Eli Dambel, Author at tridEX

29th May 2023

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

EOS Network, a popular open-source blockchain platform prioritizing high performance and security, has recently witnessed a sharp price decline. The asset exhibits bearish sentiment in the 30-Day timeframe.

The EOS price is down by 14.19% in its one-month data from CoinMarketCap. This suggests that the bears have controlled the market since the last 30 days trading session. This shift in market sentiment raises questions about what lies ahead for EOS.

EOS Faces High Bearish Momentum, Further Price Decline, or Potential Reversal?

The bearish sentiment and the loss of control by the bulls have had a noticeable effect on EOS’s price. The cryptocurrency has experienced a downward trend, with declining trading volumes and increased selling pressure.

Notably, the 24-hour trading volume is declining by 13.29% today, May 29, 2023, and its market cap is down by 1.32%. As of the time of writing, the price of EOS is down by 1.28%, at $0.89.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

This trend reflects a shift in market dynamics as investors become more cautious and start to sell their EOS holdings.

Despite the prevailing bearish sentiment, potential catalysts could alter the trajectory for EOS. On May 26, the EOS network shared potential bullish news about its partnership with Hypha DAO and an initiative dubbed Beta Program.

EOS network claims that the Beta program will offer a range of pre-configured templates designed to meet different firms’ needs and objectives. Generally, this news may lead to a positive market impact on the EOS price and market sentiment.

EOS’s positive development and partnership can attract new buyers and increase demand, increasing prices. Also, Fear of Missing Out (FOMO), a psychological phenomenon, can create a buying frenzy and drive the price even higher quickly.

EOS Price Formed Double Bottom Pattern

In that sense, the EOS/USDT has formed a double-bottom chart pattern, suggesting a potential uptrend movement soon. The double bottom pattern is a bullish reversal pattern that typically forms after a prolonged asset price decline.

Confirming the double bottom pattern occurs when the asset’s price breaks above the resistance level formed by the peak between the two bottoms. This breakout confirms the reversal signal and suggests a higher probability of an upcoming uptrend.

EOS has an important resistance level at $0.931, which represents a significant blockage for possible bullish movement.

Bollinger Bands and MACD Signal Potential Trend Reversal

The asset is currently oscillating between the upper band and middle band of the Bollinger Band indicator. This suggests an increase in the buying pressure and a rising bullish momentum.

In addition, the Moving Average Convergence/Divergence (MACD) is currently above its signal line, suggesting bullish momentum. This indicates that the buyers are gradually taking over the market, and there might be a potential trend reversal soon.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

As seen in the chart above, the histogram is above zero and has strong green bars, further confirming the bullish sentiment in the market.

Featured image from Pixabay and chart from TradingView

29th May 2023

Bullish Run for Injective (INJ): Will the Momentum Continue?

The Injective (INJ) price has experienced an uptrend, resulting in price increases since yesterday, May 28. This trend indicates a positive sentiment among investors, with more buyers entering the market and increasing prices.

Meanwhile, the uncertainty around the price of the general crypto market has caused speculations about whether this momentum will continue.

Assessing The Potential For Sustained Momentum

The bullish sentiment in the INJ market has affected its price positively, resulting in an increase of 8.78% in the last 24 hours. Also, the buyers have maintained this momentum, resulting in a surge of 8.56% in the 7-day trading period.

The asset’s current price sits at $7.41 as of the time of writing based on CoinMarketCap data. The assets’ 24-hour trading volume and total market cap show positive market participation with an increase of 200.36% and 9%, respectively.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

INJ has maintained the uptrend movement by forming higher highs and lows. This formation indicates that INJ’s price is under bullish control, and the demand is growing rapidly.

Also, the asset trades above the trendline, which may be considered a trendline support for investors and traders. This positive sentiment may attract more investors and increase prices.

Recent Bullish Fundamentals

Recently, there have been many partnerships and initiatives around the Injective ecosystem. This has resulted in bullish sentiment and price gains for INJ.

On May 24, Injective announced the launch of the first IBN-enabled SVM Rollup with their partnership, Eclipse, on their page. This initiative will enable Solana developers seamlessly interact and build with Injective and the broader Cosmos universe.

The INJ team made this announcement on May 13, 2023, stating that anyone interacting with dApps built on INJ or L1 Chain may receive an NFT. The surprise NFT announcement boosted the bullish momentum in the market.

Bollinger Bands & MACD Signals Bullish Momentum

The asset is currently trading above the upper band of the Bollinger Bands Indicator. This suggests a bullish movement and a potential buy signal for investors and traders.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

It is important to note that an asset above the upper band implies that the price has moved to an extreme or overbought level.

In addition, the Moving Average Convergence/Divergence (MACD) is currently above the signal line suggesting a bullish sentiment. This indicates that the buying pressure outweighs the selling pressure.

The INJ price trades above the 50-day and 200-day Simple Moving Averages (SMA), indicating bullish sentiment. The price above both SMAs implies that the asset is under bullish pressure and a potential long-term bullish trend.

Also, a Demand Index reading of 0.170 suggests positive buying pressure in the market. This indicates that the buying pressure is relatively stronger than the selling pressure.

Featured image from Pixabay and chart from Tradingview

26th May 2023

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Toncoin (TON) has experienced a negative price decline, resulting in a bearish sentiment among investors of the altcoin. TON has been exhibiting a bearish strength on a monthly timeframe, based on data from CoinMarketCap.

Within the last 30-Day trading session, the asset is down by 15,67%, indicating a high bearish strength with low buying pressure.

As of the time of writing, the asset is experiencing a decline in value, as it’s down today by 2.76%. This downward trend has resulted in the asset, TON, reaching a low point of $1.91.

The decrease in value reflects a temporary setback in the market, indicating a decrease in investor confidence. It also detects a shift in the supply and demand dynamics surrounding the asset.

Toncoin (TON) Bears Maintained Their Positions

Toncoin (TON) witnessed a sharp price decline on May 23, from $2.03 to its present value of $1.89. This price decline represents a loss of 6.89%.

This decline reflects the dominance of bearish sentiment in the market, which shows a lack of investor confidence and a shift in the supply and demand dynamics.

