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Ripple (XRP) Legal Defender Lauds Judge Torres’ Ruling As A Victory For The People

The legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs rages on as the community awaits the summary judgment.

While the wait continues, a recent ruling led Pro-XRP Attorney Jeremy Hogan to applaud Judge Analisa Torres as ‘The People’s Judge’. 

Judge Torres ruled on public access to the Hinman Speech document in the lawsuit between the SEC and Ripple. After the ruling, the Pro-XRP lawyer Jeremy Hogan took to Twitter to praise her. 

Ripple Attorney Hogan Applauds Judge Torres

Judge Torres denied the SEC’s motion to seal Hinman’s Speech documents. The judge noted that they are vital judicial documents portraying a strong presumption of public access.

In her ruling, Judge Torres stated, “The Hinman Speech Documents would reasonably tend to influence ruling on a motion.”

Through an attachment in his tweet, Attorney Hogan noted that the Hinman Speech document could impact the court’s final ruling in the lawsuit. 

Hogan thinks that Judge Torres’ ruling aligns with the interest of the XRP holders, Ripple Labs, and the entire crypto space. Also, the move could impact the US crypto regulatory clarity.

Before now, the XRP community called for more clarity and access to details about the SEC’s accusation against Ripple. Notably, the 2018 controversial speech by the former SEC’s director Hinman has been a significant factor in the SEC vs. Ripple lawsuit. 

In a speech in 2018, Hinman stated that Bitcoin and Ethereum are not securities. However, he did not comment on XRP though the token was the third-largest crypto asset during the period.

As such, the Silicon Valley-based blockchain firm Ripple has requested the Hinman Speech document in court, but the SEC denied it. Ripple wanted to discover the opinion attached to XRP regarding Hinman’s controversial speech.

Though the Commission surrendered the document, it still filed a motion to keep the documents sealed. But the recent ruling will unseal the document as Torres has now approved public access. 

XRP Price Action

The excitement is increasing with the XRP community following the recent SEC vs. Ripple case ruling. This achievement has shown a notable influence on the price action of XRP within the past 24 hours.

Related Reading: Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery

Ripple (XRP) Legal Defender Lauds Judge Torres' Ruling As a Victory For The People

At the time of writing, XRP is trading at $0.4457, showing a surge of 0.72% over the past 24 hours. According to CoinMarketCap, the XRP market cap currently sits at $23.10 billion as the token ranks the 6th top crypto asset. 

Featured image from Pixabay and chart from Tradingview.com

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Cosmos (ATOM) Price Trends Upwards: A Potential Breakout Or Impending Correction?

After experiencing a bearish trend on April 17, 2023, that dropped the asset to a low of $10.12 from $12.88, Cosmos (ATOM) has managed to recover slightly.

Between February 8 and May 17, ATOM witnessed a significant decline of 32.89%, reaching a low point of $10.175 on May 9. The current month has, however, brought a surge in demand for Cosmos (ATOM), leading to a remarkable price performance. 

What’s Ahead For Cosmos (ATOM)?

According to data, ATOM experienced a substantial price decline, reaching $10.73, a 0.95% decrease within the last 24-hour trading period.

Related Reading: Will Dogecoin (DOGE) Break Free From Limbo? Market Awaits Bullish Catalyst

Notably, the 24-hour trading volume is up by 9.04%, rising to $85 million, indicating that the market activities around ATOM are increasing. More buyers and sellers are actively participating in trading ATOM. 

Also, an increase of more than 9% signifies potential price volatility, which might influence the price of ATOM. But the current market sentiment of ATOM is bearish as its Fear and Greed Index shows 28, fear. 

This indicates a potential downtrend as investors and traders fear entering the market. This may also lead to high sell pressure from the investors. Based on the Fear & Greed Index reading, the market may likely experience some price correction if the bears maintain this momentum in the coming days.

Cosmos (ATOM) Technical Analysis

The 200-day and 50-day Simple Moving Averages (SMAs) currently exceed the ATOM/USDT trading pair price. This indicates that the market is on a bearish trend in longer and shorter timeframes.

Also, this means that the selling momentum is stronger than the buying. However, if the bulls increase the buying pressure, some price changes might occur in a few days.

The Relative Strength Index shows 44.91, meaning there’s market indecision between buyers and sellers. The market in a neutral zone indicates low pressure from buyers and sellers.

Cosmos (ATOM) Price Trends Upwards: A Potential Breakout or Impending Correction?

However, the MACD is above the signal line depicting a potential bullish momentum for ATOM. Also, the histogram is currently above the zero level, validating the bullish sentiment. 

Latest Development To Spike Network Utility

The ecosystem recently announced the adoption of its first Cosmos native shared security model by a widely known Permissionless CosmWasm platform called Neutron. 

The Replicated Security brings a new era of utility to the network. It will also help Cosmos Hub to offer security to new projects launching as Hub-secured consumer chains.

The consumer chain will share its revenue with the Hub in exchange, and will also be shared with ATOM validators.

Neutron being the first platform to pioneer Cosmos Hub Replicated security, will enjoy instant access to the multi-billion dollar economic security of the Hub.

This recent development could attract more investors, traders, and institutions into the network, driving the demand for ATOM significantly over time.

featured image from Pixabay and chart from Tradingview

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Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

Algorand (ALGO) has recovered from the bearish trend seen at the end of February 2023. From February 21 till May 8, ALGO recorded a loss of 45.13%, dropping to a low of $1.592. Despite the crash, buyers still pushed up the price of ALGO by more than 6% in the past few days.

Traders are optimistic and are eyeing the next move in the current trend, while the bears are slowing building momentum by holding their strong short position.

Will The Bulls Maintain This Current Bullish Momentum?

The sustainability of ALGO’s current price trend relies on several factors. Market conditions, such as supply and demand dynamics, overall economic factors, and external events, can generally influence the price.

However, the current market sentiment is bullish, while the Fear & Greed Index is 45, indicating neutral. This means the market’s state is stable, and the volatility is not high.

Within the last 24 hours, Algo’s general market cap gained 1.57%, rising to over $1 billion. The 24-hour trading volume surged by 15% overnight, rising to about $33 million.

Notably, at the time of writing, the ALGO token is trading at $0.1683 as bulls continue to have a good day with gains of 2.50%. 

