Bitcoin tried to take down $39,000 but was stopped and dropped to its current level of around $38,000. Most altcoins are slightly less fluctuating today, with Ethereum standing at $2,600. Chainlink and Axie Infinity are among the best performers.
Bitcoin Stands Still at $38K
It was just a few days ago when the primary cryptocurrency dropped two consecutive times to $35,500 after failing to overcome $36,000. However, the bulls stepped up at this point and pushed the asset north.
BTC reclaimed the aforementioned level and, after a brief retracement, went on the offensive again. This time, the increase was more gradual than sudden, and bitcoin tapped $38,000, as reported yesterday.
In the following hours, the asset kept climbing. As a result, it went to a daily high at nearly $39,000. However, it failed to break above that level and, as of now, has declined by several hundred dollars.
Nevertheless, its market capitalization has remained above $700 billion after dropping below that level earlier this week.
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BTCUSD. Source: TradingView
LINK and AXS Take the Lead
The alternative coins registered impressive gains yesterday, and most have calmed today. Ethereum continues with its recovery session as the second-largest crypto dipped to $2,000 earlier this week. Now, though, ETH stands above $2,600 after another minor daily increase.
Binance Coin and Terra have retraced slightly since yesterday, but Cardano, Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu have tapped minor gains.
The most significant price increases from the larger-cap alts come from coins like Chainlink and Axie Infinity. Both assets have increased by around 10% in a day.
More gains come from lower- and mid-cap altcoins. Flow leads the way with a 20% surge, followed by Arweave (15%), Convex Finance (13%), Tezos (10%), Synthetix Network Token (9%), and Pocket Network (9%).
The cryptocurrency market cap has remained relatively still, and it stands above $1.7 trillion.
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After the enhanced fluctuations in the past several days, bitcoin finally calmed around $42,000. The situation with the altcoin is quite similar, except for Chainlink. LINK surged by 13% and trades above $26.
Bitcoin Sits Still at $42K
It’s safe to say that the past few days didn’t go well for the primary cryptocurrency. On January 5th, it traded at $47,000 after failing to overcome $48,000 despite numerous attempts.
This is where the landscape changed rapidly for the worse. Bitcoin started to lose value vigorously and dropped by $4,000 in hours, as reported on Thursday. BTC stayed there for a while, but another initiative from the bears drove it to $41,000 yesterday.
This became its lowest price point since late September. After that, BTC fluctuated a bit more, leading to $500 million worth of liquidations on a 24-hour scale.
As of now, the asset has recovered some ground and stands around $42,000, and its market capitalization is just shy of $800 billion.
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BTCUSD. Source: TradingView
Chainlink Steals the Show
The alternative coins mimicked bitcoin’s performance in the past few days with enhanced volatility and substantial price drops. Ethereum, for example, traded above $3,800 just a few days ago but dipped to $3,100 yesterday. The second-largest crypto now sits above $3,200 after a minor daily increase.
More minor gains come from Binance Coin, Cardano, Polkadot, Avalanche, Dogecoin, Shiba Inu, MATIC, and others. XRP has increased by 2.5%, while Solana is up by 4%, despite the recent network issues.
Nevertheless, Chainlink is the most impressive performer. A 13% increase has driven LINK to well above $26. Moreover, the asset is among the few in the green on a weekly scale, as it has increased by 35% in this timeframe.
ICP (15%), Dash (13%), Secret (10%), Zcash (10%), and Celo (9%) have also recorded impressive daily gains.
The cryptocurrency market capitalization is down by $250 billion in the past few days and sits around $2 trillion now.
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After a bullish cross on the daily MACD, LINK entered into a sustained rally with great volume, which has catapulted the price over $20. LINK turned the $23 level into support and is now eying the next key resistance at $28. It is unlikely that LINK can break that level on the first try, but momentum remains strong and favors bulls.
Chart by TradingView
Technical Indicators
Trading Volume: The sustained volume has put LINK back into the spotlight as the price moved higher. There is no sign of weakness, and the momentum is clearly bullish. This may change as LINK approaches the key resistance.
RSI: The daily RSI is moving higher fast, and at this rate, it can soon enter the overbought zone. This is not a concern right now, but it will become important once the price hits the resistance.
MACD: The daily MACD has been bullish for a while, and now it also completed a bullish cross on the 3-day timeframe. This is significant and may indicate that the cryptocurrency is due for a sustained rally even beyond the current resistance.
Chart by TradingView
Bias
The bias on LINK is bullish. The strong volume and price action support this case.
Short-Term Prediction for LINK Price
LINK managed to surprise the market. The current rally may continue for a while, and the big test will come once the cryptocurrency approaches the key resistance at $28.
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Bitcoin is still unable to produce any significant gains and fell below $47,000 once again. Its dominance continues to decrease, while some smaller and mid-cap altcoins outperform it. In the past 24 hours, such is the case with Chainlink, which spiked by nearly 10%.
