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Chainlink [LINK] enters a pact with the bull following a 13% daily surge

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The crypto-verse was greener than usual today and Chainlink [LINK] was painted the brightest of them all. Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Binance Coin [BNB], and a few other top coins like these were seen riding the bullish wave. LINK, however, stole the show with its extensive daily surge.

Coins that were usually bagging a lot of gains were seen taking the sidelines today. Solana [SOL] and Polkadot [DOT] were still being guarded by the bear. After a long time, SOL was seen in red. This abrupt plunge was linked to the recently endured Denial-of-Service attack.

While these assets were taking it slow, Chainlink [LINK] decided to take the high road with the bull. At the time of writing, LINK was trading for $30.90 with a whopping 13.61% surge in the last 24-hours. LINK was considered one of the most promising coins. However, new coins and old coins spruced up their game and overshadowed LINK.

In terms of market cap and ranking, Chainlink witnessed a massive fall. After residing over in the top ten for the longest time, LINK had a steep drop to the 13th rank. Currently, LINK sits as the thirteenth largest cryptocurrency with a market cap of $14 billion, just below Terra [LUNA].

Chainlink [LINK] one-hour price chart on Coinbase

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Chainlink [LINK] enters a pact with the bull following a 13% daily surge 2

The short-term or one-hour price chart of LINK had a major presence of the bull. The Awesome Oscillator indicator laid out green closing bars after a series of red bars and announced the arrival of the bull into the LINK market. The MACD line and the signal line were inseparable. However, the MACD line remained over the signal line, indicating a bullish crossover.

The Relative Strength Index [RSI] indicator suggested that LINK was being immensely bought. The RSI marker remained over the 50 median even close to the oversold zone.

Cardano [ADA] persists in its race towards $3 amidst bear invasion

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The bears were entering certain markets while the bulls were bidding adieu to a few others. Cardano [ADA] was undoubtedly in an agreement with the bull. The altcoin was the only asset in the top ten that noted a significant surge. Bitcoin [BTC] was standing still at $45K with no hopes of raging above this zone. Ethereum [ETH] was following a similar trend as the altcoin’s chances of hitting $4K were bleak.

With most of the assets dwelling in the red zone, Cardano [ADA], Terra [LUNA], and Avalanche [AVAX] were the only assets making profits.

At the time of writing, Cardano [ADA] was trading for $2.74 with a whopping 11% surge over the last 24-hours. Despite encountering a drop of 6.26% over the previous seven days, the altcoin managed to stay afloat. This sudden bullish momentum in its market could allow the asset to once again move beyond $3.

The market cap of the altcoin was at $84.96 billion which allowed ADA to reside as the third-largest cryptocurrency. The altcoin held a strong stand in the third rank and had no chances of being disrupted by Binance Coin [BNB] any time soon.

Cardano [ADA] one-hour price chart on Binance

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Cardano [ADA] persists in its race towards $3 amidst bear invasion 4

The short-term price chart of ADA was seen inviting bulls into its market. The Parabolic SAR indicator laid out dotted lines below the candlesticks. This line further stood as major support for the altcoin against any sudden drops. The Awesome Oscillator indicator seemed to be confused as it rolled out red as well as green bars. However, towards the end the indicator formulated a green closing bar, further affirming the presence of the bull.

Additionally, the Relative Strength Index [RSI] indicator announced that the altcoin was being overbought. The RSI marker was close to the 70 median and way over the 50 median.

Solana [SOL] hits new all-time high following a 22% daily surge

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Unlike the last couple of days, the crypto market was doing better today. Assets like Solana [SOL] and Terra [LUNA] were under the crypto spotlight with double-digit gains. All the other coins weren’t sinking in the bearish waters as they were bagging dainty gains.

Bitcoin [BTC] was still at $47K. So close yet so far. The market cap of Bitcoin was at $897 billion. The chances of BTC hitting $900 billion or even $1 trillion were being haggard. Despite this, the global crypto market cap was over $2 trillion.

While all the top assets barely made any profits, Solana [SOL] had accommodated the bull in its market. The altcoin managed to hit an all-time high for the second time this week. The asset’s latest all-time high was $84.08. At the time of writing, SOL was trading for $82 with a 22.48% surge in the last 24-hours. Even though the altcoin encountered a small blip, it was seen doing much better than almost every other coin in the market. The daily gains of the asset preceded that of the coin’s weekly gains which were at 14%.

