Značka: chainlink

Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE

Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.”This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year. Crypto market data daily view. Source: Coin360However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitcoin could hold up without “rock-bottom rates and trillions of dollars in central bank money and government stimmy.”Could Bitcoin bounce off the strong support, attracting buying in select altcoins? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.BTC/USDTBitcoin’s downtrend has reached the strong support at $39,600. The price formed a Doji candlestick pattern on Jan. 8, indicating indecision among the bulls and the bears.BTC/USDT daily chart. Source: TradingViewBoth moving averages are sloping down and the relative strength index (RSI) is near the oversold zone, indicating that the path of least resistance is to the downside. If bears pull the price below $39,600, the selling could intensify and the BTC/USDT pair could start its journey to the next strong support at $28,805.On the other hand, if the price rises from the current level, the pair could rise to the 20-day exponential moving average ($45,876). If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies. That will increase the likelihood of a break below $39,600 I .The bulls will have to push and sustain the price above the moving averages to indicate a possible change in trend.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the selling momentum picked up on a break and close below $45,456. The bulls are attempting to arrest the decline at $40,501 but the recovery attempt is likely to face strong selling near the 20-EMA.If the price turns down from the 20-EMA, the bears will attempt to sink the pair below $39,600 and extend the downtrend.Alternatively, a break and close above the 20-EMA could push the pair to the 50-simple moving average. If bulls push the price above this resistance, it will suggest that bears may be losing their grip.LINK/USDTChainlink (LINK) has been trading in a large range between $15 and $35.33 for the past few months. The bulls have pushed the price above the moving averages and the RSI has risen close to the overbought zone, indicating that buyers have the upper hand in the short term.LINK/USDT daily chart. Source: TradingViewThe bears posed a strong challenge near $27.61 for the past few days but the bulls did not allow the price to dip below the 20-day EMA ($23.23). This indicates that the sentiment has changed from sell on rallies to buy on dips.If bulls maintain the price above $27.61, the LINK/USDT pair could rise to 30 and thereafter to the overhead resistance at $35.33. This bullish view will invalidate if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $18.LINK/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that the price has broken above the overhead resistance at $27.61. The bears will now attempt to stall the up-move at $30. If the subsequent correction does not break below $27.61, it will increase the possibility of a rally to $35.33.On the contrary, if the price turns down from the current level, it will suggest that the break above $27.61 may have been a bull trap. The bears will then try to pull the price below the 50-SMA. If they do that, the next stop could be $22.ICP/USDTInternet Computer (ICP) broke and closed above the downtrend line on Jan. 4 which was the first indication that the downtrend could be ending. The bears tried to trap the aggressive bulls and pull the price back below the 20-day EMA ($29) but failed.ICP/USDT daily chart. Source: TradingViewThe bulls again pushed and closed the price above the downtrend line on Jan. 8. The moving averages are on the verge of a bullish crossover and the RSI has jumped into the positive zone, indicating that bulls are attempting a comeback.If buyers push and sustain the price above $38.02, the ICP/USDT pair could rally to $45.79. This level may again act as a stiff hurdle but if crossed, the up-move may reach $58.30.Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the breakout above the downtrend line may have been a bull trap.ICP/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows that bulls have pushed the price above $33.29 but are struggling to clear the hurdle at $38.02. This suggests that bears continue to sell near the overhead resistance. This has kept the pair sandwiched between the two levels.If bulls push and sustain the price above $38.02, the pair could extend its up-move. On the contrary, if the price turns down from the overhead resistance, the bears will attempt to pull the pair below $33.29. If they manage to do that, the pair could drop to the 50-SMA.Related: Even after the pullback, this crypto trading algo’s $100 bag is now worth $20,673LEO/USDUNUS SED LEO (LEO) has been trading in a gradual uptrend for the past several weeks where the 50-day SMA ($3.55) has been acting as a strong support. LEO/USD daily chart. Source: TradingViewThe bears attempted to pull the price below the 50-day SMA on Jan. 7 but the bulls did not relent. This resulted in a strong rebound on Jan. 8 which pushed the LEO/USD pair back above the 20-day EMA ($3.69).The bulls will now attempt to drive the price above the all-time high at $3.92. If they succeed, the pair may resume its uptrend and reach $4.25. This positive view will invalidate if the price turns down and plummets below the 50-day SMA. That could start a correction to $3.40.LEO/USD 4-hour chart. Source: TradingViewThe pair has been trading inside an ascending channel pattern. The bears mounted a strong resistance near $3.85, which may have attracted profit-booking from short-term traders. That pulled the pair down to the support line of the channel where buyers stepped in and arrested the decline.The bulls are again attempting to push and sustain the price above $3.85. If they manage to do that, the pair could start its journey toward the resistance line of the channel. The bears will have to sink and sustain the price below the channel to invalidate the bullish view. ONE/USDTHarmony (ONE) has been trading between the 20-day EMA ($0.27) and $0.33 for the past few days. This suggests that bulls are buying on dips and bears are selling on rallies.ONE/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive territory suggest advantage to buyers. If bulls drive the price above $0.33, the up-move could resume. The ONE/USDT pair could then attempt to rise to $0.38.Contrary to the assumption, if the price breaks below the 20-day EMA, it will suggest that bears have overpowered the bulls. That could pull the pair down to the 50-day SMA ($0.24) and later to $0.21.ONE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart has been rising inside an ascending channel pattern. Although bulls pushed the price above the channel, they could not sustain the higher levels. This suggests that bears tried to trap the aggressive bulls.The price dipped back into the channel but a minor positive is that it bounced off the 50-SMA. This indicates that sentiment remains positive and bulls are buying on dips.If the price rises above the 20-EMA, the pair could again rally to the resistance line of the channel. A break and close above this level could signal a pick up in momentum. Conversely, a break and close below the 50-SMA could pull the pair down to the support line of the channel.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Oracle tokens turn bullish as blockchain projects focus on interoperability

