFI might trend next, one analyst explained that the visit to $21,000 will likely mark a short-term top followed by a slight retrace lower.
He believes that this will be followed by a rally that allows it to post another leg higher.
“YFI close on the 21 marker. Just shy. I see a small pull back before the next leg up,” he said while pointing to the below chart.
The coming few days should provide some serious insights into where Yearn.finance’s YFI and the rest of the DeFi market will trend in the days, weeks, and even months to come.
Featured image from Unsplash.
Charts from TradingView.