However, the recent increase in ALGO’s general market suggests increased demand for the asset. As more investors and traders buy the asset, the increased buying pressure can lead to a rise in its price. The increase in trading volume suggests improved liquidity for the asset, which tend to attract more investor to the market. 

ALGO Technical Analysis

The price is below the 200-Day and 50-Day Simple Moving Averages (SMA). This suggests that ALGO market sentiment is still bearish; the selling momentum is stronger than the bull’s buying momentum.

However, the asset might rebound if the bulls increase their momentum, as green candles are showing today in the chart. The Relative Strength Index oscillator is showing 40.18. This means the asset is currently at neutral levels; the pressure from bulls and bears is normal.

Also, MACD is currently above the signal indicating a potential uptrend. The histogram confirms the bullish sentiment as its showing green candles and also above zero.

Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains?

ALGO trades between its primary support and resistance levels of $0.1587 and $0.1853, respectively. The next key zones are the support level – $0.0992 and the resistance level – $0.2427.

Recent Development In The Algorand Ecosystem

Alogrand recently introduced a new plugin-based tool for enhancing Blockchain Data Access named Conduit. Conduit aims at providing improved access to blockchain data. It is an upgrade to the conventional one-size-fits-all Indexer, designed as a modular plugin-based tool. 

This plugin empowers decentralized applications (DApps) by offering precise and tailored data retrieval capabilities, all while maintaining cost-effective deployment options. Such developments on the network could increase adoption and utility and, in time, boost ALGO’s price.

Featured image from Pixabay and chart from Tradingview.com

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Shiba Inu Event Raises The Bar With A 26,000% Surge In 24-Hour Burn Rate

Shiba Inu ‘burns’ dominate headlines in 2023 as more whale addresses participate in the event. Notably, the Shiba Inu community burnt a massive 3.03 billion SHIB tokens in 24 hours. Blaze token currently leads as the top burner on the network. This record burn occurred in two separate transactions.

The burning mechanism aims to remove excess tokens from circulation, causing scarcity and boosting SHIB’s value. 

Mysterious Wallet Burns SHIB

An anonymous wallet, inactive for over a year, suddenly became active and burnt its entire holding of SHIB tokens. These tokens were 18.23 million, with the burn occurring in a single transaction. The recent spike in burn activities boosted the overall Shiba Inu burn rate by over 26,450.21% in the last 24 hours.

Also, a new project in the crypto space, Blaze token, transferred over 3 billion SHIB to the dead wallet in one transaction. This is the largest burn this year and adds to Blaze’s overall burn contribution to the network.

Blaze, a token launched on May 2, has performed three massive burn transactions, eliminating 6.71 billion SHIB total. 

Shiba Inu Price Today

SHIB is currently in a sideways trend finding a consolidation point after its recent downtrend. The small candles on the daily chart indicate limited trading activity, as its trading volume is down by 10.88% today.

SHIB has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal in the short and long term. The 50-day SMA dropped below the 200-day SMA on May 11, 2023, forming a death cross on the chart reflecting bearish pressure. 

Also, the Relative Strength Index (RSI) is 30.04, firmly in the oversold region. However, the indicator is moving sideways, reflecting the current trend on the price chart.

SHIB’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values, which is a bearish signal.

Shiba Inu's Burn Event Sets The Bar High: 26,000% Surge in 24-Hour Burn Rate

However, the histogram bars are fading, suggesting the possibility of a trend reversal ahead for the asset. SHIB has bounced off the $0.00000868 support level seeking to recover and return to the $0.00000989 resistance level.

The bulls and bears are evenly matched in the market, forcing the sideways trend observed. However, a break above the $0.00000989 resistance will see SHIB text the next resistance level of $0.00001019.

Despite the bearish sentiment of the indicators, SHIB is in the oversold region, and the buyers might soon re-enter the market to force a rally.

Expect a price increase in the coming weeks if the $0.00000868 support holds. However, a decline below this level will drive the asset to the $0.00000800 support.

Featured image from Pixabay and chart from TradingView.com

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Japan Loses 30% Of Total Crypto Hacks In North Korea, Elliptic Reports

Japan has emerged with the highest losses worldwide from North Korean cyberattacks targeting crypto exchanges, as recent reports indicate that Japan’s financial institutions and individuals incurred approximately 30% of the total losses attributed to North Korean crypto hacking.

The Japanese government has been particularly vocal about the need for enhanced cybersecurity measures to combat these malicious activities. But despite ongoing efforts to bolster their defenses, Japanese exchanges have been a primary target, suffering substantial financial losses and tarnishing the country’s reputation as a secure hub for digital assets.

Japan’s 30% Crypto Losses

The Elliptic report from a leading blockchain analytics firm, Nikkei, reveals that Japan suffered a staggering $721 million in losses, accounting for about 30% of the total amount hacked globally. 

The numbers were culled from hacks that occurred between 2017 and 2022, reaching a total amount of $2.3 billion. Notably, in 2022 alone, the digital asset ecosystem lost an estimated $640 million worth of cryptocurrency.

A Reuters report from the United Nations revealed that digital currency theft exploits in North Korea hit a new high in 2022. The report also showed that the second most-attacked nation was Vietnam, losing approximately $540 million within the same period.

The United States was the third nation on the list, and Hong Kong came out in fourth place, with $497 million and $281 million losses, respectively.

Meanwhile, the Elliptic findings shed light on the vulnerability of the Japanese cryptocurrency market, including that of the Vietnamese.

It noted that both markets have lax security measures, making it an attractive target for hackers seeking to exploit weaknesses and gain illicit access to digital assets.

The significant losses incurred by Japan reflect the growing threat posed by North Korean hacking groups, which have increasingly targeted cryptocurrency exchanges and platforms worldwide.

Notable Exploits From North Korea’s Lazarus Group

The Lazarus Group is believed to act on behalf of the North Korean regime to bypass international sanctions and fund illicit activities.

This group has orchestrated some of the most significant exploits in the cryptocurrency world, with the Ronin Bridge exploit and the Harmony Bridge hack among their audacious heists.

Related Reading: DOJ Crypto Task Force Goes After DeFi Hackers As Illicit Activity Soars

Meanwhile, North Korean hackers have also been engaging in the theft of Non-fungible tokens (NFTs). But their criminal activities didn’t stop there.