Bitcoin Failed at $47K
It’s safe to say that BTC has not produced any of its enhanced volatility lately that it’s so often criticized for. The last more notable fluctuation came on December 31st when it pumped suddenly from $47,000 to $48,500 but retraced even more vigorously to $45,800 in hours.
The asset started the new year on a more positive note and jumped back to $47,000, where it spent the next few days. Yesterday, it dropped below $46,000 once more before the bulls stepped up and pushed it to $47,500.
Yet, the cryptocurrency failed at that level and found itself sitting at $45,800 hours later. As of now, it has jumped to nearly $47,000, but its market capitalization is still below $900 billion.
Moreover, BTC’s dominance over the altcoins continues to fade away, and it has declined below 40% on CoinMarketCap.
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BTCUSD. Source: TradingView
LINK Takes Over
Most larger-cap altcoins have been equally calm lately. The past 24 hours are no different. Ethereum has dabbled with $3,800 for several days and now trades just above it after a minor 1.5% daily increase.
Binance Coin, Solana, Cardano, Ripple, and Polkadot are slightly in the green as well, while Terra, Avalanche, and Dogecoin have charted minor losses.
Chainlink is the most significant gainer from here. LINK has surged by 9% in a day and sits north of $25.
More increases come from ICP (24%), Mina (16%), BitTorrent (15%), Velas (14%), Immutable X (11%), Helium (11%), and The Graph (10%).
The cryptocurrency market capitalization has risen slightly to $2.250 trillion.
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Bitcoin surged 8% today as it reclaims $40K but is just up 2% on the week. Last Friday, Bitcoin was trading inside an ascending price channel as it breached the January 2021 high at $42,000 to reach as high as $42,400 over the weekend.
From there, BTC rolled over and broke beneath the ascending price channel on Monday. It then traded downward inside a descending wedge formation – best seen on the 4-hour chart. This wedge saw the price of BTC being driven lower until support was found at around $37,500, provided by a .382 Fib Retracement level.
It would rebound from the $37,500 support on Wednesday and break toward the upside of the wedge and push above the 100-day MA. After a brief return to $37,500 yesterday, BTC surged higher to reclaim $40K as it tests resistance at $41K.
Looking ahead, if the buyers continue higher, the first resistance lies at $42,000 (Jan highs). This is followed by a descending trend line (dashed line), $43,600 (1.272 Fib Extension), $44,750 (200-day MA), and $47,800 (bearish .618 Fib Retracement).
On the other side, the first support lies at $40,000. This is followed by $39,480 (100-day MA), $37,500 (.382 Fib), $36,650 (20-day MA), and $36,000 (.5 Fib).
BTC/USD Daily Chart. Source: TradingView.
BTC/USD 4-Hour Chart. Source: TradingView.
Ethereum
Ethereum saw an impressive 16% price hike this week as the coin surged in the run-up to the London Hard Fork upgrade. The cryptocurrency has been trading inside an ascending price channel since the second half of July.
This price channel allowed ETH to pass the 200-day MA, break above a two-month-old falling trend line, and create a new July high toward the end of the month.
This week, ETH continues inside the ascending price channel, using the lower boundary as support. On Wednesday, it rebounded from the lower boundary as it broke the 100-day MA again to hit resistance at $2726 (bearish .382 Fib). This resistance was penetrated yesterday, allowing ETH to break above $2800. It has since dropped slightly and is trading around $2760.
Looking ahead, if the buyers push higher, the first resistance lies at $2890 (upper angle of the price channel). This is followed by $3000, $3035 (bearish .5 Fib), and $3150 (1.272 Fib Extension). Added resistance is found at $3350 (bearish .618 Fib) and $3540 (1.618 Fib Extension).
On the other side, the first support lies at $2725. This is allowed by $2565 (.236 Fib & 100-day MA), $2410 (.382 Fib), $2290 (20-day MA), and $2200 (200-day & 50-day MAs).
ETH/USD Daily Chart. Source: TradingView.
ETH is also performing well against BTC as it set a new two-month high above 0.072 BTC this week. The coin is also trading inside an ascending price channel, allowing it to reach resistance at 0.069 BTC yesterday. This is the high-day closing price for July.
It started the week by rebounding from the 0.058 BTC (.786 Fib) support last Friday as it pushed higher to form the price channel. It went on to break the 100-day MA and reach above 0.072 BTC yesterday. It has since dropped slightly as it trades near 0.067 BTC but is using the lower boundary of the price channel as support.
Looking ahead, if the bears push beneath the price channel, the first support lies at 0.065 BTC (.5 Fib & 100-day MA). This is followed by 0.0632 BTC (.618 Fib) 0.062 BTC (50-day MA), and 0.06 BTC.
On the other side, the first resistance lies at 0.069 BTC. This is followed by 0.072 BTC (bearish .618 Fib), 0.075 BTC, and 0.077 BTC (1.414 Fib Extension & June highs).
