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Hedera: A Quick Evaluation Of The Network – And How HBAR Performed This Week

According to Messari, the performance of Hedera in the third quarter this year defied the prevailing market mood and is currently witnessing growth not seen on other protocols.

DefiLlama claims that the protocol’s TVL increased by an impressive 137%. For comparison, Hedera’s quarterly network expansion occurred during a period when other networks were contracting.

In addition to boosting the value of its native coin HBAR, this quarterly report also helped it do so in the past few days.

As of this writing, HBAR is trading at $0.060236, down 3.7 percent in the last seven days, data from Coingecko show, Wednesday.

Based on data, we can see that while HBAR’s value decreased on weekly and biweekly timescales, these losses are totally wiped out when looking at the cryptocurrency’s price over a 24-hour period or an entire month. This bodes well for the network’s investor confidence.

Hedera On Solid Footing

Investors and dealers were impressed by the network’s rapid expansion because it ran counter to the existing bear market trend. While comparable networks experienced user declines during the quarter, Hedera saw no such trend.

The report states that the network’s weekly active user base increased from 7,598 in Q2 to 14,601 in Q3. This represented a rise in the metric of 92.2%. More good news in terms of expansion follows.

HBAR’s transfer volumes and overall network fees have also increased. HBAR’s overall transfer volume was up from 42,623,168,658 in Q2 to 53,523,008,558 in Q3, which is a  total increase of 25.6%.

Chart: TradingView

From Q2 to Q3, total network fees climbed by approximately 543%. NFTs led the network’s expansion shift. As stated in the report:

“The Hedera NFT sector (a component of the Hedera Token Service) has been an engine of growth for the network. During Q3, NFT active users (+90% QoQ) and transactions (+107% QoQ) each set all-time-highs.” 

What To Anticipate In HBAR

Even though the network lags behind Ethereum and Solana in the NFT industry, Hedera could become a big player if its expansion continues.

The price movement of HBAR conforms to a descending triangle pattern. As the price fluctuated between $0.0556 and $0.0671, this might be interpreted as a bullish indicator for investors and traders.

This narrow range affords the coin the possibility of a bullish breakout.

These favorable outcomes will certainly attract more people to invest in the network and token, resulting in a price increase.

HBAR total market cap at $1.3 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com

Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.

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Why EOS Downward Trajectory In Last 30 Days May Not Hurt Its Coin

Since its all-time high on August 22, EOS has been steadily declining. The crypto market had crashed from March to June, but has since recovered. The market crisis has a lingering impact on modern investing.

Coingecko reports that the token’s value has increased by 0.2% in the last 24 hours. Even on shorter time intervals, like the week or the biweek, the currency rose in value.

Nonetheless, these changes have done little to slow the downward trend. Investors and traders in EOS, though, may have reason to be optimistic.

The Stress Of September

As this is being written, EOS is being propped up by the $1.0055 area, which has slowed its decline since last month. The current price movement of the token is being influenced by the ongoing downturn.

The right side of the right triangle acts as a liquidity pool, and this is reflected in the coin’s price action as a XABCD harmonic pattern. As investors and traders buy the dip, demand is introduced, and the trend may turn bullish as a result.

Chart: TradingView

Meanwhile, the technicals also appear to be lacking. The CMF is currently negative, indicating that bears are in control of the market. This provides an undeniably formidable counterbalance to the potential bullish movement.

Immediate resistance at the 61.80 Fibonacci retracement level will be a challenging barrier to overcome.

Not Looking Good?

EOS’s predicament does not bode favorably for the alternative cryptocurrency. However, investors and traders can leverage a rising RSI, which indicates increased investor optimism.

Chaikin’s money flow index indicates that the token is gaining ground. The bears were rejected at the $0.9422 price range, which fits with the emerging upswing.

As of the time of writing, the Stoch RSI is on the overbought side of the indicator, indicating that the developing rally will be met by a market correction.

The EOS token is an excellent investment for traders and investors seeking to diversify their portfolios. Just last month, the cryptocurrency exchange PayBito added EOS to its list of tradable tokens, expanding EOS’s reach.

Investors should also be aware of the impact of macroeconomic conditions on EOS prices. The correlation between EOS and Bitcoin is 0.77, indicating a significant effect on EOS price fluctuations.

EOS total market cap at $1.15 billion on the daily chart | Featured image from Investment U, Chart: TradingView.com

Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.

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Enjin (ENJ) Among Top 10 Crypto Choice Of ETH Whales In Last 24 Hours

Cryptocurrency whales are now investing heavily on Enjin Coin. Cryptocurrency whale tracker WhaleStats reports a total of 28,551,132 ENJ coins are in the whales’ possession.

Given that one token is now trading at a market price of $0.4141, this amounts to $11.8 million.

In tandem with the whale frenzy on ENJ coin, the Enjin development team has also launched a beta version of their native wallet. More investors will get behind the idea and the coin if these trends continue.

