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Chainlink: Effects of this pattern’s break on LINK’s technicals could be…

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Chainlink: Effects of this pattern’s break on LINK’s technicals could be…

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Although its early June rally bagged in decent gains, the bears quickly regained control of the near-term trend. Thus, Chainlink [LINK] has been consolidated in the $5.45-$7.36 range for nearly three weeks now.

With the price falling below 200 EMA (green), sellers have ensured a long-term bearish outlook. 

Further, considering the recent reversal from the Point of Control (POC, red), LINK could continue on its bearish track. At press time, LINK was trading at $6.1.

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LINK 4-hour Chart

Source: TradingView, LINK/USDT

After an expected reversal from the $7.3 ceiling, LINK’s descent transposed into a short-term falling-wedge setup. The sellers propelled a 21% drop from 26-30 June.

The last 24 hours marked a decent buying attempt while the alt broke above its reversal pattern. But with the POC standing sturdy, the price action struggled to jump above the $6.3-level.

Furthermore, LINK saw a shooting star candlestick pattern after dropping from its POC. Thus, the bears re-enforced the near-term selling edge. Further, the recent selling volume has been slightly higher than the buy volumes. So the buyers needed to amplify their pressure to retest the POC.

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Any drop below the $5.9-mark could expose the alt to an 8% downside toward the $5.45-support. An immediate recovery would likely see a squeeze phase near the POC in the $6.3-$6.2 range.

Rationale

Source: TradingView, LINK/USDT

The Relative Strength Index (RSI) failed to breach the boundaries of its equilibrium for the last five days. After its recent bearish divergence with the price, it has visibly depicted a bearish bias.

Also, the Aroon up (yellow) indicator corresponded with the bearish outlook by staying at the 0%-mark. A gradual jump above the 30%-level could help the buyers challenge the POC. However, the ADX displayed a substantially weak directional trend for the alt. 

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Conclusion

Given the shooting star candlestick causing a reversal from the POC, LINK could see a near-term bearish pull. Any fall below the $5.9-mark could propel a further downfall. The targets would remain the same as above.

Any bearish invalidations could see a relatively sluggish phase near the POC zone. Finally, an overall market sentiment analysis becomes vital to complement the technical factors to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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Altcoins

Tezos [XTZ]: Did you buy the bottom in June? If yes, that means…

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Tezos [XTZ]: Did you buy the bottom in June? If yes, that means…

XTZ holders, especially those who purchased near the bottom of the bear market in June, are up a tad over 60%. However, the cryptocurrency just touched its first major resistance level. This means a substantial pullback might be on the cards this weekend.

XTZ has so far managed to push as high as $1.94 this month. This represents a 62% upside from its lowest price point in 2022. Its $1.88 press time price seemed to reflect the greater selling pressure at that price range, leading to a slight retracement on the charts. The selling pressure in question was fueled by the 0.236 Fibonacci level.

Source: TradingView

What should we expect from XTZ at the said level?

Prices often push past Fibonacci retracement lines, but only if there is enough momentum to maintain the trajectory. However, a chance in price characteristics within the Fibonacci range might be a sign that the price is about to pivot.

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One of those signs is the outflows in market cap near the $1.75 billion level. The market cap highlighted a double rejection of the upside within the same range, thus confirming a strong resistance zone.

Source: Santiment

XTZ has already lost roughly $500 million after its second retest of the same zone. This aligned with investor sentiments which have been volatile since 5 August. This was around the same time that XTZ’s price action pushed into the Fibonacci retracement zone.

FTX’s Funding Rate underscored the weakening investor sentiment. However, it also highlighted some sentiment recovery, which seemed to be in line with XTZ’s resilience against the downside at its press time level.

Source: Santiment

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Tezos blockchain leans heavily towards the NFT market. This means its NFT volumes can give us a decent measure of the level of demand for XTZ at any given point. The higher the NFT volumes, the higher the demand for the altcoin.

The network saw healthy growth in NFT trade volumes over the last 2 weeks. The aforementioned finding corresponded with the healthy price growth seen during this period. However, NFT volumes have tanked slightly since 10 August. In other words, NFT volumes may fail to provide significant demand to support the price.

Conclusion

XTZ’s outlook suggests a high probability of a pullback. However, this is not necessarily a guarantee. XTZ is already demonstrating some resistance against the bears. Market conditions may also turn out in favor of the bulls, in which case XTZ might continue its rally on charts.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Curve Finance’s [CRV] condition after a $450,000 exploit recovery

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Curve Finance’s [CRV] condition after a $450,000 exploit recovery

Curve Finance [CRV], the on-chain liquidity exchange, was attacked in what was termed a “DNS cache poisoning” on 9 August. This exploit capitulated CRV as the price plunged from $1.48 on 8 August to $1.25 on the event day.