They demonstrated a remarkably sophisticated strategy for laundering their ill-gotten gains. They employed decentralized crypto mixers and finance services to launder the origins of the stolen funds, making it incredibly challenging to trace their illicit activities.

This method allowed them to convert the stolen cryptocurrency into untraceable forms, further complicating any attempts to recover the stolen assets.

Japan Loses 30% Of Total Crypto Hacks In North Korea, Elliptic Reports

Featured image from Pixabay and chart from Tradingview.com

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Ripple CTO Reveals Facts About Present XRP Burn Debate

The Chief Technology Officer (CTO) of Ripple, David Schwartz, has provided valuable information about the ongoing debate surrounding the burning of XRP tokens.

The debate about burning XRP tokens has been hot within the XRP community, and Schwartz’s insights shed light on the XRPL’s governance structure and the decentralized nature of the network.

The discussion primarily revolved around the authority and decision-making process concerning the XRP held in escrow and the role of validators on the XRP Ledger (XRPL).

Burn Debate Insight From Schwartz

Schwartz highlighted the importance of understanding the fundamental principles and mechanisms behind the XRPL. He explained that the XRPL operates on a consensus protocol where validators, distributed across the network, play a crucial role in maintaining the ledger’s integrity. And validators are responsible for verifying transactions and reaching a consensus on the XRPL.

Regarding the burning of XRP tokens, Schwartz emphasized that the XRPL’s design does not include a built-in mechanism for burning XRP.

The CTO also stated that changes to the XRPL’s code are governed by a decentralized process, ensuring that all participants have a voice in determining the network’s future.

So altering the XRPL’s code to incorporate such a feature would require extensive consensus and agreement from the majority of validators, around 80%.

One of the key points raised during the conversation was the claim made by an XRP community member, suggesting that the XRPL would become a permissioned network if validators had the power to determine the fate of the XRP in escrow.

This statement sparked a significant amount of discussion within the XRP community, as the decentralized nature of the XRPL has always been a critical aspect of its design.

Regarding that, Schwartz clarified that while validators play a crucial role in the XRPL’s consensus process, the network’s nodes can accept or decline amendments voted into effect by validators.

This system ensures that the power to influence the fate of the XRP held in escrow is not concentrated solely within the validators’ hands.

Instead, it allows for a decentralized decision-making process that considers the perspectives and interests of various participants.

XRP Price Dips In Recent Days

Amid the discussion in the community, the token’s price has experienced a minor decline in recent trading sessions. Over the past seven days, XRP’s price has seen a marginal decrease of 0.56%, indicating a relatively stable trend.

Ripple CTO Reveals Facts About Present XRP Burn Debate

Within the past 24 hours, the coin has witnessed a slight downward movement, with a decline of 1.36%. This modest dip reflects the current volatility in the token market.

Related Reading: DOJ Crypto Task Force Goes After DeFi Hackers As Illicit Activity Soars

The coin is changing hands at $0.422, with a market cap and a 24-hour trading volume of $21,883,129,482 and $765,847,908, respectively.

Featured image from Pixabay and chart from Tradingview.com

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SEC Reduces LBRY’s Fine From $22 Million To $111,000 After Revision of Punishment

The US Securities and Exchange Commission (SEC) has revised the initial punishment against a blockchain-based content provider, LBRY. 

It has significantly reduced the penalty from the previous $22 million to a revised amount of approximately $111,000.

SEC Revises Initial Penalty On LBRY

The decentralized content-sharing platform that utilizes blockchain technology found itself in legal trouble when the SEC alleged it conducted an unregistered securities offering.

The SEC filed a suit against the firm in March 2021, as the agency alleged that LBRY’s sale of digital tokens, LBC, qualified as the sale of unregistered securities.

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze

The case sparked a legal battle between LBRY and the SEC. The company contested this, arguing that their tokens were not securities and did not fall under the regulatory framework of traditional securities offerings.

However, the case turned out in favor of the SEC in November 2022, with the previous Judge ruling that the tokens were securities.

The regulatory body demanded a fine of $22 million as a penalty for the alleged violation and instructed the company to cease such offerings.

But LBRY stated in a December 2022 filing that the SEC’s request for $22 million was unrealistic given that the firm has not made such huge expenses in all its business dealings.

It noted that the agency’s deduction of the sum was simply rough math, and the record does not support the amount.

Furthermore, the agency realized the firm lacks adequate funds and may likely shut down its operations if it must pay such an amount. These became the major reasons for revising the initial punishment, according to information that came from a May 12 New Hampshire District Court filing.

SEC’s Crackdown On Cryptocurrencies

The SEC’s stance on digital assets can impact investors differently. If the SEC determines that certain digital assets fall under its definition of securities, it may impose trading restrictions on them. 

This means that investors may face hurdles in trading their favorite digital currencies as they must comply with additional regulatory requirements, such as using SEC-approved assets and platforms. 

These restrictions can limit the liquidity and accessibility of certain digital assets, making it more challenging for investors to engage in the market. This was evidenced in the Ripple case, as the SEC mandated all the crypto platforms in the US to delist XRP.

SEC Reduces LBRY's Fine From $22M To $111K After Revision of Punishment

However, the SEC’s regulatory approach also aims to protect investors. The regulator helps safeguard investors from fraudulent activities, scams, and market manipulations by enforcing regulations and scrutinizing digital asset offerings.

featured image from Pixabay and chart from Tradingview

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Fantom (FTM) Price Surge Hints At Bullish Trend, What’s Ahead?

Fantom (FTM) has been on a bearish movement since April 19, 2023, resulting in a loss of about 30%. The price decline contributed to the negative market sentiment around the asset, making it hard for any possible retracement.

However, these days, some minor green candles indicate a potential bullish trend. This is because the price of Fantom experienced rapid price action recently as the bulls took back control and increased buying pressure.

Examining The Bullish Trend of Fantom (FTM)

The recent bullish momentum has triggered a significant price action resulting in a price increase in the general FTM market. The price of FTM has increased by 5.09% in the last 24 hours trading session, taking the token to a high of $0.3885.

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze

Also, with an increase of 57.26% in the 24-hour trading volume, the overall market cap is currently up by 5.09%. This data confirm the bullish momentum present in the asset.

Furthermore, the current significant buying and selling activities suggest a surge in market participation, likely leading to heightened price volatility.

