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Saeed Ul Hassan

Chainlink’s LINK Surges 12% In Weekly Rally Amid New Financial Partnerships

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The LINK token, the native cryptocurrency of Chainlink, the decentralized oracle network built on the Ethereum blockchain, has experienced a remarkable surge of over 12% in its weekly chart. This surge in value has been attributed to the network’s recent partnerships with traditional financial institutions, signaling a growing interest in decentralized finance (DeFi).

As of the latest data, the LINK token climbed to a weekly high of $6.97 from its previous position at $5.97. This substantial increase in value has not only caught the attention of investors but also altered the market structure in a bullish direction. If the current bullish momentum persists, experts believe the next significant resistance level to overcome is $7. However, it is essential to note that a decline below $6.20 could invalidate the long-term bullish scenario for LINK.

Source: Coinmarketcap

Prominent crypto analyst Rekt Capital has expressed optimism about the future of the LINK token. According to Rekt Capital, the decentralized Oracle network’s recent performance indicates its potential for further recovery. After experiencing a price surge in July, LINK held its range-high resistance. 

Despite a recent low of $5.76 on September 11th, LINK remained within the asset’s range-low support. Since then, the token has rebounded, and Rekt Capital predicts that LINK “should be able to revisit the range-high resistance” at approximately $8.186, representing an additional 20.5% increase if achieved.

Chainlink (LINK) Driving Factor

The recent rally in LINK’s price can be attributed to the growing optimism surrounding the network’s strategic partnership with the interbank messaging system SWIFT, aimed at scaling tokenized asset adoption in the financial sector. On a recent Monday, Chainlink’s co-founder, Sergey Nazarov, took the stage at SWIFT’s global financial services networking event, Sibos. 

During this event, Nazarov, alongside Nigel Dobson, the banking services lead at the Australia and New Zealand Banking Group (ANZ), delved into the concept of cross-chain settlement using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

The collaboration between Chainlink and the Depository Trust and Clearing Corporation (DTCC), a prominent player in U.S. market trading processing, was first announced in June as part of Swift’s Blockchain interoperability project. This initiative aims to leverage Chainlink’s CCIP to enable seamless interoperability between source and destination blockchains.

In a significant development, ANZ utilized Chainlink’s CCIP to successfully complete a cross-chain purchase of tokenized assets involving A$DC, an ANZ-issued stablecoin pegged to the Australian dollar. 

In response to this achievement, Chainlink emphasized that this advancement builds upon the lessons learned from the recent Swift blockchain interoperability initiative. It further demonstrates how financial institutions can harness CCIP to facilitate cross-chain transactions across public and private blockchains.

Related Reading | Bitcoin Blazes Past $27.2K: Nomura’s Adoption Fund Ignites Institutional Interest

OKB’s 6% Weekly Surge As OKX Teams Up With Solana Mobile 

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OKB, the native cryptocurrency of the OKX exchange, has experienced a resurgence in its value, surging by 6% in just one week. After a period of lackluster performance, this resurgence has breathed new life into the digital asset, generating excitement among investors and enthusiasts alike. 

As of now, OKB reached a weekly high of $44.1 before settling at its current trading price of $43.83, representing a modest daily gain of 0.40%. This bullish trend in OKB’s price has captured the attention of market analysts, who have been closely monitoring the cryptocurrency’s performance.

Source: Coinmarketcap

Technical indicators, as well as OKB price predictions, are overwhelmingly positive, signaling a strong bullish sentiment within the market. The Fear & Greed Index, which currently reads 17.31, indicates an extreme fear sentiment among investors. 

However, most technical analysis indicators are flashing bullish signals, with only a few suggesting bearish trends. This collective optimism in OKB’s future outlook is reflected in the price predictions, with an expected 111.40% increase by the end of September, potentially pushing the value of OKB to approximately $92.94.

OKB Price Driving Factor

The driving force behind OKB’s impressive weekly surge is the recent partnership announcement by OKX, a prominent cryptocurrency exchange and pioneering Web3 technology company. OKX has revealed its collaboration with Solana Mobile, a move that promises to introduce the OKX app to the Solana Saga’s dApp store. 

This development positions OKX as one of the first exchange apps accessible on the Solana Web3 smartphone, presenting a gateway to OKX’s cutting-edge Web3 products for Saga users.

The Solana Saga smartphone represents a breakthrough in enabling mobile access to Web3 technology. Through strategic partnerships like this one, OKX is poised to redefine how people around the world interact with and utilize decentralized apps and services.