Consequently, this is good news for the ENJ coin’s market price. Despite this, the coin has an extremely negative market mood.

Enjin Needs A Shot In The Arm

As of this writing, token metrics are not encouraging. Coingecko reports that, over the past 24 hours, the coin has gained 0.7%, which is not nearly enough to make up for the losses incurred over the preceding seven days.

Each of the weekly, biweekly, and monthly averages is in the red. Meanwhile, a Twitter user by the name of CryptoDoc said that ENJ coin would never again be worth what it is now. This could serve as a synopsis of the data presented in the graphics.

Chart: TradingView

Currently, the cryptocurrency is trading at levels not seen since February last year. The currency reached this level during the June fall and returned to the $0.75 price range in August. Nonetheless, larger market pressures drove the price to a low in June.

This is an important juncture for the coin. Anything below this threshold will render ENJ useless in the Enjin ecosystem.

What Lies Ahead For ENJ

The most probable future for ENJ is a bearish one, some analysts say. As of this writing, the momentum indicator suggests a continuation of the downturn to the trough in January 2021. Current RSI values support this notion.

However, according to Chaikin’s money flow indicator, bulls currently control the market. This may have been caused by the whale buying binge. The Stoch RSI values support a possible bullish activity in the near future.

The triangle pattern that has formed as a result of the coin’s past price movements will pose a significant barrier to any potential rebound.

For a price recovery to occur, today’s candle must close green, which is a bullish indicator for investors and traders.

A green ending price today could provide ENJ with the impetus required to test the $0.443 barrier level.

Crypto total market cap at $890 billion on the daily chart | Featured image from The VR Soldier, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Flow Rolls Out Blockchain Tools As Social Dominance, Coin Price Seen Rising

Anyone who want their protocol to be widely used in the realms of DeFi and dApps will need robust development tools. And that’s exactly what L1 blockchain Flow accomplished not long ago, as reported on their company’s official Twitter page.

In a blog post from October 18, developer community DZone provided a comprehensive explanation of the tools.

Their recent show of strength can be directly linked to this change.

This Metric May Have Some Issues

Data collected recently indicates that there has been an upswing in the number of blocks developed for Flow on the chain. To see people making use of the resources made available to them and creating dApps on top of Flow is a promising indication.

Investors and traders may take this as a positive sign.

As of this writing, however, the value of their native token has plummeted by a stunning 17.49% over a period of 16 days.

Weekly, biweekly, and monthly reductions in value have also been recorded by Coingecko.

Back in October 17 and 18, FLOW tried to rally but was rejected at $1.580. The CMF for FLOW, however, indicates that buyers are in command.

Given the latest on-chain advancements of Flow, investors and traders may be in for a longer route.

Will Flow Continue Downstream Or Ascend?

Although Chaikin’s money flow indicator favors bulls, negative RSI and momentum readings nullify this advantage.

We anticipate FLOW to decline below the 78.60 percent Fibonacci retracement level, now located at $1.345, given that the token is already subject to intense selling pressure.

Previous price action was consistent with a flag and pole bearish formation, which will impede any near-term gains. At present, the token is testing the lower half of its trading range, which currently sits at $1,406.

With the token’s present bearish momentum, we can expect it to reach a descent as low as the 100 Fibonacci retracement level ($1.222).

However, similar to what was stated previously, the recent upswing in development activity is a strong indicator that things will remain stable for investors over the long term.

Eventually, demand for FLOW will increase as the network’s blockchain grows and as developers add more and more tools for greater connectivity between the blockchain and decentralized applications (dApps).

In the upcoming weeks, this may serve as a spark for a rally. Meanwhile, Flow investors may also buy the dip to generate a short-term price increase.

FLOW total market cap at $1.45 billion on the daily chart | Featured image from The Market Periodical, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Uniswap Coin’s Bullish Trajectory Sets UNI To Breach $7 Level – Time To Buy?

Upward trends in price charts bode well for Uniswap. CoinGecko reports that over the past 30 days, the token’s value has increased by 17.6 percent. The currency appreciated by 6.5% in value throughout the course of the week.

As of this writing, UNI is still in an uptrend, and there are indications that the bullish momentum will continue, pushing the price of UNI into or over the $7 barrier mark.

UNI’s gains are only one example of the several cryptocurrencies that took advantage of the market turmoil caused by the recent CPI report.

Is the market getting carried away with its optimism, or can UNI’s positive momentum continue to the $7 resistance level?

The Unicorn Spell

CryptoQuant reports that the token’s exchange reserve numbers are on the rise. That people are getting ready to sell again is a gloomy sign.

During the September 21st UNI rally, the coin was rejected at the $7 price resistance level, providing evidence of this phenomenon.