ETH/BTC Daily Chart. Source: TradingView.
Ripple
XRP is down a small 3% this week after the coin struggled to break resistance at $0.781 (200-day MA). It surged higher inside an ascending price channel in the final week of July but failed to overcome the 200-day MA at the start of this week.
Since being rejected at the 200-day MA, XRP traded inside a bullish flag formation as it found solid support at $0.71. It is battling to break above the upper angle of the flag to push higher and re-test the 200-day MA level.
Looking ahead, if the buyers can break toward the upside of the flag, the first resistance lies at $0.782 (200-day MA). This is followed by $0.8282 (2020 highs), $0.9 (100-day MA), and $1.
On the other side, the first support lies at $0.71. This is followed by the lower angle of the flag, $0.662 (50-day MA), $0.6, and $0.556 (2019 high).
XRP/USD Daily Chart. Source: TradingView.
XRP is also struggling to break a long-term descending trend line against BTC, which dates back to mid-May. The coin started the week by breaking the 20-day MA at 1800 SAT to push into the 1900 SAT resistance, where it found the 50-day MA resistance and the falling trend line.
Since then, XRP moved sideways throughout the week and eventually fell back to 1800 SAT, where it is using the 20-day MA and the 200-day MA as support.
Looking ahead, if the bears break beneath 1800 SAT, the first support lies at 1660 SAT. This is followed by 1600 SAT, 1550 SAT (Nov 2020 low), and 1370 SAT (.786 Fib).
On the other side, the first resistance still lies at 1900 SAT (50-day MA & falling trend line). This is followed by 2000 SAT, 2120 SAT (bearish .236 Fib), 2250 SAT (100-day MA), and 2425 SAT (bearish .382 Fib).
XRP/BTC Daily Chart. Source: TradingView.
Polkadot
DOT is up a very strong 24.2% this week as it battles to break the $20 resistance. The cryptocurrency has been trading inside an ascending price channel since rebounding from $11 on the 20th of July.
Last Friday, DOT broke the 50-day MA and used the upper angle of the price channel to push higher throughout the week to hit $20 yesterday. There, it found resistance at a bearish .236 Fib Retracement level and has since dropped to $19.
There are hints of bearish divergence on the RSI, which will be something to monitor over the weekend.
Looking ahead, the first resistance lies at $20. This is followed by $22.50 (100-day MA), $24.70 (1.414 Fib Extension), $25.75 (bearish .382 Fib), and $27.50 (200-day MA).
On the other side, the first support lies at $17.50 (lower angle of the price channel). This is followed by $16.40, $15 (50-day MA), and $13.
DOT/USD Daily Chart. Source: TradingView.
DOT is also performing well against BTC as it re-tests the July high-day closing price at 48,700 SAT this week. The coin pushed above a long-term descending trend line last Friday after rebounding from 35,700 SAT support earlier last week.
From there, DOT surged above the 20-day MA and the 50-day MA over the weekend and slowly ground higher throughout the week until hitting the 49.700 SAT resistance yesterday. It has since dropped slightly as it trades around 46,800 SAT.
Moving forward, the first support lies at 45,000 SAT (50-day MA). This is followed by 43,400 SAT (20-day MA), 40,600 SAT, and 37,700 SAT (.786 Fib).
On the other side, the first strong resistance lies at 49,700 SAT. This is followed by the July high at 51,000 SAT (bearish .236 Fib), 52,700 SAT, and 55,000 SAT (100-day MA). Added resistance lies at 59,500 SAT (200-day MA).
DOT/BTC Daily Chart. Source: TradingView.
Chainlink
LINK also saw a solid 20% price hike this week as the coin tests $25.95 resistance. It has been trading inside an ascending price channel since rebounding from $13.36 earlier in July. On Monday, LINK surged above the 20-day MA and broke the 200-day MA on Tuesday.
From there, it spiked higher yesterday to test the $25.95 resistance at the upper angle of the price channel. It has since dropped lower from there but is using the 20-day MA as support.
Looking ahead, if the bears break the 20-day MA, the first support lies at $22.50 (lower angle of the price channel). This is followed by $20.75 (2019 high (100-day MA), $20, and $18.65.
On the other side, the first resistance lies at $25. This is followed by $26 (upper angle of the price channel), $28.90 (Bearish .382 Fib), $30, and $31.25 (1.414 Fib Extension).
LINK/USD Daily Chart. Source: TradingView.
Against BTC, LUNK pushed higher frim 52,000 SAT last Friday and broke above the 50-day MA). From there, it moved upward during the week to reach as high as 63,200 SAT on Wednesday.
Unfortunately, it has rolled over since there and ended up breaking beneath the 20-day MA today as it sits around 57,500 SAT.
Looking ahead, the first support lies around 55,000 SAT (50-day MA). This is followed by 52,000 SAT (.618 Fib), 50,000 SAT, and 45,670 SAT (July support).