Jason Lau, Chief Innovation Officer at OKX, expressed enthusiasm for the partnership’s potential impact: 

This partnership exemplifies the boundless potential of Web3. By combining OKX’s suite of next-gen products with the Solana Saga, we are dramatically expanding everyday access to the open, decentralized future that Web3 enables.

This partnership between OKX and Solana Mobile is not only a boon for OKB investors but also a significant step toward the mainstream adoption of Web3 technology. 

Related Reading | Crypto Asset Freeze Enhancement Act: Protecting UK Financial Ecosystem

Weekly Market Watch: Bitcoin And Ethereum Show Resilience, Altcoins Surge

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Over the previous week, the world of cryptocurrency experienced relatively positive optimism. The entire week encountered a slightly favorable performance of Bitcoin. Meanwhile, Ethereum also followed suit, showing a modest rebound from the crash observed in the recent weeks.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable increase over the recent week. Some of the low-cap coins manage notable gains in the weekly charts. 

Toncoin (TON) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by THORChain (RUNE) and Maker (MKR), second and third place, respectively. 

Toncoin (TON) experienced a notable increase of 35% over the past seven days; however, it has made a strong recovery in the past month. As of now, TON is being traded at $2.29, reflecting a 4.69% decrease within the last 24 hours. 

Source: CoinMarketcap

The price increase came after Telegram’s popular messaging app unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Meanwhile, THORChain (RUNE) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RUNE has experienced a significant increase of approximately 22.09%. 

Source: CoinMarketcap

Currently, RUNE is trading at $1.88. In the last 24 hours, the token has experienced a 0.83% decrease, and its trading volume has also decreased by 15.56% in the same time period.

Source: CoinMarketcap

Additionally, Maker (MKR) has also gained significant attention due to its weekly performance, with a notable increase of about 12%. MKR is currently trading at $1,250.56, with a decline of 1.28% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including TRX at 6%, BCH at 10%, and ATOM at 4.05%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the widely recognized digital currency, faced a notable recovery in the week that just passed as it approached a key resistance at $26k. Bitcoin enjoyed a slight 5% price jump in mid-week, climbing from $25,000 to $26,800. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Source: CoinMarketcap

An update from Santiment noted that Bitcoin has sustained a 5-month high level of unique address activity. On average, approximately 1.1 million Bitcoin addresses have been actively sending and receiving coins on a daily basis. Additionally, there has been a 5% increase in the price of Bitcoin over the past three days, leading to a surge in profit-taking, reaching a 2-month high as of today.

From the perspective of Bitcoin’s technical analysts, they emphasize the significance of Bitcoin closing above the 200-week Exponential Moving Average (EMA) as a crucial indicator for bullish momentum continuation. Analysts are optimistic that Bitcoin will maintain this trend in the upcoming week, potentially mirroring the price patterns observed during the 2015/2016 cycle.

Likewise, Ethereum has followed a trading pattern that resembles Bitcoin’s. Santiment’s data indicates that the supply of Bitcoin and Ethereum on exchanges has declined, suggesting that traders are increasingly inclined to hold onto their assets. 

Source: CoinMarketcap

Furthermore, Santiment reported a noteworthy development in the Ethereum network, with a staggering 1,089,893 unique wallets participating as senders or receivers of ETH on a single day, marking the second-highest activity level in the asset’s history spanning over 8 years. This unusual occurrence in Ethereum’s network activity could serve as the long-awaited signal for a potential price rebound.

According to CoinMarketCap, Bitcoin is trading at $26,631.36, with a 0.41% increase over the past 24 hours and a 3.47% increase over the past seven days. On the other hand, ETH is being traded at $1,627.93, experiencing a 0.77% decrease in the past 24 hours and a 1.01% rise over the past seven days.

Related Reading |  Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark 

Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

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Toncoin has been on a remarkable, bullish streak over the past week, making significant gains of approximately 35% in its price, as depicted in the weekly chart. Starting at $1.62 on September 11, it reached an impressive high of $2.52 on September 16, 2023. This surge has propelled Toncoin to the 9th position on CoinMarketCap, with a market valuation of $7 billion.

Source: Coinmarketcap

The bullish trend gripping TON began on September 11, trading at $1.62. In just a week, the coin soared to a high of $2.52 on September 16, signifying a substantial 35% price increase. At the time of writing, the coin is trading at $2.30, displaying resilience despite the volatile nature of the cryptocurrency market.

