Category Archives: Altcoin
Altcoins Could Collapse by Up to 80% Amid Rate Hikes, According to Coin Bureau Heres the Timeline – The Daily Hodl
The host of popular YouTube channel Coin Bureau believes an increase in interest rates as a result of the Federal Reserves actions could have a devastating impact on crypto asset prices.
The pseudonymous analyst known as Guy warns his 2.1 million YouTube subscribers that starting this month, the Federal Reserve will accelerate the selling of assets on its balance which he says is made up of US Treasuries and mortgage-backed securities.
According to Guy, the sell-off could have a profound impact on interest rates.
Thats because the interest rates on US Treasuries and mortgage-backed securities are essentially determined by price with a lower price resulting in higher interest rates. With the Fed selling off billions of dollars of these assets while the economy continues to slow down, its unclear whether there will be enough buyers to absorb the shock, meaning prices will drop.
This means that interest rates could rise faster than investors can handle and cause markets to crash even more. This is exactly what happened when the Fed started reducing its balance sheet in 2018.
In 2018, the S&P 500 lost about 20% of its value from its peak of 2,940 points at the time.
The Coin Bureau host highlights that a repeat of what happened back then could spell trouble for digital assets.
Given that cryptocurrency is highly correlated to the stock market with more volatility, this could translate to a 40% drop for the largest coins and tokens, with 60% or even 80% drops for most medium and small-cap altcoins with the absolute bottom being sometime early next year.
The Coin Bureau host says that Bitcoin (BTC) will experience the least impact on price relative to altcoins.
If history is any indication, Bitcoins BTC will experience the lowest losses in percentage terms as altcoin holders rotate whatever profits they have left into this de facto digital gold. Even then, the losses could still be more than most crypto holders can stomach.
At time of writing, BTC is swapping hands for $19,950, flat on the day.
I
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
Why Are Altcoin Prices Influenced By Bitcoin? – ED Times
Bitcoin came to light in 2009 and gave rise to a digital market that gathered millions of users, grew its capital manifold, and finally resulted in the cryptocurrency market we witness today. The crypto market gathered investors from everywhere across the globe and is all set for the final revolution. Bitcoin, from the time of its launch till now, has been crowned the king of digital currency. Every other cryptocurrency that is developed is collectively called altcoins.
Altcoins mean nothing but alternate coins; around 3000 altcoins currently exist in the crypto market. Generally, it is observed that the altcoin price follows bitcoin. However, despite the massive difference between these two, the cost of altcoins, when tracked, follows Bitcoin through thick and thin. Why is this so?
Bitcoins influence on altcoins
The primary reason altcoins stick with the exact price pattern of Bitcoin is that the altcoins are predominantly measured in bitcoins. Several potent digital assets in the market could compete with Bitcoin. Altcoins are known to serve multiple intents, and it is easy to buy apecoin or other altcoins from popular exchanges. This dominance undoubtedly makes Bitcoin the most potent digital asset and has a lot of influence and control. Bitcoins domination over the entire crypto market is remarkable because even if around 3000 opponents bind the whole market capital, bitcoin alone rules over half of the total crypto market.
Keeping aside the dominance, several other factors account for the price influence of altcoins concerning Bitcoins. First, most altcoins cannot be bought directly using fiat currency; instead, the users buy Bitcoins first and later exchange them with the altcoins of their choice. Therefore, if a user who owns altcoins decides to leave the market, they most probably would sell their possessions for Bitcoins. Later, this bitcoin is converted to fiat currencies.
Bitcoin was the first ever cryptocurrency
As mentioned earlier, bitcoin is the first cryptocurrency introduced to the crypto market. With the highly advanced features and excellent user base, cryptocurrency paved the way for an entire industry. Today, every cryptocurrency user owns at least a few bitcoins. The reason for its huge success is that the concept behind this coin is straightforward, and the learning curve is not too steep compared to the altcoins that exist in the crypto market today.
Most altcoins are simply Bitcoin clones.