Alternatively, the first resistance lies at 59,000 SAT (20-day MA). This is followed by 60,500 SAT, 63,200 SAT (this week’s high), and 65,000 SAT. Added resistance is found at 67,425 SAT (bearish .382 Fib) and 70,000 SAT (1.414 Fib Extension).
LINK/BTC Daily Chart. Source: TradingView.
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LINK surged by a total of 25.5% today, finally managing to break above $50 and set a new ATH at $52. The coin topped out at around $45 in April but could not push beyond that. From there, it started to head lower until support was found around $30.70 toward the end of the month.
A 4-month-old rising trend line provided the support, and it allowed LINK to rebound. Since then, LINK managed to break the $45 resistance yesterday. Today, it continued further above $50 and set the new ATH at $52.
LINK/USD Daily Chart. Source: TradingView
LINK-USD Short Term Price Prediction
Looking ahead, If the bulls continue to push above $52, the first resistance lies at $54.50 (1.414 Fib Extension). This is followed by $56, $60 (1.618 Fib Extension), , and $62 (1.414 Fib Extension – green).
On the other side, the first support beneath $50 lies at $56.21 (.236 Fib). This is followed by $52.73 (.382 Fib), $40 (.5 Fib), and $37.10 (.618 Fib).
The RSI is well within the bull’s favor and is currently the highest it has been all year long.
LINK/BTC – Bears Create 2021 Highs At 0.00094 BTC
Key Support Levels: 0.0009 BTC, 0.000823 BTC, 0.00075 BTC.
LINK is also performing very well against bitcoin over the past two months. It pushed higher from 0.0005 BTC at the start of April and continued upward until finding resistance at 0.0007 BTC.
The resistance at 0.0007 BTC was not penetrated until the beginning of May when LINK started to push higher again. Yesterday, LINK surged from a low of 0.0007 BTC to reach as high as 0.00088 BTC. Today, it continued to run as high as 0.00094 BTC, where it found resistance at a bearish .886 Fib Retracement.
LINK/BTC Daily Chart. Source: TradingView
LINK-BTC Short Term Price Prediction
Looking ahead, if the bulls break 0.00094 BTC, the first resistance lies at 0.000982 BTC (1.414 Fib Extension). This is followed by 0.001 BTC, 0.00108 BTC (long-term bearish .618 Fib), and 0.00113 BTC (1.414 Fib Extension).
On the other side, the first support lies at 0.0009 BTC. This is followed by 0.000823 BTC (.236 Fib), 0.00075 BTC, 0.000697 BTC (.5 Fib), and 0.00064 BTC (.618 Fib).
Likewise, the RSI is the highest it has been this year, indicating that the bulls are in complete control over the market right now. It is slightly overbought, which might lead to a short-term retracement.
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Institutional investors employing the services of Grayscale Investments would have the option to choose from five new product additions. Namely, those are Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
The company’s recently-appointed CEO, Michael Sonnenshein, broke the news on Twitter earlier today. Upon the addition of the five aforementioned coins, the total number of Grayscale Trusts has grown to 14.
Sonnenshein explained that “investor demand has never been higher” for various cryptocurrencies, as they have “reached an inflection point.”
The five new trusts are already operational for daily subscription by eligible individual and institutional accredited investors. They would be able to purchases shares of the products through “their respective periodic and ongoing private placements.”
As with the company’s other products, the trusts’ primary focus is to be “solely invested in the digital currencies underpinning BAT, LINK, MANA, FIL, and LPT.”
Grayscale said that it will attempt to have shares of the new products quoted on a secondary market, but “there is no guarantee that we will be successful.” Although some shares have already received such approval, investors should be wary that they could still be unavailable on secondary markets because of a “variety of factors,” including regulatory issues.
Interestingly, four of the five coins have increased in value following the announcement. LPT surged by roughly 100% to $14, BAT jumped by 40% to $1.20, FIL (35%) to $73, and LINK (10%) to $30. MANA is the only token that has failed to produce any significant gains as of writing these lines.
Founded in 2013, Grayscale enables institutional investors to receive exposure to over a dozen digital assets now without worrying about managing or storing the assets. Its AUM skyrocketed by 10x to $20 billion in 2020, while it has increased by more than 2x since the start of 2021 to roughly $43 billion as of yesterday.
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This week saw a serious correction throughout the entire cryptocurrency market. Bitcoin lost, at one point, about $13,000 of its value as it went through one of the most serious declines since the start of the current bull run. With this said, we take a look at the following cryptocurrencies.
Bitcoin
Bitcoin has seen a turbulent week in which the price dropped to the current $48,000 level. The cryptocurrency was trending higher last week to set a new ATH price above $58,000.
However, on Sunday, the coin became stuck at the upper boundary of an ascending price channel. It rolled over from there on Monday as it started to plummet. Initially, it found support at the channel’s lower boundary as the bulls attempted to defend the level.