One of the key drivers behind its remarkable ascent is its impressive trading volume. Over the past 24 hours alone, Toncoin recorded a trading volume of $53 million, significantly surpassing its 20-day average volume. This surge in trading activity suggests heightened interest and momentum surrounding TON.

In the larger context, TON has exhibited an impressive 75.01% increase in value over the last 30 days, solidifying its position as a prominent player in the cryptocurrency market. While established tokens remain relatively stable, the coin’s rapid price appreciation showcases its potential to challenge more renowned counterparts.

Source: Coinmarketcap

Looking ahead, the major resistance level at $3 stands as the next significant milestone for Toncoin. If the current momentum persists, Toncoin could breach this crucial threshold in the coming days, further cementing its status as a cryptocurrency to watch.

Toncoin Stands Out Amid A Predominantly Bearish Market Sentiment

Despite a prevailing bearish sentiment in the overall market, Toncoin’s ability to shine amidst the broader consolidation is noteworthy. Investors are closely monitoring Toncoin’s performance as it continues to defy market trends.

Significant developments within the project complement Toncoin’s recent surge. The popular messaging app Telegram recently unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Additionally, at the TOKEN2049 event in Singapore, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, presented an ambitious plan to propel Web3 technologies into mainstream adoption. 

Emphasizing the need for seamless user experiences and improved distribution methods, the duo underscored the importance of making blockchain technology “invisible” to users, aligning with the principles of successful consumer tech products.

Related Reading | Bitcoin Could Reach $27,400 Soon, Says Whale Analysis

AVAX Surges 4% On Avalanche-Bitcoin Bridge Upgrade, Accelerating Transaction Speeds

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Avalanche (AVAX) has shown a noteworthy resurgence, recording a 4% gain in its daily chart. This upswing comes on the heels of an announcement from Ava Labs regarding a significant update to the Avalanche-Bitcoin Bridge. The update, executed by the Bridge Nodes, has introduced a notable improvement in transaction speed for transfers from the Avalanche network to the Bitcoin Network.

Source: Coinmarketcap

AVAX, much like its cryptocurrency counterparts, has faced its fair share of price fluctuations. Presently, AVAX is trading at $9.43. A closer examination of the daily chart reveals that AVAX recently experienced a retracement to a pivotal support level that has remained intact since the summer of 2021. The integrity of this support block holds considerable importance for the future price trajectory of AVAX.

Source: Coinmarketcap

Should this support block fail to hold, the next potential support zones are $7.39 and $5.91, while resistance levels are $10.64. This retracement may present a viable buying opportunity, as AVAX has historically exhibited similar opportunities in the past, notably in December of the previous year and in June of the current year.

Presently, in line with many other alternative cryptocurrencies, AVAX appears to be in an overextended state, possibly indicating an impending relief rally back toward the 20 EMA (Exponential Moving Average). 

Avalanche Bridge Security Upgrade

The Avalanche-Bitcoin Bridge has undergone an important upgrade today. This alteration is intended to allow ample time for Bridge Nodes to thoroughly examine data from both the blockchains during their screening process. The primary objective is to bolster detection and prevention mechanisms against potential misuse of the Bridge by malicious actors.

The update exclusively affects transactions from Avalanche to Bitcoin without impacting transactions in the reverse direction, the Avalanche-Ethereum Bridge, or other cross-chain bridging solutions such as LayerZero and Axelar. Furthermore, the requirement for a consensus of at least 75% of Bridge Nodes for transaction validation remains unchanged.

While this update may extend the time required for transfers from Avalanche to the Bitcoin Network, it aligns with previous updates to optimize the Avalanche Bridge for sustained cross-chain interoperability. 

It reflects the network community’s commitment to fostering a supportive environment for trustworthy participants while discouraging malicious actors. Transactions identified as originating from malicious actors during the screening process will continue to be blocked as before.

Related Reading | Bitcoin & Ethereum Supplies Decline As Traders Embrace Long-Term Outlook

Polkadot (DOT) Finds Hope Amidst Struggles: Is A Reversal In Sight?

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Polkadot (DOT), one of the prominent cryptocurrencies in the market, has been facing a challenging period recently. However, there may be a glimmer of hope on the horizon as DOT exhibited signs of recovery on its daily chart, marking an almost 2% increase and trading at $4.110. 

Source: Coinamarketcap

This slight upturn comes after a 17% loss on the monthly chart. After tumbling from its all-time high of over $50 in November 2021, DOT enthusiasts are now eyeing this modest surge with cautious optimism.

