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Chainlink, Band Protocol Ready to Resume Uptrend After Impressive Rebound

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Chainlink, Band Protocol Ready to Resume Uptrend After Impressive Rebound | Crypto Briefing



















Chainlink and Band Protocol have bounced off crucial support levels, which may help them regain lost ground.


Shutterstock cover by photostock360

Key Takeaways

  • Chainlink flashed several bullish signals on its 4-hour chart, suggesting that it is primed for another leg up.
  • Band Protocol was able to rebound from a crucial support level as whales bought the dip.
  • A further increase in buying pressure could see LINK rise to $20.00 and BAND towards $15.00.

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The most prominent decentralized oracle tokens in the cryptocurrency market, Chainlink and Band Protocol, look ready to resume their respective uptrends.

While LINK aims for previous all-time highs, BAND is bound for a 60% bull rally.

Chainlink Regains Crucial Support Barrier

Chainlink suffered a steep correction on Jan. 10 that saw its price drop by more than 30%. It went from trading at a high of $18.50 to hit a low of $12.50 in less than 24 hours.

From a technical perspective, the 200-day moving average on the 4-hour chart was able to act as stiff support and keep falling prices at bay. A spike in buy orders around this demand barrier was significant enough to push LINK back up and regain the 50-day moving average as support.

Chainlink US dollar price chart
LINK/USD on TradingView

Given the rising price action, the parabolic stop and reverse, or “SAR,” turned bullish.

This trend-following indicator now forecasts that Chainlink’s downtrend reached exhaustion, based on the 4-hour chart.

Each time the stop and reversal points move below an asset’s price, it is considered a positive sign. Therefore, the recent flip over indicates that this token’s trend changed from bearish to bullish.

Historically, the stop and reversal system has been highly effective in determining the course of LINK. The last two times the parabolic SAR flipped from bearish to bullish within the 4-hour chart, Chainlink’s token surged by 22.20% and 13.60%, respectively.

Chainlink US dollar price chart
LINK/USD on TradingView

The moving average convergence divergence, or MACD, adds credence to the optimistic outlook.

This technical indicator, which follows the path of a trend and calculates its momentum, had a bullish crossover within the same time frame. As the 12 exponential moving average crossed above the 26 exponential moving average, the odds for further upward price action increased significantly.

Chainlink US dollar price chart
LINK/USD on TradingView

If Chainlink continues to hold above the 50 moving average on the 4-hour chart, its price will likely continue to regain lost ground. This altcoin may aim for August 2020’s all-time high of nearly $20 or new record highs on its way up.

Nonetheless, slicing through the underlying support could push LINK’s market value down over 15% to the 200-day moving average, at $13.

Band Protocol Primed for a 60% Upswing

Band Protocol broke out of an inverse head-and-shoulders formation on Jan. 6, which was developing over the past four months within the token’s weekly chart. After slicing through the pattern’s neckline at $7.50, the DeFi token surged by more than 50% to peak at $11.40.

A spike in selling pressure around this price hurdle pushed BAND back to the underlying support, from where it rebounded.

Although the recent correction generated massive losses across the board, it can be considered a positive sign for future price growth. Assets that break out of inverse head-and-shoulders patterns tend to retrace to provide sidelined investors an opportunity to get back into the market.

A new influx of capital usually helps prices rebound to meet the pattern’s target, which in BAND’s case is $14.60. This target is determined by measuring the distance between the head and the neckline of the inverse head-and-shoulders pattern and adding it to the breakout point.

Band Protocol US dollar price chart
BAND/USD on TradingView

The bullish thesis holds when looking at Santiment’s holder distribution chart. The behavioral analytics firm recorded a significant spike in the number of whales on Band Protocol’s network while prices tumbled.

Indeed, the number of addresses holding 10,000 to 1,000,000 BAND shot up. Roughly nine whales have joined the network, representing a 14.80% increase in such a short period.