Furthermore, Solana managed to rise from the 14th rank all the way to the 10th rank as its market cap rose to a high of $24 billion. Litecoin [LTC], Bitcoin Cash [BCH], and Uniswap [UNI] were all taking a back seat.

Solana [SOL] one-hour price chart on Binance

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Solana [SOL] hits new all-time high following a 22% daily surge 6

The short-term price chart of the altcoin was seen paving the way for the bear. Most of the indicators were seen shifting towards the bearish side of the chart. The Awesome Oscillator indicator formed red closing bars and announced the presence of the bear in the market. The MACD indicator was still in a bullish crossover, however, the MACD line was slowly falling below the signal line with the intention of forming a bearish crossover.

The Relative Strength Index [RSI] indicator was residing in the buyers’ arena. The RSI marker was seen moving from the overbought zone.

Cardano Set to Open Shelley Testnet Today as Price Spikes by 60 Percent

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It is an extremely important day for the 10th ranked Cardano. After days of anticipation and development over the last few years, Cardano Shelley’s testnet is about to go live, as the ADA phase will open to its stake pool operators on 9 June. Back in May, the test was only open to a specific group of people considered to be ‘Friends and Family,’ which included about 50 stake pool operators.

The announcement on Twitter was made by the Input-Output HK(IOHK) official page, where Tim Harrison, Marketing, and Communications Director of Cardano revealed the ecosystem plan to open its stake pool and preparing the mainnet staking and delegation for later this summer.

However, Harrison pointed out that the system is far from perfect, as though it will be a mirror representation of the Shelley manner, it is a testnet for a reason to identify other bugs and issues.

Cardano Price and Social Engagement

With a sense of excitement surrounding the Cardano space, the start of June has been extremely positive from a valuation perspective. Since May 28th, Cardano’s price has spiked by a massive 64.09 percent as the valuation stretched an uptrend from $0.055 to $0.090. The momentum might have slowed over the past two days at $0.09 but continued to consolidate right under at $0.085.

Other data sets also suggested that the recent announcement has spiked Cardano’s social engagement according to LunarCrush. The organization recorded over 1 million interactions for the 10th ranked digital assets across multiple social media platforms.

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However, according to intotheblock’s analysis, the recent surge might have been due to the influence of large investors. Around $7 billion worth of digital asset, which is almost 3 times more than Cardano’s market cap was transacted by the large ADA holders on May 31st.

Although the volume of large transactions continued to taper off since the peak, these price of ADA remained at high levels, as mentioned above.

“Crypto is a political movement”

The ever-active founder of IOHK, Charles Hoskinson recently stated in his Live AMA that all the crypto-fueled disruptions that have been indicated which respect to monetary relations, with not arrive in the space with hiccups as the digital asset industry is slowly becoming involved in a political cobweb. On June 5th, Hoskinson said,

“Crypto is as political as it gets. We are going to re-invent the concept of money and take it out of the government’s hand and control int ourselves.”

Chinese Authorities Taps Blockchain To Improve Business Funding For Business Affected By Virus

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The spread of the Coronavirus has alarmed citizens of the world and no other country has been more shaken up other than China. The Red Dragon has made significant efforts to curb the spread of the virus but each day seems to throw up a new challenge.

New reports showed that since the Chinese Lunar New Year, 87 businesses had received more than $200 million in loans through a cross border, pilot blockchain finance platform. 

During the spread of the virus, private small-scale businesses were hit hard because of shutdowns as well as multiple people getting affected. These small scale businesses contribute to more than half of national economic growth and employment. The government has taken stringent steps to help their case. It was calculated that banks and financial institutions had supplied more than $76.9 billion in credit to tackle the problems caused by the virus.

The funds were transferred to those companies affected by the spread of the virus. Its a step up from the Chinese government’s efforts to improve private sector businesses’ access to financing. The news about the cross border transaction funds was revealed by Xuan Changneng, the Vice Director of the State Administration of Foreign Exchange.

The fact that large transactions were sent via the blockchain showed that Chinese individuals, as well as companies, were looking at the technology much more intently than before. Just last October, Xi Jinping had stated that blockchain technology would pave the way towards the future. Sources have claimed that the proposed Chinese blockchain pilot would settle a loan in just a day. At the same time, traditional loans take more than 6 days and can even extend up to weeks.