Currently, the momentum indicator is at 0.062. This is barely above the 0 line of neutrality. The RSI indicator currently rests at 52.61 and 50.24 correspondingly, indicating a deceleration.

Even though the token’s movement is slowing, its predominant adherence to the XABCD shape may indicate more bullishness. However, the token has met a roadblock in its quest towards the $7 price area.

The recent rejection of the token at $6.774 will present a difficulty in the coming days.

Has The Adjustment Phase Begun?

Chaikin’s money flow indicator shows that the bulls continue to control the market. At a value of 0.02, the bulls can use this to generate more momentum and eventually push the price towards $7.

However, if bears seize control of the market, the $5.993 support line is their greatest defense against a possible reversal.

Market corrections are typical for both stocks and cryptocurrencies. As a result of the rising level of foreign exchange reserves, investors and traders should be prepared for potential volatility in the next days or weeks.

UNI market cap at $4.8 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Shiba Inu Trying To Extricate From Bearish Grip As SHIB Seen Rising This Week

Since the beginning of August, Shiba Inu has been actively engaged in corrective activities. The meme coin has been distancing from its origins and has been highly effective with doing so. An actual use case for SHIB was just introduced last month when it became possible to use the token to settle tax obligations in the cryptocurrency space.

In January of this year, NOWpayments announced a partnership with Shiba Inu, opening the door for token payments to be used as crypto wages. This isn’t the only real world utility of SHIB per se.

Shib Eternity was also released worldwide as part of this ecosystem. Though the launch was made, the bear market continued to gain ground.

SHIB has been under strain due to recent macroeconomic events. With the latest interest hike by the US Federal Reserve, it can be argued that a recovery by SHIB will be challenging. Yet, SHIB has been gaining bullish momentum as of late. Is it possible that the deflationary token will be able to stop the falling prices eventually?

How SHIB Has Been Doing

The real-world performance of SHIB as of this writing has been fairly significant for the growth of the ecosystem. SHIB has been made more widely available in the cryptocurrency market with yesterday’s official listing on BitMEx. As a result of Google’s agreement with Coinbase, the token can also be used to pay for cloud services.

These factors will propel SHIB’s bullish breakout from the descending wedge it now resides in. As of the time of writing, the coin’s trading range is between $0.00000927 and $0.00001219. The momentum indicator suggests that bullish pace is progressively increasing.

Recent study indicates that these descending wedges are bullish since they typically result in a positive breakout. The fact that Chaikin’s money flow index is above the 0.05 level indicates that bulls rule the market.

The $0.00001018 support zone has also demonstrated some resilience after preventing a continuation of the downturn.

When Does The SHIB Breakout Occur?

The momentum and CMF indicators suggest the possibility of an uptrend. However, the RSI readings remain on the bears’ side, which could act as a hurdle for the forthcoming breakout. The RSI is currently approaching a bullish convergence, which is supported by increasing Stoch RSI values.

The future performance of SHIB will be determined by investor confidence. Given the increasing utility of SHIB in the real world, a price breakthrough over $0.00001219 is possible, with a likely test of $0.00001395 resistance. So SHIB holders, keep on HODLing!

SHIB total market cap at $5.4 billion on the daily chart | Featured image from Somag News, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Ethereum In Tight Range – Will Selling Pressure Push ETH Below $1,250?

Ethereum, the undisputed ruler of the altcoin market, is now stuck in a bear market as the token struggles to break the $1,300 resistance level. However, the current market price is $1,302.87, only 0.22 percent more than the key psychological buy point.

Despite how good this sounds, the way the market is moving right now, the bear market is likely to continue this month, which is not good news for ETH.

The possibilities of a bear market recovery for ETH are slim due to the terrible state of the macroeconomy, according to The Guardian.

In this year’s much-hyped “Uptober,” the token is probably going to experience even more misery than usual. However, what do the graphs show?

Trading In A Tight Band

At the time of writing, the altcoin was expected to trade in a narrow band. Before that, however, the price of ETH has fluctuated over the past 25 days between $1,188 and $1,411. Since this coincides with when the Federal Reserve hiked interest rates, it demonstrates especially tumultuous market conditions at the time.

As previously indicated, Ether is presently following a pennant formation. This pattern is a bearish sign that matches the preceding price action. The price has decreased to $1,300.35, where we anticipate a significant price movement on or near the price level.

Chart: TradingView

With the current sideways market action, technical analysis is also quite neutral. The momentum indicator demonstrates a sharp decline following the market meltdown on September 13, which was followed by a rebound and leveling from September 21 to the present.

Chaikin’s money flow index, which currently stands at 0.05, is positive, indicating that bulls rule the market. Stochastic RSI values also confirm this strengthening bullish momentum.

As the RSI is close to oversold zone, it strengthens the bullish momentum seen in other technical indicators, giving investors a good buying opportunity.

Ethereum: Price Reversal Likely?

