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Biggest Movers: LTC Hits Highest Point Since June, As APE Climbs To 3-Week High

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Biggest Movers: LTC Hits Highest Point Since June, As APE Climbs To 3-Week High

Litecoin rose to a three-month high in today’s session, following a breakout of a key resistance level. The move took place prior to the release of U.S. inflation data, which fell to 8.3% in August. However, following the release, which was higher than expected, earlier gains eased. Apecoin also hit a multi-week high in today’s session.

Litecoin (LTC)

Litecoin (LTC) climbed to a three-month high on Tuesday, as the token moved beyond its $64.50 resistance level.

Following a low of $60.39 to start the week, LTC/USD rallied to an intraday peak of $67.07 in today’s session.

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This is the strongest point that litecoin has traded at since June 1, when the token hit a high of $70.50.

LTC/USD – Daily Chart

Today’s surge in LTC was somewhat short lived, with prices falling below the aforementioned resistance point as the day progressed.

As of writing, litecoin is trading at $63.43, and this comes as the relative strength index (RSI) hit a hurdle of its own.

The index collided with a ceiling of 60.00, which bulls have so far been unable to move beyond, resulting in prices dropping.

Apecoin (APE)

While litecoin hit a three-month peak, apecoin (APE) moved to a three-week high earlier in the day.

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APE/USD was able to climb to a peak of $5.87 on Tuesday, less than 24 hours after trading at a low of $5.25.

Tuesday’s top is the highest point that apecoin has traded at since August 18, when the token was above $6.00.

APE/USD – Daily Chart

Looking at the chart, APE has been on a bull run over the past week, following a bounce from support of $4.20.

This has led to an increase in price momentum, with the 10-day (red) moving average, now on the cusp of a cross with the longer-term 25-day (blue) trend line.

Prices have since tailed off, as the RSI fell from its recent six-week peak above the 60.00 mark.

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Can apecoin continue to rise this week, despite market volatility increasing? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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MATIC – The how and why of this buying opportunity

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MATIC – The how and why of this buying opportunity

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

  • MATIC sees a surge past a key resistance following an announcement
  • Price action needs to develop further but a buying opportunity could arise 

The native token of Polygon has posted rapid advances on the price charts over the past couple of days. This bullish move came at a time when Robinhood announced a partnership with Polygon as the trading app looked to move into the Web3 space. MATIC was able to zoom past the resistance at $0.78, but will a retest of the same offer another buying opportunity?


Here’s AMBCrypto’s Price Prediction for MATIC for 2023-24


MATIC clears liquidity pocket, further gains in sight

Source: MATIC/USDT on TradingView

In yellow, a range was highlighted for MATIC. It extended from $0.72 to $1.03, with the mid-point at $0.877. The price has traded within this region since mid-July, which added to the significance of the range.

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The RSI climbed back above neutral 50 after spending a good portion of September under the line. This suggested that the bearish momentum had flipped bullish. However, this might not signal that a move to or past $35 was on the cards.

At press time, the $0.788-zone was a liquidity pocket, one where a bullish order block could form over the next few days. Thereafter, a revisit to this zone could offer a buying opportunity.

MATIC could rise to $0.88 and $0.95 after such a retest, which can be used as take-profit levels.

Lack of inflows spotted this past week

The inflows chart revealed that inflows have fallen over the month of September, compared to August. In July, the amount of MATIC moving onto exchanges was much greater, yet the price did rally from $0.5 to $1 throughout that month.

Overall, the fact that inflows were somewhat subdued in September raised a bullish question. Could whales be accumulating MATIC? Even if the answer is yes, that might not stop the asset from sliding beneath the range lows in the event that Bitcoin plunges past $18.5k.

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Patience would be the key for longer-term traders and investors in MATIC. $0.788 is a key level and it could present a buying opportunity over the next week or two. This would require Bitcoin to remain near the $20k-mark or even rally past the $20.8k-resistance.

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Analysis

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

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Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in the green, as the token surged for a second straight day, rising by almost 10% in the process. Overall, the global crypto market cap is up 3.06% as of writing.

Polygon (MATIC)

Polygon (MATIC) was one of Tuesday’s big movers, as the token climbed to a three-week high following yesterday’s false breakout.