At first glance, the increasing demand among large investors may seem insignificant. However, when considering that these whales hold between $90,000 and $9 million in BAND, the sudden spike in buying pressure can translate into millions of dollars.

If the buying spree continues, Band Protocol may have the ability to advance further and meet the inverse head-and-shoulders’ target of $14.60.

Band Protocol Holders Distribution by Santiment
BAND Holders Distribution by Santiment

It is worth noting that the first sign of invitation to Band Protocol’s bullish outlook will come if its price closes below the neckline at $7.50.

By breaking below this support level, BAND may force investors to panic sell their holdings. If this were to happen, this cryptocurrency could revisit the $5.00 mark.

The Cryptocurrency Market Moves Forward

Most digital assets in the cryptocurrency market look unstoppable now that a new bull cycle has begun.

Although some market participants seem concerned about the lack of any significant correction, the market crash on Jan. 10 may have been the opportunity that sidelined investors had been waiting for.

The way large investors flocked to exchanges to “buy the dip” suggests that the market is bound for another leg up.

Most recently, CryptoQuant recorded a significant spike in stablecoin transfers to exchanges. Such behavior has helped fuel previous rebounds, pushing prices higher.

If history were to repeat itself, Chainlink could rise to $20.00 and Band Protocol towards $15.00.

Disclosure: At the time of press, the author held Ethereum and Bitcoin.

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Source: https://cryptobriefing.com/?p=77068

Blockchain

PayPal Reportedly Discussing Its Own Stablecoin

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Online payment operator PayPal is hitting the newswire today, reportedly discussing the creation of their own fiat-backed stablecoin. Adoption of broader mainstream crypto within major companies continues to grow, exemplified by this and other recent company discussions, such as eBay CEO Jamie Lannone discussing new potential payment options and potential utilization of NFTs in recent days.

What We Know

Initially reported by The Block, several unnamed individuals quoted to be familiar with the situation state that PayPal is engaging with a number of different developers, including Ava Labs, around the potential launch of their own stablecoin. With PayPal reportedly engaging with a number of different stablecoin developers, it’s rumored that PayPal could likely lean on a third-party company to develop the firm’s coin.

Ava Labs crypto, AVAX, had a surging start to 2021 but has cooled off and remained relatively stable in recent months. Ava Labs is fresh off the heels of announcing partnerships with The Graph and AllianceBlock in recent months.

Ava Labs AVAX surged to start the calendar year | Source: AVAXUSDT on TradingView.com

PayPal: Not New To Crypto

This isn’t the first sign of PayPal looking to dig into the crypto landscape, of course. The payments behemoth has previously acquired crypto custodian Curv, and in just the past month teamed up with Coinbase and helped raise Series D funding for crypto and blockchain startup Paxos.

These developments, of course, all follow PayPal’s added features over the past last year that allow users to buy, trade, and hold cryptocurrencies. PayPal’s mobile payment service Venmo launched ‘Crypto on Venmo’ roughly a year ago, and PayPal conveniently offers within it’s native software ‘Checkout with Crypto’, allowing crypto holders in the US to pay for online purchases. ‘Checkout with Crypto’ currently supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Coinbase, as part of the firm’s partnership with PayPal, launched ‘Buy With PayPal’ in tandem.

Related Reading | PayPal, Square, Others Crucial In Driving Bitcoin 70% Higher in a Month

What’s Next?

Following the release from The Block, a PayPal representative told the outlet that the company “continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space”.

PayPal’s recent moves to engage further in the crypto space, along with the recent partnerships and acquisitions for the firm suggest a new stablecoin is certainly not out of the realm of possibility. This news also comes to the market less than two weeks after a statement from PayPal CEO Dan Schulman expressing that demand for cryptocurrencies has been “multiple-fold” relative to expectations.

PayPal engages with business in over 200 countries and over 100 global currencies, and conducted over 15 billion payments worth nearly $1T USD last year alone.