According to the market sentiment indicator, the current market sentiment is bearish, while the Fear & Greed index value is a neutral 49. Notably, a Fear & Greed index value below 50 points to an increase in bearish momentum.

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Conversely, an important resistance level is noted at $2.080, representing a significant hurdle for potential upward movement.

Toncoin trades below the 50-day and 200-day Simple Moving Average (SMA). The SMAs formed a Death Cross in the TON market on May 21, 2023.

This confirms the bearish sentiment present in the market, indicating a potential sell signal and further price decline.

The Relative Strength Index (RSI) momentum oscillator value is 40.98 and points downwards. RSI is a popular indicator showing whether a cryptocurrency is oversold or overbought.

If TON RSI drops below 30, it may ignite high selling pressure and further price decline.

TON Demand Index and Bollinger Bands Signals Bearish Activities

The TON/USDT trading pair demand index is at -0.449, suggesting relatively weak demand for the asset in the market.

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Note that a demand index below zero is generally considered a lack of buying pressure. It also indicates that the selling pressure outweighs the buying interest.

In addition, the asset is heading toward the lower part of the Bollinger Bands indicator. This suggests an increase in selling pressure and high bearish momentum.

Featured image from Pixabay and chart from Tradingview.com

26th May 2023

Shiba Inu Whale Accumulates 261 Billion Shib Tokens In Just Three Days

A top SHIB whale added $1.18 million worth of Shiba Inu within 24 hours. Data from Etherscan.io reveals that this whale ranked as the nineteenth largest SHIB holder accumulating 140 Billion SHIB.

The whale acquired the SHIB tokens in two separate transactions marking its second massive accumulation within 72 hours.

SHIB Token Burns And Shibarium Launch Likely Behind Accumulation

Shiba Inu network and users engaged in massive SHIB burn events in 2023. The burning mechanism aims to reduce excess tokens and boost SHIB’s price. However, no notable price increase has occurred since the token burn events.

Nevertheless, the top SHIB whales are accumulating the tokens ahead of the Shibarium launch and a possible price increase for the asset.

BLAZE token has been identified as the largest SHIB burner in recent times on the ecosystem.

Shiba Inu Team Member Projects Timeline For Shibarium Launch

A member of Shiba Inu’s marketing team, LUCIE, shared her thoughts on the proposed mainnet launch of Shibarium in a Tweet.

Shibarium is a Layer-2 (L2) scaling solution created for the Shiba Inu ecosystem. Its launch date is highly speculative, with several dates proposed in the past.

However, LUCIE stated that she guessed the launch date would be in Q3 of 2023, while Shiba Inu founder Shytoshi Kusama projects in July.

The exact launch date remains a mystery and LUCIE believes the Shibarium Mainnet Launch will happen between the second and third quarters of 2023.

Additionally, she believes that Shiba’s team remains confident about the launch, with multiple teams working on it and exploring Artificial Intelligence (AI) integration.

LUCIE emphasized that the testing process is crucial and security audits are necessary before its launch. She explained further, that if tests go wrong, the Shibarium mainnet release will delay.

Shiba Inu Price Outlook

Despite the recent announcements concerning Shibarium’s launch, SHIB did not record much price fluctuation. It traded at $0.000009967 on May 1, 2023, before moving to $0.00001002 on May 2. However, by May 4, its price dropped to $0.000009896, losing some of its earlier gains.

SHIB dropped to $0.000008695 on May 11, showing price volatility. The bulls attempted to rally on May 23, pushing its price to $0.000008899.

However, SHIB met resistance returning to $0.000008519 on May 24 and is trading at $0.000008479 at press time today, depicting a 0.16% increase in 24 hours.

Despite the price gain, SHIB’s trading volume is down by 8%, a possible signal of traders’ hesitation in the market. But the launch of the Shibarium mainnet in the ecosystem may be the price catalyst SHIB needs to reclaim its gains as it may boost SHIB usage.

Shiba Inu Whale Accumulates 261 Billion Shib Tokens in Just Three Days

Featured image from Pixabay and chart from Tradingview.com

25th May 2023

Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts

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.

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.

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.

Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts
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

25th May 2023

XRP Bears Prevail As Asset Retreats From Recent Highs

XRP is in the red today, losing grip of its recent gains as the bears act on its price. The bulls had sustained the price momentum driving XRP to $0.4688 on May 19. The asset traded within this range till May 24, when the bears dropped it to a closing price of $0.454.

But today, XRP’s price has gradually declined to the $0.451 level as the bears continue to exert pressure on its price.

More Bearish Trend For XRP

XRP is in a downtrend today, forming a second consecutive red candle on the daily price chart with lower lows. The asset trades below its 50-day Simple Moving Average (SMA), a short-term-bearish sentiment. The 50-day SMA indicates XRP’s average price over a specific period.

Also, the Relative Strength Index (RSI) is 46.71 in the neutral zone and descending, further confirming a bearish sentiment for XRP. The RSI has two critical regions the overbought region and the oversold region. RSI values between 70 and 30 are neutral.

Given the descending line of XRP’s RSI, the asset is entering the oversold region from which a trend reversal is imminent.

XRP’s Moving Average Convergence/Divergence (MACD) is above its signal line, suggesting a bullish sentiment. However, the MACD displays negative values, and its histogram bars hint at a bearish reversal.

The MACD identifies the trend direction of an asset and is often used to place trades. Currently, it displays a tentative sell signal in the market today. But XRP is trading above the 200-day SMA, suggesting a bullish trend in the long run.

The altcoin is trading at the $0.4504 support level as the bears seek to push it down. Bearish pressure at the $0.46591 resistance level pushed XRP into a downtrend.

Ripple (XRP) Bears Prevail As Asset Retreats From Recent Highs

A further decline will see XRP return to the $0.44446 support level and push it to the oversold region. XRP will likely record more price drops in the short term.

However, since it is still trading above its 200-day SMA, a long-term bullish sentiment, the bulls will rally again once they regain control of its price.