The upcoming platform will also allow rapid exchanges of different currencies. The Chinese city of Hubei has also joined the platform which will allow foreign businesses located there to benefit from greater transaction efficiency. Hubei is part of 170 corporate banks and 22 provinces, autonomous regions and municipalities to have joined the platform.

Henry Ma, the Chief Information Officer [CIO] at WeBank had stated:

“Due to the impact of the virus, the negative effects of previous pain points such as lack of trust in business, verification inefficiency, lack of information sharing and difficulty of timely supervision have been further amplified. The cross-border, financial blockchain services platform can play a bigger role, and help medium and small-sized enterprises improve the efficiency and convenience of getting export trade financing and other financial credit support”

Banking officials in China have also said that regulators can use blockchain to scrutinize transactions as well as take better steps to prevent hacks or fraudulent activities. The steady growth of blockchain in China has irked the United States with many companies in the west now joining the race to develop technologies for the betterment of society.

DigiByte Continues to Move Forward in the Industry as Community Holds Strong

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Cryptocurrency organizations consider several factors in their mission to come out on top. The Digibyte community is one of the more popular user bases that has worked in tandem with the official company to create on-ground movements. A recent report by LunarCRUSH pointed out that the Digibyte community in 2019 had created a new social volume record on Christmas Day.

On December 25, 2019, the community created 6128 unique social posts within the Digibyte ecosystem with the bullish sentiment hitting an all-time high three days later on December 28. Some users within the ecosystem have claimed that users were in for a massive surprise in the 3rd or 4th quarter of 2020, although there was no mention of any specifics.

The DGB token was trading for $0.0056 at press time with a volatility of 0.015. The 2.86 percent hike in price over a 24-hour spectrum had also increased the market cap to $68.68 million and a daily market volume of $310.07k. The social scores were calculated on the ‘Galaxy Score’ meter with the points standing at 56 during press time. According to the metrics, the higher the score the better. The score is important for DigiByte because it is a modification of the Bitcoin protocol design that adjusts confirmation speeds and security assurances when transacting on the base layer.

LunarCRUSH had earlier reported on DigiBytes; performance in the first week of December where the social volume hit an ATH of 7902 posts. The shared links list also hit an ATH of 867 on December 8 with the bullish sentiment peaking on the same day.

DigiByte was also in the news recently when its Founder Jared Tate spoke about the problems related to its listing on Binance as well as the limiters that people put on cryptocurrency organizations. An earlier tweet of his read:

“I’m disgusted by all these #TRON trolls/bots attacking me and hyping a 100% premined and completely centralized network like its the most decentralized gift from god. Now #Poloniex has turned into a $TRX shill factory after making off w/ US customers sensitive data.”

 

Tron Price Analysis

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The cryptocurrency market opened today, November 9, to almost all the cryptocurrencies seeing red. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all witnessed a price bleed after a few days of price hikes. At the moment of writing, there was a systematic fall across the cryptocurrency spectrum.

1 hour:

https://ambcrypto.com/wp-content/uploads/2018/11/TRX-1-HR-1.jpg

The Tron one-hour graph shows the cryptocurrency form triangle with the uptrend and downtrend acting as the slopes. The price uptrend saw the price rise from $0.0232 to $0.0247while the downtrend saw Tron falling from $0.0248 to $0.023. The immediate resistance was holding at $0.0248 while the support has been maintaining at $0.0215.

The Parabolic SAR points to the price dropping which is evidenced by the markers being above the candles. This trend has been persistent for more than 24-hours.

The Chaikin Money Flow indicator shows the graph right at the axis, which still puts the cryptocurrency in the bullish zone. The fall from the top of the graph also indicates the money going out of the market due to the change in investor sentiments.

1 day:

https://ambcrypto.com/wp-content/uploads/2018/11/trx-1-day-3.jpg

The Tron one day graph shows the coin suffering an acute downtrend which has bought the price down from $0.0571 to $0.0231. The support for the cryptocurrency has been holding at $0.0182.

The Bollinger band shows the dominant sideways movement as indicated by the strict pipe like formation of the upper band and the lower band. Compared to the earlier breakouts, the currency Bollinger clouds have significantly reduced in size.

The Awesome Oscillator has shown a drastic reduction in the market momentum with the graph almost negligible now. The immediate green markers point to a hike in the momentum.

Conclusion:

The above-mentioned indicators majorly point to the current sideways price movement persisting. The Chaikin Money Flow indicators, on the other hand, shows a positive change in the investor sentiments.