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- Ethereum has no power
- Bitcoin aims for breakthrough
Chainlink has surged an explosive 16% over the past two days, ahead of other crypto markets. This rise can be attributed to a variety of factors, not least of which is a spike in previously dormant wallet activity, indicating a resurgence of activity within the Chainlink ecosystem. I am.
The analysis revealed that the consumption age has jumped to 5.38 billion. This is a metric that measures the product of coins moved and the number of days the coin has been passive. This sudden mobilization of his LINK token injected volatility and liquidity into the market, spurring the price upward.
From a technical perspective, Chainlink price has broken through a significant resistance level and is currently trying to establish new support. The price soared above the $15.29 mark, which previously served as a major resistance barrier. This jump suggests bullish conditions, and if this momentum is maintained, there is potential for further growth.
The next resistance level lies at around $18.39, and if it can be overcome, it could increase confidence in Chainlink’s uptrend. On the other hand, if there is a retracement, the $14.29 level could act as new support and provide a safety net for the price. If it breaks below this, LINK could test the $13.18 support zone and buyers could step in to support the market.
Ethereum has no power
Ethereum, the second-largest decentralized network by market capitalization, is experiencing a period of stagnation, with expected price increases showing signs of stalling. Despite Ethereum’s prominence in the blockchain space, the network faces significant challenges from competitors like Solana that are increasing their share of blockchain activity.
A closer look at Ethereum’s price movements reveals a lack of momentum, likely due to a decline in on-chain traction and volume. Ethereum price is currently stable around $2,300, struggling to find the strength to make a decisive move. The key resistance level to watch is $2,337, with the token facing repeated rejections. A breakout of this point could lead to a test of the $2,450 zone and provide a glimmer of hope for bullish momentum.
However, the support level paints a cautious picture, with the immediate bottom at $2,193. If it breaks below this, the price could fall towards the $2,042 level, which could further worsen market sentiment. The lack of volume accompanying recent price movements suggests the market is temporary, and investors may be waiting for stronger signs of a trend reversal before committing to larger positions.
Bitcoin aims for breakthrough
Bitcoin recently made a bold move to break through a key technical resistance level, the 50-day exponential moving average (EMA). This jump is a sign of strength for the major cryptocurrencies and signals a possible reversal from the recent price consolidation.
The 50 EMA has historically served as a litmus test for determining the direction of Bitcoin’s short-term trend. A sustained move above this line could justify bullish sentiment among investors as the cryptocurrency looks to establish a new foothold for further upside. Bitcoin price is currently hovering around $42,000 and is trying to consolidate above the 50 EMA.
From a price analysis perspective, the successful breakout of the 50 EMA sets Bitcoin up to test the next resistance level near $43,500. This level is very important as a breakout of this level could pave the way towards the $45,000 resistance zone. However, it is important to note that Bitcoin needs to maintain its current momentum to prevent a pullback below the 50 EMA that could dampen the optimistic outlook.