XRP Updates Might Influence Price Action In Long term

Ripple Labs’ ongoing legal case with the US Securities and Exchange Commission is likely one of the reasons behind XRP’s price downturn. However, as the Ripple CEO said, the case may likely conclude soon.

Ripple Labs Attorney Kylie Chiseul Kim filed a letter to withdraw as legal counsel for their ongoing case. The Attorney is leaving her former employers, Kellogg, Hansen, Todd, Figel & Fredrick P.L.L.C, and Devbevoise & Plimpton LLP. Nevertheless, the court filings stated that the law firm would remain counsel for Ripple Labs.

Featured image from Pixabay and chart from TradingView.com

24th May 2023

Polkadot (DOT) Bulls Retreat As Bears Drag The Price Down

Polkadot (DOT) is in the red today as the bears seek to regain control over its price. DOT traded at $4.37 on January 1, 2023, and increased to $5.13 on January 11.

It remained within this range before moving to $6.23 on January 20. Also, DOT increased to the $7 price level on February 17 as the bulls seized control of its price.

However, a gradual bearish turn between March and April forced it back to $5, where it currently trades today.

Polkadot Price Prediction Today Are The Bears In Control?

DOT is trading in a sideways trend forming a red candle on the daily chart. It is below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term.

The SMA calculates an asset’s average price over a specified period and helps predict trend direction. If the bears persist, DOT’s 50-day SMA, which is about to drop below its 200-day SMA, will form a death cross. Also, the Relative Strength Index (RSI) is 40.73 and in the neutral zone. The RSI is a trend-based indicator.

DOT’s RSI is moving downwards, hinting at further price decline to the oversold region before a trend reversal. The cryptocurrency’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence.

Also, the MACD – a trend momentum indicator that displays the relationship between two exponential moving averages (EMAs) and an asset’s price, displays a negative value conforming to the bearish trend today. The green histogram bars are fading, indicating a changing trend direction.

DOT’s technical indicators all hint at the possibility of further price decline for the asset. It is close to the $5.29 support level as the bears at the $5.42 resistance continue to act on its price, forcing a decline.

Polkadot (DOT) Bulls Retreat As Bears Take The Price Down

DOT has remained in a sideways trend for the last few days and further price decline remains a possibility. However, if the bulls rally again, the $5.42 resistance level will be a realistic target before the $6 psychological resistance level.

The altcoin will likely enter a downtrend if the bears maintain the pressure today. But one thing that offers the possibility of a bullish reversal is the upcoming ‘Polkadot Decoded 2023’ event in June.

Polkadot Decoded 2023 Might Boost DOT’s Performance

Polkadot is hosting a community event, ‘Polkadot Decoded 2023’, between June 28-29 in Copenhagen, Denmark. This event will assemble the Polkadot community in progressive talks anchored by over 100 quality speakers in the crypto community. Also, developers will benefit from interactive and practical sessions based on Polkadot’s technology.

Free virtual tickets are currently available for the wider crypto community around the globe to stream the event online.

Featured image from pIxabay and chart from Tradingview.com

24th May 2023

Cosmos (ATOM) Bears Dominate As Bulls Struggle To Drive Price

Cosmos (ATOM) experienced a short bullish momentum on May 10, 2023. The asset saw an increase of 10.89% taking its price to a high of $11.2.

However, the bears regained control of the market on May 13 and sent the coin to its current price of $10.40, representing a decrease of 1.12%. From the beginning of May 2023 till date, ATOM has witnessed a price decline of 11.2%, based on its current price.

Bears In Control of Comos (ATOM) Price

The ATOM/USDT daily chart suggests that the market sentiment for Cosmos (ATOM) is predominantly bearish. It also shows a downward price movement dominating and hindering any potential bullish momentum.

The price of ATOM was influenced negatively by the recent chaotic legal battle with its former growth and strategy chief, Grace Yu.

The news raised negative sentiments among investors and market participants toward Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to close the case against Grace Yu. And this action indicates a level of concern within the Cosmos community.

Negative sentiment towards an asset can influence investor behavior, decreasing demand for ATOM and potentially contributing to downward pressure on its price.

An example of this is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for identifying potential resistance levels since the asset has tested it severally.

Cosmos (ATOM) Bears Dominate As Bulls Struggle To Drive Price

Cosmos (ATOM) trades between $10.160 and $11.301 support and resistance levels. ATOM breaking through the $10.160 primary support level will confirm the bearish momentum. Afterward, the bears might target the next support level at $8.441.

However, the bulls are trying hard to push the price to the primary resistance level of $11.301 but couldn’t due to the high bearish momentum.

ATOM Technical Analysis

ATOM is trading below its 200-Day and 50-Day Simple Moving Averages (SMA), suggesting a bearish market sentiment.

This level indicates that ATOMs’ recent and long-term price averages are declining, potentially indicating a negative trend and a higher likelihood of further downward price movement.

The Moving Average Convergence/Divergence (MACD) confirms the bearish market sentiment as the asset trades the signal line. It suggests that the short-term moving average moves lower than the longer-term moving average, pointing toward downward momentum.

Meanwhile, the Relative Strength Index (RSI), with a reading of 43.29, suggests a neutral market sentiment.

The indicator shows the price is neither overbought nor oversold. For now, the ATOM price outlook is bearish. But crypto assets are volatile and could deviate from predicted price trends without warnings.

Featured image from Pixabay and chart from Tradingview.com

23rd May 2023

Here’s What The Metrics Say About Polygon’s (MATIC) Uptrend

The price of Polygon (MATIC) and other notable crypto assets has been experiencing some volatility recently. The fluctuations present in the MATIC market can present traders and investors with profit-earning opportunities.

Within the last seven days, the price has witnessed a significant increase of 3.25%, indicating strong momentum from the bulls.

Analyzing The Polygon (MATIC) Bullish Momentum

Polygon is the scaling solution for Ethereum and the network’s increasing adoption could increase its price as the demand grows over the long term. As of today, the price of Polygon (MATIC) is at $0.8861 in the last 24 hours, representing an increase of 1.64%.

Polygon (MATIC) Price Enters An Upward Trend, What Do The Metrics Suggest?