Surprisingly, the coin picked up and increased to $1.42 on 11 August. On the same day, it was announced that Curve Finance had recovered over 80% of the stolen funds.

Despite the retrieval, CRV had failed to lift its price substantially, recording a 3.99% decline from its 24-hour price. So how come CRV recovered the funds?

In trouble? Call CZ!

Binance CEO Changpeng Zhao (CZ)  announced via Twitter that the hacker wanted to store the funds on its exchange.

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Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it. 😂#SAFU https://t.co/Ekea9moeAw

— CZ 🔶 Binance (@cz_binance) August 12, 2022

With the hacker not suspecting, CZ said they secured the assets. This was not the first time the crypto head was lending a hand to an exploit recovery, as he did something similar when Axie Infinity suffered a hack in April. So how has CRV responded to the recovery news?

Steadying the ship

According to DeFillama, CRV has not lost much in its Total Value Locked (TVL) worth. The open-source DeFi aggregator showed that CRV had only declined 1.58% of its TVL as it remained at $6.2 billion. 

However, not every part of CRV remained steady during the event. At the time of this writing, CRV had suffered a sharp decline in its trading volume. CoinMarketCap reported a 24.47% decrease in its 24-hour trading volume.

Blockchain data-driven platform, Santiment, revealed that CRV’s development activity dropped significantly. In fact, it reached the lowest since 19 June, indicating that the hack affected the CRV ecosystem negatively in numbers.

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However, its one-day circulation remained stable, with signs that CRV could withstand the storm of the exploit. The metric was close to where it was on the day of the hack.

Source: Santiment

The state of the exchange inflow and outflow were distant apart. Santiment recorded the exchange outflow at 625,000, meaning CRV traders were getting out of their holdings. Exchange inflow, however, has not been so encouraging at 291,000.  

Source: Santiment

With the present state, it may seem that CRV could come out of the exploit after effects stronger. Binance was not the only one involved in helping CRV recover the funds, as Fixed Float had earlier frozen 112 ETH out of the funds.

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Manisha is a News Editor at AMBCrypto. With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail. She is fascinated by new, emerging technologies and her interests lie in the regulatory implications of such tech.

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MATIC’s close above this range can provoke rally toward $1.18

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MATIC’s close above this range can provoke rally toward $1.18

Polygon’s [MATIC] recent bull run evoked a break beyond the EMA ribbons to reveal a robust buying revival. As the ribbons finally undertook a bullish flip, the $1-zone has been plateauing the streak of green candles.

The breach of its up-channel has signified ease in the buying pressure. A reliable jump below the existing pattern could expose the coin to a near-term downside in the coming sessions. At press time, MATIC was trading at $0.9215.

MATIC Daily Chart

Source: TradingView, MATIC/USDT

The recent ascending channel (white) oscillation aided MATIC bulls to steer the trend to their fancy while flipping the 20 EMA from resistance to support.

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However, the 200 EMA kept looking south while coinciding with the $1-zone resistance. This conflux of resistances created a stiff near-term hurdle for the bulls.

Going forward, the alt could continue its compression in the $0.88-$1 range while committing itself to a side channel in the daily timeframe. Any drop below the sideways track or the 20 EMA could expose the alt to a short-term plunge toward the $0.809 level.

An eventual close above the $0.95-$1.04 range can provoke a rally toward the $1.18 zone. But the bulls were yet to ramp up the trading volumes to sustain a close above the immediate resistance range.

Rationale

Source: TradingView, MATIC/USDT

The Relative Strength Index (RSI) ensured its position above the midline to depict a slight buying edge. A fall below the 58-mark support could reaffirm the decline tendencies on the chart.

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Furthermore, the Chaikin Money Flow’s (CMF) lower peaks highlighted ease in buying pressure. Traders/investors should look for a close below the zero-mark to confirm their bearish bias.

The Awesome Oscillator (AO) was on a gradual downtrend as it approached its equilibrium. A potential uptick in the volumes could help the alt break away from its low volatility phase.

Conclusion

MATIC’s sway above the EMA ribbons reflected a broader bullish advantage. Should the breakdown from the up-channel reignite short-term selling tendencies, the targets would remain the same as discussed. A consequent close above the 200 EMA would confirm a bearish invalidation.

Finally, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares a 94% 30-day correlation with the king coin.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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