Despite the price narrowing to a point, ETH may be repeating the previous July-August rally in which it created three bottoms before rising. As of this writing, the altcoin has already established these three bottoms and may be on the ascent.

Despite this, bulls should continue to be cautious due to the difficult market conditions. If today’s market closes in the green above $1,300, we may witness a rally that tests or breaches the $1,345 level of resistance.

ETHUSD pair trading at $1320 on the weekend chart | Featured image from TradeMap, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Cardano (ADA) Sheds 15% Of Value In Last 7 Days – When Will The Pain Stop?

Cryptocurrency investors have been keeping a close eye on Cardano lately. One Reddit user noted that the current rate of price change is the slowest since January of 2021.

Coingecko reports that the value of Cardano has dropped by 15% over the past two weeks and 24% over the past month.

In spite of the introduction of the Vasil update, ADA was unable to gain traction and stage a comeback. Currently, ADA is trading at a positive $0.3673. However, it’s possible that this is a single green blip amidst a sea of red.

Investors in Cardano tokens are in a difficult position as the network continues to shed value: should they hold on to their holdings or sell some to stem the bleeding?

Crossroads: Keep Or Unload

At the time of writing, token indications are very pessimistic. Based on the bull-bear power indicator, it appears that the market is now trending downwards.

However, the lows of Chaikin’s money flow index are in line with the lows of March, putting it close to the bull and bear barrier.

Chart: TradingView

The Stoch RSI is likewise in oversold zone, indicating that the majority of investors are riding the sell-off wave on the bears’ side.

This gloomy market sentiment will undoubtedly hinder Cardano’s chances of recovery. Current macroeconomic factors drag the cryptocurrency along with the rest of the financial sector.

Bears are also challenging the lower Bollinger band, which exerts significant downward pressure on the coin.

Sell Everything Now?

Currently, the coin is trading between $0.3500 and $0.5946, and similar to the indicators, the broader outlook for Cardano is not favorable.

As ADA attempted to recover from one of the most violent downtrends in Cardano’s history, a far stronger and more pronounced slump developed even before the current sell-off.

From the already available market data, we may conclude that the Vasil update failed to address investor confidence.

The 20-day and 10-day exponential moving averages serve as dynamic resistance levels for the cryptocurrency.

The current support is located around the 61.80 Fibonacci retracement level, which is about $0.3535. The latest charts, however, indicate that the token may return to around the 78.60 Fib level, which is currently located around $0.3771.

In the following days or weeks, the Cardano token is likely to fall more as Cardano struggles to maintain stability.

ADA total market cap at $12.6 billion on the daily chart | Featured image from Monex Securities, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Ethereum Classic (ETC) Price Muffled In Last 2 Months – Will ‘Uptober’ Any Different?

There was a 5% loss in value for ETC over the past day. The Ethereum Classic coin has continued its fall on longer time frames since the July spike.

Ethereum Classic bears were unable to withstand the selling pressure after the fork attempted to maintain a price above the $27 support line.

As of this writing, ETC is trading at $23.08, down 16 percent in the last seven days, data by Coingecko show, Saturday.

Although Proof-of-Stake has rendered Ethereum’s mining obsolete, renewed interest in the coin has resulted from the Merge. The day the Merge was made public, the hashrate increased as a result.

However, ETC’s long-term prospects remain bleak as weekly, biweekly, and monthly time periods are all in the red.

The present value of 0.80 between Ethereum and its hard fork indicates that Ethereum Classic will enthusiastically follow wherever ETH goes. The data points to a positive expansion.

Ethereum Classic: Technical Analysis

From September 19 to now, ETC has fluctuated in price between $20.73 and $31.13. The coin’s current moving average (CMF) is currently -0.09, which indicates that bears are gaining dominance.

Nonetheless, the Stoch RSI is in the oversold region, which represents an excellent buying opportunity for investors and traders.

The increasing ascent of the bull-bear power indicator suggests a likely trend reversal. However, the Bollinger band’s central line is exerting greater downward pressure on the coin.

The 20-day to 100-day exponential moving averages (EMAs) also operate as dynamic barrier for the token, making a rebound conceivable.

ETC: Possible Recuperation?

Although it will be tough to produce a price reversal, bulls can yet defend the $23 support level. This will serve as a springboard for them to try the $27 resistance level. Traders and investors can also utilize the Stoch RSI numbers.

As previously stated, the Stoch RSI is in the oversold bottom half. This indicates that the coin is now undervalued and extremely inexpensive to purchase. Speculators and investors can purchase ETC at the current market price with a loss stop of $18.76.

However, this carries considerable risk because other indicators hint to a short- and long-term pessimistic outlook for ETC. But if the bulls can maintain the $23 support line, October will be an excellent starting place for a further rise to $29.71. We anticipate a strong bearish or bullish price movement in the following days and weeks.