This price movement suggests a positive market sentiment and a growing demand for the asset. It also indicates that the bulls are in control of the market. Also, MATIC Dominance & Social sentiments are above 50%, indicating neutral pressure.

Since both the market dominance and social sentiment are rising above 50%, it implies that MATIC has a positive sentiment among investors in the crypto market.

The MATIC/USDT pair has formed a bullish flag pattern, suggesting a potential trend reversal and an end-to-downtrend movement.

The breakout that occurred in the bullish flag pattern may be considered a confirmation of a trend reversal for traders and investors. As the asset trades between its support and resistance levels of $0.8399 & $0.9086, traders are watching these levels closely for possible breakouts.

If MATIC breaks above the significant resistance level, it will trigger a bullish trend. The next support and resistance level will be at $0.5142 and 1.5799.

However, if MATIC breaks below the $0.7536 support level, it could signal a bearish trend, and traders may look for selling opportunities.

MATIC bears are currently trying to build momentum, but the bulls strongly hold their respective positions. This indicates a consolidation phase and a potential long-term uptrend if the bulls maintain this strong momentum.

MATIC Technical Analysis Using Indicators

The token has been on a downtrend since April 18, when the bears took control of the market. But recently, the asset has been showing signs of a potential trend reversal.

The Moving Average Convergence Divergence (MACD) trades above the signal line. This indicates a potential bullish trend in the market. Also, the histogram is above zero with strong green, confirming the bullish sentiment.

Additionally, the Relative Strength Index (RSI) momentum oscillator has a reading of 42.35, suggesting neutral pressure from the bulls and bears.

The market trades below the 50-Day and 200-Day Simple Moving Averages (SMA). This suggests a possible bearish movement. Nevertheless, the token bounced off a critical support level of $0.88 and may attempt to continue the bullish move.

Featured image from Pixabay and chart from Tradingview

23rd May 2023

Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth

Avalanche (AVAX) is gaining today as it seeks to retain its gains in the last 24 hours. Its trading volume is up by over 18% today, possibly sustaining its price recovery attempt.

Notably, AVAX entered the month of May with a bullish momentum trading at $16.66 on May 1, 2023. However, the bears have kept AVAX’s price at $14 since May 18.

It now approaches the $15 price level seeking to rediscover its positive price form. The increased trading volume today implies that more activities are ongoing on the network.

This surging interest in the network might help AVAX sustain its uptrend. A return to $21 remains likely for the asset in the long term.

AVAX Price Moves

AVAX is gaining today, forming a higher high on the daily chart. The bulls are intent on mounting a recovery rally. However, the bears are still active in the market.

Since AVAX still trades below its 50-day and 200-day Simple Moving Averages (SMA), the asset will likely see a further price decline in the short and long term. The SMA’s display sell signals prompting traders to take short positions in the market today.

However, some indicators are pointing to a price recovery for AVAX soon. For instance, the Relative Strength Index (RSI) is 38.53 and close to the oversold region.

The RSI indicator mirrors the bearish trend that began on May 18, 2023, but the indicator is moving upwards, hinting at a potential trend reversal for the asset.

Although the AVAX’s Moving Average Convergence/Divergence (MACD) is just breaking above its signal line and showing convergence, its histogram bars display small green bars hinting at a potential trend reversal to the upside.

A close look at the chart structure shows that AVAX entered a downtrend on April 19, 2023. But it found support on May 22, sparking hope for a price recovery.

What’s Ahead For Avalanche?

AVAX has found valuable support at the $14.29 price level, a pivot point for the asset. It is currently trading above its closest resistance level of $14.29. However, the bears are still active in the market, intent on keeping it below the next resistance level of $15.21.

Avalanche (AVAX) Trading Volume Skyrockets Amid Sustained Price Growth

From historical price behavior, AVAX pivoted on the $14.29 support on March 11, 2023, rallying to $21.29 on April 18, with dips in between. It replayed the same action on May 22 and will likely rally again to the $21 price level in the longer time frame.

Note that crypto assets are volatile and can deviate from historical price action. Therefore sound technical and fundamental analysis is essential for trading.

Featured image from Pixabay and chart from Tradingview.com

22nd May 2023

Chainlink (LINK) Price Defies Bearish Pressure With Strong Recovery

The bearish pressure in Chainlink (LINK) since April 19, 2023, seems to have ended recently. Notably, the asset dropped from $8.57 to a low of $6.37, representing a dip of 25.67% between April and May 11.

However, a strong recovery in the LINK market started on May 12 till date. On May 21, 2023, the coin rose to a local high of $6.782, changing the trend to favor the bulls.

As the bulls take back control of the market, the price of LINK has increased significantly, giving the investors/traders hope and creating positive sentiment.

Bulls Build Strong Momentum

Chainlink (LINK) is a leading cryptocurrency that connects smart contracts with real-world data. LINK has demonstrated exceptional performance in the crypto industry, boosting its market capitalization significantly.

The price of Chainlink is $6.48 today, May 22, 2023, with an estimated market cap of $3.35 Billion. LINK’s 24-hour trading volume is up within the last 24 hours by 80.93%, indicating high trading activity in the market.

Currently, Chainlink’s Fear & Greed Index is 76% at Extreme Greed, suggesting that the market sentiment is leaning toward more buying sentiment. This means that investors and traders may be more optimistic about the market’s future and are more inclined to take risks.

One of the key factors contributing to the bullish sentiment around LINK is the general market sentiment toward cryptocurrency. The Relative Strength Index (RSI) indicates the market still favors the bears.

Also, LINK is currently trading below both its 200-Day and 50-Day Simple Moving Averages (SMA), which shows a bearish trend in the market. This also indicates that both long and short-term trends are bearish.

The Moving Average Convergence/Divergence (MACD) confirms a strong bullish momentum as its trades above the signal line. Moreover, the histogram validates the bullish sentiment with a positive trading value and bars above zero.

Chainlink (LINK) Price Defies Bearish Pressure With Strong Recovery

LINK oscillates between its direct support and resistance levels of $6.212 and $6.773, respectively. The next significant support level is $5.404, while its next resistance level is $7.5. With added momentum from either side, bulls or bears, LINK may hit these levels soon.

