Category: Cryptocurrency News

Ethereum core developers have decided a deployment date for the Dencun upgrade. It is scheduled for activation at slot 8626176, estimated for March 13 at around 8:55 am ET. submitted by /u/Buzzalu [link] [comments]

The Shiba Inu (SHIB) price has emerged from a persistent downtrend that dominated the past two months. A detailed analysis of the daily and weekly (SHIB/USD) charts indicates a series of critical technical factors that are currently influencing SHIB’s price movements. Shiba Inu Bulls Take Over On the daily chart, SHIB has broken through the upper boundary of the descending channel pattern that had been in place since the high at $0.00001193 reached in mid-December last year. This channel, characterized by lower highs and lower lows, had been containing the price action, but a recent surge in volume and buying pressure has allowed SHIB to breach this confinement. The breakout was confirmed by a close above the 200-day Exponential Moving Average (EMA, blue line), which is now acting as a support level. However, with the 20-day, 50-day, and 100-day EMAs converging just above current price levels (between $0.00000912 and $0.00000932), the bulls still have some work to do. Related Reading: Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops Notably, the Fibonacci retracement levels, drawn from the peak to the trough of the recent major move, reveal the following key price levels: the 0.236 level at $0.00000878 is still the most important support, followed by the 0.382 level at $0.00001050, the 0.5 level at $0.00001189, and the 0.618 level at $0.00001328 as the next crucial price targets. These levels often act as resistance during recoveries and, as such, are important targets for traders to watch. The Relative Strength Index (RSI) on the daily chart is hovering around the 51 mark, indicating a neutral momentum with a slight bias towards buying pressure. This leaves room for the RSI to climb before reaching overbought conditions, which are typically considered to be above the 70 level. Related Reading: Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar End Of The Consolidation Phase? On the weekly time frame, a larger trend line, which is providing support derived from an ascending triangle pattern, suggests a longer-term bullish sentiment underlying the recent bearish phase. This support line is critical as it has been respected numerous times in the past, making it a significant level for long-term holders. A decisive weekly close above the 20-week EMA at $0.00000904 this Sunday could pave the way for significant momentum. Subsequently, attention shifts to the 50-week EMA at $0.00000970, signaling potential further advances. The volume profile on both time frames has been relatively high during the breakout, providing further confirmation of the move. However, traders should be cautious as high volume can also precede volatility and potential price retracements. In summary, SHIB has exhibited a clear breakout from a two-month downtrend with immediate support and resistance levels identifiable through EMAs and Fibonacci retracements. Traders and investors should be closely monitoring these levels to gauge the sustainability of the breakout and the potential for a trend reversal. Featured image from Shutterstock, chart from TradingView.com

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Chainlink (LINK) has traders buzzing as its price has been up by 40% since the last week of January, massively outpacing the broader cryptocurrency market. Amidst this price spike, mysterious whale wallets have been topping up their holdings, as evidenced by on-chain data.  According to blockchain tracker Lookonchain, there’s been a massive outflow of LINK from crypto exchange Binance in the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this timeframe.  Massive LINK Accumulation Occurs On Binance Before Withdrawal Details from Binance point to an ongoing accumulation of LINK from the crypto exchange. In the middle of this accumulation, a particular whale or institution has been going on a buying spree, gobbling up more than 2.7 million LINK tokens worth $49.9 million. This accumulation came days after the Lookonchain noticed that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance. Related Reading: Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price Whales/institutions continue to accumulate $LINK! This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets. Whale”0x2A19″ withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf — Lookonchain (@lookonchain) February 7, 2024 Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the past 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges. 🚨 800,000 #LINK (14,701,915 USD) transferred from #Bybit to unknown wallethttps://t.co/RQEu3CxLVM — Whale Alert (@whale_alert) February 7, 2024 Analytics platform Santiment also noted that LINK whale addresses have upped their activity amidst the price surge as large amounts of coins were moved by previously stagnant wallets. This influx of tokens back into the network’s circulation, coupled with a minor liquidation of wallets, seems to have contributed to the price spike. 🔗📈 #Chainlink has jumped ahead of the #altcoin pack after some previously dormant wallets created the highest Age Consumed spike (5.38B, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of $LINK back into the (Cont) 👇 pic.twitter.com/eHVpeJz2HW — Santiment (@santimentfeed) February 1, 2024 How Will New Chainlink Whales Impact Price Action Going Forward? The crypto industry is currently going through a modest price gain led by Bitcoin recently breaking above the $44,000 level again. As a result, the industry is now up by 3.25% in the past 24 hours, with a 22.60% increase in trading volume.  LINK hasn’t been left out of this price gain, registering a 4.30% gain in the past 24 hours. However, LINK has been on a sustained breakout since January, reaching as high as $19.68 on February 5.  Related Reading: Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets The price spike isn’t particularly surprising, as fundamentals of the Chainlink ecosystem point to a steady price growth for LINK. Chainlink’s role in DeFi and NFTs with its smart contracts oracles cannot be overstated. Chainlink also recently released its Staking v0.2 protocol in December, allowing investors to stake a minimum of 1 LINK for a base floor reward rate of 4.5% per year in LINK. Consequently, the massive accumulation of LINK by whales is a very bullish signal for the token’s price action going forward. These large investors see LINK’s long-term value and potential and are loading up their bags in anticipation of higher prices. LINK price trading high at $18.7 | Source: LINKUSD on Tradingview.com Featured image from CoinMarketCap, chart from Tradingview.com

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