ETC total market cap at $3.17 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Chiliz Social Mentions Hit Highest Level In Last 90 Days – Can CHZ Price Be As Hot?

Recent weeks have seen a dramatic increase in social mentions of Chiliz, data compiled by LunarCrush show. Its token’s 90-day high made it big in the latest social mentions.

Market insights tracker LunarCrush cited this figure (9.46k) as one indicator to keep an eye on when considering an investment in Chiliz.

The approaching 2022 FIFA World Cup may help explain the increase in social media buzz. This is due to the fact that the CHZ token has a practical application in the realm of sports.

Will the increase in social media references lead to an upswing with less than a month until the start of the much-hyped global sports spectacle?

As of this writing, CHZ is trading at $0.193980, down 9.5% in the last seven days, data from Coingecko show, Friday.

Chiliz Jargon And All The Talk

Data provided by CryptoQuant shows that CHZ’s foreign exchange reserves have decreased by 0.72% over the last seven days.

The fact that investors appear to be buying CHZ with the intention of keeping it for the long term is a very optimistic indicator.

The high number of persons depositing to exchanges , which can be observed with the exchange depositing transactions tool, more than makes up for this.

Chart: TradingView

Previous and current price movements exhibit a head-and-shoulders harmonic pattern, which typically occurs just prior to a trend reversal. In both intraday and 4-hour periods, the coin is currently experiencing a significant free fall.

Chaikin’s money flow indicator likewise deteriorates, falling to -0.34 as well. A sign that bears are dominant in the current time frame. The bull-bear strength signal is negative, and bears are currently attacking the market.

With the present speed of the wild decline, a trading day close below the 61.80 Fibonacci level is anticipated.

Can CHZ Still Spice Up The Situation?

CHZ is presently in one of the worst possible situations for a cryptocurrency. With the $0.28 resistance displaying strength and the $0.18 support line having been breached, a decline towards the key $0.14 level is expected.

However, if the 61.80 Fibonacci level mitigates the present slump, the $0.18 or $0.21 immediate resistance levels could be tested or broken. Things don’t seem to look good for the bulls at this moment.

Long-term investors are in trouble as this decline has broken the ascending triangle pattern. The 20-day to 100-day DEMA all support this tendency. As the FIFA World Cup approaches, a trend shift may occur during the next few weeks.

CHZ market cap at $1.16 billion on the daily chart | Featured image from The Coin Republic, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Polygon Draws Strength From Gaming Space – But Will It Boost MATIC?

The expanding gaming landscape in the Polygon network is making some positive noise in the crypto space.

Games use thousands of polygons to run well. As for the blockchain gaming community, they’re now using Polygon. Sandeep Nailwal, co-founder of Polygon, recently tweeted evidence of the company’s leadership in the blockchain gaming industry.

“Just look at the growth of gaming users on @0xPolygon. Growth is “ORDERS OF MAGNITUDE” bigger than any other chain ecosystem! And now #zkEVM! Lets keep building lads! Onwards!” Nailwal tweeted.

As of earlier this month, Polygon has also released its zkEVM upgrade, which is beneficial to the ETH and MATIC communities. Polygon revealed this system in July. There will be no interruptions in service when scaling on the chain thanks to the update.

Even with all of these improvements, MATIC still has a terrible performance record after seven days. According to Coingecko, the market has had a price loss of 10.4 percent, which may indicate a lack of investor confidence and widespread bearishness.

If the developed downturn persists, do these developments warrant a bullish stance from MATIC?

Crimson In All Places

According to statistics from CryptoQuant, MATIC’s exchange reserve has declined by 17.77% over the previous week, indicating a decrease in overall selling pressure as more people purchase and hold the coin. However, the data reveal a different tale. A bloodier one.

Image: TradingView

Since Nailwal’s tweet on October 11, the price of MATIC has declined 2.81 percent from the previous trading day. Despite the fact that MATIC is arguably on the low, the prior lows were met with resistance from the bulls, resulting in several pullbacks.

The CMF and momentum indicators displayed positive uptrends throughout these pullbacks. A strong trading day may occur if this cycle of decline and pullback persists.

Possible Reversal To The Upside?

The previous decline was supported by the $0.7286 support line. Bulls should defend this support line to increase the likelihood of a bullish price reversal. On a larger scale, the price movement of MATIC exhibits a triangle climbing pattern.

However, the bearish structure that has emerged will be difficult for bulls to overcome. However, bulls can capitalize on the market’s optimism as a result of the decreased exchange reserves.

The 20-day and 50-day Simple Moving Averages have already completed a bullish crossover and are moving to resist and make a bullish reversal more difficult. However, a bullish reversal is likely to occur if the price rebounds above the $0.7286 support line and the 150-day simple moving average.

MATIC market cap at $6.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Stellar Soars 6% In Last 30 Days – Can XLM Keep On Shining This Week?