Chainlink Whales Are On Accumulating Spree

According to the on-chain data, whales are strongly bagging LINK into their purse, despite the last dip in the asset. Data from Santiment shows that the 10,000-10,000,000 key whales are accumulating more coins.

This development is encouraging, considering the state of the asset. It might drive up the demand for LINK as investors will be more optimistic.

Generally, the number of whales on the LINK network has been on the rise since 2020. Despite the bear market, the number of whales who stayed with LINK never dropped a bit.

Even with the limited liquidity and funding, the growing presence of whales on the network could fuel further momentum in Chainlink, leading to a rally for the cryptocurrency.

Featured image from Pixabay and chart from Tradingview.com

22nd May 2023

Shiba Inu (SHIB) Burn Continues As Community Destroys 3 Billion Tokens In One Week

The Shiba Inu community remains passionate about controlling its price action by eliminating excess tokens in circulation through burn events as the community has continued to burn SHIB tokens.

Recent data from Shibburn.com reveals that 3.05 billion SHIB got burnt in eight separate burn transactions in the past seven days. The latest statistics represent a 75% increase in the total burn rates compared to the 1.75 billion SHIB burned the previous week.

Shiba Inu Token Burn Continues

Blaze token has become the top-ranked SHIB burner in the ecosystem since its launch. The project destroyed over 3 billion SHIB in a single transaction executed on May 16, 2023.

In the last 7 days, there have been a total of 3,054,599,199 $SHIB tokens burned and 8 transactions. #shib

— Shibburn (@shibburn) May 21, 2023

Also, a mysterious wallet burnt 18.23 million SHIB tokens on 16th May, making it a record-breaking date in the ecosystem.

The Shiba Inu community has burnt over 410.6 billion SHIB, with over 574.30 trillion still in circulation. A Twitter user, SHIB INFORMER, notably posted a snapshot of a proposed token burn mechanism on Shibarium.

According to SHIB INFORMER, the Shibarium burns will focus on transactions and regulating the excess supply of tokens in the community through a burning mechanism to boost the value of SHIB tokens.

The Shibarium upgrade is a layer-2 (L2) solution built on the Ethereum network for Shiba Inu. It seeks to transform Shiba Inu from a meme coin to a functional ecosystem. Although there is no definite date for its launch, the SHIB community expects it in 2023.

SHIB Price Action

SHIB is experiencing volatility today as it seeks to recover from the recent price drop in May, leading to a death cross on May 10, 2023.

However, the bears are active in the market, keeping its price down. As such, SHIB is still trading below its 50-day and 200-day Simple Moving Averages (SMA).

Even though the SMAs indicate a bearish sentiment in the short and long term, SHIB shows interesting signals hinting at a bullish recovery. Its Relative Strength Index (RSI) is 39.95 in the neutral zone but moving upwards, indicating a price recovery ahead for the asset.

Also, SHIB’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish signal. Notably, its histogram bars are bullish, confirming a bullish sentiment today.

SHIB Burn Continues As The Community Destroys 3 Billion Tokens In One Week

SHIB is close to the $0.00000882 resistance level after it found critical support at $0.00000851. The bears could not return SHIB’s price to $0.00000824, implying that an uptrend to reclaim its closest resistance level is possible.

SHIB will likely rally in the short term to reclaim the $0.00000884 price level, although there are no guarantees in the crypto market climate.

Featured image from Pixabay and chart from TradingView

20th May 2023

XRP Emerges As Top Performing Crypto With 55% Surge – Messari Report

Amid the prevailing bearish trend in the crypto market, XRP has stayed afloat above other assets with impressive gains. A report from a leading crypto market intelligence product provider, Messari, revealed the Ripple native currency XRP took the lead in the overall crypto market in Q1.

XRP Takes The Lead In Overall Crypto Market

According to data from Messari, XRP outperformed other crypto assets with a 55% surge on a quarter-on-quarter (QoQ) basis.

From the report, the market cap of XRP grew by a whopping 59.9% in the first quarter of the year. The value increased from $17.4 billion on January 1 to $27.4 billion on March 31.

Notably, the growth rate for XRP’s market cap exceeded the cumulative crypto market cap that witnessed a 46% surge within the same period.

Messari’s report also showed that XRP kicked off the year with a trading price of $0.35 as of January 1. With the increasing volatility in the crypto market during the beginning of 2023, XRP rallied progressively through the days. As of January 23, XRP’s price hit $0.43 before retracting due to the influence of the bears. The token closed in January with a 19.71% increase in value.

XRP Emerges Top Performing Crypto With A 55% Surge QoQ, Messari Report

The second month wasn’t quite eventful for XRP as the price gradually dipped to $0.36 amid the downtrend in the overall crypto market. However, XRP ended February with a 7.27% drop as the price hit $0.37.

Then XRP’s price rally took a more aggressive look in March. The price of XRP ranged from the beginning of March. But it gained momentum from March 21 as XRP broke the resistance level at $0.400.

XRP sustained its volatility and pushed higher with a more bullish stance through the remaining days in March. The token rallied beyond the $0.500 region and progressed higher.

Messari noted that XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%. This price rally was peculiar to XRP, although most crypto assets posted a decline during the period.

Finally, XRP closed with a price of $0.54 on March 31, a 43% price surge for the month. The feat pushed the token to an overall price gain of 55% in Q1 2023.

XRP Performance Analysis In Q1 2023

Besides the XRP’s price performance, the Messari report also highlighted other performance indicators for the token.

The data shows an increase in XRP’s overall network activity metrics in Q1. The total active addresses and average daily transactions surged by 13.9% and 10.7%, respectively, on a QoQ basis.

The total active addresses grew from the receiving addresses, which increased from 47,000 to 55,000 through a 17.1% surge. But XRP sending addresses dropped by 7.2%.

-Featured image from Pixabay and chart from Tradingview.com

20th May 2023

Chainlink (LINK) Price Down Today As Bears Take Control – Here’s Why

Chainlink has dropped slightly in the market today as bears seized control of its price. LINK’s current price depicts a loss of 87.7% from its all-time high of $52.88 on May 10, 2021.

