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.
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.
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.
Ethereum price gained bearish momentum below $1,620 against the US Dollar. ETH is showing bearish signs and might decline further toward $1,540.
Ethereum's price started a fresh decline from the $1,660 and $1,670 resistance levels. ETH declined below the $1,620 support level to enter a bearish zone and underperformed Bitcoin.
The bears even pushed the price below the $1,600 support and the 100-hourly Simple Moving Average. A low is formed near $1,568 and the price is now attempting a recovery wave. There was a move above the $1,580 level. The price is testing the 23.6% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.
Ether is now trading below $1,620 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,600 and $1,620 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,600 level and the first trend line. The next resistance is near the $1,610 level, the second trend line, and the 100-hourly Simple Moving Average. The trend line is also near the 50% Fib retracement level of the recent decline from the $1,660 swing high to the $1,568 low.
Source: ETHUSD on TradingView.com
A close above the $1,620 resistance might send the price toward the $1,650 resistance. The next major barrier is near the $1,660 level. A close above the $1,660 level might send Ethereum further higher toward $1,750.
If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,565 level.
The next key support is $1,540. A downside break below $1,540 might accelerate losses. In the stated case, there could be a drop toward the $1,440 level in the coming days.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level - $1,540
Major Resistance Level - $1,620
Bitcoin price is again moving lower from the $27,500 resistance. BTC could extend its decline and revisit the $25,400 support zone.
Bitcoin price started a downside correction after it failed to clear the $27,500 resistance. BTC traded below the $27,000 and $26,800 support levels to enter a bearish zone.
Besides, there was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC/USD pair. The pair retested the $26,350 support zone and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trend line, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Source: BTCUSD on TradingView.com
The next key resistance could be near the $27,050 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,500 resistance. Any more gains might call for a move toward the $28,800 level in the coming days.
If Bitcoin fails to start a fresh increase above the $27,000 resistance, it could continue to move down. Immediate support on the downside is near the $26,350 level.
The next major support is near the $26,200 level. A downside break and close below the $26,200 level might spark more bearish moves and the price could decline toward the next support at $25,400.
Technical indicators:
Hourly MACD - The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Major Support Levels - $26,350, followed by $26,200.
Major Resistance Levels - $27,000, $27,050, and $27,500.
IMX, native token of Ethereum layer-2 scaling solution Immutable X, recorded massive gains on Thursday, soaring by over 23% within the last 24 hours. Before this price gain, IMX had been relatively stable all week, hovering around the $0.52 price zone, according to data from Coingecko.
Although there may be no clear reasons for the token’s positive price movement, Chinese reporter Colin Wu speculated about potential price speculation.
According to a post on X by Wu, 10.95 million of the token, valued at $8.1 million, were transferred to the Upbit exchange from several other crypto exchanges, including Binance, OKX, Bybit, Crypto.com, Gate, etc.
Korean traders are manipulating the price of IMX and driving a surge. Today, 10.95 million IMX ($8.1 million) flowed into Upbit from multiple CEXs such as Binance, OKX, Bybit, Cryptocom, Gate, etc. The price quickly rose from US$0.56 to US$1. https://t.co/JjUcqi7CKS
— Wu Blockchain (@WuBlockchain) September 21, 2023
Following these transactions, the token surged from $0.56 to $0.74, representing a 34.5% price gain. Wu has stated that Korean traders are “behind this move.” The Upbit exchange is mainly popular in South Korea, dominating over 83% of the nation’s crypto market.
Providing more insight into these transactions, on-chain analytics firm Lookonchain reports that these transfers to Upbit were sent to the same wallet with the address “0x2F77.” This indicates a single crypto whale was likely behind this price surge.
Within three hours on Thursday, 12.54 million of the token, valued at $9.45 million, was transferred to "0x2F77,” allowing this address to become the 9th largest holder of the token, owning 20.4 million worth $15 million.
Furthermore, Lookonchain also revealed that several IMX investors opted to take profit following the token's price gain. These investors include GSR Markets, a crypto investment firm that moved 2 million IMX, worth $1.52 million, to Binance right after IMX rose.
In addition, three investors withdrew 3.5 million IMX, valued at $2.3 million, from the Foundation Treasury Locked wallet and may be planning a market dump. Following such transactions, it is no surprise that IMX soon experienced a price decline of about 13.33% a few hours after its boost.
In other news, IMX has also been listed on the Japanese exchange Coincheck. According to a blog post by the crypto exchange on Thursday, IMX will now be eligible for its various services, including Coincheck NFT and Coincheck crypto lending service.
In addition to IMX, Coincheck also announced listing other cryptocurrencies, namely Apecoin (APE) and AXS, the governance token of the Axie Infinity gaming metaverse.
At the time of writing, the IMX trades at around $0.64, with a price loss of 1.8% in the last hour. Based on more data from Coingecko, the token's daily trading volume rose by 238.20%, valued at $808.50 million.
Celo, a blockchain platform, is exploring migrating from its standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network. Originally, Celo had planned to utilize Optimism’s OP Stack, a customizable toolkit similar to Polygon (MATIC) but based on Optimism’s technology.
However, Sandeep Nailwal, co-founder of Polygon Labs, has proposed an alternative solution to the Celo community. Nailwal suggests leveraging Polygon’s Chain Development Kit (CDK), an open-source toolset that enables the creation of customizable Layer-2 chains powered by zero-knowledge (ZK) technology.
In a recent blog post, Polygon Labs suggested Celo could consider deploying an Ethereum Layer-2 solution using Polygon CDK.
According to Polygon Labs co-founder Nailwal, this strategy would allow Celo to leverage the benefits of being an Ethereum Layer-2 platform while preserving the characteristics that have contributed to its success.
The proposal emphasizes several key advantages of adopting Polygon CDK. Firstly, it enables cross-community collaboration by integrating with an ecosystem of Layer-2 solutions powered by zero-knowledge technology.
Polygon CDK enhances compatibility with Ethereum by providing an environment equivalent to the Ethereum Virtual Machine (EVM). This alignment ensures a seamless transition for Celo, closely matching Ethereum’s technical infrastructure and tooling.
Furthermore, according to Nailwal, deploying with the protocol’s CDK offers increased security for Celo. It allows Celo to leverage Ethereum’s proven consensus layer while incorporating the security benefits of zero-knowledge proofs.
Regarding fees and scalability, Celo can benefit from low fees by utilizing the zkEVM validium architecture and off-chain data availability supported by Polygon CDK. These features contribute to cost-efficient transactions while enabling scalability for Celo’s network.
Moreover, according to Nailwal, Celo gains access to a unified Layer-2 economy by becoming a part of the Polygon ecosystem by combining Ethereum’s mainnet with Polygon’s ecosystem. This integration creates a seamless experience for developers and users, facilitating interaction with both networks.
With zero-knowledge technology, Celo users can enjoy near-instant withdrawals, faster finality times, and instant cross-chain interactivity.
According to the blog post, these features enhance the speed, efficiency, and security of transactions, ultimately improving the user experience.
Through Polygon CDK, chains can achieve near-instant cross-chain interactivity with Ethereum, leveraging the power of ZK proofs to establish a secure and interconnected network.
Overall, the proposed migration to Polygon CDK represents an opportunity for Celo to transition to an Ethereum Layer-2 solution while harnessing the advantages offered by Polygon’s ZK-powered technology. The proposal aims to initiate discussions between the Celo and Polygon communities to explore the potential benefits for all stakeholders involved.
It is important to note that no final decision has been made at this stage, and the proposal signifies the beginning of discussions between the Celo and Polygon communities.
Featured image from iStock, chart from TradingView.com
