Blockchain News

Chainlink’s LINK price recovered above the $6.50 resistance. The price is now correcting gains, but it might find bids near $6.40 and could start a fresh increase. Chainlink price is showing positive signs above $6.5 against the US dollar. The price is trading above the $6.50 level and the 100 simple moving average (4 hours). There is a connecting bullish trend line forming with support near $6.40 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could restart its increase unless there is a close below the $6.40 support. Chainlink (LINK) Price Turns Green After a steady decline, LINK price found support near the $5.75 zone against the US Dollar. A low was formed near $5.74 and the price recently started a fresh increase, like Bitcoin and Ethereum. The price recovered above the $6.00 and $6.20 resistance levels. The bulls were able to pump the price above the $6.50 level and the 100 simple moving average (4 hours). Finally, the bears appeared near the $7.00 zone. A high is formed near $7.03 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $5.74 swing low to the $7.03 high. LINK is still trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $6.40 on the 4-hour chart of the LINK/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $5.74 swing low to the $7.03 high. Source: LINKUSD on TradingView.com If there is a fresh increase, the price might face resistance near $6.80. The first major resistance is near the $7.00 zone. A clear break above $7.00 may possibly start a steady increase toward the $7.25 and $7.32 levels. The next major resistance is near the $7.50 level, above which the price could revisit $7.85. More Losses? If Chainlink’s price fails to climb above the $6.80 resistance level, there could be a downside extension. Initial support on the downside is near the $6.50 level. The next major support is near the $6.40 level, below which the price might test the $5.90 level. Any more losses could lead LINK toward the $5.75 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $6.50 and $6.40. Major Resistance Levels – $6.80 and $7.00.

Polkadot’s DOT is recovering higher from the $3.92 support against the US Dollar. The price could gain pace if it clears the $4.20 and $4.35 resistance levels. DOT is slowly moving higher above the $4.05 resistance zone against the US Dollar. The price is trading just above the $4.15 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $4.175 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $4.20 and $4.35. Polkadot’s DOT Price Faces Uphill Task After a sharp decline, DOT price found support near the $3.90 zone. A low is formed near $3.91 and the price is now attempting a fresh increase, like Bitcoin and Ethereum. There was a break above the $4.00 and $4.05 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $4.80 swing high to the $3.91 low. DOT is now trading just above the $4.15 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $4.20 level. There is also a key bearish trend line forming with resistance near $4.175 on the 4-hour chart of the DOT/USD pair. Source: DOTUSD on TradingView.com The next major resistance is near $4.35. It is near the 50% Fib retracement level of the downward move from the $4.80 swing high to the $3.91 low. A successful break above $4.35 could start a strong rally. In the stated case, the price could easily rally toward $4.80 in the coming days. The next major resistance is seen near the $5.0 zone. Another Decline? If DOT price fails to continue higher above $4.20 or $4.35, it could start another decline. The first key support is near the $4.05 level. The next major support is near the $3.90 level and the last low, below which the price might decline to $3.75. Any more losses may perhaps open the doors for a move toward the $3.50 support zone. Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level. Major Support Levels – $4.05, $3.90 and $3.75. Major Resistance Levels – $4.20, $4.35, and $4.80.

Dogecoin is recovering higher from the $0.060 level against the US Dollar. DOGE could continue to rise if it clears the $0.0640 resistance zone. DOGE started a decent increase above the $0.0615 resistance against the US dollar. The price is trading above the $0.062 level and the 100 simple moving average (4 hours). There is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could struggle to clear the $0.0638 and $0.0640 resistance levels. Dogecoin Price Starts Recovery After a major decline, Dogecoin price found support near the $0.0595 zone. DOGE traded as low as $0.0591 and recently started a recovery wave. There was a decent move above $0.0600 and the price settled above $0.0612. Recently, Bitcoin saw a steady increase above $27,000 and helped altcoins in recovery. Dogecoin is also showing a few positive signs and was able to clear the $0.062 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low. DOGE is now trading above the $0.062 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0638 level. It is close to the 50% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low. The first major resistance is near the $0.0640 level. Besides, there is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com A close above the $0.0620 resistance might send the price toward the $0.0670 resistance. The next major resistance is near $0.0685. Any more gains might send the price toward the $0.072 level. Are Dips Supported in DOGE? If DOGE’s price fails to gain pace above the $0.0640 level, it could start a downside correction. Initial support on the downside is near the $0.0620 level. The next major support is near the $0.060 level. If there is a downside break below the $0.060 support, the price could decline further. In the stated case, the price might decline toward the $0.0565 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.0620, $0.0600, and $0.0565. Major Resistance Levels – $0.0638, $0.0640, and $0.0685.