Unlike other digital assets, bitcoin does not have a complex network. Because of the same, over the past few years, an increasingly high amount of Bitcoin clones have been introduced into the market. Even though nothing could beat the efficiency of the Bitcoin network, these coins managed to survive.
The primary objective behind the development of clones is to bring out a better version of Bitcoin. Many clones were introduced to the market to become a faster, more energy efficient, and lighter version. Some managed to succeed while others did not.
Bitcoins possess the most exemplary security system.
The blockchain backs bitcoins and the entire network is based on the Pow [proof of work] mechanism. This mechanism has been entrusted by over 18 million miners actively participating in the bitcoin blockchain network. As the volume of miners increased, it resulted in high-level decentralization, which promised sound security for bitcoins payment system.
Traders consider Bitcoin as the reserve currency
Because of its popularity, most traders consider Bitcoin a digital market reserve currency, just like the US dollars in the global stock markets. It has been observed that most traders never compare the bitcoin price with fiat currency instead; they compare it with the Bitcoin price.
Final words
Bitcoins is the first ever cryptocurrency responsible for developing the entire cryptocurrency industry. This fact alone gives Bitcoin the upper hand. In addition, the asset is trusted and invested by millions worldwide. All these reasons, along with the multi-million user base, resulted in developing the safest network in the ecosystem.
When it comes to market sentiments, it is essential to understand the Bitcoin price movements because, most often, the final word is influenced by Bitcoin. Therefore, trading experts and investors never fail to check Bitcoin before buying or selling Altcoin positions. I hope this article has given you better insights into the altcoin price influence phenomenon.
Link:
Why Are Altcoin Prices Influenced By Bitcoin? - ED Times
Here Is How Ethereum (ETH), Fantom (FTM) and Two Other Altcoins Are Set To Perform, Per Analyst – Coinpedia Fintech News
A closely followed crypto analyst and trader has come up with his prediction for Ethereum (ETH) and other three cryptocurrencies.
The analyst who is called as michael van de poppe michael van de poppe Founder and CEO at eight global Eight Global is led by Michael van de Poppe, the company's founder, and CEO. He is a cryptocurrency trader who works at the Amsterdam Stock Exchange and is enthusiastic about the role of blockchain in the current financial system. Also, he is an author at Cointelegraph who covers everything about fintech, blockchain, and bitcoin, providing the latest news, prices, and analysis on the future of money.In the past, he served as a technical analyst at TradingView, where he was responsible for making technical analyses via the platform of TradingView and distributing these through virtual social media, including Twitter and YouTube. He was the writer of CryptoBenelux, writing articles based on technical analysis and market insights, particularly about Bitcoin. EntrepreneurChief Executive OfficerTraderMarket Analyst Followers : 0 View profile informs his 624,300 fanbase on Twitter that the funding rates have come down ahead of ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile upcoming transition from proof-of-work (PoW) to proof-of-stake (PoS).
As per the analyst, Ethereum funding rates have declined massively while Ethereum price is rising. Traders and investors are waiting to short ETH as they are expecting that the Merge will fail. Also they feel that this is a bear market rally and the currencies will drop in the days to come.
Van de Poppe provides a chart that was created by Quincy Diepeveen which gives us the data of the ETH funding for the whole 2022. The latest stats depicts that the funding is negative.
Funding on $ETH remains extremely negative, while $ETH is running upwards.
People are eager to short $ETH as; Expectations are Merge will fail. It's a bear market relief rally. Markets will only drop further downwards.
Max pain is on the upside.
Good chart, @QDiepeveen. pic.twitter.com/GnfIIBNmVN
Moreover, the strategist claims that most cryptocurrencies are heading towards testing their resistance area once the market enters a recovery stage following the weekend drop. This will also see Ethereum price trading above $2,000.
Van de Poppe believes that there is a recovery seen in the markets and ETH is about to hit $2,200 as the Merge is just around the corner. The analyst expects Ethereum price to continue its price surge even when Bitcoin hitting $19,000 is not clear.
At the time of writing, Ethereum is selling at $1,544 after a drop of 2.88% over the last 24hrs
Decent retests across markets happening and $ETH, for instance, is still on the path towards $2,200 as one of the biggest events is approaching -> the Merge.