Since the beginning of this month, Stellar (XLM) has increased by 6%, continuing its remarkable monthly performance. Coingecko reports a 4-day performance for XLM of 5.3%, while charts show an impressive 31.50% rise over the previous 30 days.

This price change is even more unexpected when considered in light of this. Santiment recently took to Twitter to reveal a rather unsettling image for the cryptocurrency community.

“There has been quite a lot of #bloodinthestreets. Unless your portfolio mainly consists of $BNB, $XLM, $QNT, $MKR, $HT, or other scarce positive #altcoins the past 30 days, you’re down. This reflects in the shrinking group of individuals still interested in #cryptocurrency,” Santiment tweeted.

The question of whether or not XLM can sustain its recent gains is intriguing. In spite of this, a rise of this magnitude is usually followed by a severe reversal as investors’ fears replace their excitement.

Stellar: What The Indicators Suggest

There are a number of signs to keep an eye on. And by “indicators,” it means the CMF, momentum, and bull-bear power. These metrics reveal the direction of the market, and the recent price surge has not yet altered investor opinion about the token.

Chart: TradingView

The money flow index of Chaikin is still heavily bearish, although bulls are testing a breach towards the positive top half. According to the bull-bear power indicator, bears have lost considerable impetus. This is related to the price increase during the past month.

The momentum indicator revealed a modest increase in bullish momentum followed by a slight decline. We may infer that buying enthusiasm for the cryptocurrency is currently high, but purchasers should be warned that a drop may occur in the coming days or weeks.

Slowing Down The Decline

The current rise is supported by the $0.0996 support line, which has halted the crypto market decline from May to June. This has served as the base from which the bulls have leveraged the current rally. Currently, the market is still being supported by the bulls.

As evidenced by the persisting pullbacks in XLM’s price, the current price action indicates that the correction phase is still in its infancy and that bulls continue to rule the market.

As of the time of writing, the token is trading in the green and may rise again following earlier pullbacks and a minor price decline.

XLM market cap at $2.9 billion on the daily chart | Featured image from Steemit, Source: TradingView.com

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Bitcoin Price Soars This ‘Uptober’ As BTC Barrels Past $20,000

As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing.

Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached.

As BTC bulls have been trying to break through this resistance level for almost a month, the breaking of the $20k psychological barrier is a major event.

To those looking to acquire Bitcoin or add to their existing holdings, however, the breakthrough may serve as a powerful buy signal.

Perhaps this market uptick is what the cryptocurrency industry needs to end the crypto winter.

Taking The Bull By The Horns

CryptoQuant claims numerous indicators can provide reliable buy indications for traders. Depletion of foreign-exchange reserves is one such factor.

Decreased Bitcoin exchange reserves are an optimistic indicator since it suggests an increase in Bitcoin purchases.

A shift in the outflow of foreign exchange is always a consideration in this context. On October 4, the value of the exchange outflow was $47,655.83.

A high number for this indicator indicates reduced Bitcoin selling pressure. The fear and green index is also rising, offering investors and traders strong buy signals.

A rising RSI value may indicate an increase in investor confidence due to recent developments in the cryptocurrency market or the psychological resistance level of $20,000.

Chart: TradingView.com
Extended Accumulation In The Offing

Bitcoin’s price increase is not unexpected. Recent reports indicate that Bitcoin is witnessing a prolonged accumulation.

Since September 27, the number of Bitcoin addresses holding between 100 and 10,000 Bitcoins has surged dramatically.

As of this writing, the 7-day moving average is providing dynamic support for Bitcoin’s ascent. Current support is located at $18,548, with resistance at $20,473.

With the current flow on the bullish side, we may anticipate a price increase in the coming days. Meanwhile, Bitcoin is still fighting to surpass the $20,472 resistance level.

A breach of this price level will eventually drive the price over the 78.60 Fibonacci retracement level, which is located at $21,229.

BTCUSD pair loses $20K handle, now trades at $19,954 on the daily chart | Source: TradingView.com

Featured image from Fintwit, Chart: TradingView.com

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Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price?

The reception of Chainlink among crypto enthusiasts has been positive. The ecosystem’s transaction volume has surpassed $6 trillion, according to the project’s official Twitter account. Because of this rise, the number of native integrations in the ecosystem rose from 12 to 15.

At this point, it appears that Chainlink may be en route to the proverbial moon. Shouldn’t a price increase coincide with improved metrics? No, not quite. The on-chain stats for LINK don’t look good, according to the statistics provided by Santiment.

Chainlink Market Cap Down

As of this writing, there has been significantly less progress made on the LINK chain than in previous months. The value of Chainlink’s stock on the market is likewise much lower.

The market cap for LINK on October 2 was $284,961,375, a decline of 78.06% from its all-time high of $1,299,905,978 on September 29, data from CoinGecko show.

A downward trend may be forming. However, at this time, Chainlink’s price is quite volatile on the intraday and 4-hour time frames.