Featured image from Pixabay, Charts from TradingView.com

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Source: https://bitcoinist.com/paypal-reportedly-discussing-its-own-stablecoin/?utm_source=rss&utm_medium=rss&utm_campaign=paypal-reportedly-discussing-its-own-stablecoin

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Blockchain

EBay Is Exploring NFTs and Possibly Crypto Payments

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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/ebay-is-exploring-nfts-and-possibly-crypto-payments/

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Blockchain

Top Female Athletes Jump In On Releasing NFTs

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Athletes and entertainers announcing new non-fungible token (NFT) releases have recently become a near daily occurrence. Sports agency Wasserman announced this week that several of their top-tier female athletes will be the forefront of a new NFT release, including US Women’s National Team star Megan Rapinoe and eleven-time WNBA All-Star Sue Bird.

Wasserman titled the NFT release as “The Collective Series”, which parallels branding around the firm’s division ‘The Collective’, a company vertical that was created to drive opportunity and visibility for female athletes.

The Who, What, And Where

Beyond Rapinoe and Bird, at least five other elite female athletes from a variety of different sports are joining the fold as well, all of which are represented under the Wasserman umbrella, including X-Games gold medalist skateboarder Mariah Duran, Paralympian Scout Bassett, and Olympic fencer Ibtihaj Muhammad. More athlete announcements will be included in advance of the May 10th release date.

The NFT cards will be limited as a one-of-one for each individual athlete and released on the Zora marketplace. Leading design for the NFT collectables is LA-based artist, Lauren Nipper.

Related Reading | Money In Memes: Dogecoin And Funny NFTs Go Viral

Circe Wallace, Wasserman’s EVP of action and Olympic sports and one of the leaders in ‘The Collective Series’ initiative, noted in a media release that “typically, athletes are bound by union and league restrictions, so the nature of NFTs in allowing women athletes, in this instance, to have full autonomy and agency over their own name and likeness in the crypto realm is a really unique opportunity”.

Wallace added that she anticipated most athletes in the series to opt towards an open-auction bidding style for their NFTs.

total crypto market cap 2t NFTs

Crypto market growth has attracted many into NFTs | Source: CRYPTOCAP-TOTAL on TradingView.com

NFTs And Their Broader Impact On Athlete’s Name, Image, And Likeness

NFTs continue to push the fold for individual athletes in addressing how sports in particular value name, image, and likeness (NIL). Outside of professional sport restrictions mentioned by Wallace, such as union and league restrictions, broader name, image and likeness changes have become a hot topic, particularly in the college sports landscape as state legislation across four states this year (Florida, New Mexico, Mississippi, Alabama) are set to be enacted on July 1st.

Another seven states have NIL legislation in the pipeline. At a high level, these legislative actions are generally aimed towards giving collegiate athletes more flexibility in utilizing their name, image, and likeness.

Companies like INLFLCR are already gearing up to take advantage for these likely changes in collegiate athletics that will open doors for athletes and new brand engagement. INFLCR offers a suite of tools that looks to adapt with the shifting rights landscape, ensuring compliance with changing NCAA rules and state legislations, all while increasing opportunities for college athletes.

Related Reading | Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run 

In the professional athlete landscape, which encompasses Wasserman’s ‘The Collective’ release, NFTs continue to break ground for unique athlete engagement with fans.

This release follows a number of individual athlete NFT releases over the past few months, including Rob Gronkowski, Damian Lillard, Patrick Mahomes, and the former Clemson quarterback and anticipated top NFL draft pick Trevor Lawrence (who’s release, as to be expected, was art-driven and not inclusive of his personal image or collegiate affiliation).

Featured image from Pixabay, Charts from TradingView.com

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Source: https://bitcoinist.com/top-female-athletes-jump-in-on-releasing-nfts/?utm_source=rss&utm_medium=rss&utm_campaign=top-female-athletes-jump-in-on-releasing-nfts

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