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You are here: Home / Archives for News / Altcoin News

Altcoin News

Chainlink [LINK] Bulls Are Rigorously Buying Dips

January 22, 2021 by Chayanika Deka

After an impressive rally of nearly 30% over the week, Chainlink [LINK] hit a fresh all-time high of $23.6 before retreating mildly. Unlike most of its peer high market cap altcoins, Chainlink found a bullish breather as the week started.

The token’s previous ATH was recorded in August 2020 when its price reached nearly $20.

Despite the correction, LINK was up by 3.41% over the past 24-hours which drove its price to $20.37. At the time of writing, the crypto-asset recorded a market cap of $8.16 billion and a 24-hour trading volume of $3.47 billion.

Chainlink [LINK] Daily Chart:

LINK1

Chainlink [LINK] has roughly doubled its valuation in the first two weeks of the year as the strong bullish momentum continued. The previously converging moving averages underwent a reversal closely mimicking the price action of the token.

The gauge between the 50 DMA [Pink] and the 100 DMA [Blue] rose substantially which depicted a rising bullishness in the LINK market. The above further noted that the bulls were buying dips at very point maintaining the positive price action that has been lacking in the extended market.

Meanwhile, the Fib retracement also highlighted some crucial levels of resistance to look out for in case of LINK bulls resumes its upsurge.

LINK2

Chainlink [LINK] technicals depicted a mixed picture. The MACD, for instance, continued riding the bullish wave above zero depicting a strong sense of buyers demand in the market which could further advance its price to levels not seen before.

The Stochastic RSI, on the other hand, underwent a bearish crossover as it took a plunge from the overbought zone. It also formed a bearish divergence along the way.

The RSI, however, maintained its strong hold above the 50-median line despite bouncing off from the overbought territory.

The above charts indicated that despite the strong bullish momentum, the bears appeared to be fighting for dominance. While a retracement in the short-term could very well be on the cards, the token might not undergo a damaging fall.

As depicted by Fib, Chainlink could witness a drop from its nearest support of $19.83 to $17.31. If bulls manage to retain this level, the token could witness a fresh uptrend following which LINK might very well challenge its overhead resistances of $21.15 and $23.04.

In an unlikely scenario of an increasing bearish pressure, LINK could further test support levels of$15.32, and $12.67 respectively.

Filed Under: Altcoin News, News Tagged With: Chainlink (LINK)

Here’s Why Ethereum Looks Grim In Short-term

January 21, 2021 by Chayanika Deka

Ethereum was forced to retreat right after hitting its all-time high of $1,439. The crypto-asset was down by more than 12% since then and was currently valued at $1,263. Despite a strong bullish momentum amidst a broader crypto market resurgence, ETH failed to hold its fort above the recently established mark.

Was the ATH temporary or its it just the beginning?

This is what Fundstrat Global Advisors’ cryptocurrency team had to say about Ethereum’s price movement after predicting a $10,500 price target in the coming days:

“We continue to believe Ethereum fundamentals are incredibly strong and think [ethereum] represents the best risk/reward investment play in crypto,”

Ethereum’s Daily Active Deposits

Daily Active Deposits Ethereum

According to the crypto-analytic platform, Santiment, Daily Active Deposits for Ethereum has been less which depicted less intention to sell by the investors in the market. A positive indicating despite the sharp decline after establishing a peak further evidenced that an upside could very much be in the cards.

Ethereum it is still by far the best looking altcoin in terms of price structure.

– Above the cloud
– Just tested all time high
– Rejection but still above the previous low

Please ser, lead the way.$ETH pic.twitter.com/A4BbRQMdsB

— yTedd (@TeddyCleps) January 21, 2021

On the long-term, the second-largest crypto Ethereum exhibited promising and positive momentum. As the data from Santiment suggested that the funding rates for perpetual contracts on BitMEX for ETH were back in the neutral region.

Historically, there has been positive price momentum for the crypto-asset in the past when the funding rates positioned themselves in the neutral territory.

Short-term bearish?

According to the on-chain analytic platform, ETH’s 30-day MVRV ratio was found to be in red territory. It’s lower than on the previous top but still overinflated. The 30-day MVRV is at 30%, which Santiment calls is “a danger zone”.