LINK’s historical volatility is rather high, ranging between 64.75 and 50.27, indicating that its price frequently fluctuates between ranges.

The Stoch RSI figures are also falling, although the relative strength index of the coin is quite constant.

Although the coin’s performance indicates a downward trend, LINK HODLers may still have reason for optimism.

Chart: TradingView.com
LINK Investor Confidence Up

According to statistics from CryptoQuant, LINK exchange reserves are currently below average. This may suggest that the coin is not undergoing a significant selling pressure.

This is depicted on the graphs as a price increase. As of the time of writing, LINK is up 2.26 percent on a 4-hour scale.

The price of the coin fluctuates between $7,026 and $6,574. These two support levels are significant, as any breach by the bears might cause a sell-off that pushes the price below $6.

The chart also reveals a head-and-shoulders shape, which can act as a development impediment. However, as of this writing, the token has broken through and is on an intraday and 4-hour upswing.

Considering the current report for the third quarter of 2022, this could indicate a rise in investor confidence.

As the ecosystem continues to flourish, LINK holders should anticipate more good news in the coming days.

LINK total market cap at $3.5 billion on the daily chart | Source: TradingView.com

Featured image from Pixabay, chart from TradingView.com

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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price?

The original release of the blockchain implementation of Shiba Eternity occurred in Australia on September 17. Shiba Inu followed the larger market sell-off that began on September 13 and rallied nearly 7% from September 17-18.

During this time span, the rally did not significantly alter market sentiment. New information about the game’s release, though, may add some hype.

According to a recent tweet by Shib Rumours, the release date of the game is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the worldwide launch of the game will take place on October 6.

SHIB has a current trading range of $0.00001073 – 0.00001154. Could the meme coin see a resurgence after the game’s release?

Shiba Inu: Increasing Speed

After the latest sell-off on September 18, an uptrend has been noted and has been very consistent up to the time of writing. Given that this occurred only a day after the Australia release, it’s likely that long-term token holders witnessed the price increase and sold off their holdings.

During this period, the memecoin saw a pullback and plummeted 8.5% immediately. Currently, the recent price movements have created a head and shoulders pattern before to today’s breakout. During this breakout, the price increased by 2.9%

Given the current state of Shiba Eternity, this price movement can be regarded as a sign of increased anticipation for the game’s October 6 release. ETH whales are also contributing to the hype train.

According to WhaleStats, the top 1,000 Ethereum whales have more than $147.5 million. WhaleStats also regarded Shiba Inu as the token with the highest dollar value position.

Keeping A Close Eye On The Market

Therefore, there are a few things that future Shiba Inu players and investors/traders should be aware of.

One of these is that a price increase is frequently followed by a severe market correction, similar to what we experienced on September 18 following the rally on September 17.

As of this writing, SHIB is trading at $$0.00001137, up 2.5 percent in the last seven days, data from Coingecko show, Saturday.

As October 6 approaches, we will have a better sense of whether Shiba Inu will increase in value or decline further.

SHIB total market cap at $6.29 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally

QUANT is making some positive noise, despite the bear market, with QNT notching gains in the last week.

Most cryptocurrency exchanges have made some decent profits recently, despite the beatdown form the broader crypto market.

Cryptocurrencies, meanwhile, have kept the charts green even while the stock market suffers from larger macroeconomic issues.

One of the tokens is QNT, which gained 35.77 percent, making it one of the top gainers of the past seven days. An improvement in the coin’s fortunes may be in the offing.

Market trust in cryptocurrency could be bolstered by the rise of Quant as the market recovers.

QUANT Recovers, Up 50%

Inflation data announced by the U.S. Federal Reserve on September 13 jolted global financial markets. Due to strong links between the S&P 500 index and Bitcoin, the stock market brought down the cryptocurrency market with it.

Back then, the QNT price had a hard time moving above the $112.12 barrier. As of September 13 and beyond, the crypto market as a whole plummeted, and QNT was no exception, instantly experiencing a decline.

At the same time, market uncertainty and skepticism made it difficult for bulls to drive the price of Ethereum and Bitcoin higher.

As of this writing, the token’s value has increased by about 50 percent since September 13. During this latest occurrence, the majority of coins merely enjoyed modest gains. But what do the current signs reveal?

Market Shifts Anticipated

Chart: TradingView.com

Currently, the Stoch RSI is in the hundreds. This indicates that the asset is grossly overbought and will have a price correction within the next few days . Currently, the CCI figures are also declining.

Due to Quant’s current price level, traders and investors may sell their QNT coins to profit from the recent market action. This price movement is supported by the range of $126.83.

If a correction occurs because Quant is overbought, we can see a decline to $122.18.

As of the time of writing, the price is positioned between the 50 Fib line and the 38.20 Fib level. The pricing is currently rather constant.