The asset has been fluctuating between the $6 and $7 price levels since the beginning of May and is currently at the $6 price level. LINK is also recording a sideways trend on the daily chart, and its trading volume has also tanked by over 32%.

The recent price action is primarily influenced by macroeconomic factors such as inflation, regulatory laws and investor sentiment.

LINK Price Analysis

LINK is in a sideways trend today, forming a red candle on the daily chart. It is trading below its 50-day and 200-Simple Moving Averages (SMA), a short and long-term bearish sentiment.

Also, its Relative Strength Index (RSI) is at 41.30 and dropping out of the neutral zone to the oversold region of 30, confirming the bearish trend.

LINK’s Moving Average Convergence/Divergence (MACD) is just above its signal line and shows convergence, a bearish signal. Also, the MACD indicator displays a negative value.

LINK is just above its nearest support level of $6.362, which has proved critical after the 6.177 price level provided initial support. However, its signals on the daily chart look bearish, hinting at a further price drop for the asset. However, if the bulls mount a rally, LINK will encounter resistance at the $6.753 and the $6.907 price levels.

Chainlink Plummets as Bears Take Control: Here's Why The Price Is Down Today

LINK enjoyed a positive price movement in 2023. However, the bears are currently controlling the market. It will likely drop into an oversold region before the bulls rally again.

Recent Trends On LINK’s Network Likely To Affect Its Price

Chainlink NFTFi

NFTFi is a new concept combining NFTs and decentralized finance (DeFi) solutions. It aims at adding value and liquidity to the growing NFT market.

Chainlink adopted this technological upgrade enabling lending and borrowing. NFT holders now lock digital assets as collateral to acquire liquidity for another digital asset.

Such individuals become qualified to borrow digital assets by paying interest to lenders. This innovation shows why Chainlink has performed well in 2023 and is set for a further price boost if more investors adopt its tokens and upgrades.

Chainlink Upcoming Spring Hackathon 2023

The Chainlink Hackathon event will begin on April 28 and run until June 9, 2023. It is an initiative from the developers to interact and network with the growing Chainlink community.

It features several categories, such as Artificial Intelligence (AI), NFT and gaming, and DAO, and a grand prize of $25,000. Hackathons create great networking opportunities and exchange of ideas among the crypto community.

Also, it brings developers and coders together to interact and generate ideas, thereby boosting a network’s visibility, utility, and adoption.

-Featured image from Pixabay and chart from Tradingview.com

18th May 2023

Internet Computer (ICP) Dips, Will Bearish Momentum Persist?

The price of Internet Computer (ICP) experienced a downward movement dropping by 41.98% to a low of $5.05 on April 26, 2023. This was after a significant surge from April 10 to April 19, when it started the downtrend.

This price decline affected the market sentiment of Investors and traders. Since the beginning of this month, ICP has exhibited range-bound behavior. ICP price has fluctuated between $6 – $5, resulting in a sideway price movement.

The question is whether the bearish momentum will continue or if there’s a chance for a reversal soon.

Bears To Hold Current Trend, Or Will The Bulls Rebuild Momentum?

According to data, ICP experienced a slight price increase, reaching $5.34, representing a 2.7% increase within the last 24-hour trading period. This increase suggests that demand has surpassed supply in the market. This might attract more buyers and also increase the overall market confidence.

The total market cap of ICP is also up today by 2.58%, representing a value of over $2 million. The growth in market cap was potentially driven by an increase in demand or positive market sentiment. The 24-hour trading volume surged by 21.81% overnight, rising to about $19 million.

The Internet Computer Fear & Greed Index is 50 based on investor sentiment and market psychology. A value of 50 suggests that neither fear nor greed is dominant among traders and investors.

Based on the recent increase in the overall ICP’s price movement, the bulls are gradually taking control of the market. If this momentum persists, ICP might rise significantly in the next few weeks.

ICP Technical Outlook Using Indicators

The asset is trading above its 200-Day Simple Moving Average (SMA). This indicates a long-term bullish trend and presents a potential buy opportunity for traders and investors.

While ICP’s long-term prospects are bullish, there may be potential short-term uncertainties that need to be considered by traders.

For instance, the Relative Strength Index is showing 47.46. This shows that there’s market indecision between buyers and sellers. Also, the pressure currently in the market is neutral. Also, the Moving Average Convergence/Divergence (MACD) indicates a potential bearish trend as the MACD is trading below its signal line.

Moreover, ICP is below its 50-Day Simple Moving Average (SMA), a bearish indication based on the short-term price movement. The current price trend, as indicated by the ICP chart, suggests a possibility of further decline in the short term.

Internet Computer (ICP) Dips, Will Bearish Momentum Persist?

But it remains uncertain if this trend will continue or if the bulls will regain dominance as more developments on the network could spike adoption and usage. Internet Computer now trades between its direct support and resistance levels of $4.923 and $6.860.

The next significant support level is $3.302, while the resistance level is $8.251. If the bulls maintain this growing momentum, ICP might break the primary resistance level of $6.860 before heading toward the next resistance level.

Featured image from Pixabay and chart from Tradingview

18th May 2023

Ripple CTO Addresses Controversy Surrounding BitBoy’s BEN Token Sell-Off

The crypto space is bubbling with many comments and reactions about the sale of BEN tokens by the famous crypto influencer Ben Armstrong, also known as BitBoy.

One of the notable reactions came from the Ripple Labs CTO, David Schwartz, who disclosed that his lack of trust in the YouTuber goes far back in the past.

BitBoy Accused Of Dumping BEN Token

Armstrong allegedly sold off his BEN tokens, a newly launched crypto asset he controls. As reactions on social media platforms intensified, Schwartz revealed his dislike for BitBoy.

The CTO responded to a tweet on May 18 implying that Armstrong operated as a scammer by selling off the tokens even when he promised never to do so.

Schwartz boldly stated that, “I was hating on him before it was cool.” This indicated that Schwartz’s negative view of Armstrong dates back to the past, even before the recent incident.

A Web3-based corporate attorney and the Founder and Principle lawyer of Givner Law firm, Ariel Givner, also shared a Twitter post about an interview with BitBoy on May 14.