Unfortunately, the breakout beneath the price channel was confirmed yesterday when Bitcoin closed a daily candle at $47,200 (.382 FIb). Today, it dipped as low as $44,150 before it finally rebounded back above $47,200.
Looking ahead, the first level of resistance lies at $50,000. This is followed by $51,500, $52,500, and $55,000. Additional resistance lies at $56,112, $57,686 (1.272 Fib Extension), and $58,355 (ATH price).
On the other side, the first support lies at $47,200 (.382 FIb). This is followed by $44,750, $42,745 (.5 Fib), $42,760 (downside 1.414 Fib Extension), and $42,000 (previous ATH). Added support lies at $40,285 (.618 Fib) and $39,235.
BTC/USD Daily Chart. Source: TradingView
Ethereum
Ethereum suffered a heavier 20% price decline this week as it currently sits at $1,540. The coin had reached the upper boundary of its own ascending price channel at the start of the week as it set a new ATH price above $2,000.
Unfortunately, it struggled to close a daily candle above $1,960 (1.272 Fib Extension) and started to head lower from there.
Over the week, Ethereum fell beneath the ascending price channel and continued until support was found at $1,465 (.382 Fib) yesterday. After dipping as low as $1,400 today, ETH has rebounded again and is back above $1,500.
Looking ahead, the first level of support lies at $1,465 (.382 Fib). This si followed by $1,400, $1,385, $1,291 (.5 Fib), and $1,250 (downside 1.618 Fib Extension). Added support is found at $1,200 (100-days EMA) and $1,116 (.618 Fib).
On the other side, resistance first lies at $1,600. This is followed by $1,680, $1,763, $1,800, and $1,875. Added resistance lies at $1,960, $2,000, and $2,060.
ETH/USD Daily Chart. Source: TradingView
Ethereum continues to struggle heavily against Bitcoin and is now down by a total of 30% from the February highs as it sits at 0.0321 BTC (200-day EMA). The coin has been trading inside a descending price channel for the entire period of February as it takes a beating against Bitcoin.
This week, Ethereum fell beneath the November highs at 0.0337 BTC and reached as low as 0.03 BTC on Tuesday. It is attempting to defend the support at 0.031 BTC, but a closing candle beneath here might send ETH/BTC to the 2021 lows.
Looking ahead, the first level of support lies at 0.0318 BTC (.618 Fib). This is followed by 0.013 BTC, 0.030 BTC, and 0.0295 BTC (downside 1.272 Fib Extension). Added support lies at 0.0295 BTC (Feb 2020 highs0, 0.028 BTC (.786 Fib), and 0.0276 BTC.
On the other side, the first level of strong resistance lies at 0.0337 BTC (Nov 2020 Highs & upper boundary of the price channel). This is followed by 0.034 BTC (100-days EMA), 0.035 BTC, and 0.0361 BTC (March 2019 Highs).
ETH/BTC Daily Chart. Source: TradingView
Ripple
XRP also took a beating this week as it dropped by a total of 16% to reach the current $0.447 level. The cryptocurrency had seen an interesting week of trading after spiking as high as $0.685 on Monday when the rest of the market was tanking.
The bullish pressure quickly subsided by Tuesday, which saw XRP collapsing beneath the $0.5 support. The selling continued over the week, causing XRP to spike beneath $0.4 today briefly. It has since rebounded from there and is now attempting to reclaim $0.45.
Looking ahead, the first level of strong resistance lies at $0.5. This is followed by $0.556 (2019 Highs), $0.6, and $0.61. Added resistance lies at $0.45 (bearish .786 Fib) and $0.685 (1.272 Fib Extension).
On the other side, the first support lies at $0.401 (.618 Fib & 100-days EMA). Beneath this, support lies at $0.35 (200-days EMA & Feb 2020 Highs), $0.327 (.786 Fib), and $0.3.
XRP/USD Daily Chart. Source: TradingView
Against Bitcoin, XRP has been trading sideways this week. It did push higher from 900 SAT on Monday to spike as high as 1200 SAT (Dec 2017 lows). However, the bears quickly pushed XRP back beneath 1000 SAT over the course of the week to reach the current 935 SAT level.
Looking ahead, the first level of strong support lies at 867 SAT (January upper boundary range). This is followed by 800 SAT, 750 SAT, and 670 SAT (Jan lower boundary range).
On the other side, the first resistance lies at 1000 SAT. This is followed by 1200 SAT (Dec 2018 lows), 1300 SAT, and 1400 SAT (100-days EMA).
XRP/BTC Daily Chart. Source: TradingView
Polkadot
DOT managed to buck the bearish trend this week as it saw a small 5.8% price hike from where it was seven days ago. The cryptocurrency had turned parabolic over the weekend as it broke above an ascending price channel to set a new ATH price at $42.50.
