” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin’s recovery to over $600. The level is the last major resistance zone before an all-time high retest is due. Here is the level to watch for where a reversal could take place, or if it’s too late and the cryptocurrency will just keep on going from here.
Ethereum Takes Out $600, All-Time High Possible With Another Leg Up
Bitcoin price reaching prices near $20,000 has diverted incoming capital toward altcoins once again. Ethereum had been feigning signs of weakness, but instead was gearing up enough strength under the radar to make a similar-sized push as Bitcoin.
With Ethereum being the most robust network of the rest of the space and in second in place by rank, it is the first logical » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin to put money into next to BTC.
Related Reading | Analyst: Ethereum And Litecoin Forecast One Last Crash Against Bitcoin
And investors are doing just that. Ethereum and other major altcoins are posting larger gains than Bitcoin itself.
The top-ranked » Read more
The ongoing crypto market rally has pushed Ethereum as of this morning past the pivotal $600 mark. The level is the first area in a series of four weekly resistance zones.
The » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin spent very little time trading around those prices, however, and much like Bitcoin has demonstrated recently, they might not pose much threat to the current bullish momentum.
Price action is rapidly approaching all-time highs, with very little price action above current levels | Source: ETHUSD on TradingView.com
At this rate, and given the sudden revival of interest in the cryptocurrency market, a retest of both Bitcoin and Ethereum’s all-time highs could very well arrive sooner than later.
Related Reading | Why Bitcoin Dominance Suggests Alt Season Is Still Many Months Out
Things are undeniably overheated, but conditions are unique in the fact that the dollar is breaking down, and hard assets like crypto are especially bullish in such situations.
How far will this one Ethereum rally go?
Featured image from Deposit Photos, Charts from TradingView.com
TomoChain Launches LuaSwap: Attempts to Fight High ETH Gas Fees
Ever since last summer, the DeFi space is booming. The total value locked in various protocols has surged to more than $24 billion, up some 4000% in less than a year. But there’s one challenge that many believe is hampering the further growth of the space – sky-high ETH gas fees.
The Booming DeFi Space
The massive increase in popularity of decentralized finance (DeFi) led to the creation of hundreds of projects, each one battling to garner the user’s trust. One of the more successful ones is Uniswap – an automated market maker and a decentralized exchange for ERC20 tokens. This, however, created an issue.
Ethereum’s suffering from congestion: with so many apps and people using the network, gas fees are high and transactions can be slow. In fact, gas fees have been so high lately that many started to question whether DeFi is actually only profitable for larger holders.
TomoChain proposes a solution to this with its Proof of Stake Voting (PoSV) consensus algorithm which incentivizes all token holders to be active in staking across a network of over 150 Masternodes. In essence, the goal is to help Ethereum’s network function more efficiently.
Put simply, LuaSwap is a coin-swapping platform which enables users to trade various cryptocurrencies. The main benefit of using it compared to other similar solutions such as Uniswap or SushiSwap, for instance, is that it’s cheap – it runs on TomoChain, not on Ethereum.
The promise is for near-zero gas fees and quicker transactions thanks to the 2-second block confirmation and the ability of TomoChain to handle up to 2,000 transactions per second.
It’s worth noting that the fees on Ethereum’s network have been so high lately, that they’ve eclipsed Bitcoin’s network by a factor of 3x. Over the past seven days alone, Ethereum saw around $10 million in fees, while Bitcoin’s network – only about $3 million. Interestingly enough, Uniswap’s V2 lines up third with $2.4 million in weekly fees.
Polkadot, Ethereum Classic, Maker Price Analysis: 27 December
Polkadot moved below its $16.05-support level, with its indicators highlighting more bearishness for the price over the coming trading sessions. Other altcoins such as Ethereum Classic and Maker moved within fixed channels on their charts and awaited further cues from market leaders BTC and ETH.
The world’s fourth-largest cryptocurrency, Polkadot was trading at $15.7, at press time, down by 8.6% in 24 hours. The fall was a sign of the selling pressure that gripped the market since the price was unable to break above the $18.9-resistance. On the charts, the candlesticks moved below the 20-SMA (yellow) and 50-SMA (blue) and signaled a bear market for DOT. Moreover, the indicators suggested that the bearish momentum was on the up and that the price could move lower on the charts.
The Awesome Oscillator’s red bars rose in length below zero and so did the red bars on the MACD’s histogram.
Ethereum Classic [ETC]
Ethereum Classic moved rangebound between $7.74 and $7.06 as a lack of strong momentum prevented a breakout in either direction. Low trading volumes and limited buying activity also accentuated the crypto’s recent price action. An extended bearish scenario could see the price fall below its immediate support level and move towards the $6.2-support. On the other hand, a bullish outcome would see the price rise towards the $8.3-resistance level.
The Relative Strength Index stabilized just above the oversold zone and outlined the bearish nature of the crypto’s price.
The Chaikin Money Flow suggested that capital inflows into the market were beginning to recover on the charts.
Maker was trading within a channel of $1,490.60 and $1,325.90, at press time, continuing its trend over the past five days. While it looked like the bears were about to flip the press time support, some bullish activity was recorded in the last trading session. However, a further pullback in the broader market could see the price head lower towards $1,153.4, while a bullish scenario could see a rise towards the immediate resistance.
The Bollinger Bands suggested low volatility in the price as the bands were compressed.
Finally, the Awesome Oscillator was bearish-neutral, but the momentum was weak.
Chainlink Price Analysis: 27 January
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Chainlink‘s price was highlighting the promise of a surge, one that could range anywhere between 18% to 40% over the next month. This surge will be pivotal to the project’s prospective listing by the Grayscale Investment company. It should be noted though that while the rumor got some credibility recently, Grayscale hasn’t announced the listing of these assets yet.
At press time, LINK was trading at $21.42 with a market cap of $8.6 billion, with the altcoin ranked the seventh-largest cryptocurrency on CoinGecko. After recording a 3.2% surge over the previous week, the oracle platform token might be witness to yet another surge soon.
Chainlink 6-hour chart
The attached chart highlighted that Chainlink was in a massive bearish ascending parallel channel pattern. The price got close to hitting the upper trendline, but failed after two tries. However, these attempts were what pushed LINK past its previous ATH and towards the new ATH at $25.8. Since hitting the new ATH, LINK’s price has seen a pullback down towards the lower trendline of the parallel channel, where it stood at press time.
Not only was the price being supported by the lower trendline of the channel, but the short-length EMA [yellow] was also preventing the price’s collapse. Hence, the price seemed to be primed for a bounce.
Adding more credibility to this bounce were the RSI and the Stochastic RSI, with both underlining a dip towards the oversold zone and loss of downward momentum. Finally, the MACD indicator was well below zero on the 6-hour chart, showing no signs of heading higher.
Overall, LINK’s price looked bearish on the charts, but considering the aforementioned supports, the bullish scenario also makes sense. There are two scenarios as to how the price could evolve.
In the first scenario, the price will bounce from the lower trendline of the channel or the mid-length EMA [blue] and head higher. This uptrend will have the potential to push the price up by 18% to 40% to $25.8 and $30.8, from where the price stood at press time.
A continuation of the downtrend after closing below the lower trendline would push the price down to $19.4 or $18.2, a development that would mean a 10% to 15% drop from the press time price.