The current market sentiment of Fantom (FTM) is Neutral, while the Fear & Greed Index is showing 50, meaning Neutral. This indicates that the market is stable, with no pressure from bears or bulls. 

The recent development and partnerships with SUPA Foundation also contribute to the bullish sentiment among investors and traders. 

As more individuals and institutions recognize the potential and value of the Fantom ecosystem, it’ll drive up buying pressure and support an upward price movement.

Fantom (FTM) Technical Analysis

Fantom currently trades above the 200-Day Simple Moving Average but below the 50-Day Simple Moving Average. This may indicate a mixed or transitional phase in Fantom’s price action.

The asset trading below the 50-Day SMA suggests a short-term weakness or a corrective phase in the price of FTM. Traders may use the 50-Day SMA as a resistance level preventing the FTM from moving higher.

The asset is trading above the 200-Day Simple Moving Average, indicating a potential long-term bullish price movement.

In general, the asset trading above the 200-Day SMA but below the 50-Day SMA suggests a phase where there’s a conflict between buyers and sellers. The Relative Strength Index confirms the present market indecision as Fantom is currently at the 44.53 region, which signifies neutral pressure.

The Moving Average Convergence Divergence (MACD) is slightly below the signal line, indicating a low pressure from the bears.

FTM trades between its support level of $0.3585 and resistance level of $0.4498, respectively. With increased bullish sentiment and buying pressure, FTM might hit the next significant resistance level of $0.5499.

Fantom (FTM) Price Surges Hinting A Bullish Trend, What's Ahead?

Conversely, if the bears increase selling pressure and the bulls fail to hold their positions, FTM might change the trend and drop sharply to the next support level of $0.3034.

Featured image from Pixabay and chart from Tradingview.com

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Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

Recently, the price of Toncoin (TON) witnessed a rapid decline, causing investors and traders to worry about the asset’s potential. The bear’s refusal to surrender control can cause TON’s price to drop, increasing the negative market sentiment around it. 

The entire cryptocurrency ecosystem is always volatile and unpredictable, with many price fluctuations based on various factors.

Toncoin (TON) Witnessed A Sharp Price Decline

After a slight bullish movement, a bearish momentum returned to the Toncoin (TON) market as the price fell by approximately 15.182% to a value of $2 on April 17, 2023.

However, today the bulls are gaining momentum in the market as the price of TON has increased by 5.88% to $2.0 within the last 24 hours trading session.

Notably, the 24-hour trading volume is up today by 22.76%, reaching $16 million. This indicates significant buying and selling activities, which may increase price volatility. Despite the recent pressure from the bulls, the bears may still control the market for a longer timeframe.

According to the market sentiment indicator, the current market sentiment is bearish, while the Fear and Greed index value of 50, Neutral.

Toncoin (TON) Price Analysis

TON trades below its 200-Day and 50-Day Simple Moving Averages (SMA). This suggests the market sentiment is bearish, keeping the selling pressure higher than the buying pressure.

It also indicates that the bears are pushing the price to cause a potential downtrend in TON price movement both in the long and short term.

The Relative Strength Index oscillator is currently showing 41.82, neutral. This indicates the market is now in the neutral zone; no pressure from any trend exists.

Lastly, the Moving Average Convergence Divergence (MACD) indicates bearish price movement as it is below the signal line. The massive pressure from the bears has caused the histogram to be below zero, confirming the bearish momentum.

Toncoin (TON) Price Plummets After Bears Defy To Surrender Control

TON is trading between its primary support level of $1.768 and resistance level of $2.099. The next significant support and resistance levels are $1.284 and $2.379, respectively.

Recent Development In The TON Ecosystem

Recently, TON published made a press release about the TON Foundation’s approved grant recipients for Round 1 of 2023 Q2.

This development will bring significant value to TON by improving the visibility of TON-based applications, enabling o-chain lending, and providing on-chain contract management.

The project will also introduce new user-friendly utilities for TON core services and will expose Toncoin (TON) to a larger audience through TON wallet integration with KaiOS.  All these events will increase demand for TON, which may affect the price positively.

Featured image from Pixabay and chart from Tradingview

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Zimbabwe Sells Millions of Gold-backed Crypto Tokens, Shrugs off IMF Advice

Zimbabwe ignored the International Monetary Fund’s (IMF) caution and engaged in the sale of its gold-backed crypto tokens. As a result, the Reserve Bank of Zimbabwe recorded huge success selling its gold-backed digital assets worth 14 billion in its native currency or 39 million in United States dollars.

Zimbabwe’s Sale Of Gold-Backed Digital Tokens Attracts Mass Interest

According to an announcement, Zimbabwe’s central bank acknowledged receiving 135 applications for buying its gold-backed crypto assets. While the cumulative application for the newly launched tokens is about 14.07 billion Zimbabwean dollars.  

Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze

The Zimbabwean apex bank launched the asset in April and made it available for purchase from May 8 to May 12. The digital tokens were backed by 139.57 kilograms of gold, and investors can store them on e-gold cards or electronic gold wallets.

Further, the bank set the token’s minimum vesting period of 180 days. Also, it set minimum purchasing amount levels of $10 and $5,000 for individuals and companies, respectively.

According to XE.com, the official exchange rate for the Zimbabwean dollar is 362 ZWD to 1 USD. However, the actual value is higher on the street.

The Zimbabwean central bank made this bold step with its gold-backed digital as part of its plans to stabilize the country’s economy. It plans to reverse the declining value of its fiat currency against the USD.

Following the success of the initial sales of the digital token, the central bank is gearing toward another sale round. The bank requested that interested investors submit applications by May 18 for settlement.

The Reserve Bank of Zimbabwe governor, Dr. John Mangudya, explained the importance of the newly launched tokens through a local news outlet. 

Mangudya mentioned that issuing gold-backed assets will expand the availability of value-preserving instruments in the economy. Also, the tokens will improve the public’s access to and use of investment products.

IMF Warned Zimbabwe Against Gold-Backed Crypto Tokens

The move to sell its gold-back crypto tokens came shortly after the International Monetary Fund (IMF) cautioned it. According to a report from Bloomberg, the IMF warned Zimbabwe against its plan with gold-backed crypto assets.

An IMF spokesperson stated that the country should carefully assess to ascertain that the token’s benefits outweigh the potential risks. Some highlighted risks include legal and operational risks, macroeconomic and financial stability risks, and governance risks.

