Category: Cryptocurrency News

Volumes at Synthetix surpassed it’s nearest DEX competitor, but contracting user activity across decentralized exchanges could be a red flag.

The reported attacker is a known exploiter, labeled ‘Fake_Phishing750’ by BscScan.

The bullish momentum in Chainlink (LINK), which spiked the asset to $6.75 on May 18, 2023,  ended on May 19. From May 19 till date, LINK recorded a bearish pressure as the price gradually decreased each day till May 24, when it closed at $6.33.  Currently, on May 25, 2023, Chainlink’s price stands at $6.30 on CoinMarketCap, indicating a further decline over the past 24 hours. Related Reading: Why This Top Financial Expert Is Saying ‘Buy Bitcoin’ Amid Looming Bank Failures LINK Bears Dominate Market With Strong Momentum LINK is a prominent cryptocurrency that bridges the gap between smart contracts and real-world data. The native token of Chainlink, LINK, has exhibited negative performance within the last day’s trading session. Notably, the asset has been on a downtrend in the last seven days resulting in a loss of 6.25%. These losses suggest sellers pressure buyers beyond their capacity to hold the price, leading to downward pressure on LINK’s price. Investor’s market confidence was reduced, resulting in a steady price decline over the last seven-day trading session. Based on social sentiment indicators, CFG, Chainlink (LINK) displays a general negative sentiment with a reading of 17.5%. This implies negative social media conversations or a lack of enthusiasm among investors toward LINK. Bearish Trendline Pattern LINK has been on a bearish trendline chart pattern since April 18 till date, resulting in a constant price decline within the context of the downward trend. This pattern is characterized by a series of lower highs and lower lows, indicating sustained selling pressure and a lack of bullish momentum. Traders and investors may interpret this pattern as a signal to anticipate further price declines and consider strategies that align with a bearish market outlook. Related Reading: Bitcoin Bears Aim Big After Recent Breakdown Below $26,500 Due to increased selling pressure, LINK has broken through the first primary support level of $6.2 and is heading to the next support level of $5.9. With the current bearish momentum, the asset may soon hit this support in the short term.  LINK Technical Analysis Using Indicators LINK’s trading chart for May 25 shows that the asset’s market trend is bearish. The asset trades below the 200-Day And 50-Day Simple Moving Averages (SMA), suggesting a bearish market sentiment. This indicates that LINK will experience a bearish momentum both in the long and short-term trends. Investors may see this as an opportunity to take profits, which will cause a further price decline. The Relative Strength Index (RSI) of LINK currently stands at 37.73, indicating a neutral market. However, the trend line is moving downwards, suggesting an increase in bearish momentum. It is worth noting that an RSI below 30 signifies strong selling pressure, indicating that bears control the market, whereas a level beyond 70 suggests bulls dominate. Lastly, the Moving Average Convergence/Divergence (MACD) trading below the signal line confirms the bearish moves present in the market. This indicator suggests a high bearish momentum in the market, just like the RSI depicts. Featured image from Pixabay and chart from Tradingview.com

The people spoke with their wallets submitted by /u/Gangaman666 [link] [comments]

submitted by /u/Fredzoor [link] [comments]

BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks.

On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) has found rejection at the long-term resistance zone recently. Bitcoin NUPL Has Observed Some Decline In Recent Days As explained by an analyst in a CryptoQuant post, the BTC NUPL metric has failed to clear a major resistance. The “NUPL” is an indicator that tells us about the degree of unrealized profit or loss that’s currently being held by the investors. By “unrealized,” what’s meant here is that the holders have accumulated profits/losses (due to the price being more/less than what they purchased the coins at), but they are yet to actually sell their BTC to set them in stone. When such investors who are holding unrealized profits/losses do end up selling eventually, the profits/losses they were previously holding are said to be “realized.” When the value of the NUPL is greater than zero, it means the average investor is carrying a profit on their coins right now. On the other hand, the indicator being below this threshold suggests the market as a whole is sitting on some loss currently. The zero value of the metric itself naturally represents the break-even level, as the total amount of unrealized profits in the market equals the unrealized losses at this mark. Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level Now, here is a chart that shows the trend in the Bitcoin NUPL, as well as its 365-day moving average (MA), over the last few years: The value of the metric seems to have been going down in recent days | Source: CryptoQuant In the above graph, the quant has marked the “long-term resistance” zone that the Bitcoin NUPL has seemed to have historically followed. This area, which lies in between the values of 0.31 and 0.38, has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown. When coming from above, however, there have also been bullish retests of this zone, as the points marked by the green checkmarks in the chart display. A prominent example of such a successful retest was back in July 2021, when BTC hit a local bottom and proceeded with the second half of the 2021 bull run following it. The example of a bearish resistance appears to have formed just recently, as the indicator entered the zone recently but has been rejected downwards. And with it, so has the asset’s price. It’s uncertain yet, but this rejection may have started an extended drawdown for the coin. “Given that the NUPL index has also formed a bearish Head & Shoulders (H&S) pattern, this could mean that Bitcoin could fall into the $24,000-$20,000 range,” notes the quant. “With the successful implementation of the H&S, the local uptrend of the NUPL index will also be broken.” Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? The Bitcoin NUPL has also shown interesting interactions with its yearly MA in the past; the indicator has sometimes found resistance or support at this level as well. “The last frontier for maintaining Bitcoin bullishness is the 365-day MA, which acts as reliable long-term support,” says the quant. “For the above scenario to be declared invalid, it is necessary to overcome long-term resistance sustainably!” BTC Price At the time of writing, Bitcoin is trading around $26,300, down 2% in the last week. BTC has plunged recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

​ https://preview.redd.it/in3e4q00c02b1.png?width=1080&format=png&auto=webp&s=216db668333c4cc0b3eabb4d17184b6efa4c9b23 Registration for Series 2 of the B_WC Hackathon Mini-Series is open! Register —> https://bwcseries2.hackerearth.com For Series 2, we invite you to BUILD Social Sign-In dApps WITH CELO, Masa, and cLabs (Social Connect) ​ Twitter Space Kickoff https://twitter.com/i/spaces/1OyKAVeqXdMGb?s=20 Masa Repo https://github.com/masa-finance SocialConnect Repo https://github.com/celo-org/SocialConnect More Details about the 4-Part Series https://bwc.celo.org Celo "Getting Started"…
Read more