ETH MVRV

Gauging at the MVRV, it was found that an asset falls into the danger zone when average trader returns become abnormally high for a certain length of time since their initial investment. Most often than not, this depicts that the crypto-asset was becoming overvalued due to variables such as profit-taking from these traders, or due to FOMO buyers playing the part for retail and whale investors.

Filed Under: Altcoin News, News Tagged With: Ethereum (ETH)

Polkadot [DOT] To Move Earthward With Others Assets

January 21, 2021 by Sahana Kiran

Bitcoin [BTC] had finally slipped down below $35K and all the other assets followed. Polkadot [DOT], however, was seen surging amidst the bloodshed. Bitcoin Cash [BCH] as well as Litecoin [LTC] emerged as big losers of the bear struck market. XRP continued its downward trend which caused the altcoin to remain below $0.30. The DeFi coins that had been prevailing in the last few days were seen on the same downhill journey. The global market cap of the crypto-verse had also plummeted by 3% which led to the figures falling below $1 trillion down to $985.07 billion.

Polkadot [DOT] undoubtedly steered heads with its market cap pushing past $14 billion. The asset hit an all-time high of $19.32 just five days ago, however, at press time DOT was trading for $16.22. Despite this downfall, the fairly new coin retained bulls in its market.

Polkadot [DOT] One Hour Price Chart On Binance

Polkadot

The DOT market was recently subject to an increase in volatility. The volume in the DOT market on Binance was moving earthward after a high. In the one hour price chart of DOT, the Bollinger Bands indicator pointed out that the asset was in for a few more fluctuations, however, the bands were sluggishly moving inwards with a possibility of restraining the high volatility.

Polkadot [DOT] Price Chart On Binance With Indicators

Polkadot

Over the last seven days, DOT had bagged in gains of about 50%. This hot streak was all set to break thanks to the invasion of bears in the DOT market. The Parabolic SAR indicator laid out lines above the candlesticks restraining the likelihood of an upward breakout. The Money Flow Index indicator was heading back below 50 median exhibiting a sellers’ sentiment. The Awesome Oscillator indicator also revealed a bearish momentum by forming red closing bars.

Polkadot could take a plunge downwards as the bears were seen taking over.

Filed Under: News, Altcoin News, Market Analysis Tagged With: polkadot

Chainlink [LINK] Takes A Break From Its Uphill Journey

January 21, 2021 by Sahana Kiran

A carnage had struck the crypto-verse. Almost all the assets including Chainlink [LINK], Bitcoin [BTC], Binance Coin [BNB] along with several others were seen plummeting. While several others were suggesting that $35K was the floor price for BTC, the king coin took a plunge down to $34K. Ethereum once again failed to hit its all-time high and remained below $1.4K. Polkadot was seen surging over the last few days, however, the fairly new coin was dropping by over 8% in the last 24-hours. The overall market cap of the cryptocurrency industry had once again fallen below the $1 trillion zone.

Chainlink was on an upward trajectory and the altcoin even hit an all time high of $23.61 three days ago. The asset was trading at $20.67 with a 6% dip over the last 24-hours. The market cap of LINK preceded coins like Binance Coin. The asset was at the ninth position with a market cap of $8 billion.

Chainlink [LINK] One-Hour Price Chart

Chainlink

The one-hour price chart of LINK revealed that the bulls were still in the market. The daily moving average indicator formed a bullish crossover with the 50 daily moving average taking over the 100 daily moving average. The volume in the LINK market on Binance was quite low compared to a few days ago.

Chainlink [LINK] With Indicators

chainlink

The Bollinger Bands indicator was converging further suggesting that there wasn’t going to be any major fluctuations in the price of the asset. The MACD indicator proposed a bearish sentiment as the MACD indicator was below the signal line. This crossover took place on 18 January 2021 and seemed to prolong its stay in that zone. The Relative Strength Index [RSI] indicator was below 50 median pointing out a sellers’ sentiment in the LINK market.

