In recent months, altcoins’ price trends seem to have diverged from bitcoin’s. Take Ether (ETH), which hit a new all-time high today, even though the price of bitcoin is down 20% from its all-time high.
Daily review of cryptographic market data. Source : coin360
The main factor that could tip the scales in favor of altcoins is the huge increase in popularity of the decentralized financial space. New York Stock Exchange President Thomas Farley noted in an interview with CNBC that DeFi exchanges are doing as much, if not more, than Coinbase is today.
Let’s take a look at the basics and specs of three tokens that have evolved in recent months.
Chainlink (LINK) is one of Oracle’s most popular decentralized solutions. To support the rapid pace of innovation in the cryptocurrency sector, Chainlink announced on 15… In her new white paper, Chainlink 2.0, April has outlined her vision for the future.
The paper presents a new architecture for building hybrid smart contracts in which layer 2 networks, called decentralized Oracle networks, store and compute data outside the blockchain before injecting it into the blockchain. This new concept allows developers to quickly create hybrid smart contracts, similar to the application programming interfaces (APIs) that developers create in the web world.
In another positive development for LINK investors, Grayscale announced on 6. April announced that it has added Altcoin to its E-Big Capstone fund. Although the allocation is only 0.87%, the inclusion of the fund could attract the attention of institutional investors.
The second one. In April, Polkadot and Chainlink announced that price feeds for Chainlink are available as a substrate oracle palette, allowing projects in the Polkadot ecosystem to integrate Chainlink mosaics through a simplified library.
LINK is now correcting its sharp rise from $23.61 on March 24 to an all-time high of $44.33 on the 15th. April. Although the price has dropped below 18 moving averages. In April, the bulls bought aggressively at lower levels, as evidenced by the long tail of the daily candle.
Daily chartLINK/USDT. Source: TradingView
Since then, bears and bulls have fought over the 20-day exponential moving average ($35.89). The bulls are trying to defend the 20 EMA support and start the next leg of the uptrend, while the bears are trying to extend the correction by breaking the support.
A slight rise in the 20-day EMA and the relative strength index (RSI) above 57 suggest a slight advantage for buyers. If the bulls can hold above the $40 level, the LINK/USDT pair could reach $44.33 again. A breakout of this resistance could usher in the next phase of the uptrend, which could reach $50 and then $55.72.
This bullish view is no longer valid if the bears are pushing and supporting price below the 20-day EMA. Such a move could take price towards the 50-day simple moving average ($31.42) and delay the start of the next phase of the uptrend.
Band Protocol (BAND) was published by Cointelegraph on February 2, when it quoted $11.14. Since then, the price has risen to a record $23.30 on April 15, up 109% in about two and a half months.
The 15th. In April, the protocol announced that oracle data is live on Google Cloud Public Data, which can be used to build traditional, hybrid blockchain and cloud applications. Band said the Google Cloud Public Data integration is the first of many use cases being explored with partners to build bridges between traditional businesses and blockchain-based applications.
The group continues to build partnerships to increase its market share. Last month, it announced a partnership with Crystal, Equilibrium and Polygon. In addition, one of Thailand’s largest financial institutions, SCB 10X, has partnered with Band as a node validator.
BAND is currently trading in a wide range of $11.50 to $20.62. The bulls pushed the price above the upper resistance of the 15 and 16 range. April, but failed to consolidate after the break.
Daily chartBAND/USDT. Source: TradingView
This suggests that bears are active at higher levels. The sellers reduced the price to 17. April and caught aggressive bulls. The ongoing liquidation could be one of the reasons for the sharp drop in the 18. April, which immediately fell below support at $11.50.
The positive sign, however, is that the Bulls were able to hold on to the lows of the 18th. April bought aggressively, as you can see by the long tail of the candle.
After holding between the two moving averages for the past three days, the BAND/USDT pair broke the 20-day EMA ($17.04) today. The pair could rally to $20.62, where the bears are likely to provide strong resistance again.
The flat moving averages and the RSI just above the midpoint suggest that this action could continue for a few more days. A breakout and a close above $21 could open the doors for a resumption of the uptrend. The next price target could be $29.74.
Ktum (QTUM) was added to Cointelegraph on the 11th. February covered when it quoted at $7.59. The chip rose to a record $20.72 on April 19, a 173% gain in just two months.
The most expected event is the change from a 128-second block average to a 32-second block average, which should be caused by a hard fork on the 30th. April will take place.
The 31st. In March, Patrick Dai, founder of Qtum, announced that the protocol was working on enabling smart contracts for Filecoin on the Qtum network. On the same day, Dai announced that unreadable chips had been punched on Qtum.
QTUM candlestick in doji on the 19th. April suggested that the upward trend could be losing its momentum. The short-term weakness was reaffirmed when the share price fell on the 20th. April continued to weaken.
Daily chartQTUM/USDT. Source: TradingView
The bulls are currently trying to defend the 20-day EMA ($15.08). A strong bounce from this support would indicate that sentiment remains positive and that the bulls are looking for dips.
Buyers will likely try to push the price up to $18.63, then $20.72. A break through this resistance means a resumption of the uptrend.
However, the negative divergence on the RSI suggests that momentum could be weakening. If the bears get below the 20-day MME, QTUM/USDT could fall to the 50-day MME ($10.47), where buyers could step in to stop the decline.
A strong bounce from the 50 SMA could keep the pair in the range for a few days, while a break below support would mean the bears are back in play.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every transaction involves risk. You should do your own research before making a decision.
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