Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.
Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.
Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.
Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).
As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00
Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.
Chainlink (LINK)
Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.
Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.
Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.
As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.
The index is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.
Bulls are likely still present, however, and could look to make a move above $7.50 in the coming days.
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Could we see polygon move above $7.50 in the next few days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.
Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.
Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.
Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).
As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00
Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.
Chainlink (LINK)
Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.
Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.
Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.
As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a point of support.
The index is currently tracking at 56.06, with a floor of 55.00 the next visible target for bears.
Bulls are likely still present, however, and could look to make a move above $7.50 in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see polygon move above $7.50 in the next few days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Just before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the network’s hashrate has decreased significantly as 44.33% of it has been lost over the last 134 days.
Ethereum Classic (ETC) was the center of attention just before Ethereum’s (ETH) big transition, but has since lost its PoW dance partner. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hashrate. On Jan. 17, 2022, ETC had 23.87 terahash per second (TH/s) of hashrate. As of Jan. 30, 2023, over a year later, Ethereum Classic has a total of 119.32 TH/s in hashrate, a 399% increase in 12 months. However, 134 days ago, ETC’s computational power was more than 44% higher.
ETC’s price and hashrate both saw a significant increase on Sept. 15, 2022, the day of the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC) was valued at around $35.81 per coin, after reaching $39 per unit the day prior. Ethereum Classic’s price was on fire at the time, but it has since cooled off like a wet campfire. As of Jan. 30, 2023, ETC is trading at $22.98 per unit, a decrease of 35.82% from its value after the transition. Archive.org records show that on Sept. 18, 2022, 214.37 terahash per second (TH/s) was dedicated to the Ethereum Classic network.
Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) of the total 119.32 TH/s, equating to 22.55% of the network’s hashrate. Ethermine.org follows with 16.48 TH/s, accounting for about 13.81% of ETC’s hashrate. The other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These ten ETC mining pools have a total hashrate of approximately 95.11 TH/s.
Moreover, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (defi) protocols on Sept. 15, 2022. As of today, the TVL in Ethereum Classic defi protocols has decreased 56.84% to $376,803. Currently, the decentralized exchange (dex) platform Hebeswap dominates with 58.74% of the TVL, amounting to $221,335. However, Hebeswap was also the dex with the worst seven-day TVL decrease of -6.87% in the past week.
What do you see for the future of Ethereum Classic? Let us know what you think about this subject in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News