QNT’s function in the crypto realm is a significant factor in their robustness. Quant’s primary service consists of applications that allow different blockchains to communicate, enabling the transfer of coins.

In light of this, we may expect better news concerning Quant in the next days.

QNT total market cap at $1.62 billion on the daily chart | Source: TradingView.com

Featured image from Motivation Grid, Chart: TradingView.com

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Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor?

Polkadot has proven successful in a number of areas recently. Data from Santiment shows that there has been a dramatic increase in development on Polkadot.

But does this mean a brighter future for Polkadot? Data shows that the highest amount of transfers occurred on September 16.

In addition, there’s even better news. Parallel chaining is likewise very active. The volume of transactions using these secondary chains on the Polkadot main chain is an indicator of this action.

The GLMR token from Moonbeam and the MOVR token from Moonrivers are two of the most well-known.

Chart: TradingView.com

Polkadot Investors Up In Numbers

Investments on Polkadot are also at an all-time high, with DFG coming in first place with 52 active projects.

While these claims certainly sound promising, how will they impact DOT’s market presence? The coin’s performance on the market has improved, thanks to recent changes.

Investor confidence in Polkadot’s ecosystem and native token DOT can increase if the crypto market recovers with the broader financial markets.

Both the DeFi and the more conventional financial markets are experiencing unfavorable market circumstances that make price changes unlikely. The recent increase in interest rates by 0.75 percent exacerbates the already intense selling pressure.

DOT Challenged By Adverse Market Conditions

Fear caused by recent CPI data is still evident on the charts as bears continue to test the lower part of the Donchian channel. Even though bulls are attempting to gain momentum, adverse market conditions continue to outweigh them.

DOT is trading at $6.48 as of this writing, down 6.5 percent in the last seven days, data from Coingecko show. However, DOT is expected to receive excellent news from the charts.

The critical support at $6.04 has slowed the price’s precipitous decline. It bolsters the strengthening bullish trend, which is more evident on the 4-hour to 1-hour tick indicators.

The price has settled between $6.04 and $6.83 near the center channel. After a sharp rejection candle at the opening of today’s trading session, the bulls may be able to penetrate and consolidate above the immediate resistance level of $6.57 if there is less volatility around these price levels.

The current price movement according to the XABCD harmonic pattern indicates that investors and traders should buy the dip, so propelling the price into an uptrend.

DOT total market cap at $7.15 billion on the daily chart | Source: TradingView.com

Featured image from VOI.id, chart from TradingView.com

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What Ethereum Can Bring On The Table For ETH Investors In Q4

As expected, Ethereum has been doing poorly since the much-touted Merge event. This was a groundbreaking moment for the crypto industry.

Although the Merge was anticipated to boost investor confidence, it occurred at the worst possible time.

The Merge took place at an interesting point in crypto history. The update went up on September 15—just two days after the United States CPI data was made public.

There was a widespread selloff in the stock markets because of the Federal Reserve’s interest rate increase, reporting its annual inflation rate hike of 0.1%, and affecting the cryptocurrency market.

On the day of publication, Bitcoin dropped 12.71 percent, and Ethereum fell 12.67 percent. The timing of the Merge’s launch was a last-ditch effort to maintain or perhaps boost investors’ trust. However, that did not actually occur.

Ethereum (ETH) Price Down 21%

When everything was said and done, the Ether’s price had dropped by 21.1% compared to its 7-day moving average, as measured by CoinGecko. But @CryptoGucci, a Twitter user, disputes this.

One Twitter user explained why the recent price decline shouldn’t be worrying. The increasing prevalence of Ethereum validators on the blockchain is a prime example.

This increase in validators can improve the Ethereum blockchain’s overall efficiency.

Additionally, the state of Colorado has accepted ETH as a payment method through PayPal. However, this payment method is exclusive to personal PayPal accounts and not commercial ones. Nonetheless, this will undoubtedly aid the adoption of the ETH ecosystem.

Is An ETH Recovery Imminent?

Recent data indicate that ETH is witnessing a positive price increase. After a near-freefall to $1,243, the price has rebounded and is currently trading between $1,221 and $1,323.

Multiple indicators also depict a strengthening bullish momentum. Since the decline to the critical support level, stochastic relative strength index (RSI) values have risen, indicating that investor confidence is rebounding after a dreadful few days.

But are new changes sufficient to halt the current 0.75 percent interest rate increase? As the cryptocurrency market closely mirrors the broader financial environment, the recent movements may be temporary.

Wall Street’s indices have declined by a few percentage points as of this writing, and this decline can have a significant impact on the cryptocurrency market. As the third fiscal quarter draws to a close, Ethereum may experience a slow but gradual comeback.

ETH total market cap at $163.7 billion on the daily chart | Source: TradingView.com

Featured image from CryptoMode, Chart: TradingView.com
(The analysis represents the author’s personal views and should not be construed as investment advice).