The daily gain suggests that DOT might be on the cusp of a new uptrend. Traders are beginning to believe that DOT’s current price levels may have pushed the token into oversold territory, potentially setting the stage for a resurgence.

One key indicator supporting this nascent optimism is the Relative Strength Index (RSI), which has bounced back above the 30 mark after a recent foray into oversold territory. 

Source: Coinmarketcap

If the RSI can break through the 50 threshold, it could signal further gains in the days ahead. The Moving Average Convergence Divergence (MACD) indicator also hints at the possibility of a bullish crossover in DOT’s price chart.

Nonetheless, Polkadot faces significant hurdles before a lasting trend reversal can be confirmed. The $4.50 mark, corresponding to its 50-day moving average, poses a formidable resistance level that must be surmounted to signal a short-term shift in momentum. 

Beyond that, the critical milestone for DOT lies at $5.00, where breaking through could finally end the series of lower highs that have characterized its downtrend since November of the previous year.

If Polkadot manages to secure a foothold above these crucial resistance levels, several fundamental and technical factors might propel the token to higher ground.

Despite Challenges, Polkadot (DOT) Remains Relevant 

Despite recent price struggles, the quantity of staked Polkadot (DOT) has grown over the past month. However, this increase coincided with a decline in reward rates, raising questions about the sustainability of the staking model and its appeal to users.

Source: Staking Rewards

On the social front, sentiment surrounding DOT has been less favorable in recent weeks. This dip in sentiment could potentially have far-reaching effects on market behavior and investor confidence, influencing decisions made by both retail and institutional players.

Nevertheless, Polkadot (DOT) continues to exhibit a robust position in terms of social engagement. Engagement levels have surged by an impressive 64%, and mentions related to DOT have increased by 16.4%. 

Source: Santiment

These statistics suggest that Polkadot remains firmly on the radar of the cryptocurrency community despite the challenges it has faced in recent times.

Related Reading | Bitcoin’s Crucial Crossroads: Analysts Assess Chart Patterns and Support Levels 

Tron (TRX) Price Analysis: Bulls And Bears In A Battle For $0.10

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Tron (TRX) has witnessed notable price fluctuations. The weekly chart shows a substantial 7% increase, while the daily chart indicates a nearly 2% rise. The coin’s price chart reflects a tug-of-war between buyers and sellers, resulting in TRX’s value oscillating between $0.07 and $0.09, with its current trading price at $0.08405.

Source: CoinMarketcap

Crypto experts are optimistic about TRX potentially surpassing the $0.09 mark, aiming for a target of $0.10. However, they also issue a word of caution, warning that if TRX’s price falls to the $0.07 level, it could lead to further declines, potentially down to $0.06.

One key factor to watch is the behavior of Bitcoin, as its performance often has a significant impact on the broader cryptocurrency market. If Bitcoin enters a bullish phase in 2023, it could serve as a catalyst to propel TRX’s price toward its $0.10 target. 

Technical indicators suggest a bullish sentiment, but the Fear & Greed Index signals extreme fear at 12.20. Our TRON forecast recommends buying TRON now due to a recent 10.88% increase over the last 30 days. Expect a slight recovery in the coming month.

TRON is currently trading below the 200-day simple moving average (SMA), which has shown a buying signal for the past 326 days. The price is also below the 50-day SMA, indicating another buying signal.

Based on technical indicators, the 200-day SMA is expected to drop, potentially leading to a price of $0.0726 by the end of December, according to DigitalCoinPrice. The Relative Strength Index (RSI) is currently at RSIValue, indicating a selling position in the TRX market.

Tron’s Remarkable Transaction Growth Over Six Years

In the span of six years since its inception, Tron has achieved remarkable growth in transaction count, as reported by Nansen. The network now consistently handles over 4.8 million transactions daily, even during a relatively slow phase in the market.

This robust performance hints at the potential for significantly higher transaction counts when the market turns bullish, reflecting Tron’s impressive adoption.

Tron’s success can be attributed to its focus on utility and the increasing demand for affordable, reliable stablecoin transactions. The stablecoin marketcap surged to over $45 billion in 2023, with daily transactions peaking at 13 million TRXs. Although there has been a slight decline since June due to market conditions, Tron remains committed to growth through initiatives like TronGrid.