2022 looks to be a transformative year for the cryptocurrency ecosystem as the focus on interoperability between siloed blockchain networks comes to the forefront and a multitude of projects announce plans to interconnect their platforms with other protocols. One sector of the crypto ecosystem that will play a vital role in ensuring smooth communication and interaction between networks is oracles projects like Chainlink (LINK) and Band Protocol (BAND). Top 8 oracle projects by market capitalization. Source: MessariOracles relay data in a consistent, secure and decentralized manner and this is key to providing price feeds for the DeFi sector and centralized exchanges. The number of partners for the top oracle projects. Source: TwitterAs shown in the graphic above, Chainlink is by far the most widely adopted oracle in the crypto ecosystem with a near eight-fold lead in partners when compared to its nearest competitor Berry Data (BRY).Chainlink secures new partnershipsA scroll through the Chainlink Twitter feed shows why LINK has started off 2022 as the top oracle provider by announcing multiple partnerships with DeFi and NFT projects.The project has also benefited from its focus on developing the Cross-Chain Interoperability Protocol (CCIP) which helps facilitate the ongoing growth of the multi-chain ecosystem.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LINK on Dec. 10, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. LINK price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for LINK began to pick up on Dec. 10 and hit a high of 77, around 72 hours before the price increased 60% over the next three weeks. Related: Blockchain enables enterprise business models in the MetaverseBand Protocol launches on CeloBand Protocol is a cross-chain data platform designed to help developers integrate real-world data into their decentralized applications including sports, weather, random numbers and price feed data. The project recently announced that it had launched on Celo’s (CELO) mobile-first DeFi platform, which focuses on bringing decentralized finance to more than “6 billion smartphones in circulation.” VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BAND on Dec. 29, prior to the recent price rise. VORTECS™ Score (green) vs. BAND price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for BAND hit a high of 76 on Dec. 29, around 48 hours before the price began to increase 44% over the next five days.With the major themes of interoperability and cross-chain integrations shaping up to be a primary focus of the cryptocurrency ecosystem in 2022, oracles are one sector of the market that could continue to see positive inflows thanks to their ability to transfer data and assets seamlessly and securely between supported blockchain networks. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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SBI Group launches crypto-asset fund for Japanese investors