MATIC/USD started the weekend trading at a low of $0.7548, which was marginally below its floor of $0.7690.

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However, as bullish sentiment returned to crypto markets, the token raced to an intraday high of $0.8336 earlier today.

MATIC/USD – Daily Chart

This high is the strongest point that polygon has hit since mid-September, and comes as the 14-day relative strength index (RSI) hit its highest point in over three weeks.

As of writing, the index is now tracking at 55.90, which is marginally below a higher point of resistance of 57.65.

Should this obstacle be overcome, then we will likely see the token rise closer to the $0.8500 level.

Chainlink (LINK)

Similar to MATIC, chainlink (LINK) also rose on Tuesday, after prices bounced from a key support point.

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Following a collision with its long-term floor at $7.10 on Monday, LINK/USD rallied to an intraday high of $7.72 earlier today.

Tuesday’s rally sees the world’s 22nd largest token climb for a second consecutive session, moving closer to a ceiling of $8.05 in the process.

LINK/USD – Daily Chart

Looking at the chart, the 10-day (red) moving average (MA) has crossed over the 25-day (blue) MA, which usually signals the beginning of a bull run.

In order for the moving averages to maintain today’s upward momentum, we will likely need to see the RSI climb past several upcoming ceilings.

As of writing, the index is tracking at 53.37, with the first hurdle being the 55.00 point, and thereafter 58.30 could pose an even greater threat to bulls.

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Do you expect chainlink to hit $8.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Cardano founder Charles Hoskinson calls for an end to Bitcoin mining

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Cardano founder Charles Hoskinson calls for an end to Bitcoin mining

Cardano founder Charles Hoskinson calls for an end to Bitcoin mining Oluwapelumi Adejumo · 4 hours ago · 2 min read

Hoskinson predicted that more wrapped Bitcoin would be on other blockchain networks in the next five years.

2 min read

Updated: October 4, 2022 at 1:13 pm

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Cover art/illustration via CryptoSlate

Cardano founder Charles Hoskinson explained why he thinks Bitcoin mining should be stopped and all existing units of the assets should be converted into wrapped Bitcoin (wBTC) in an Oct. 3 Twitter broadcast.

Wrapped Bitcoin is BTC on smart contracts-enabled platforms like Ethereum (ETH), Cardano (ADA), and others.

Bitcoin’s PoW is the “gold mine” – Charles Hoskinson

According to Hoskinson, if Bitcoin’s network is shut down, the flagship digital asset can continue to exist as wrapped Bitcoin on other networks. In his view, the industry would not need the proof-of-work consensus mechanism because it is the “gold mine” to get the asset.

Hoskinson pointed out that the Bitcoin blockchain is only optimized for the mining process presently. According to him, efforts to build on the blockchain have recorded little success because it is not designed for that purpose.

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The Cardano founder highlighted that Bitcoin’s “gold mine” consumes a lot of energy, considering that the number of BTC left to mine is less than what is already in circulation. He stated that the continued running of Bitcoin mining is not a good investment of energy.

Meanwhile, Hoskinson conceded that Bitcoin maximalists wouldn’t agree with his idea because they would argue that “[PoW] is the source of truth and a counter-balance to banks.”

Wrapped Bitcoin will broaden BTC usage.

Hoskinson stated that moving all mined Bitcoin to the broader crypto ecosystem through wrapping can help broaden its usage and adoption.

Citing El Salvador’s adoption, Hoskinson said that while Bitcoin is digital gold with real utility and can act as a good store of value, the asset is not a good means of exchange and unit of account because of its volatility.

So, wrapped Bitcoin could be used to create stablecoins that can serve as a means of exchange and unit of account because they are on other smart contracts-enabled networks built for those purposes.

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Hoskinson said:

“[Wrapped Bitcoin] could be used in all kinds of Dapps and smart contracts and potentially be used by nation-states to create a means of exchange and unit of account to actually have a stable currency they could use with a sound monetary policy.”

According to him, the wrapped Bitcoin is still Bitcoin because it would still have all the properties and features of the asset.

Hoskinson predicted that more wrapped Bitcoin would be on other blockchain networks in the next five years.

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