From there, it rolled over and started heading lower throughout the week. Today, DOT spiked as low as $27.67 (.382 Fib) but quickly rebounded from there is now trading back above $30 at $32.73.
Looking ahead, the first level of resistance lies at $33. This is followed by $35.50 (1.272 Fib Extension), $38 (1.414 Fib Extension), $40, and $41.63 (1.618 Fib Extension). Additional resistance is found at $42.50 (ATH) and $43.60.
On the other side, the first support lies at $30. This is followed by $27.67 (.382 Fib), $25, and $23.60 (.5 Fib). Added support lies at $22.50 and $19.53 (.618 Fib).
DOT/USD Daily Chart. Source: TradingView
Against Bitcoin DOT is also performing well as it stayed at a similar level to where it was trading last week. It had surged as high as 0.00073 BTC (1.414 Fib Extension) on Sunday. From there, it started to move sideways as it found support at 0.000686 BTC over the week.
This support was eventually broken yesterday, which saw DOT falling as low as 00.00062 BTC today. It has since rebounded and is now trading at 0.000682 BTC.
Looking ahead, the first resistance lies at 0.0007 BTC (1.272 Fib Extension – red). This is followed by 0.000726 BTC (1.414 Fib Extension – red), 0.00074 BTC(ATH price), and 0.000762 BTC (1.618 Fib Extension – red). Added resistance is found at 0.0008 BTC and 0.00085 BTC.
On the other side, the first support lies at 0.00065 BTC. This is followed by 0.000616 BTC (.236 Fib), 0.000596 BTC, and 0.000539 BTC (.382 Fib). Additional support is found at 0.0005 BTC and 0.000475 BTC (.5 Fib).
DOT/BTC Daily Chart. Source: TradingView
Chainlink
LINK saw a heavy 17.5% price drop this week as the coin slips into the $26.28 level. Over the weekend, LINK set a new ATH price at $37.45 but failed to close a daily candle above the resistance at $34.97 (1.414 Fib Extension).
From there, it started to head lower during the week until support was found at $24.25 (.5 Fib). This support was further bolstered by a rising trend line. LINK has rebounded from this support today to climb back above $26.
Looking ahead, the first resistance lies at $28. This is followed by $30, $32.35, and $34.96 (1.414 Fib Extension). Added resistance lies at $37.45 (ATH price), $38.50 (1.618 Fib Extension), and $40.
On the other side, the first strong support lies at $24.25 (.5 Fib). This is followed by $22, $21.15 (.618 Fib), and $20.
LINK/USD Daily Chart. Source: TradingView
Against Bitcoin, LINK has been struggling over the past fortnight. It dropped from 0.00075 BTC and continued to slide over the past two weeks until support was found this week at 0.000526 BTC (April 2020 Highs).
Looking ahead, the first support lies at 0.000526 BTC. This is followed by 0.0005 BTC, 0.000474 BTC (downside 1.272 Fib Extension), 0.000461 BTC (.786 Fib), and 0.00045 BTC.
On the other side, resistance is first expected at 0.00058 BTC. This is followed by 0.0006 BTC, 0.00065 BTC, and 0.0007 BTC.
LINK/BTC Daily Chart. Source: TradingView
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This week saw nothing but green on the cryptocurrency markets as it seems everything is surging. Ethereum charted a new ATH, as well as many other altcoins, while Bitcoin attempts to reclaim $38K.
Bitcoin
Bitcoin saw a 15% price surge this week as the sentiment starts to turn bullish again for the primary cryptocurrency. The coin had been in a consolidation phase since hitting its ATH price at $42,000 last month. Since then, it has pretty much traded sideways within the confines of a descending triangle pattern.
On Tuesday, Bitcoin managed to break toward this triangle’s upside, signaling the start of the bullish momentum ahead. It continued higher throughout the week until reaching $38,748 yesterday. It is now trading at $38,120.
Looking ahead, the first level of strong resistance lies at $39,180. This is followed by $40,000, $40,735, and then the ATH price of $42,000. Beyond the ATH, additional resistance lies at $43,4445 (1.272 Fib Extension – yellow), $44,320 (short term 1.618 Fib Extension), and $46,331 (1.414 Fib Extnesion – yellow).
On the other side, the first support lies at $36,000. This is followed by $35,140, $34,000, and $33,000. Additional support is found at $32,500 (.382 Fib), $30,750, and $30,000.
BTC/USD Daily Chart. Source: TradingView.
Ethereum
Ethereum is up by a whopping 30% over the course of the past week as it reached a new ATH price of $1784 today. The cryptocurrency was also trading in a phase of consolidation at the start of the week as it remained trapped inside an ascending triangle pattern, with the roof at $1392.
On Tuesday, ETH managed to smash above the triangle as it started. On Wednesday, it managed to break the upper boundary of an ascending price channel, turning the market parabolic.