I'm still expecting continuation of this upwards structure, whether or not #Bitcoin sweeps $19K for liquidity.
Next, the analyst talks about fantom fantom [emailprotected] Blockchain Network Followers : 0 View profile (FTM) and hopes that this Ethereum competitor will continue its positive price trend. The currency had recently plunged towards $0.40.
Then he says that Fantom should surge above $0.29 to hit the target of $0.35
Request 01 $FTM
This one looks ready for continuation, which is similar to the entire market.
It needs to break and flip $0.29 and then $0.35 is possible. pic.twitter.com/u0aNvni66A
Currently, Fantom is trading at $0.265 with a fall of 6.58% in the last 24hrs.
The next altcoin that has caught the attention of strategists is Theta Network (THETA) which is a peer-to-peer video distribution network. This altcoin has been trading downwards below $2 since the May crash.
The analyst predicts two key level resistance for THETA and they are $1.20 at first and this is followed by $1.60. He says that its either fall or reclaim for Theta Network.
Request 03 $THETA
This one is very simple, just like many coins here.
Looking for 2 triggers; Either sweep of lows and reclaim. Break above $1.20 for continuation trigger.
Target then; $1.60. pic.twitter.com/DeMCzq6QAS
At the moment, THETA is valued at $1.14 with a downward trend by $3.99 in the last 24hrs.
The last currency in the analysts list is Skale (SKL), Ethereum scaling solution. According to Van de Poppe Skale is awaiting a push after which the price will see a breakout.
At the time of publication, Skale is changing hands at $0.047 after a plunge of 5.56% over the last day.
Was this writing helpful?
See the original post:
Here Is How Ethereum (ETH), Fantom (FTM) and Two Other Altcoins Are Set To Perform, Per Analyst - Coinpedia Fintech News
Heres What To Expect From CRV Price This September – CoinGape
Published 13 hours ago
The Curve Dao(CRV) has been walking a sideways trend for nearly four months. A cup and handle pattern forms on the weekly time frame chart, reinforcing a bullish reversal sentiment among market participants. However, the supply zone at $1.22 resistance restricted the buyers growth and could keep the trend control in the sellers hands.
Source- Tradingview
The CRV/USDT pair is currently going through the handle portion of the pattern and should push the prices higher to rechallenge the $1.5-$1.55 neckline resistance. So far, the handle portion was supported from the $1 psychological level and surged 23% up to a mid-resistance level of $1.22.
However, the low volume activity during this recovery and long-wick rejection in weekly chart charts indicates weakness in buyers commitment.
Source- Tradingview
The daily chart accentuates the supply pressure at $1.22 resistance, as the CRV price has been rejected several times from this level. Early today, the coin was 4% up with strong support from volume activity; however, the sellers eventually reverted the prices lower to reflect a high price rejection candle.
This rejection hints at another reversal from the $1.22 level, which may assist sellers in pulling the altcoin back to the $1 mark. A daily candlestick closing below this support will offset the bullish pattern mentioned above and prolong the current price correction.
As a result, the CRV price may drop to the following support levels $0.86, $0.68, or June bottom support of $0.55.
Though it seems the sellers have the upper hand, a bullish breakout from $1.2 will regain a ray of hope for buyers. Later the price may respond to the cup and handle pattern and attempt to surpass the $1.55 barrier.
Doing so will complete the price pattern and the accelerated bullish momentum that could surge the prices to the $2 mark.
Relative Strength Index: A daily-RSI slope jumped just above the midline(50%), indicating the traders feel optimistic about this coin.
EMAs(weekly): the technical chart shows the CRV price has reverted from the downsloping 20 EMA over the past seven months. Thus, this dynamic resistance puts formidable barriers against buyers to initiating a recovery rally.
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Read this article:
Heres What To Expect From CRV Price This September - CoinGape
All Bitcoin private keys and Altcoin private keys.
