Monat: Februar 2023
Chainlink (LINK) Price Prediction for 2023-24: Steady Gains Despite Market Downturns
25. Februar 2023
• Chainlink is a decentralized oracle network that connects smart contracts on blockchain platforms to real-world data.
• LINK went up by 2% in the last 24 hours, which corroborated its 18% price appreciation since the beginning of 2023.
• In late 2020, LINK’s price experienced a significant bull run and it has remained relatively stable and continues to be a popular investment asset.
Overview of Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network that connects smart contracts on blockchain platforms to real-world data. The network enables smart contracts to access off-chain resources, such as data from APIs and web pages, which makes it possible for them to interact with the real world. LINK’s popularity has been driven by its use case as a decentralized oracle solution, providing reliable and tamper-proof external data feeds to smart contracts.
LINK went up by 2% in the last 24 hours, which corroborated its 18% price appreciation since the beginning of 2023. LINK’s press time market capitalization of $3,769,685,068 put it in the 20th spot. The token had a 24-hour trading volume of $459,412,799. Data from Coinglass shows that the total open interest on LINK futures declined by 11.38% over the past 24 hours.
All Time High
In late 2020, LINK’s price experienced a significant bull run, reaching an all-time high of over $20 in December of that year. This was driven in part by the overall bull market in the cryptocurrency space, as well as a strong demand for LINK as a utility token on the Chainlink network. Since then, the price of LINK has come down somewhat but it has remained relatively stable and continues to be a popular investment asset.
In the past year, LINK has performed well compared to some other cryptocurrencies with its price remaining relatively steady even during market downturns. One reason for Link’s relative strong performance may be its strong adoption in the cryptocurrency space -The Chainlink network has gained significant traction among developers and users and it has partnerships with various high profile collaborations along with backing from well respected investors which adds credence and appeal towards Link’s utility token status within their respective networks .
Proof Of Reserve Services
On 10 November ,Chainlink started offering proof of reserve services for troubled crypto exchanges . This feature was launched back in 2020 but is gaining popularity amidst current unrest within industry . Apart from staking upgrade ,Chain link announced various partnerships along with integration upgrades that should keep pushing demand towards this platform’s tokens .
Polygon (MATIC) Price Prediction for 2023-24: 8% Increase in 24 Hours!
18. Februar 2023
• Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours.
• The token gained a reputation for its strong community and active development team, making it a promising project in the Ethereum ecosystem and beyond.
• MATIC has seen a price appreciation of more than 28% since the beginning of 2023, driven by its use case as a Layer 2 scaling solution for Ethereum.
Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours. However, this increase is a drop in the bucket compared to what the token lost in 2022. MATIC aims to bring the scalability and speed of centralized exchanges to the decentralized world, making it easier for developers to build and deploy their applications on the Ethereum (ETH) network. Besides its technical capabilities, the token gained a reputation for its strong community and active development team. It is seen as a promising project in the Ethereum ecosystem and beyond.
Data from CoinMarketCap showed that MATIC was trading at $1.37 at press time. The token was ranked ninth by market capitalization, which stood at $13,510,016,037. Over the past 24 hours, more than $871 million worth of MATIC were traded. According to Coinglass, the total open interest on MATIC futures increased by over 19%.
The increase in MATIC’s price could be attributed to the growing popularity of the Ethereum network and enthusiasm that companies have shown in implementing their Ethereum-based dApps using Polygon. This has made Polygon an attractive investment opportunity for those looking to invest in blockchain technology. Additionally, MATIC’s popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum providing faster and cheaper transactions and increased scalability to the Ethereum network – especially useful for dApps who often struggle with high transaction fees and slow transaction speeds on Ethereum due to capacity issues on ETH’s mainchain layer 1 protocol.]]
Hard Fork & Community Support
The unique features of Polygon have made it a go-to solution for dApp developers looking to scale their projects, and its growing popularity and adoption are likely to drive up value of MATIC higher in years ahead . The Polygon network recently underwent key hard fork – upgrade that had been anticipated by community – addressing spikes gas fees & disruptive chain reorganizations . A report published by Blockchain analytics firm Messari shows that third quarter 2022 saw 180% increase number MA users . This further highlights strength behind support base & how much potential lies ahead .
Overall , MATIC’s strong community , active developer base & usecase as Layer 2 scaling solution makes it attractive investment opportunity . Its increasing adoption & growth drivers suggest even better performance year ahead .