The IMF also advised Zimbabwe to take alternative measures to stabilize its economy, such as advancing its foreign exchange market.

Zimbabwe Sells Millions of Gold-backed Crypto Tokens, Shrugs off IMF Advice

Also, it suggested that the country could explore tight monetary policies and the removal of exchange rates on transactions for banks, authorized financial dealers, and businesses. However, time will tell if IMF’s caution against risks will become a reality.

Featured image from Pixabay and chart from Tradingview.com

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Crypto VCs Dabble In $2.6 Billion Worth Of Deals In Q1 2023

Despite the prevailing bearish trend in the crypto market, venture capital firms consummated several deals worth billions in the first quarter of 2023.

Data from PitchBook’s Crypto Report for Q1 2023 disclosed that crypto firms generated $2.6 billion through 353 investment rounds. 

Though the level of deals from the companies indicated the viability of the crypto space, there’s still evidence of its weakness.

Report Highlights Declines In The Number And Value Of Investment Deals

According to the report, the first quarter of 2023 had the lowest amount of capital invested in the crypto space since 2020.

The total deals declined by 12.2% from the last quarter, while the quarter-on-quarter deal value dropped by 11%.

The report highlighted that Q1 2023 marks the fourth consecutive quarter of dipping investment activity for VCs. 

Notably, the number and value of VCs deals decreased by 64.4% and 78.0%, respectively, from the same quarter in 2022.

Further, the report indicated a mix in the valuation trends. Seed and late-stage rounds grew by 33.3% and 209.2%, respectively, compared with the full year of 2022. But early-stage rounds plummeted by 16.7% during the same period.

Also, the report noted that the crypto bearish trend could continue. But the space still has some positive outlooks currently. 

For instance, layer 2 scaling solutions have been doing great, maintaining their growth from last year.

The data highlighted a blockchain-based firm, Blockstream, that raised $125 million for funding a Bitcoin mining infrastructure. 

Also, another company committed to developing zero-knowledge Ethereum Virtual Machine scaling solutions, Scroll, has done well. The firm raised $50 million in a late-stage VC round.

Overall Decline In The Crypto Market

The crypto market has continued to show red charts as prices of most assets witness more losses. Subsequently, the cumulative crypto market cap declined over the past 24 hours. Also, the total crypto market volume plummeted 8.10% within the past 24 hours to $42.75 billion.

The primary crypto asset Bitcoin has been struggling within the past few days. According to data from CoinMarketCap, Bitcoin’s price has continuously declined for the past week.

The token dropped from the $29,000 region to the $26,000 level. The seven-day price action shows that BTC plummeted by over 9%.

At the time of writing, Bitcoin is trading at $26,759 after losing minor gains over the past 24 hours. Its market cap now sits at $511 billion, with a market dominance of 46.30%.

Crypto

The altcoins are also seeing a declining price trend. Ethereum plummeted by 0.21% in the past 24 hours as the price moved to $1,800. Its seven-day active price shows a dip of over 7.40%.

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Polkadot (DOT) Price: The Bear Vs. Bull Battle Continues – Who’ll Take The Beating?

Since the beginning of this year, Polkadot has been on a roller coaster ride as the general cryptocurrency market has fluctuated over the past months.

Recently, the price of Polkadot (DOT) has experienced negative sentiment, causing a slight decline in the coin’s value.

The coin’s price slightly decreased from $5.51 to $5.12 on May 9, 2023. However, it started to gain further positive momentum the same day and recovered to $5.3 today.

Strong Bearish Momentum

The price of DOT has been trading sideways within the last 24 hours, indicating a bearish trend. As a confirmation of the bearish momentum in the Polkadot market, the 24-hour trading volume is down by 18%.

The decline indicates a decrease in demand for DOT in the market and might lead to greater volatility as traders adjust their position based on the market sentiment.

Polkadot’s current market cap is estimated at $6.1 billion, with a market dominance of 0.56%. But the increase in selling pressure has impacted the price of Polkadot significantly.

Polkadot is in the phase where investors and traders are afraid to buy or hold the coin. As investors take advantage of the current dip in price to acquire more DOT, anticipate a modest recovery in the coming week.

Polkadot (DOT) Technical Analysis

DOT trades below its 200-day and 50-day Simple Moving Averages (SMA). This indicates that DOT has a bearish momentum in both long-term and short-term trends. 

The Relative Strength Index (RSI) indicator shows that DOT currently reads 32.92. This indicates that the coin is slightly in the oversold region. It also suggests that DOT is experiencing some downward pressure. However, the asset may rebound from its oversold condition and return to a normal trading range.

The MACD indicator also confirms the bearish trend as its trading below the signal line. This indicates that the bears have more pressure than the bulls.

Recent Development In Polkadot Ecosystem

Meanwhile, the number one gaming blockchain platform, Mythical Games, is departing from the Ethereum network to launch its new Mythos ecosystem on Polkadot. 

The recent development will allow Mythos gaming partners to build the biggest and most connected gaming ecosystem in the Web3 industry.

The development will result in a new scalable platform, accessible to all Mythos partners and compliant with Web2 gaming platforms, including the Epic Games Store.

Polkadot (DOT) Price: The Bear Vs. Bull Battle Cantinues, Who'll Take The Beating?

This accessibility is a core principle for Mythical as it continues to bridge the gap between blockchain and traditional gaming.

The Mythical Games founder proclaimed that the decision to leave the Ethereum ecosystem was due to the slow transaction speeds and other issues around the network.

This partnership will also benefit the Polkadot ecosystem as Mythical has an advanced feature, streaming technologies, and Web3 gaming expertise. It will also drive the massive adoption of both Polkadot and Mythical.

-Featured image from Pixabay and chart from Tradingview.com

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Cardano (ADA) Bounces Back From The Red Zone, Will It Continue Minting Gains?

Cardano is gaining slightly today as the bulls seek to rally out of the bearish zone. Its trading volume is down by over 15%, but its price has entered a consolidation phase.

ADA is trading above its 7-day low of $0.3512, implying that a return to the 7-day high of $0.3967 remains possible. 

ADA Price Prediction

ADA is in a sideways trend today, staying above its 200-day Simple Moving Average (SMA) as the bulls seek to push it to an uptrend. Its price action in the last three days shows that the bears and bulls are even in the market. However, it is below the 50-day SMA, a short-term bearish sentiment for the asset. 