Private and Public Keys
A bitcoin wallet contains a collection of key pairs, each consisting of a private key and a public key. The private key (k) is a number, usually picked at random. From the private key, we use elliptic curve multiplication, a one-way cryptographic function, to generate a public key (K). From the public key (K), we use a one-way cryptographic hash function to generate a bitcoin address (A). In this section we will start with generating the private key, look at the elliptic curve math that is used to turn that into a public key, and finally, generate a bitcoin address from the public key.
A private key is simply a number, picked at random. Ownership and control over the private key is the root of user control over all funds associated with the corresponding bitcoin address. The private key is used to create signatures that are required to spend bitcoins by proving ownership of funds used in a transaction. The private key must remain secret at all times, as revealing it to a third party is equivalent to giving them control over the bitcoins secured by that key.
The private key must also be backed up and protected from accidental loss, since if lost it cannot be recovered and the funds secured by it are forever lost too.
The first and most important step in generating keys is to find a secure source of entropy, or randomness. Creating a bitcoin key is essentially the same as Pick a number between 1 and 2^256. The exact method you use to pick that number does not matter as long as it Is not predictable or repeatable.
Bitcoin software uses the underlying operating systems random number generators to produce 256 bits of entropy (randomness). Usually, the OS random number generator is initialized by a human source of randomness, which is why you may be asked to wiggle your mouse around for a few seconds. For the truly paranoid, nothing beats dice, pencil and paper.
All Bitcoin private keys is simply an integer between number 1 and 115792089237316195423570985008687907852837564279074904382605163141518161494337 or HEX: from 1 to 0xfffffffffffffffffffffffffffffffebaaedce6af48a03bbfd25e8cd0364141. The integer range of valid private keys is governed by thesecp256k1ECDSA standard used by Bitcoin.
We just generate a range of these integers in sequence, divide into pages and show on each page. We can't store it and we have not saved database, because it should be biggest base on the world.
You can find Private key in WIF (Wallet Import/Export Format) and compressed key. Bitcoin addresses in compressed/ uncompressed formats, SegWit (P2SH-P2WPKH) and native Segwit (P2WPKH) addesses start bc1, Pay to script hash(P2SH) starting with 3; legacy Bitcoin Cash addresses and new format.
View post:
All Bitcoin private keys and Altcoin private keys.
Cardano investors should know this reason behind ADAs 14% freefall – AMBCrypto News
Cardano [ADA] developer Adam Dean recently took to Twitter to voice his grievances related to certain development issues that the altcoin is facing.
As per his tweet dated 18 August, the developer blames a bug that catastrophically broke the Cardano network.
The network version that was supposed to be tested and ready for the hard fork was affected.
Adam further pointed out developers rushing to upgrade on the mainnet as one of the reasons for the network crash.
The testnet remains dysfunctional despite the detection of the issue in the chain. And the chain is dysfunctional since most operators updated to v1.35.2 in order to mimic the Vasil hardfork combinator (HFC) event.
Furthermore, the current version (v1.35.3) is now incompatible and incapable of syncing with the chain. This issue could result in another delay in the Vasil hardfork announcement.
However, this may not be the only major red flag for the Cardano community as metrics too paint a gloomy picture for the altcoin.
In addition to the aforementioned information, ADAs market cap seems to be a major red flag at the moment. As of 18 August, ADAs market cap stood at $18.3 billion.
However, in the last 24 hours, its market cap dropped significantly and stood at $15.73 billion at press time.
Furthermore, at the time of writing, ADA stood at $0.46 and was approximately 14% down in the last 24 hours.
The Relative Strength Index (RSI) too appeared to be in freefall. And, it stood near the 40 mark indicating a movement towards the oversold zone. The Awesome Oscillator (AO), although above the zero line, flashed red bars at the time of writing.
The information presented in the Tweet could be one to damage the hype around Cardano.
Despite past assurances from Charles Hoskinson surrounding the Vasil Fork, things seem far from reversal for the altcoin in the near future.
The already-existing confusion around the hardfork has reached new heights in light of the recent events leaving investors and traders in a position of uncertainty.