During the interview, Armstrong reportedly mentioned that he had no intention of selling BEN tokens. Givner disclosed how BitBoy expressed his trust and commitment to the BEN project. She also recalled that BitBoy revealed plans to maintain his holdings regarding his close ties with the project.

Additionally, the YouTuber had earlier stated that he had not locked his BEN tokens intentionally. To him, it’s a means of pissing off his haters that believe he is dishonest, a scammer, and a grifter. But according to Givner, the YouTuber contradicted his words and sold all the BEN tokens in his holding.

She alleged that Armstrong disposed of all his BEN tokens for approximately 45 ETH through multiple transactions. While providing proof of the transactions, Givner retorted that it’s “A tale as old as time.”

I interviewed @Bitboy_Crypto the other day about $BEN. For over an hour, he stated this project meant something to him, that he was going to “lift crypto up” and had no plans to sell.

Today he sold his $BEN tokens for roughly 45 $ETH.

A tale as old as time.

— Ariel Givner, Esq. (@GivnerAriel) May 17, 2023

BitBoy Denies Dumping The Tokens

Armstrong has denied allegations of dumping the BEN project. The crypto influencer explained that he moved the tokens to generate funds for financing a deal that involves the BEN Foundation.

The YouTuber said that the original backer of the deal was delayed, so he sold off his tokens to step in and support it. Meanwhile, BitBoy didn’t reveal the transaction, and his claims didn’t go down well with most proponents.

However, the on-chain data provider, Etherscan, highlighted transactions from the wallet address connected to Armstrong. According to the data, the YouTuber swapped about 1 trillion BEN tokens for almost 45 ETH in three separate transactions.

BEN

Featured image from Pixabay and chart from Tradingview.com

18th May 2023

Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn

Toncoin is trading in the red today, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today’s price slump.

TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today.

TON’s Movement Suggests A Bearish Trend Ahead

TON is in a downtrend, forming a red candle. It has dropped below its 50-day Simple Moving Average (SMA), confirming the bearish trend. Also, TON’s Moving average Convergence/Divergence (MACD) is below its signal line and shows a negative value, which is also bearish sentiment.

The Relative Strength Index (RSI) is 42.65, dropping out of the neutral zone as it approaches the oversold region 30. The indicator is also moving downwards, reflecting the pressure from the bears.

TON’s price will likely decline till it rests on its nearest support level and the bulls rally again. Moreover, TON’s 200-day SMA shows a long-term bullish sentiment.

Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn

TON is just above the $1.8422 support as the bears mount pressure. A decline below this level will cause a price drop to $1.7525, its next support level. The bearish pressure at the $1.9918 resistance led to the current price drop for the asset. TON will likely continue its downtrend in the short term.

Recent Development Trends On Toncoin Network Likely To Influence Its Price

The Ton Foundation announced the latest network developments in a blog post for community members. These developments could lead to a positive price action soon.

Ton Wallet For KaiOS: Ton Wallet is currently available for KaiOS users. KaiOS is the world’s third largest operating system (OS), functional in over 160 million devices. This wallet enables users with low-specification phones to work on KaiOS, mostly Asian, African, and South American users.

Ton.Ski Ecosystem: This consists of various applications combined on the network. Agorata helps users create TON DNS subdomains and build and host simple TON sites. Also, Nonstorage allows users to upload files to TON storage through a web interface, making contracts with storage providers.

Monitoring Platform: This enables users to create projects, view messages, and add contracts in the TON community.

EVAA Protocol: This is the first decentralized lending protocol on the network giving users access to borrow native or wrapped assets directly.

Ton.app: It is an open-source marketplace for Ton apps already existing in the ecosystem. Also, users can submit proposals for projects to feature on this app.

These innovations could help TON’s price action if more users adopt the tokens based on utility and value. However, there are no guarantees of a price increase since cryptocurrencies are volatile.

Featured image from Pixabay and chart from Tradingview

18th May 2023

Leading Lawyer Warns Of Consequences For Ripple In SEC Lawsuit

A partner at Hogan & Hogan, Attorney Jeremy Hogan, has weighed in on talks about the Ripple lawsuit. The pro-XRP lawyer said Ripple would get an unfavorable outcome if Judge Torres moved the Fair Notice Defence (FND) issue to trial.

According to Hogan, there would be an FND trial only if Ripple loses its case to the Securities and Exchanges Commission (SEC) under the Section 5 violation.

Hogan’s Opinion On The Fair Notice Defence Trial

Hogan has supportively followed up on the Ripple vs. SEC lawsuit. In recent discussions, he noted that Judge Analisa Torres’ remark about the Hinman speech drafts suggests she has yet to rule on the FND issue.

During the latest hearing on the Ripple vs. SEC lawsuit on Tuesday, May 16, Judge Torres stated her decision on both parties’ request to seal summary judgment motion-related documents.

However, for the XRP community, the most remarkable part of the judge’s order was the court’s denial of the SEC’s request to seal the 2018 Hinman speech drafts.

While delivering her decision, Judge Torres said: “Whether the court relies on the Hinman documents in ruling on the summary judgment motions, they are judicial documents subject to the presumption of public access.”

While commenting on the judge’s decision, Hogan noted that the first remarks suggest that she only denied the SEC’s motion to seal the Hinman documents or has not addressed the fair notice defense issue.

The Controversial Fair Notice Defence Issue

Part of Ripple’s defense in the ongoing lawsuit is that the SEC failed to issue a fair notice before suing it for securities law violation.

In a previous hearing on April 11, the SEC filed a document supporting its motion for summary judgment against Ripple, citing its recent victory against Commonwealth Equity Services.

Notably, the court deemed that a long-running precedent provides sufficient fair notice in the Commonwealth Equity vs. SEC case.

Bringing it to the Ripple case, the SEC argued that the longstanding court precedent, which gave rise to the Howey test, gives Ripple a fair notice of what security is.

The regulator further stated that its litigation with Commonwealth is an additional authority for Rejecting Ripple’s Fair notice defense.