This growth underscores organic demand for TRX, which has maintained an overall uptrend since November. On-chain data reveals the second-highest volume spike in four weeks and increased development activity, potentially boosting investor confidence.

Despite these positive indicators, the weighted sentiment metric remains at its lowest monthly level, suggesting a bearish sentiment. TRX continues to exhibit a short-term bullish bias, although the low-weighted sentiment raises the possibility of impending short-term sell pressure.

Related Reading |  Crypto Market Insights: Turkey’s Lira Leads the Way, Capturing 75% on Binance

Toncoin (TON) Surges To 3-Month High of $1.95 Following TON Space Wallet Launch

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Toncoin (TON) has reached a significant milestone by surging to a three-month high of $1.95 following the launch of the self-custodial version of the TON-based wallet, TON Space. 

This development, met with enthusiasm by the cryptocurrency community, has paved the way for a global rollout scheduled for November. Notably, this feature will become the default for all Telegram users worldwide, except those in the United States.

The primary goal of this initiative is to onboard a substantial portion of Telegram’s massive user base onto the Toncoin ecosystem by 2028, with an ambitious target of attracting 30% of all Telegram users.

In response to this announcement, Toncoin experienced a remarkable upswing, emerging as the day’s top gainer among the top 10 cryptocurrencies, recording an impressive 13% increase in value.

TON has exhibited a remarkable recovery trend over the past two days, bouncing back from a near two-week low of $1.6040. On September 11, the cryptocurrency found support at the Fib 0.5 retracement level of $1.6171, subsequently regaining momentum. It swiftly climbed back above its 20-day Exponential Moving Average (EMA) and the Fib 0.382 retracement level.

As of now, Toncoin is trading at $1.92, representing a notable 7.22% gain in the daily chart. This consistent upward movement signals a positive trajectory for Toncoin, hinting at continued recovery in the near future. 

Source: CoinMarketcap

Telegram Launches Toncoin (TON) Space Self-Custodial Wallet

The launch of this wallet, TON Space, was jointly announced by Telegram and the TON Foundation during Singapore’s Token2049 crypto conference, attended by over 10,000 individuals.

The TON Foundation, an entity formed by open-source developers and blockchain enthusiasts, now supports the development of The Open Network (TON), the blockchain underpinning various Telegram applications, including the self-custodial wallet.

TON Space, developed by The Open Platform (TOP), will be accessible to Telegram’s global user base starting in November without needing wallet registration. This offering extends the custodial Telegram wallet, which has already garnered three million registered users. 

The primary advantage of having a crypto wallet within Telegram is the potential to introduce a significant number of users, including unbanked populations in developing countries, to digital assets. Developers can manage the flow of digital assets through their projects via self-custodial wallets, opening up new possibilities for various applications and services.

Telegram is also promoting TON projects and partners by granting them priority access to its global advertising platform, aiming to facilitate the adoption of decentralized apps.

While Signal, another encrypted chat app, has a crypto payments solution through a third-party partner, MobileCoin, TON Space and Signal’s offerings cater to different user bases, with the former emphasizing community and social interaction within its crypto ecosystem.

Bitcoin Bounces Back To $26.5K, Traders Take Profits Amidst Mild Rally

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Bitcoin, the leading cryptocurrency, has made a notable resurgence, surging to a peak of $26.5K within the past few hours, marking a 5% increase in its daily chart. This bullish movement has also been accompanied by a remarkable 30% rise in its 24-hour trading volume over the same time frame.

Source: Coinmarketcap

According to insights provided by the analyst firm Santiment, the Bitcoin network has witnessed a resurgence in activity, with 1.1 million daily addresses actively engaging on the $BTC network, a figure not seen in the past five months. However, today has seen a wave of profit-taking among traders following yesterday’s mild uptrend.

Bitcoin’s resurgence has also influenced other cryptocurrencies, with assets like Bitcoin Cash (BCH) surging by 12%, Toncoin gaining 11% in the 24-hour chart, and TRON (TRX) experiencing a 6% increase. Despite this, there remains a sense of cautious optimism in the market.

Source: Coinmarketcap

While Bitcoin briefly dipped below $25,000 on Monday, the lowest level since mid-June, it has managed to rebound and is currently trading at $26,111.02. Nonetheless, the cryptocurrency market continues to face challenges, with concerns arising as the seasonal worries of September take hold. 

Bitcoin remains vulnerable around key technical levels, and its ability to sustain levels above $26,000 remains a point of interest for market participants.