Continue reading here:
Cardano investors should know this reason behind ADAs 14% freefall - AMBCrypto News
FIL Price Analysis: Correction Sentiment Threatens Filecoin Price To Hit $5 – CoinGape
Published 1 day ago
The FIL price resonated within the symmetrical triangle portion of the pennant pattern for the past three weeks. The sellers triggered a bearish breakdown from this pattern in response to the recent sell-off in the crypto market. The resulting downfall plunged to $6.3 support, which has temporarily halted the current correction.
Source-Tradingview
Amid the last months recovery, the FIL/USDT technical chart formed a pennant pattern in the daily time frame. This bullish continuation pattern was supposed to accelerate the buying momentum to extend the recovery rally higher.
However, the recent news that the US Fed may increase the interest rate by 0.75% in September has caused quite an impact on the crypto market. As a result, similar to some other major cryptocurrencies, the FIL price witnessed a sudden sell-off.
This selling pressure triggered an unusual activity of bearish breakdown from the pennant pattern. The post-breakdown fall tumbled the FIL price 17.6% down. The altcoin currently trades at $6.64 and has recently breached an in-between resistance of $7.62 support.
The FIL price is likely to revert higher to retest the pierced support. Thus, if the sellers sustain the price below the $6.64 flipped resistance, the altcoin may challenge the $6.28 support.
A candle closing below this level will undermine the July-end recovery and sink the prices back to the $5 bottom support.
EMAs:with the currency downfall, the coin price dropped below the 20-and-50-day EMA, offering an extra edge for short sellers. These slopes may flip to viable resistance and resume ongoing correction.
RSI Indicator:the daily-RSI slope has nosedived into bearish territory, indicating market sentiment has turned bearish.
ADX:the downsloping ADX slope indicates a loss of bullish momentum.
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Here is the original post:
FIL Price Analysis: Correction Sentiment Threatens Filecoin Price To Hit $5 - CoinGape
VeChain (VET) Price Prediction 2025-2030: Can the alt hit $1.75 by 2030? – AMBCrypto News
Disclaimer:The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCryptos own research on the subject
Since the beginning of 2022, VET has been on a steady downtrend. This decline can be attributed to the crypto-winter. According to data, the altcoin, at press time, was trading at $0.029, down 6% over the last 24 hours. In fact, the market capitalization stood at $2.3 billion with $98 million traded over the aforementioned period.
The idea of buying into a crypto because it costs a fraction of a dollar is tempting, but not smart. In this article, we will analyze what drives the price of VET and factors that have affected said price. Also, what might influence it in the future so that investors can make an informed decision.
In 2015, Sunny Lu, the Chief Information Officer of Louis Vuitton China, founded VeChain. It was founded with an aim to disrupt conventional business models and revolutionize the way companies around the world manage their supply chains.
The company boasts partnerships with luxury brands like Louis Vuitton, BMW, big-four auditing firm PriceWaterhouseCoopers (PwC) and Walmart. Most recently, VeChain entered a multi-year deal with the UFC. The deal is valued at $100 million.
VeChain works on a consensus protocol that is different from the traditional proof-of-work and proof-of-stake protocols. VeChain uses a proof-of-authority consensus model. This protocol requires relatively low computational power and is more about integrity and quality. This consensus model is rather centralized, when compared to traditional ones.
Although VeChain is based out of Singapore, a significant portion of its team and connections are based in China. Almost half of VeChains partners are Chinese companies. Such is the customer concentration in China that more than half of the demand for VTHO is coming from a single customer Walmart China. This so-called Chinese label may not be in their best interest, however, given the Chinese governments crackdown on cryptocurrencies and frequent trade wars with the west. These factors cast a shadow on the projects overall sustainability.
Following its rebranding as VeChain Thor and the subsequent launch of its own mainnet in 2018, VeChain pivoted to retail-facing products like decentralized applications (dApps) and e-NFTs. This move may not have been in their best interest. Data from DappRadar shows negligible activity on VeChain dApps, despite the company waiving off gas fees for dApps. These ventures could serve as a distraction, especially amid increased competition from industry giants like IBM and SAP who have started offering enterprise-facing blockchain products.