Related Reading: Cardano May Sink To This Level As Bears Keep Gaining Leverage

Also, the Relative Strength Index (RSI) is 40.70 in the neutral zone and moving upwards. The RSI suggests that the bulls will likely reclaim control of the asset’s price action in the coming days. 

ADA’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values. It is a bearish sentiment for the asset, although the histogram bars are fading, hinting at a possible recovery. 

ADA has found strong support at the $0.3606 price level for some days, shielding it from dropping to the next support level of $0.3453.

Cardano (ADA) Bounces Back From The Red Zone, Will It Continue Minting Gains?

Based on its historical behavior, it will likely rally off this support level to break the $0.3767 resistance and test the next resistance level of $0.3945. Expect a positive trend soon if ADA rallies above the $0.3767 resistance. 

Trends On Cardano Network

Cardano is a renowned developers’ hub committed to innovative network developments and trends that benefit its community.

The recent Hydra upgrade is one of the trends that will likely improve its price performance moving forward. 

According to the lead Cardano developers, Input Output, Hydra is a family of protocols built to improve network scalability. It functions as an off-chain mini-ledger for a small community similar to the original on-chain ledger but maximizes speed and is cost-efficient.

Hydra uses smart contracts to interact with its users, processing activities like bank transfers, NFT auctions, and lightweight payments. 

Hydra Head is scalable, and its applications can run off-chain relieving the main chain of load and improving throughput. Also, its transactions are faster than the main chain Cardano layer 1 (L1) transactions.

Cardano has also launched the first mainnet-compatible Hydra node, version 0.10.0, a Cardano developer, Sebastian Nagel, revealed. 

He noted that the API was updated to accommodate the first round of user requests. Nagel further released a link to the Hydra Head Roadmap for the community.

Featured image from Pixabay and chart from Tradingview.com

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Uniswap (UNI) Surges After A Bumpy Ride, Is Bearish Run Over?

Uniswap (UNI) has been experiencing downward movement due to general market sentiment. The downtrend started on April 19, dropping from $6 to $5. However, the price rises gradually, indicating that the bulls are building momentum.

This slight increase has left traders wondering if the bearish trend is over and whether things might start getting better for Uniswap (UNI).

Signs of Bullish Sentiment As UNI Surges

Notably, UNI is up today by 3.27% at a high of $5.12 within the last 24-hour trading session. The 24-hour trading volume is also up by over 97.72% at $68 million, signifying that the UNI market is experiencing high activity. This data shows that the bulls build strong momentum with positive market sentiment.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Moreover, the token still holds the 22nd position on the CoinMarketCap ranking with a market cap of $2.9 billion. According to CFGI.io, the market sentiment towards Uniswap (UNI) is bullish. 

The indicator confirms the bullish sentiment with a 61 reading, meaning investors are greedy. This further shows that investors are optimistic about the future potential, and the recent increase in price may be sustainable.

UNI Technical Analysis

Even with the increasing price and trading volume, the technical indicators for UNI remained contradictory, with some pointing towards a potential bear market.

UNI is currently trading below its 50-day & 200-day Simple Moving Averages (SMAs) and has formed a Death Cross, a bearish sign. The Death Cross contributed to the price drop as it caused traders and investors to sell their holdings or take short positions. 

The SMA indicator suggests that both the long-term and short-term trend is bearish. But, the price might reverse if the bulls hold their long positions. The Relative Strength Index (RSI), with a reading of 40.20, suggests that the asset is not in the overbought or oversold regions but in a neutral range. 

This indicates that there’s no significant buying or selling pressure and UNI might experience some level of consolidation or a positive price change.

The MACD indicator suggests a bearish trend, with the MACD currently below the signal line. The histogram also confirms the bearish momentum as it is trading below zero.

UNI is trading at $5.14 at the time of writing. The bears are trying to break through the first support level of $4.746, a level several times.

However, if the bulls build strong momentum and break above the significant resistance level of $5.731, it might trigger a bullish trend. The next support and resistance level will be $3.358 and $7.651. Uniswap’s price can also lose most of its gains if the bears break the support levels successfully. 

Uniswap (UNI) Surges After A Bumpy Ride, Is Bearish Run Over?

Featured image from Pixabay and chart from Tradingview

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Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment

Chiliz(CHZ) is trading in the red today, down by over 4% in the last 24 hours. This trend broadly reflects the global crypto market cap, down by 0.57% in 24 hours. 

However, despite the price drop, Chiliz’s trading volume is up by 39% at press time, which could influence its price action soon.

CHZ traded at $0.1011 on January 1, 2023, before it moved to $0.1202 on January 10. Since then, it has experienced extreme price volatility, peaking at $0.1577 on February 8 for the first time in 2023. However, the bears have prevailed on its price, returning it to $0.1075 today.

CHZ Price Prediction

CHZ is in a downtrend momentum, forming a fourth consecutive red candle. It has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Also, its Relative Strength Index (RSI) is 28.15, firmly in the oversold region below 30. It implies that the bears are in control of their price movement. The RSI is still moving downwards, suggesting further price decline for the asset in the short term. However, since the asset is oversold, a retracement is likely if it can rally from its closest support level.

CHZ’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values. It also reflects the prevalent bearish trend. Also, the histogram bars are at full strength and bearish.

Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment

CHZ is rapidly approaching the $0.108 support level and a drop below this will send the asset’s price into free fall to record lower lows.

The bears at the $0.11685719 resistance level are active and resisting a rally for the asset. But CHZ is already in the oversold region and will probably reach a point of consolidation soon. 

Chiliz’s Web3 Moves For The Sports Industry Might Push More Adoption

Chiliz Chain is a layer-1 blockchain compatible with the Ethereum Virtual Machine. Chiliz aims to become the hub for leading sports brands in Web3. Socios.com is the existing Chiliz sports network with a growing community.

Also, Chiliz hopes to partner with other sports brands and unite fans and communities using fan tokens and Web3 technology. 

Chiliz Labs will support sports blockchain projects hoping to develop on the blockchain. According to their mission, they hope to unveil a wide range of Web3 sports projects, AI-based content, 3D digital sports gear, and NFT tickets. 

These activities will likely help the token’s price action since Web3, sports, AI, and NFTs are areas of interest in the crypto community.