Today, it surged by another 7.6%, allowing the coin to reach $1784 (1.618 Fib Extension).
Looking ahead, if the buyers break the new ATH and push above $1800, the first resistance lies at $1850 (1.618 Fib Extension – yellow). This is followed by $1900, $1960 (1.272 Fib Extension), $2000, and $2060 (1.414 Fib Extension).
On the other side, the first support lies at $1700. This is followed by $1700, $1476 (.236 Fib), $1425, and $1390.
ETH/USD Daily Chart. Source: TradingView.
Ethereum is also performing remarkably well against Bitcoin. It started the week by rebounding from the Feb 2019 support at 0.039 BTC as it pushed above a descending trend line. From there, it started to surge higher until meeting resistance at 0.044 BTC on Wednesday.
Today, ETH managed to push beyond 0.044 BTC as it reached the resistance at 0.046 BTC (1.272 Fib Extension).
Looking ahead, the first level of resistance lies at 0.0476 BTC. This is followed by 0.0483 BTC (1.414 Fib Extension), 0.049 BTC, and 0.05 BTC. Added resistance is found at 0.051 BTC, 0.0515 BTC, and 0.0523 BTC.
On the other side, the first support lies at 0.044 BTC. This is followed by 0.0422 BTC (.236 Fib), 0.0416 BTC (2019 High), 0.0405 BTC (2020 High), and 0.0396 (Feb 20119 High & .382 Fib).
ETH/BTC Daily Chart. Source: TradingView.
Ripple
XRP is up by a powerful 70% this week as it currently trades around $0.45. The cryptocurrency had an interesting week as it broke beyond its consolidation triangle last Friday and started to push higher. By Sunday, it had already reached $0.5.
On Monday, XRP saw some whipsaw-like trading action in which it surged as high as $0.77 but then quickly dropped to as close the day at $0.365 (.5 Fib). It held this support through the week and eventually bounced higher from there yesterday.
It is now testing resistance at a descending trend line that dates back to early December 2020.
Looking ahead, if it can break the resistance at the descending trend line, the first level of higher resistance lies at $0.5. This is followed by $0.556 (2019 Highs), $0.517 (1.272 Fib Extension), $0.61 (1.414 Fib Extension), and $0.65 (bearish .786 Fib). Added resistance lies at $0.7, $0.718, $0.75, and $0.77.
On the other side, the first support lies at $0.434 (.236 Fib). This is followed by $0.4, $0.365 (.5 Fib), $0.35 (Feb 2020 High & 100-days EMA), and $0.3.
XRP/USD Daily Chart. Source: TradingView.
Against Bitcoin, XRP is also performing well as it trades around 1200 SAT. Last Friday, the coin broke its previous range when it penetrated above 67 SAT to reach 1540 SAT by Sunday. On Monday, it spiked as high as 2200 SAT before dropping lower into the 980 SAT (.786 Fib) support on Tuesday.
It has since rebounded from there as it tests the December 2017 lows at 1200 SAT today.
Moving forward, if the bulls break 1200 SAT, the first resistance lies at 1550 SAT (Nov 2020 lows & 100-days EMA0. This is followed by 1900 SAT (July 20 lows & 200-days EMA), 2025 SAT (bearish .382 Fib), and 2200 SAT.
On the other side, the first support lies at 1000 SAT. This is closely followed by 980 SAT (.786 Fib), 867 SAT (upper boundary of previous range), 700 SAT, and 670 SAT.
XRP/BTC Daily Chart. Source: TradingView.
Cardano
ADA managed to climb by a total of 47% over the past week as it climbs above $0.5 to reach $0.512. The coin started the week by bouncing from support at $0.333 as it started to push higher. On Monday, it managed to take out January’s resistance at $0.393.
It continued higher from there until meeting resistance at $0.446 (1.272 Fib Extension) yesterday. Today, Cardano surged by another 20.5%, allowing it to climb above $0.5 and reach the current $0.512 level.
We can see that ADA is trading within an ascending price channel. If ADA can close above this channel, it is likely to turn parabolic and shoot higher.
Looking ahead, if the bulls break the upper boundary of the channel, the first resistance lies at $0.553 (1.618 Fib Extension). This is followed by $0.592 (1.272 Fib Extension), $0.6, and $0.643 (1.414 Fib Extension). Additional resistance lies at $0.65 and $0.67 (1.618 Fib Extnesion – blue).
On the other side, the first support lies at $0.5. This is followed by $0.471 (.236 Fib), $0.45, and $0.435 (.382 Fib). Added support lies at $0.405 (.5 Fib & lower boundary of the channel) and $0.375 (.618 Fib).
ADA/USD Daily Chart. Source: TradingView.
Against Bitcoin, ADA has managed to push into 7-month highs as it reached the current 1365 SAT resistance (bearish .786 Fib). It started the week by bouncing higher from the 1000 SAT level and breaking the January resistance at 1100 SAT on Monday.