Tokyo’s biggest finserv firm, SBI Group, will now allow general Japanese investors to purchase cryptocurrencies via its newly launched ‘crypto asset fund’. The fund is composed of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). The crypto-asset fund, to be traded and operated by the SBI Alternative Fund, was established on Dec. 02 with a dedicated capital of 5 million yen, worth approximately $45,000 at the time of writing. However, the company may choose to release the capital in smaller break-ups of 1 million yen each. Source: SBIAccording to the official statement, investors will be required to go through an application process that includes an anonymous partnership agreement with SBI Alternative Fund prior purchases. The company’s reasoning behind this move states:“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”In addition, the crypto investments made by such anonymous associations will be handled by SBI VC Trade, a sister firm dealing with cryptocurrency trading. SBI also highlighted that none of the seven cryptocurrencies in the crypto-asset fund will exceed 20% in ratio. Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Investors will also be subject to unrealized capital gains taxes in addition to bearing other shared expenses including establishment and liquidation costs and audit expenses.SBI has set an age limit between 20 to 70 for this fund and will enforce a three-month locking period for every purchase “aiming to reduce investment risk by diversifying time.” The company will also rebalance the investment ratio allocation once every month.Related: SBI Holdings invests in Singaporean crypto exchange CoinhakoIn addition to contributing to Japan’s crypto adoption, SBI continues to spread its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange named Coinhako.Coinhako received SBI’s funding soon after its received regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund jointly set up by SBI and Switzerland-based Sygnum Bank. Coinhako plans to “expand our business to other countries in Southeast Asia” by using SBI’s fund infusion and its pre-existing international network.

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Umbrella Network launches $15M oracle accelerator program

Decentralized oracle service Umbrella Network has launched a new accelerator program for projects looking to build data pipelines to the cryptocurrency market, a process that many within the industry believe is necessary to grow the emerging domains of blockchain gaming, DeFi and the Metaverse. The $15 million accelerator program intends to fund companies that are bringing new data solutions to the blockchain ecosystem, Umbrella Network announced Tuesday. Sam Kim, a partner at Umbrella Network, told Cointelegraph that his company is focused on funding projects within blockchain gaming, Metaverse, digital advertising, blockchain-based identity, sports and weather, among others.To date, projects in these and other fields have largely relied on centralized systems for running key computations, processes and applications due to limitations of existing technology, Kim said. One of the goals of the accelerator program is to provide access to decentralized data applications that can help emerging projects grow and scale their operations. In addition to funding, the accelerator program will provide business and technical support. Umbrella will also be the initial operator o the decentralized oracles, Kim confirmed. Blockchain oracles are said to play a key role in the development of decentralized Web 3.0 ecosystems by connecting smart contracts with the outside world. Specifically, oracles give blockchain-based applications the ability to connect to existing legacy systems and data sources. It has been argued that institutional investors, who have long been viewed as a critical component of blockchain’s future, need trusted crypto market data before widescale adoption is possible. Why are crypto oracles on the rise? Experts believe that this is because retail and institutional investors need to trust cryptocurrency market data. https://t.co/C2vrG1jA04— Cointelegraph (@Cointelegraph) July 6, 2021Related: Former Google CEO is now a strategic advisor for Chainlink LabsChainlink (LINK) is by far the largest oracle network with a market capitalization of $8.4 billion. Augur (REP) and Band Protocol (BAND) are a distant second and third, respectively, with a total value of over $170 million each. Umbrella Network, meanwhile, has a total market value of $19 million at the time of writing.

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Former Google CEO is now a strategic advisor for Chainlink Labs

Eric Schmidt, the chief executive officer of Google until 2011 who later served as executive chair at the tech company and its parent firm Alphabet, has joined oracle solutions provider Chainlink Labs as a strategic advisor.According to a Tuesday announcement, Chainlink said Schmidt would guide the firm’s scaling strategy in its use of oracle networks to trigger smart contracts. Chainlink co-founder Sergey Nazarov cited Schmidt’s experience “building global software platforms for next-generation innovation” in the firm’s decision to bring the former Google exec on board.“The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge,” said Schmidt.In addition to his time at Google and Alphabet, Schmidt was chair of the Department of Defense’s Innovation board and chair of the National Security Commission on Artificial Intelligence, and served on the boards of Apple, Princeton University, Carnegie Mellon University, and the Mayo Clinic. With an estimated net worth of roughly $23.6 billion, Schmidt will likely be one of the wealthiest individuals acting as an advisor to a crypto firm. [embedded content]Related: Chainlink’s total value secured surpasses $75B as DeFi continues to surgeEarlier this year, Chainlink announced its Cross-Chain Interoperability Protocol, or CCIP, capable of using the platform’s oracles “to enable users to move digital assets and execute smart contracts across the various chains used throughout the metaverse.” According to the firm, it currently has more than $80 billion worth of value locked in smart contracts and applications built on blockchains.

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