Aave Launches GHO on Ethereum Testnet, Price Action Turns Bearish
11. Februar 2023
• Aave launched its stablecoin GHO on Ethereum’s testnet.
• The deployment of GHO on the testnet means competition in the DeFi sphere has intensified.
• The 24-hour on-chain volume of Aave spiked after the announcement.
Aave Launches Stablecoin GHO on Ethereum Testnet
Aave, a decentralized lending project, has launched its stablecoin GHO on Ethereum’s [ETH] testnet according to an official tweet on 9 February. This development marks an important milestone for the project as it prepares to make its mark in the DeFi space.
Heightened Competition in DeFi Space
With respect to other players already present in the market, MakerDAO [MKR] has been leading with its popular stablecoin DAI. Additionally, Tron’s [TRX] foray into the sector resulted in USDD being released though it lost its dollar peg multiple times. In terms of Total Value Locked (TVL), MakerDAO was ahead at $7.05 billion while Aave was fourth at $4.45 billion. However, there wasn’t much difference between them when it came to growth over previous months or even last 24 hours with both around 4% decline.
Development Updates Regarding GHO
Aave shared some development updates regarding their newly deployed stablecoin GHO as well. According to these updates, a proposal highlighting GHO’s borrow and discount rate will be shared with their community and key contributors would develop a framework to onboard new facilitators as well.
AAVE Price Action
Regarding AAVE price action, the protocol saw a 4% decline within last 24 hours and settled down at $79.229 by press time but had an increased volume during same period which indicated higher transactions through Aave network after announcement of official launch of stable coin GHO on Ethereum testnet . According to Santiment data ,the 24 hour on chain volume spiked up to 200 million which showed that more transactions were passing through Aave network since announcement was made..
The launch of AAVE’s official stablecoin GHO is expected bring disruption into DeFi space as it maintains a stable value while being minted and burned by facilitators . It will also be functioning in Aave V3 ethereum pool providing help with collateral asset and interest rates . With this launch ,competition between different protocols has increased which is beneficial for users who are looking for more options for liquidity provisioning .
LINK Rejected at Selling Pressure: Can $7.075 Support Hold?
4. Februar 2023
•Chainlink (LINK) faced a price rejection at the selling pressure zone at $7.500, dropping sharply by 6%.
•At press time, LINK’s Relative Strength Index (RSI) was 49, indicating an almost neutral structure leaning toward a bearish bias.
•Santiment data shows that LINK’s hourly active addresses spiked, but sentiment turned negative, which could undermine bullish momentum in the short term.
Overview of Chainlink’s Price Rejection
Chainlink (LINK) faced a price rejection at the selling pressure zone at $7.500, dropping sharply by 6% after hitting the above crucial selling pressure zone. Its value declined from $7.484 to $7.065 and is currently trading at $7.098. Holders still enjoyed profits as evidenced by the positive elevation of 30-day MVRV, however any decline in LINK’s prices could eat away holders‘ profits worth tracking Bitcoin price action to gauge the status of investors‘ holdings.
Relative Strength Index (RSI)
At press time, LINK’s Relative Strength Index (RSI) was 49 indicating an almost neutral structure leaning toward a bearish bias and bears could take control of the market if Bitcoin [BTC] fails to reclaim the $23.5K level and break below the support level of $7.075 and settle at around $7 or even lower to around $6.886 in the next few hours creating short-selling opportunities for traders/investors as well as pushing LINK’s value towards it’s bearish order block at 7306 if BTC surges above it’s 23500 level .
As per Santiment data Link’s active addresses have spiked in past hour indicating more accounts trading asset which could boost its trading volume and buying pressure if spike continues then 706 support can hold but drop in active address could devaulue asset further along with sentiment turning negative analysts being bearish on asset undermining bullish momentum in short term .
Check out Link Profit Calculator to see if your portfolio is green or not , this calculator can help you calculate gains or losses based on current prices while also helping you determine potential future values of your investment .
Link has faced a recent price rejection with sharp decline from 7484$ to 7065$ , holding its current value at 7098$, with RSI being 49 indicating almost neutral structure leaning towards bearish bias , Active Addresses spiking up yet sentiment turning negative investors should track BTC price action specially 23500 level surge above it would push Links value tpward 7306 whereas drop below would further devalue asset thus worth tracking BTC action to gauge status of investors holdings while profit calculator might help understand gains or losses related investments .