Confusion struck the LINK market as bulls and bears were putting up a fight. The entry of the bulls could aid the coin’s journey to push past its previous ATH, while the bears would depreciate the asset’s growth.

Filed Under: News, Altcoin News, Market Analysis Tagged With: Chainlink (LINK)

Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03

January 21, 2021 by Chayanika Deka

Several altcoins along with Tron [TRX] were observed to be losing bullish momentum as the price of the world’s largest cryptocurrency, Bitcoin struggled to reclaim its ATH. TRX has been largely absent in the present bull run despite a minor price change to the positive side as it was turned away by several resistance levels.

Tron [TRX] declined by 5.56% over the past 24-hours which dragged the coin’s price to $0.0299. The crypto-asset recorded a market cap of $2.145 billion and a 24-hour trading volume of billion at the time of writing.

Tron bulls appeared to be waiting for a fresh increase despite continued downward pressure. Let’s look at what the technicals have in store for the 19th-largest crypto-asset.

Tron [TRX] Daily Chart:

TRX1 1

Tron’s [TRX] failed to demonstrate strong momentum and its price action has been dull. Its weekly losses totaled at roughly 3% as selling pressure followed soon after establishing a local top.

Furthermore, the coin witnessed resistance at several points where sell pressure has turned its price down.

Meanwhile, the 50 DMA [Pink], as a result, moved above a few TRX price candles before retreating below them. Despite this, the moving average continued to tread close to the candlestick arrangement depicting a bearish pressure in the market. The converging of the two DMAs further validated the struggle of the bulls.

TRX2

The MACD underwent a bearish crossover after a brief stint with the bulls above zero depicting a rising downward pressure in the coin’s price.

The OBV indicator, however, did not note a lack of volume, which may be why the price was a little volatile and had room for improvement in the near future.

The RSI declined to close the 50-median line depicting a minor dip in buying pressure.

Tron’s [TRX] price inaction could essentially continue in the medium term as a definitive breakthrough indication is yet to transpire in the charts. Bulls and bears continued to defend the current level.

Noteworthy levels in case of upward price action were found to be at $0.031, $0.033, $0.035 and $0.040 respectively while its support points stood firm at $0.029, $0.024, and $0.023.

Filed Under: Altcoin News, News Tagged With: TRON (TRX)

Bitstamp Mandates KYC; Dutch Users Banned From Withdrawals Without KYC

January 20, 2021 by Sahana Kiran

Cryptocurrencies were rolled out into the world in order to steer clear of the centralized institutions. Bitstamp seems to be complying with the laws imposed by these institutions as it recently mandated KYC for its users in the Netherlands.

Bitstamp Now Requires Users To Submit Photographic Proof

Bitcoin and other cryptocurrencies stood out as they were not affiliated with any centralized entity or financial institution. However, over the years, as popularity and the value of the crypto market surged, people started pouring their funds into it. This also lured in perpetrators who wanted to pocket quick money without working hard. To combat this, governments started scrutinizing the platforms that were part of the industry. Bitstamp was seen abiding by these laws put forth by the Dutch government.

In a recent tweet, a Twitter user, Bitcoin Marcus revealed that users of the prominent cryptocurrency exchange, Bitstamp were required to submit KYC related documents in order to carry out withdrawals. The tweet read,

Yes, this is real. People in the Netherlands now have to KYC their withdraw addresses. pic.twitter.com/S2H5Gszh9X

— Bitcoin Marcus ☣️🐝⚡️ (@plan_marcus) January 17, 2021

The post stressed on the latest rules put forth by the financial regulators of the Netherlands. The exchange wrote,

“Due to new regulation regarding cryptocurrencies introduced by the Dutch government, we have made some changes to how cryptocurrency withdrawals work at Bitstamp. […] before you can withdraw crypto from Bitstamp to an outside address, you have to add that address to your whitelist and provide a photo that proves it really is your address.

Users can carry this out on the exchange’s web page. The exchange went on to enable the withdrawal whitelisting option starting from 15 January 2021.

These rules came about in November 2020 where the Dutch Central Bank mandated the verification process. The cryptocurrency exchange revealed that its Europe wing wanted to serve its users while upholding security.

