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BTC and ETH Fall to One-Week Lows as Markets Brace for Big Week of Data – Market Update Bitcoin News

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Bitcoin traded near a major support point on Monday as markets braced for a big week of economic data. The main release will be Wednesday’s US inflation report, which is expected to come in at 8.1% for September, lower than August’s rate of 8.3%. Ethereum was also in the red, with the coin dropping to a one-week low to start the week.

Bitcoin

Bitcoin started the week trading at its lowest level in seven days, as markets prepare for a big week of economic data.

BTCThe US dollar fell to a low of $19162.31 on Monday, sending prices below a major support point at $19,300.

Since hitting this floor, the bulls are back in again, pushing prices back above the aforementioned support level.

Bitcoin, Ethereum Technical Analysis: Bitcoin, Ethereum Drop to 1-week Lows, as Markets Brace for Big Week of Data
BTC/ USD – daily chart

Looking at the chart, the price drop came today as the 14-day Relative Strength Index (RSI) dropped to its own low.

As of this writing, the index is tracking 45.47, marginally above the 45.00 support level, however, so far, the bulls have refused to attempt a breakout.

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If this continues, we could see Bitcoin bounce back from this point, heading back towards the $20,000 mark.

Ethereum

In addition to Bitcoin, Ethereum (ETH) is also near a one-week low on Monday, with prices also close to a breakout.

The world’s second largest cryptocurrency dropped to a low of $1,300.00 to start the week, yet the bears failed to take the coin below this point.

Despite the failed penetration, ETHThe US dollar is still currently trading at its lowest level since October 3rd, the last time the price was below $1,300.

Bitcoin, Ethereum Technical Analysis: Bitcoin, Ethereum Drop to 1-week Lows, as Markets Brace for Big Week of Data
ETH/ USD – daily chart

As can be seen from the graph, it seems that the bulls are still in ETHwith the 10-day moving average (red) closing in a crossover with its 25-day (blue) counterpart.

Should this cross occur, we could see the price of Ethereum rise back towards resistance at $1,390.

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Traders will likely focus on the RSI for guidance, as the index is currently hovering marginally above the 41.30 level.

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Will Cryptocurrency Prices Be Consolidated Before Wednesday’s Inflation Report? Put your thoughts in the comments below.

Eleman Dambel

Offering an eclectic view of market analysis, Elleman was previously a brokerage director and retail educator. He currently works as a commentator across various asset classes, including Crypto, Stocks, and FX.

photo credits: Shutterstock, Pixabay, Wikicommons

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 It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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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Cryptocurrency

Buy the rumor, sell the news? Chainlink (LINK) price drops after launch pause

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Chainlink is off to a busy start in December when it comes to launching development. The Chainlink (LinkStaking opens for early access on December 6th and will expand access on December 8th.

according to link chainStaking will secure the node ecosystem and alert mechanism for the project:

“Providers gain access to staking rewards to secure the network with correct and timely alerts and, in the future, for severance and loss protection.”

Historically, mainnet launches and incentive offerings trigger a flurry of blockchain activity and data from on-chain analytics firm Arkham shows a sharp rise in activity.

While node providers gained access on October 3 with unspecified terms, Chainlink’s early access capped the total per person staking at 7,000 LINK. Despite this cap, staking has gained traction, far surpassing 11 million links on Dec. 6.

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The next phase of staking will take place on December 8th reducing the minimum staking amount from 1 to 0.1 LINK and currently the maximum overall staking program is 25 million LINK.

Even with the strong pull from the early public betting launch, LINK’s price has corrected, losing 4% since Dec. 6.

LINK’s high emissions may spook investors

In order to encourage early adoption, Chainlink has set minimum emissions for the program. Projected emissions for those in the staking program are a minimum of 5% APY for the community and 7% APY for contract operators. Community stakeholders are also expected to lose a fee of 0.25% to contract operators. Because of these conditions, there is a possibility that LINK could become hyperinflated without sufficient fees to support the rewards.

How do Chainlink owners earn? Source: Chainlink

Despite staking rewards being locked in for 9 to 12 months, LINK price has not responded well to development updates.

After reaching a 30-day peak of $9.30, LINK price fell to $6.80 on December 7 after the stalled launch. The decline comes despite the huge rise in social media that has been mentioned.

Link rate and social signals. Source: LunarCrush

Related: Bitcoin On-Chain Data Shows 5 Reasons Why BTC Bottomed

According to Cointelegraph’s Head of Markets, Ray Salmond:

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“Cryptocurrency prices are lower across the board, likely due to traders taking a risk-on stance ahead of the upcoming FOMC meeting on December 13. From a more granular standpoint, mainnet upgrades and betting releases tend to show buying, rumors selling The dynamics of the news and what we see from the price of LINK does not defy the norm.At the same time, we can see ApeCoin also retreating on the eve of the staking launch.From a technical analysis point of view, the price of LINK remains in the 211-day range between $9.50 and $5.60.While The price is below the mid-line of the range, it is currently testing the 20-day moving average and the previous correction found support at $6 and $5.50.”
LINK/USDT 1-day chart. Source: TradingView

While the LINK staking program may be beneficial to the longevity of the Chainlink ecosystem, the market is currently responding negatively.

As more developments and updates continue, investors may begin to understand the dynamics of staking more deeply and if LINK’s emissions prove sustainable, the initiative may prove beneficial to investors and the ecosystem as a whole.