LINK is holding the uptrend support at the $23.79 level and rallied towards $24K similar to bitcoin and Ethereum’s price movements. The price is now trading near a major support zone at $20.00 with many chances of rallying higher so let’s read more in today’s Chainlink news.

Chainlink’s token price traded as high as $23.79 before being able to start a downside correction against the US dollar and the price even traded above the $20.00 level and the 100 simple moving average. There’s a connecting bearish trend line forming with the resistance near the $21.70 on the 4-hour charts of the pair with the price being able to extend losses to $18.20 before starting a new increase in the near-term.

After the clear break above $20.00, LINK continued its rally and surged above the $22.00 level while settling well above the 100 simple moving average. The coin traded to $23.79 before going on a new correction and there was a break below $22 and $21.20 support levels so breaking below the contracting triangle here with the support at $21.50 is highly likely as per the 4-hour chart of the pair. The bulls lost control and the price increase below the $20.50 level but the drop was limited and the price only got to $19.90. LINK is trading above the $20.00 support and it is staying above the 100 simple moving average.

The resistance for LINK is close to the $20.80 level and it is close to the 23.6% fib retracement level at the decline from $23.79 high to the $19.90 low. What’s more to it, there’s a connecting bearish trend line that is forming with the resistance close to the $21.70 on the charts with a trend line closing to the 50% fib retracement level at the decline from the $23.79 high to the $19.90 low. Breaking above this trend line could open the doors for a push above $25.00. LINK is holding the uptrend support but if the price fails to continue higher, it could correct lower. The first major support is close to the $20.00 level and the next major support is set at the $18.20 level where the bulls could take a stand.

The 4-hour MACD indicator for the pair is gaining momentum in the bearish zone while the 4-hour RSI for LINK/USD pair is close to the 50 level. The major support levels include $20.00 and $19.10 while the major resistance levels include $20.80 and $21.70.

Source: https://www.dcforecasts.com/chainlink-news/link-is-holding-the-uptrend-support-and-could-rally-again-analysis/

The entire crypto market lost $50 billion as Bitcoin’s price failed the $38,000 level and continued declining. Most of the larger-cap altcoins followed which resulted in a cumulative drop in total market capitalization so let’s read more in today’s cryptocurrency news.

Bitcoin initially surged to $38,000 but the asset failed to remain at this level and even dipped below the $35,000. Most bigger-cap altcoins found some traction after the gains of yesterday but continued to reduce bitcoin’s dominance to 65%. The main cryptocurrency was stuck between $36K and $37K but in the past 24hours, BTC initiated a surge which resulted in a daily high of $38,000. While the bulls were quite welcoming of this development, the bears took control and didn’t allow for another increase to happen. They drove Bitcoin’s price south. In the next few hours, BTC Slumped to an intraday low of below $35K but the cryptocurrency bounced off and reclaimed this level while still being down 2.6% since yesterday.

The technical indicators are suggesting that BTC dropped below the first support level of $37,000 and $36,000 so if it goes on losing value, the next support lines will be set at $34K and $33,135. Most other alternative coins painted some strong gains in the past few days and raised speculation of an impending altcoin season but the situation changed in one day as the market lost $50 billion. Binance coin and Polkadot lost the most value from the top 10 which is about 7% and the coin fell to $42 after the recent burn while DOT dropped to $16 percent. ETH is the only exception as it increased on a daily basis and it’s worth noting that the second-biggest cryptocurrency reached a new all-time high recently as well.

Hedera Hashgraph is the biggest gainer after the UK NHS announced that it will use its blockchain to monitor the COVID-19 vaccines. HBAR is up by 60% in one day and 120% in one week. Enjin Coin is another huge gainer with a 42% surge to $0.40 as the Japanese regulatory body approved the coin to be listed on Coincheck. This was the coin’s first listing. NXM increased by 30%, Ren by 20% and VeChain by 10%.

The crypto market cap lost $50B but remained above $1 trillion despite the losses of the larger-cap altcoins. The surging lower and the mid-cap altcoins reduced BTC’s dominance on the market which dropped to 64.9% as of the time of writing.

Source: https://www.dcforecasts.com/altcoin-news/crypto-market-lost-50b-with-bitcoins-price-failing-the-38k-level/

Ethereum broke all-time high level as of today, surpassing above $1430 thanks to the latest 30% surge so let’s read more in today’s Ethereum news today.

Ethereum finally managed to breach its all-time high level above $1432 and the coin saw an impressive 30% surge while being in a price discovery mode. The long wait is over as Ethereum broke an all-time high level and is now officially in a price discovery territory. This usually happens as the cryptocurrency posts weekly gains of 30%. At this point, it doesn’t seem to be a surprise that ETH broke its ATH but its price was surging consistently in the past few months especially as 2021 started.

Looking at the charts, ETH’s growth was quite impressive. At the beginning of January, the cryptocurrency opened up the price at $740 which means it almost doubled up in value and chartered a strong increase of 93%. The milestone didn’t come without a strong selloff as well as ten days ago, it went on to decline from the high of $1325 to a low of $937 which is a decrease worth 30%. Those that managed to hold tight to the coins, were rewarded as the cryptocurrency increased to a current all-time high value.

There are a lot of reasons why ETH is increasing and the momentum seems to continue in 2021. The most important reason of all could be the growth of the decentralized finance space. DeFi is booming and the total value locked in protocols is about $25 billion marking an increase of 4500% since April last year. There was also forming of a vibrant ecosystem with plenty of protocols with their own native cryptocurrencies. The huge chunk of which runs on the ETH network and drove the demand for ETH through the roof. This was also pointing out to some of the blockchain’s problems as the transaction fees were so high, many claimed that DeFi is only worthwhile for bigger investors.

The next reason is the ETH 2.0 launch. With this, the network will migrate to a proof-of-stake consensus algorithm and Phase 0 went live in December. This marked a huge milestone and we could wait just a few more years until the launch of the improved network plays a huge role in the ETH price.

Source: https://www.dcforecasts.com/ethereum-news/ethereum-broke-all-time-high-level-above-1430-with-a-30-surge/