Netherlands wasn’t the only country doing so as several others including the USA have started implying stricter laws against crypto.

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: Bitstamp

Ethereum Takes A Plunge Towards Berlin Hard Fork

January 20, 2021 by Sahana Kiran

Ethereum [ETH] remained a constant visitor of the headlines following the launch of Ethereum 2.0’s Phase zero as well as ETH’s price change. As the network’s native cryptocurrency, ETH has been struggling to hit a new all-time high, Ethereum seems to be out and about with its developments.

Ethereum Devs Reveal Specifications For Berlin Hard Fork

The Ethereum network is all about developments. The network has been undergoing an array of developments over the years. While the network is working towards Eth2, a few developers are still operating on developments pertaining to Eth1. The Berlin hard fork has been time and again delayed. However, the developers decided to implement the hard fork during June 2020, after the Istanbul hard fork and Muir Glacier. That evidently was once again postponed.

In more recent updates, James Hancock, the hard fork coordinator for Eth1.0, took to Twitter to announce updates with regard to the Berlin hard fork. Previously, the Berlin hard fork had about eight tentatively accepted EIPs, now the list was edited down to five. These included,

EIP-2565: ModExp Gas Cost
EIP-2315: Simple Subroutines for the EVM
EIP-2929: Gas cost increases for state access opcodes
EIP-2718: Typed Transaction Envelope
EIP-2930: Optional access lists

Hancock affirmed that the code for these EIPs was merged into all the clients part of the network update. A GitHub post revealed that the clients on the list, Geth, Besu, Nethermind as well as OpenEthereum were ready for the hard fork.

Ethereum

Geth was the only client that did not have EIP-2930 i.e. Optional access lists merged into it. However, the latest tweet from the hard fork coordinator asserts that Berlin is just around the corner.

While the network is sprucing up its developments and upgrades, the price of ETH seems to be having a tough time pushing past its previous all-time high. At press time, ETH was trading for $1,368.40 with a 3% surge in the last 24-hours.

Filed Under: News, Altcoin News Tagged With: Ethereum (ETH), Ethereum 2.0

Binance Coin [BNB] Notches ATH As Bulls Worry Potential Correction

January 20, 2021 by Chayanika Deka

Binance Coin [BNB] notched a fresh all-time high just hours before the company went live with its 14th scheduled BNB token burn.

As described in the token’s whitepaper, the crypto exchange, Binance undergoes a burning process where it purchases and destroys BNB worth 20% of the firm’s quarterly profits. The last event took place in October last year.

As the token burn neared, BNB’s price rose substantially and so have the trading volumes. The 11th-largest crypto-asset has been quietly rallying higher and noted weekly gains of nearly 17%.

Over the last 24-hours, however, Binance Coin underwent a mild retracement of 0.64% as it exchanged hands at $45.51. At the time of writing, the token registered a market cap of $6.48 billion and a 24-hour trading volume of $564 million.

Binance Coin [BNB] Daily Chart:

BNB

Binance Coin [BNB] underwent a minor downside correction after oscillating between a rising wedge pattern for nearly a month. The downside turned out to be less damaging, as the price bounced back up to rally all the way to a new all-time high.

On the 4-hour chart, BNB price candles were found to be closely following yet another rising wedge. As per convention, this pattern indicates a correction in the coming days.

BNB2

Binance Coin’s surge to the fresh high prompted MACD’s leading line to shoot up against the signal line above zero indicating a strong bullish phase for the coin. Despite the minor decline, the MACD has managed to hold its fort in the bullish zone.

The Stochastic RSI also underwent a bullish crossover in the positive zone depicting a buying demand following the upside price action.

The RSI was also approaching the overbought zone indicating an increasing buying pressure in the coin market. Furthermore, a reversal in trend unlikely in the short-term.

Binance Coin appears to be safe from bearish pressure in the short-term. In the long-term, however, a correction appears to be imminent. The crypto-asset found support at $44.02, $41.35, $36.01 and $32.12. BNB’s immediate resistance level was found to be at $32.12.