Prominent XRP Influencer Worries Over Possible Negative Ruling for Ripple

The latest remark by Judge Torres troubled the XRP community, including prominent XRP influencer Blockchain Backer, as to whether the court has ruled on the fair notice defense.

Therefore, in a May 17 tweet, Blockchain Backer called Jeremy Hogan’s attention to the portion of Judge Torress’ remark that appears to weaken Ripple’s stance on the case.

He attached a part of the ruling where the judge denied Ripple’s motion to seal its revenue with XRP sales, compensation paid to crypto exchanges to list XRP, etc.

Ripple Fate Hangs: Leading Lawyer Warns Of Consequences in SEC Lawsuit

Following the influencer’s conversation with other XRP fans, he concluded the ruling suggests an unfavorable outcome for Ripple. But while responding to Backer’s inquiry, Attorney Hogan said he does not think the order will affect the summary judgment.

Featured image from Pixabay and chart from Tradingview.com

17th May 2023

Shiba Inu To Introduce Four New Metaverse Hubs In 2023

The popular meme coin project, Shiba Inu, recently unveiled its plans to launch four captivating metaverse hubs later in 2023. A Shiba Inu marketing team member, Lucie Sasnikova, took to Twitter to share this highly anticipated news with the community.

These upcoming metaverse hubs are poised to take the Shiba Inu ecosystem to new heights and provide users with exciting opportunities to engage and connect.

Shiba Inu To Unveil Metaverse Hubs In September

In the tweet that quickly garnered attention and excitement, Lucie Sasnikova revealed that the team behind “Shib: The Metaverse” is progressing significantly in developing their metaverse project.

According to Sasnikova, they are preparing to showcase previews of four unique hubs by September. The four metaverse hubs that will be unveiled are the Rocket Pond, WAGMI Temple, Tech Trench, and Ryo Plaza.

Each hub is designed to provide Shiba Inu enthusiasts with immersive experiences and engaging activities within the metaverse. The upcoming Rocket Pond, situated in a secluded mountain resort, aims to portray the remarkable journey and narrative of Shiba Inu.

Its design promises to transport visitors to awe-inspiring locales as the team draws inspiration from captivating destinations like Cape Canaveral, Monument to the Conquerors of Space, Lake Tahoe, Glenwood Caverns Adventure Park, and Heavenly Village.

A September 2022 report, WAGMI is derived from “We’re All Gonna Make It,” it symbolizes a strong sense of conviction and optimism toward the future.

At its core, Shiba Inu is built upon a foundation of community. The strength of the community, coupled with a deep passion and unwavering belief in the potential of SHIB, fuels its commitment to see it soar to exceptional levels.

The Tech Trench and Ryo Plaza are additional features to the project, which will also aid the ecosystem. Meanwhile, Shib: The Metaverse stands out as a project that extends the utility of Shiba Inu beyond its meme coin origins.

The dedicated team has consistently demonstrated its commitment to achieving the project’s official launch.

A few notable progress made includes the introduction of a new Twitter account, the 11 metaverse hubs’ concept artworks, and recruiting top-notch entertainment professionals to bolster the metaverse team.

With these accomplishments in mind, the team strongly believes it will realize a partial opening of the metaverse before the year’s end.

SHIB Market Overview

According to its daily chart, the SHIB price has not changed significantly over the last four days. While its price is $0.00000862, the token has declined by 1.71% in the past 24 hours.

Shiba Inu

However, the number of transactions with the token has surged slightly over the same period by 13.58%. Its trading volume now holds at $97,808,614 at the time of writing.

While its next rally remains uncertain, the Shiba Inu community basks in the knowledge of the upcoming metaverse hubs, promising more interest in the project.

Featured image from Pixabay and chart from Tradingview.com

17th May 2023

Optimism (OP) Trading Volume Soars Amid Bullish Price Surge

Optimism is trading in the green today, with its trading volume up by over 54%. OP traded at $0.9231 on January 1, 2023, and peaked at $3.0294 on February 7, close to its all-time high value of $4.5692.

Currently, OP is at the $1.6 price level as it seeks to consolidate its gains, which is bullish. Also, the upcoming upgrade in June might lead to an uptrend for the asset.

Optimism (OP) Technical Analysis

OP price is in an uptrend today, forming a higher high on the daily chart and moving up from the sideways trend of the last few days. However, despite its positive price moves today, the bears are still active in the market.

OP is trading below its 50-day and 200-day Simple Moving Averages (SMA), a short and long-term bearish sentiment.

Optimism (OP) Witnesses Soaring Trading Volume Amidst Bullish Price Surge

Also, it is in the lower region of the Donchian channel, where it moved from its previous downtrend. This is also a bearish sentiment for the asset.

However, it is not all bad for the digital asset as OP has formed four consecutive green candles on the daily chart confirming that the bulls are rallying once again in the market. OP has found strong support at the $1.621 price level. It is approaching the $1.709 resistance level as the bulls mount pressure today.

OP’s Relative Strength Index (RSI) is at 35.47, close to the oversold region 30. The RSI is moving upwards, indicating a potential bullish recovery ahead.

A break above this resistance level will see the asset reclaim the $1.903 price level in the coming days. However, if another price decline occurs, the $1.544 support will prove critical to sustaining its gains this year.

Upcoming Bedrock Upgrade

The Optimism Mainnet Bedrock Upgrade will occur on June 6, 2023, at 16:00 UTC. This upgrade is a community-based decision by members holding governance tokens.

The Optimism Foundation released a schedule of events for the execution of this upgrade from the announcement. The long-anticipated upgrade will feature lower transaction fees, increased high network security, and compatibility with Ethereum.

It aims to reduce delays on the network and cut deposit time from 10 minutes to 3 minutes. The OPlabs team announced a 2-4 hours downtime will occur during the upgrade.

Also, once the upgrade commences, deposits and withdrawals on the legacy network will pause, and the smart contracts on the Layer 1 (L1) will be upgraded.

While the upgrade does not guarantee a price increase, the improvements can boost investors’ interest in the network.

Also, Optimism’s price performance this year is positive despite volatility. And the upgrade and increased investor interest may help it surpass its all-time high value.

Featured image from Pixabay and chart from Tradingview.com