In fact, data from VeChain Stats revealed a troubling decline in its mainnet activity. Additionally, data procured by SeeVeChain suggested that VeChain Thor transactions have been on a steady decline too. The daily burn rate of VETHO, the token required for facilitating VET transactions, can be seen consistently falling A sign of diminishing VET transactions.
VeChain was in the news back in May 2022, when it offered Terra LUNA developers grants of upto $30,000 to migrate their layer 1 chains to VeChain following the collapse of terra.
There was a brief rebound in VETs price towards the end of the first quarter of 2022. The token surged all the way to $0.089 following the announcement of VeChains partnership with Draper University which entailed a fellowship and a Web3 accelerator program. However, Mays market-wide crash sent VETs price tumbling down to $0.024. The price failed to recover from the bearish trend, despite news of a new partnership with Amazon Web Services and the Q1 financial report from the VeChain Foundation which showed a healthy balance sheet.
In 2020, PwC estimated that blockchain technologies could boost the global GDP by $1.76 trillion by 2030 through improved tracking and tracing. PwCs economic analysis and industry research showed that tracking and tracing of products and services has an economic potential of $962 billion. Investors will be eager to see how PwCs blockchain partner VeChain benefits from this.
Global market intelligence firm IDC released a report in 2020. According to the same, 10% of the supply chain transactions in Chinese markets will use blockchain by 2025. This could work out in favor of VeChain, with it being the leading blockchain firm catering to supply chain solutions and given its significant presence in China. James Wester, research director at Worldwide Blockchain Strategies IDC noted,
This is an important time in the blockchain market as enterprises across markets and industries continue to increase their investment in the technology. The pandemic highlighted the need for more resilient, more transparent supply chains
According to a report published by ResearchandMarkets.com, the global supply chain management market size is projected to hit $42.46 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 10.4% from 2021 to 2027. Experts have indicated major opportunities for integration of blockchain technology in supply chain management software in the projected period. As the leading blockchain firm catering to supply chain management, VeChain could stand to gain from this.
VeChain Tokenomics
Token minting predates VeChains rebranding, thus, figures have been converted from VEN to VET.
VeChain initially minted 100 billion VET which was distributed in the following manner
Crypto-experts at Changelly have projected VET to be worth at least $0.10 in 2025. They believe the maximum it could go to is $0.12.
Data gathered by Nasdaq suggests that the average projection for VET in 2025 is $0.22.
According to data published on Medium, however, the average projection for VET in 2025 is $0.09.
Changellys crypto experts have concluded from their analysis that VET should be worth at least $0.64 in 2030. The projection included a maximum price of $0.79.
Data gathered by Currency.com suggests that the average price of VET in 2030 should be $0.38.
The experts at Medium predict VET to be worth an ambitious $1.79 by the end of the decade. Considering the current price, that would amount to a whopping 6200% profit.
It is important to note that increased adoption of VeChain doesnt necessarily translate to increased demand for VET since the token is primarily used for staking and governance.
VeChain is arguably the only blockchain in the supply chain vertical that has survived the test of time. Rival tokens like Waltonchain and Wabi have seen their market capitalization and volume dramatically diminish over the past few months.
The ongoing supply chain crisis would have been a very good opportunity for VeChain to demonstrate its capabilities but companies all over the world have been resorting to conventional systems rather than exploring an innovative blockchain solution like VeChain. That being said, the supply chain tracking industry is ripe for disruption and VeChain is in a position to dominate the space in the near future.
Critics have speculated that while VeChains blockchain may prove useful, the specific nature of its native tokens utility i.e. pertaining to the business world, may become a hindrance in its growth.
VeChain needs to focus on what its good at Enterprise-facing blockchain solutions for logistics and supply chains.
The major factors that will influence VETs price in the coming years are
In other news, the Fear and Greed Index improved significantly yesterday, but has since slumped back.