Featured image from Pixabay and chart from Tradingview.com

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Polygon (MATIC) Falls Under Bearish Pressure: Is It a Good Time To Invest?

Polygon Network is one of the top players in the blockchain industry. However, its native token MATIC has steadily declined in the last few weeks. This comes as no surprise as many other altcoins are also experiencing the same downward movement due to negative market sentiment.

But while the volatility of MATIC’s price can present profitable opportunities for traders, it can also pose a risk for inexperienced investors.

Current Market Sentiment For MATIC

In the past day and the previous seven days, MATIC has fallen 6.9% and 20.3%, respectively. According to an on-chain analytics platform, Santiment, millions of MATIC tokens were transferred between on-exchange addresses. 

Related Reading: Check One, Two: Is Bitcoin Ready For A Mic Drop Rally?

These large whale transactions on the Polygon network might be fuelling the downtrend as it suggests that holders are selling off their MATIC tokens. At the time of writing, MATIC’s price is $0.8675, representing a 44.53% drop since February 18, 2023.

At the time of writing, the CFGI indicator also confirms the bearish sentiment around the MATIC price as its shows 38, indicating Fear among investors. This suggests that MATIC is in a phase where investors and traders are afraid to hold the asset. This may result in more dumps if the bulls remain stagnant.

Meanwhile, MATIC’s 24-hour trading volume is down by 15.38% to $375 million. A drop in daily trading volume shows fewer activities are on the network. However, MATIC still maintained its #9 position with its market cap of $8 billion on CoinMarketCap.

Polygon (MATIC) Price Analysis

MATIC is trading below both the 50-Day and 200-Day SMAs, indicating a bearish trend in the short and long term. Traders may utilize this current trend to sell or avoid MATIC until it recovers fully.

MATIC’s RSI reading of 22.99 suggests that MATIC is currently in the oversold zone. This also implies that the price of MATIC has rapidly declined and may be due for a possible retracement.

The Moving Average Convergence/Divergence (MACD) below the signal line confirms the bearish trend. This suggests that MATIC is currently in a downtrend movement. The histogram also is below zero, confirming the bearish momentum.

MATIC trades between the significant support and resistance levels at $0.7438 and $01.0306, respectively. The asset has already breakthrough the first primary support of $0.9335 and is heading strongly to the next support level.

Polygon MATIC Falls Under Bearish Pressure: Is It a Good Time To Invest?

With this strong bearish momentum, the bears might break the next support and eventually hit the last support of $0.51. However, if the bull could take back control, we might see MATIC hit the strong resistance level at $1.1900.

Featured image from Pixabay and chart from Tradingview

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Whales Move Significant Chunk Of XRP Tokens As Price Trends Sideways

Ripple Labs and top whale addresses have transferred 218 million XRP tokens in six transactions. These tokens are worth approximately $81 million at the time of the transactions.

Whales Get Busy As Ripple Unlocks Escrow Tokens

Whale alert reports that XRP whales moved 168 million XRP across five transactions with the first transaction involving moving 50 million XRP from Crypto.com to an unidentified wallet address.

Also, another wallet address transferred 31 million XRP tokens to the Bitstamp exchange, and two Bittrex wallets exchanged 30 million XRP.

Related Reading: Litecoin (LTC) Falls Under $80, Is It Time To Buy Now?

The most recent whale transaction was the transfer of the batch was 28 million XRP tokens from an unidentified wallet to the Bitstamp exchange. 

On the other hand, Ripple moved 50 million XRP tokens worth $21.4 million on May 9. Although the tweet from whale alert says Ripple sent the tokens to an unknown address, Bithomp reveals that the receiving wallet belongs to Ripple. Also, this receiving wallet distributed 7.3 million tokens to several addresses. 

These 50 million XRP tokens are part of Ripple assets recently released from escrow protection in May 2023. Ripple Labs unlocked 1 billion tokens on May 1 to fulfill its monthly escrow executions. However, they returned 700 million XRP to escrow, leaving 300 million tokens.

Due to the massive move of coins from Ripple, some Twitter users implied the company was dumping the asset. However, another user negated the impression that dumping would require transferring to Ripple or exchanges.  

Notably, an attorney supporting Ripple, Bill Morgan, implied that Ripple does not dump its assets in the market. Instead, Ripple buys many XRP tokens for other transactions to meet its growing ODL demand. 

XRP On A Path To Recovery?

XRP is experiencing price volatility as it seeks to mount a price recovery. However, its trading volume is down over 20% today, which might hinder its price recovery efforts.

The asset is in a sideways trend, struggling to shake the prevalent bearish pressure. The downward movement has stopped as it bounced off the $0.41 price level. 

It is currently trading above its 200-day Simple Moving Average (SMA), a bullish signal for the asset. It implies that its price will likely increase in the long term. 

Its Relative Strength Index (RSI) is 33.20 and close to the oversold region, a bearish signal. Notably, this indicator is moving sideways, reflecting the current price behavior of the asset today.

Also, XRP’s Moving Average Convergence/Divergence (MACD) is below its signal line and shows negative values. It implies that the bears are still active in the market. 

The coin found support at $0.41353 to move to its current level of $0.43. A decline below $0.41 would drive the asset down to the $0.40141 support and into a downtrend.

XRP

It faces the $0.43374 price level as its closest resistance, and a break above it will help the asset to retest the $0.44586 resistance level. Expect further price increases ahead if the bulls prevail.

Featured image from Pixabay and chart from Tradingview

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AVAX Enters The Green Zone After Losing Gains As Bulls Gain Momentum

AVAX is trading in the $15 price range today, continuing its week’s price volatility. The bears seized control of its price action from April 19, 2023, forcing it down to $18.99. Since then, AVAX’s volatility has placed it between $17 and $15 as the bulls seek to regain control.

Notably, its trading volume is up by 34.13% in the last 24 hours despite the price fluctuations in the market today. It also recorded price gains earlier today, May 9, before dipping again by over 3%. 

AVAX Price Analysis

AVAX has resumed a downtrend as the bears and bulls compete to control the market. It is trading below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. 

Related Reading: Bitcoin To Drop Further? Whales Show Signs Of Dumping

Also, the Relative Strength Indicator (RSI) is 35.84, close to the oversold region of 30 and bearish. However, the RSI’s direction is sideways, suggesting that the bears and bulls are even. 