Filed Under: Altcoin News, News Tagged With: Binance Coin (BNB)

Litecoin [LTC] To Prolong Its Upward Trajectory Following A 10% Daily Surge

January 19, 2021 by Sahana Kiran

Litecoin [LTC] had a steep fall in terms of market cap as several coins overhauled the digital silver. LTC now stands at the seventh largest coin. XRP’s squabble with the SEC led to LTC taking over as the fourth largest coin for a while. However, Polkadot [DOT] climbed up the ladder and made it to the top as its market cap surged past $15 billion. While the global crypto market cap currently resides at $1.03 trillion, LTC accounted for $10.4 billion of the total market cap.

The crypto rally posed as a bridge that aided digital assets in hitting an all-time high. LTC HODLers hoped for the asset to breach its all-time high of $375.29. However, LTC failed to make it to $200. The digital silver was priced at $157.63 with a 12.76% surge over the last 24-hours, at press time. The daily volume was at $8,046,115,141 with LTC/USDT trading pair on Binance valuing for most of the volume.

Litecoin [LTC] One Hour Price Chart On Coinbase

Litecoin

The volume in the LTC market on the cryptocurrency exchange, Coinbase was higher than usual in the past two days. The Bollinger Bands indicator used on the one-hour price chart of LTC was seen diverging after days of staying tight. This further implied that the altcoin could possibly experience fluctuations in its price. A bullish sentiment was spectated in the market as the daily moving average indicator intertwined to form a bullish crossover.

Litecoin [LTC] Price Chart With Indicators

Litecoin

The bulls were in the LTC market. affirmed a few other indicators. The MACD line advanced its stay above the signal line forming a bullish crossover. A buyer’s notion was attested by the Money Flow Index as the MFI marker was above the 70 median.

LTC bagged in immense gains over the day and the indicators asserted that it would continue doing so. This upward trajectory could aid the coin’s journey to $200.

Filed Under: Altcoin News, Market Analysis, News Tagged With: Litecoin (LTC)

Ethereum’s Daily Transaction Vol Goes Parabolic

January 19, 2021 by Chayanika Deka

Ethereum has witnessed impressive growth not just in terms of its price but also with regards to the number of transactions on its network. As one of the leading cryptocurrencies, Ethereum’s daily transaction volume has seen a parabolic rise in its figures.

As noted by Messari’s Ryan Watkins, the Ethereum network was currently settling $12 billion in transactions daily. Bitcoin, on the other hand, records a daily transaction volume of 9.3 billion, approximately $3 billion more than Bitcoin.

Messari

The above figure for Ethereum does not include ERC-20s to prevent double-counting from decentralized exchanges [DEXs]. However, Bitcoin’s figures include USDT on Omni. Despite this, Ethereum’s daily transaction volume has surpassed that of Bitcoin by a significant margin.

This can be attributed to the fact that stablecoins and decentralized finance [DeFi] space have been witnessing massive traction especially since mid-2020 which has led the largest altcoin to settle value a lot more than Bitcoin on a daily basis.

Along the same line, CoinMetrics Co-founder, Jacob Franek noted that Ethereum generates more fees than Bitcoin and settles more value. He further went on to explain that this was a good sign since cumulative fees are the most direct measure of aggregate willingness to pay for block space, which indicated a trend of rising demand. He also added,

“Ethereum has the most valuable block space in crypto now. Would it be better if individual tx fees were lower? Yes. That will come with L2 and other scaling efforts.”

Ethereum Still Up by 15% off Its ATH

20210119 ethereum charts coinmarketcap

The premier altcoin has endured a prolonged period of consolidation that started last week. This, in turn, has facilitated the ETH market to flush out weak hands. At the time of writing, the crypto-asset was in the middle of a fresh rally while Bitcoin continued to take control of $40k.

The reason why Ether is expected to undergo a continued strong price momentum triggered is primarily due to the launch of ETH 2.0 and also the imminent rollout of CME futures next month. In fact, the 2.0 is expected to potentially bolster the DeFi economy in general as the space as a whole will benefit from a substantial decline in transaction fees as well as less congestion.

Filed Under: Altcoin News, News Tagged With: Ethereum (ETH), Ethereum 2.0

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