Read the original:
VeChain (VET) Price Prediction 2025-2030: Can the alt hit $1.75 by 2030? - AMBCrypto News
Analyst Says Chainlink (LINK) and Low-Cap Ethereum Altcoin Set for Rallies Heres His Price Target – The Daily Hodl
A closely followed crypto analyst says that decentralized oracle network Chainlink (LINK) and one other under-the-radar Ethereum-based altcoin are set for rallies.
Michal van de Poppe tells his 622,000 Twitter followers that LINKs recent 35% run has more gas in the tank, and is on track for a potential price target of $12, which is a 37% gain from current prices.
This is going according to plan.
Made a 35% run from $7 to $9.50 and needs to consolidate as we speak.
Expecting to see $8 hold as support and then $12 is on the board for the potential target.
At time of writing, LINK is changing hands for $8.74.
Also on the analysts radar is layer 2 scaling solution Celer Network (CELR). According to Van De Poppe, CELR is in a clear upward trend, with a further 30% rally left in it.
The trend is upwards, as continuously higher lows are created.
Id like to see $0.0235-0.024 hold as support and then $0.034 is possible.
At time of writing, CELR is trading for $0.0026, up 20% in the last seven days.
Looking at Bitcoin (BTC), the analyst says that BTC is in a consolidation pattern, and will present opportunities for bulls near the $23,000 area.
Bitcoin consolidating a little, as weve had a pretty decent run upwards in the past week.
Watching $23.8K and $23K for longs
Featured Image: Shutterstock/TanyaLovus/David Sandron
Read more from the original source:
Analyst Says Chainlink (LINK) and Low-Cap Ethereum Altcoin Set for Rallies Heres His Price Target - The Daily Hodl
Top Ethereum Rival Could Explode by 100%, Beating Other Large-Cap Altcoins, According to Coin Bureau He… – The Daily Hodl
A popular analyst known for his deep-dive research is laying out what might be on the horizon for a top Ethereum (ETH) competitor.
In a new strategy session, the pseudonymous host of Coin Bureau known as Guy tells his 2.09 million YouTube subscribers that he thinks layer-1 protocol Solana (SOL) could double in price if the broader altcoin rally keeps on rolling.
SOLs price action is also looking interesting from several angles. In terms of raw price action, SOL could potentially pull a 2x if the current recovery rally continues. This doesnt sound like much, but if the rally does continue, it would be a larger percentage gain than other large cap altcoins.
Thats why theres some legitimacy to [FTX CEO] Sam Bankman-Frieds remark that Solana is underrated. Theres some more evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues.
The analyst also discusses Ethereums transition to a proof-of-stake (PoS) consensus mechanism thats scheduled for mid-September. He believes the prospect of glitches or outright failure is sparking interest in several other ETH rivals, including Avalanche (AVAX) and NEAR Protocol (NEAR).
Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers have been rallying as the Merge approaches. This is no coincidence, as there are many traders who are likely trying to hedge their portfolios in case something goes horribly wrong with the Merge.
Guy concludes by examining SOLs price on the ETH trading pair, observing that Solana appears to follow a pattern of troughs and surges where a peak might coincide with the upcoming Ethereum Merge.
Take a look at the SOL versus ETH chart on the weekly. Do you notice anything? Call me crazy, but I see a pattern where SOL loses value relative to ETH for around five to six weeks at a time, before seeing a one-to-three-week rally against ETH.
Its been six weeks of decline, and with the Merge less than a month away, we could see another multi-week rally against ETH, all while ETH is simultaneously gaining in value relative to BTC [Bitcoin], and hopefully in fiat terms, too. This would translate to that 2x gain for SOL I mentioned.
At time of writing, Solana is down 4.57% and trading for $38.67. With Ethereum priced at $1,821, SOL currently equals 0.02123 ETH.
IDon't Miss a Beat Subscribe to get crypto email alerts delivered directly to your inbox Check Price ActionFollow us on Twitter, Facebook and TelegramSurf The Daily Hodl Mix
Featured Image: Shutterstock/Vadim Sadovski/solvertv
Read the original:
Top Ethereum Rival Could Explode by 100%, Beating Other Large-Cap Altcoins, According to Coin Bureau He... - The Daily Hodl