Bitcoin Price Driving Factor

A driving factor behind this surge is the news that asset management giant Franklin Templeton has submitted an application to the United States Securities and Exchange Commission (SEC) on September 12, seeking approval to launch a spot Bitcoin exchange-traded fund (ETF).

This application comes on the heels of the SEC’s recent delays in decisions regarding spot ETF applications from several other major players in the industry, including WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco, which were postponed on August 31. 

Additionally, a court ruling on August 29 mandated that the SEC consider Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF.

Franklin Templeton’s proposed ETF would be structured as a trust, with Coinbase serving as the custodian for Bitcoin holdings and the Bank of New York Mellon handling cash custody and administrative duties. The fund’s shares are slated to be traded on the Cboe BZX Exchange. The SEC is set to decide on this application by October 16.

However, Franklin Templeton acknowledged the inherent risks associated with the regulatory uncertainty surrounding the digital asset markets in the U.S. in its application. It cited potential adverse legislative or regulatory developments that could impact the value of Bitcoin and the ETF shares, such as bans, restrictions, or onerous conditions related to various aspects of the cryptocurrency ecosystem.

Related Reading | Shiba Inu’s Vision: Unveiling the Future Beyond the Market Hype

Weekly Market Watch: Bitcoin & Ethereum Slumps, Altcoins Soars

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Over the previous week, the world of cryptocurrency experienced minimal volatility. The entire week encountered a decline marked by a less favorable performance of Bitcoin. Meanwhile, Ethereum was traded within a relatively narrow range, showing a modest rebound from the crash observed in the week before.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable decrease over the recent week. Nonetheless, some of the low-cap coins manage notable gains in the weekly charts. Despite this recovery, a considerable portion of coins displayed unfavorable trends on the weekly and daily charts.

Stellar (XLM) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by Render (RNDR) and Rocket Pool (RPL), second and third place, respectively. 

Stellar (XLM) experienced a notable increase of 12% over the course of the past seven days; however, it has been struggling to make a slight recovery, according to the daily chart. As of now, XLM is being traded at $0.127, reflecting a 0.52% decrease within the last 24 hours. 

Source: CoinMarketcap

The price increase came after Stellar hinted at an upcoming innovation in an announcement on September 2. They teased something exciting, dropping in 10 days on September 12, leaving the community curious about what it could be, considering Stellar’s recent advancements.

Meanwhile, Render (RNDR) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RNDR has experienced a significant increase of approximately 9%. 

Source: CoinMarketcap

Currently, RNDR is trading at $1.44. In the last 24 hours, the token has experienced a 0.61% decrease, while its trading volume has increased by 110.04% in the same time period.

Additionally, Rocket Pool (RPL) has also gained significant attention due to its weekly performance, with a notable increase of about 8%. As of now, RPL is trading at $22, with a decline of 1.11% in the last 24 hours.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including LEO at 4.04%, CRO at 4.05%, and 4.05%, with an increase of 2.34%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the week that just passed, Bitcoin, the widely recognized digital currency, faced a notable decline as it approached a crucial support point at around $25,400. In mid-week, Bitcoin enjoyed a slight 2% price jump, returning to $26.390 for the first time in the week, then fell again to the support. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Source: CoinMarketcap

In the preceding week, the Bitcoin Technical Analyst took to social media X to report the emergence of a fresh sell signal in the 5-day Alpha Trend of Bitcoin. This development initially raised concerns, as historical data indicated that such sell signals typically coincided with major cycle tops. 

However, recent cycles have revealed an intriguing pattern: these sell signals have also manifested earlier, specifically after the initial cycle peak, but before the ultimate top. 

2015, for instance, the sell signal materialized shortly after the market had bottomed out. Similarly, in 2019, except for the unforeseen black swan event, the sell signal preceded the subsequent market downturn. 

The current situation mirrors this pattern, as a buy signal for the cycle bottom has now been confirmed. It raises the question: Could the sell signal indicate that the downward trend is approaching its conclusion?

Similarly, Ethereum experienced a trading range closely resembling that of Bitcoin. According to cryptocurrency analysts, Ethereum’s price dipping below the $1,680 mark is a cause for concern, as it may serve as a precursor to a substantial correction in Ethereum’s value, potentially leading to a drop to $1,200.

According to CoinMarketCap, Bitcoin is currently trading at $25,692.44, with a 0.80% decrease over the past seven days and a 0.50% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,589.56, experiencing a 0.59% decrease in the past 24 hours and 1.98% over the past seven days.

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