It continued higher over the week until surging today to break the April 2020 highs and reach as high as 1400 SAT today. It has since dropped to 1365 SAT.
Looking ahead, if the bulls can break 1365 SAT, higher resistance lies at 1400 SAT. This is followed by 1500 SAT (July 2020 High-Day closing price), 1600 SAT (July 2020 Highs), and 1700 SAT (1.618 Fib Extension). Added resistance lies at 1755 SAT and 1800 SAT.
On the other side, the first support lies at 1320 SAT (April 2020 Highs). This is followed by 1200 SAT (.236 Fib), 1100 SAT, 1000 SAT (.382 Fib), and 950 SAT (.5 Fib).
ADA/BTC Daily Chart. Source: TradingView.
Chainlink
Chainlink saw a smaller 12% price hike this week as it currently trades around $26.23. The outlook for LINK is quite promising because it broke the resistance at $24.70 and, if it closes above here, it should end up surging higher again.
Looking ahead, the first resistance lies at $26.78. This is followed by $28 (short term 1.272 Fib Extension), $29.78 (1.618 Fib Extension), and $32.35 (short term 1.618 Fib Extension). Added resistance lies at $34, $35, and $36.
On the other side, the first support lies at $23.60. This is followed by $22, $20.77, and $20. Additional support is found at $19.05 (.5 Fib) and $18.
LINK/USD Daily Chart. Source: TradingView.
Against Bitcoin, LINK is trading in the same place it was last week at 0.000688 BTC. The coin had spiked much lower today, reaching 0.00051 BTC but quickly recovered to the weekly average.
Looking ahead, the resistance at 0.0007 BTC is the first level for LINK to take out. Above this, resistance lies at 0.00076 BTC, 0.000791 BTC (1.414 Fib Extension), 0.0008 BTC, and 0.000856 BTC.
On the other side, support first lies at 0.00065 BTC. This is followed by 0.000633 BTC (.382 Fib), 0.0006 BTC, and 0.000582 BTC (.5 Fib). Added support is found at 0.000526 BTC (April 2020 Highs) and 0.0005 BTC.
LINK/BTC Daily Chart. Source: TradingView.
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The decentralized finance field continues expanding in all directions as the total value locked in various projects has tapped $35 billion. At the same time, numerous DeFi tokens have exploded in price in the past 24 hours, including an all-time high for Chainlink and double-digit pumps for Aave, Maker, Synthetix, Compound, and more.
Skyrocketing DeFi Tokens
The total crypto market cap marked a new all-time high today at over $1.170 trillion, and DeFi coins have attributed the most to these developments.
For starters, LINK, the native cryptocurrency of the most-widely used oracle network, Chainlink, registered a new all-time high of slightly over $27. This became possible after a 9% increase on a 24-hour scale. Furthermore, LINK is up by 120% since the start of the year when it traded at $12.
Aave, the native token of the decentralized lending platform going by the same name, has surged by 15% since yesterday to $520. Furthermore, the recently-rebranded coin is 85% up since Tuesday and almost 500% higher YTD.
Synthetix and Compound have gained 20% on a 24-hour scale to $22 and $533, respectively. On a weekly scale, though, Compound has added a whopping 116%.
Nevertheless, Maker and 0x have stolen the DeFi show. MKR has expanded by 75% in a day and 110% in a week to an all-time high of its own at $3,000. Just for reference, MKR traded at $560 at the start of 2021.
ZRX’s price has skyrocketed by 130% now to nearly $2. The asset is up by more than 225% in the past seven days and has neared its January 2018 ATH of $2.50.
Although Uniswap’s governance token, UNI, is slightly down since yesterday, it also recently reached a new price record of above $21.5.
FTX DeFi Index Performance. Source: TradingView
Ultimately, the DeFi-tracking index offered by the popular derivatives exchange FTX has expanded by more than three-fold since the start of the year to a new record above $10,000.
TVL Touches $35B
Simultaneously with the prices of DeFi tokens, the total value locked (TVL) in such projects has jumped to a new record of $35 billion.
As such, it has more than doubled since the beginning of 2020, when it was just shy of $15B. The TVL is a good example showing the growth of the DeFi sector in the past year. According to DeFipulse data, the total value locked had just breached $1 billion on this day last year.
Total Value Locked In DeFi Projects. Source: DeFiPulse
Interestingly, the three leading projects accounting for the majority of the TVL are lending services. Namely, those are Maker with $6 billion locked, Aave with $5.76 billion, and Compound with $4 billion.
Three decentralized exchanges (DEX) follow – Uniswap $3.65 billion, Curve Finance $3.5 billion, and SushiSwap $3.1 billion.
It’s also worth noting that the growing engagement with DeFi projects has caused congestion for the underlying technology behind most of the field. As reported earlier, the average gas fees on the Ethereum network are at over $22 – a record high level.
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