AVAX’s Moving Average Convergence/Divergence (MACD) is below its signal line and shows a negative value confirming the prevalent bearish trend in the market. 

The current downtrend is similar to the previous trend between February 22 and March 13, 2023. If AVAX’s RSI moves to the oversold region of 30, a retracement to the upside is possible. 

AVAX encountered stiff resistance at the $17.67 level, sending the asset into a downtrend. Despite trading above the $16.35 resistance level yesterday, the bears pushed its price below the $15.85 support level.

AVAX Enters The Green Zone After Losing Gains, Are Bulls Coming To Rescue?

Since the $15.85 support could not hold, expect further decline for the asset to the $14.40 support if the bears persist. However, AVAX might rally if it enters into the oversold region.

Recent Developments In Avalanche Might Foster Price Reversal

The digital technology and intelligence arm of the Alibaba Group, Alibaba Cloud, formed a partnership with Avalanche. The main aim of this partnership is to create a Cloudverse Launchpad. Cloudverse will help users to launch and manage their Metaverse spaces hosted on the Avalanche blockchain.

Also, MUA DAO is the third organization included in this innovative partnership. They are the service layer for implementation and integration on Metaverse customization. As a result, Avalanche Subnets can be customized to fit various needs on the blockchain.

The Avalanche network developers believe that this partnership will demystify the creation of Metaverse since it makes the process quick and seamless. Also, developers on the Cloudverse will receive support for visuals, meta-economics, events, interactions, and operations.

Notably, Alibaba Cloud and Avalanche partnered earlier in December 2022 to provide the tools and infrastructure for Asian-based users to launch network validators. 

Alibaba Cloud has around 4 million customers and 10 million developers, increasing Avalanche’s exposure and likely boosting AVAX’s price.

Featured image from Binance and chart from Tradingview.com

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DASH Price Continues To Follow A Downward Trend, But Why?

One of the leading scalable payment providers in the world, DASH, has attained a significant level in the crypto industry. But like other cryptocurrencies, the price of DASH is subject to volatility, and its value can fluctuate significantly in a short period. 

Unfortunately, Since February 16, 2023, DASH has witnessed a loss of about 45.45%, bringing the coin down to $40.88.

This DASH downtrend has left investors and traders wondering what could be chasing the price down. 

Bearish Market Sentiment For DASH Pushes Price Downward

According to the 24-hour trading chart, the price has steadily decreased since the bears took full control of its market. This is a result of negative market sentiment towards DASH.

DASH Price Continues To Follow A Downward Trend, But Why?

This report shows DASH’s market sentiment is bearish, while the Fear & Greed Index shows a neutral 51. Notably, data from Dash Explorer has observed that the Blockchain is experiencing more activities lately. This could be a long-term dump as investors fear to hold DASH further as Dash Explorer recorded that it has more output from its blockchain than input.

Today’s DASH price is $41.50, down by -5.89% in 24 hours. It is currently down by 17.00% within the last 7 days. But its 24-hour trading volume has gained 6.3% at $72 million.  

What Lies Ahead?

The crypto asset is trading below its 50-day and 200-day Simple Moving Averages (SMAs) and attempting to form a Death Cross. This is generally considered a bearish sign.

As DASH tries to form a Death Cross, it could lead to further selling pressure, as traders and investors may take this as a sign to sell their holdings or to take short positions. The SMA indicator suggests that both the long-term and short-term trend is bearish.

The Relative Strength Index confirms the bearish momentum as the high selling pressure is high. The RSI with a reading of 24.50 shows that DASH is currently in the oversold zone indicating a potential selling opportunity. 

The Moving Average Convergence Divergence (MACD) is below the signal line, and the histogram is below zero; this indicates a bearish trend.

When the MACD line falls below the signal line, it suggests that price trend momentum is slowing down and there’s an increase in selling pressure. In addition, when the histogram is below 0, it confirms that the bearish momentum and the decline may continue.

Overall, the combination of the above indicators suggests that the market is currently bearish, and traders should trade with an extreme risk management strategy.

Featured image from Pixabay and chart from Tradingview.com

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Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains

The bullish trend that Chainlink (LINK) has enjoyed for much of its existence seems to have recently ended. The price of LINK has crumbled as the bears take down the bulls, leaving investors wondering what the future holds for the asset.

There was a significant 24.55% decrease within the past weeks in the Chainlink (LINK) market. Notably, on April 18, 2023, LINK dropped from $8.795 to a low of $6.635, changing the trend to favor the bears.

Chainlink (LINK) In A Consistent Bearish Trend

LINK is trading in the red today, May 8, 2023. As of the time of writing, the price is $6.66, representing a decline of 3.31%. Also, its 7 days price gains have declined, sitting at a loss of 3.44%. 

LINK price kickstarted a downtrend from April 19, when it lost grip on the $8 price mark to $7. It fell below $7 to $6.91 and $6.99 on May 1 and 2 before reclaiming the $7 price. However, it continued declining till the current price of $6.94 today.

Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops – What’s Going On?

Currently, the chainlink Fear & Greed Index is 55. This sentiment indicates that LINK’s market is presently neutral or slightly optimistic. One of the key factors contributing to the bearish sentiment around LINK is the general market trend.

One of the key factors contributing to the bearish sentiment around LINK is the general market trend. The cryptocurrency market has been highly volatile over the last two weeks, with many assets, including Bitcoin and Ethereum, experiencing significant price drops. 

However, it is still uncertain whether the bulls will retake power and drive the price of LINK upward or if the bears will continue to rule the market.

LINK Technical Analysis

The Chainlink trading chart for May 8, 2023, shows its market trend is bearish, and LINK shows negative momentum.

Chainlink (LINK) Price Crumbles As The Bears Take Down Previous Gains

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

LINK price is lower than its average price over the past 50 days and 200 days, respectively, and the market’s selling pressure is high.

The Relative Strength Index (RSI) is at 38.68; this shows that LINK is currently low selling pressure. An RSI below 50 indicates that the bears control the market.

Lastly, the MACD line is trading below the signal line, indicating that the sellers have more control than the buyers. The MACD histogram also confirms the bearish sentiment as it is below the zero line. The momentum will continue if the bulls cannot maintain the selling pressure.

Technical analysis/indicators are subjective and do not guarantee future performance. It should be used with other forms of analysis tools.

Featured image from Pixabay and chart from Tradingview.com