Ripple’s token price is rising above $0.50 against the US Dollar. XRP price could start a fresh rally if it clears the $0.515 and $0.525 resistance levels. Ripple’s token price is attempting a move above $0.515 and $0.525 against the US dollar. The price is now trading above $0.500 and the 100 simple moving average (4 hours). There is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might gain bullish momentum if there is a close above $0.515. Ripple’s Token Price Could Accelerate Above $0.515 In the last XRP price prediction, we discussed a possible upward move in Ripple’s XRP against the US Dollar. The price did follow a positive path above the $0.480 pivot level, like Bitcoin and Ethereum. There was a clear move above the $0.50 resistance zone. It climbed above the 50% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low. The bulls are now attempting more gains above the $0.515 resistance. XRP is now trading above $0.500 and the 100 simple moving average (4 hours). Besides, there is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.515 level. It is close to the 61.8% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low.  The next major resistance is near the $0.5250 level. A close above the $0.525 level could send the price toward the $0.550 barrier. Source: XRPUSD on TradingView.com A successful break above the $0.550 resistance level might start a strong rally toward the $0.585 resistance. Any more gains might call for a test of the $0.600 resistance. Are Dips Limited in XRP? If ripple fails to clear the $0.515 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.50 zone and the trend line. The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.458 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.500, $0.490, and $0.458. Major Resistance Levels – $0.515, $0.525, and $0.550.

BNB price (Binance coin) stayed above the main $202 support against the US Dollar. The price is recovering and might rally if there is a move above $220. Binance coin price is slowly moving higher above the $212 level against the US Dollar. The price is now trading above $214 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain bullish momentum if there is a close above $220. Binance Coin Price Starts Recovery After a major decline, BNB price managed to stay above the key support at $202. The price traded as low as $204 and recently started a decent increase, like Bitcoin and Ethereum. There was a move above the $208 and $210 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $234 swing high to the $204 low. Besides, there was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair. BNB price is now trading above $214 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $219.50 and $220 levels. Source: BNBUSD on TradingView.com The 50% Fib retracement level of the main decline from the $234 swing high to the $204 low is also near $220 to act as a hurdle. A clear move above the $220 zone could send the price further higher. The next major resistance is near $228, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance. Another Drop in BNB? If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $214 level and the 100 simple moving average (4 hours). The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $204 support. Any more losses could send the price toward the $202 support. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $214, $210, and $202. Major Resistance Levels – $220, $228, and $235.

Since its inception, Ethereum has continuously been compared to Bitcoin with the former being hailed as a better option to the latter in some cases. As the years have flown by, the competition has gotten even fiercer, especially with ETH growing rapidly. Eventually, Ethereum seems to be catching up with Bitcoin, especially in terms of active addresses. Ethereum Active Addresses Surpass Bitcoin On Thursday, September 14, on-chain data tracker Santiment revealed a surprising update on the fierce rivalry between Bitcoin and Ethereum. In the X post, the tracker revealed that the number of unique addresses that were transaction on the network had reached its second-highest daily figure of all time. Related Reading: Litecoin Eliminates Pre-Halving Gains As Volume Drops, Is A Fall To $50 Coming? While this is significant on the part of the blockchain alone, it is also significant in terms of the competition between the two largest assets in the space. To put this in perspective, the 1,089,893 figure reported by Santiment puts Ethereum ahead of Bitcoin in terms of this metric alone. The last time that the daily unique active addresses on the network hit its new all-time high was back in December 2022. So it has been almost a year since the metric was this high, suggesting a unique driving factor behind it. This report is also in line with the report from Artemis Terminal that shows that Ethereum was right in front of Bitcoin in terms of daily active addresses. ETH active addresses surpass BTC on Wednesday | Source: Artemis Terminal Artemis reports that on September 13, Ethereum saw a total of 1.03 million daily addresses compared to Bitcoin’s 743,800 addresses in the same time period. However, this figure has since retracted and Bitcoin has pulled in front of Ethereum once more as of September 14. What Does This Mean? While Ethereum’s surge on Wednesday was impressive, it does not mean much since the network has been unable to sustain the growth. Also, the surge could be easily explained by the rise in the popularity of the Friend.Tech decentralized finance social media platform based on the Ethereum blockchain. Related Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow? Friend.Tech had seemingly come back from the death to reach a new all-time high in its number of daily users. Since an ETH address is required to participate in the platform, it is no surprise there was an uptick in the number of ETH addresses active on the network. The spike in the number of daily active addresses also seems to have had little impact on the price of the cryptocurrency itself. ETH’s price is still struggling to hold above $1,600, with small gains of 0.35% in the last day and losses of 1.15% in the last week. ETH price still holding above $1,600 | Source: ETHUSD on Tradingview.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CBS News, chart from TradingView.com

Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains. Related Reading: Analyst’s Ultra Bullish Prediction Puts XRP Price At $10,000, But When? According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks. Later today, #Binance will burn a number of idle Binance-pegged tokens. The equivalent amount of tokens on their native networks, which were used as collateral, will then be released. Tokens: 🔸TUSDOLD (BSC) 🔸BUSD (MATIC) 🔸BUSD (BSC) 🔸BUSD (BNB) 🔸BUSD (TRX) — Binance (@binance) September 14, 2023 The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD. The collateral in this case will be the equivalent of the Binance-pegged tokens that are burned. So if 1,000 BUSD on the MATIC network is burned, then the equivalent on the native blockchain will be released by the exchange. Fire In The BUSD Camp The BUSD stablecoin first came under fire in early 2023 when the United States Securities and Exchange Commission (SEC) issued a Wells Notice to issuer Paxos alleging that the stablecoin was an unregistered security. The regulator, through this, made its intention to pursue legal action known. Following the move by the SEC, the New York State Department of Financial Services (NYDFS) asked the issuer to stop printing new tokens. The NYDFS’s concern mainly bordered on Paxos’ relationship with Binance, and eventually, the BUSD issuer decided to cut ties with the crypto exchange. Since the initial move by regulators, the stablecoin has suffered in terms of usage and market cap. The stablecoin which was once a top 10 crypto by market cap has since seen its market cap decline to $2.5 billion, making it the 26-largest cryptocurrency as of the time of this writing. Related Reading: New Reports Shows How Much Capital Was Pulled Out Of Crypto In August Binance has also announced plans to stop offering support for the stablecoin completely by 2024. Paxos also revealed that it will cease all BUSD redemptions in February 2024, and Binance’s complete withdrawal is expected to come shortly after this. Nevertheless, the stablecoin continues to maintain its dollar peg quite well. It is still trading at a 1:1 parity with the United States dollar and has rarely dipped below $1 amid the regulatory storm. Market cap suffers amid regulatory crackdown | Source: Market Cap BUSD on Tradingview.com Featured image from Zipmex, chart from Tradingview.com

Ethereum price is eyeing a key upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if there is a close above $1,650 and $1,670. Ethereum is moving higher toward the $1,650 resistance. The price is trading above $1,610 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily if there is a close above $1,650 and $1,670. Ethereum Price Eyes Upside Break Ethereum’s price formed a base above the $1,580 level and extended its increase. ETH traded above the $1,620 resistance to move into a positive zone, like Bitcoin. The price is now trading near a key barrier at $1,650, above which it could accelerate higher. Ether is now trading above $1,610 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high. Besides, there is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,645 level. The next resistance is near the $1,650 level. A close above the $1,650 resistance might push the price toward the $1,670 resistance. Source: ETHUSD on TradingView.com To start a steady increase, the price must settle above the $1,670 resistance. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880. Another Rejection in ETH? If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the channel trend line. The first key support is close to $1,610, the 100-hourly Simple Moving Average, and the 50% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high. The next key support is $1,580. A downside break below $1,580 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,610 Major Resistance Level – $1,650

Bitcoin price is moving higher above the $26,200 resistance. BTC could gain bullish momentum if there is a daily close above the $26,500 resistance. Bitcoin is showing a few positive signs above the $26,200 level. The price is trading above $26,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a close above $26,500 and then a move above $27,000. Bitcoin Price Eyes Upside Break Bitcoin price remained well-bid above the $25,500 support zone. BTC formed a base and recently started a fresh increase above the $26,000 resistance zone. There was a sharp spike above the $26,500 resistance zone. However, there was no close above the $26,500 resistance zone. The price traded as high as $27,212 and there was a nasty bearish reaction. The price reversed its gains and traded below the $26,650 level. There was a move below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,500 level. The first major resistance is near the $26,650 level. Source: BTCUSD on TradingView.com The next key resistance could be near the $27,200 level. A proper close above the $26,500 level and then a break above $27,200 might start a decent increase. The next major resistance is near $28,000, above which the bulls could gain strength. In the stated case, the price could test the $28,800 level. Fresh Drop In BTC? If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level and the trend line. The next major support is near the $25,800 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. A downside break and close below the $25,800 level might send the price toward the key support at $25,550. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $26,050, followed by $25,800. Major Resistance Levels – $26,500, $26,650, and $27,200.

Bitcoin price struggled again near the $26,500 resistance. BTC is forming a double-top pattern and could revisit the $25,000 support zone. Bitcoin recovered above $26,000 but struggled to clear $26,500. The price is trading above $25,800 and the 100 hourly Simple moving average. There is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it breaks the $25,550 support zone. Bitcoin Price Faces Uphill Task Bitcoin price started a decent increase above the $26,000 resistance zone. BTC climbed above the $26,200 resistance level but the bears were again active near the $26,500 resistance. The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downside correction. It seems like there is a double-top pattern forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. However, Bitcoin is now trading above $25,800 and the 100 hourly Simple moving average. Besides, there is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate resistance on the upside is near the $26,000 level. The first major resistance is near the $26,200 level. The main resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase. The next major resistance is near $27,200, above which the bulls could gain strength. In the stated case, the price could test the $28,000 level. Another Decline In BTC? If Bitcoin fails to start a fresh increase above the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level. The next major support is near the $25,550 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. A downside break and close below the $25,550 level might call for more downsides. In the stated case, the price could drop toward $25,000 or even $24,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $25,800, followed by $25,550. Major Resistance Levels – $26,000, $26,200, and $26,500.