Polygon (MATIC) Price Expected to Hit $1.50 After Chainlink Partnership

Leonardo Perez
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Polygon (MATIC) Price Expected to Hit $1.50 After Chainlink Partnership

MATIC price broke the dollar barrier again on Tuesday, January 2, as bulls battle fierce psychological resistance. The MATIC funded address has increased by 2,640 since the Polygon team announced a critical partnership with Chainlink in mid-December. Haven surpassed the $1 area in 3 consecutive days, historical on-chain MATIC accumulation trends now indicate that resistance has weakened.

MATIC price reached as high as $1.03 on Tuesday, January 2, as the bulls broke the dollar barrier for the third day in a row. On-chain data trends reveal that the recent partnership with Chainlink LINK appears to have played a pivotal role in the current MATIC price rally.

Can the persistent increase in Polygon Network funded addresses push MATIC price above $1.50?

MATIC Price Soared After Chainlink Partnership Announcement

MATIC generated negative price action between mid-November and mid-December, catching up with the rest of the altcoin market. While companies like Avalanche and Solana achieved triple-digit percentage gains, MATIC’s price dropped sharply by 25%, from $0.98 to $0.72, between November 14 and December 14. December.

The trend, though, was quickly reversed on December 14 when the Polygon team announced a vital partnership to integrate Chainlink data feeds into the Polygon ZkEVM protocol.

This partnership with Chainlink effectively allows decentralized finance (DeFi) applications to access critical price data offline, according to Polygon co-founder Sandeep Nailwal.

As part of the partnership agreement, DeFi developers at Polygon zkEVM would have access to real-time Chainlink prices. As is well known, Chainlink is a leading blockchain-based oracle network that feeds real-world data to smart contracts.

Therefore, this partnership is expected to boost the development of decentralized exchanges, liquidity protocols, and real-world asset (RWA) projects on the Polygon chain.

“With Chainlink Data Feeds on Polygon zkEVM, it is the beginning of a new era. The combination of Chainlink’s industry-leading data solution and Polygon zkEVM’s ZK Rollup superpowers will be a game-changer for DeFi, making a class of brand new advanced DeFi applications,” Sandeep Naiwal remarked.

Before long, investors reacted positively to the news, causing the price of MATIC to rise by 47% and reach a high of $1.09 on December 27. Notably, on-chain data trends observed since the announcement suggest that the price rally may not be over yet.

MATIC Funded Addresses Have Skyrocketed Since Chainlink Partnership

Beyond the price charts, the recent partnership with Chainlink appears to have triggered positive changes in Polygon’s fundamental growth metrics. Indicatively, the number of funded addresses that have MATIC has increased significantly since December 14.

As shown on IntoTheBlock Address with Balance, the total number of funded MATIC addresses was 594,160 as of December 14. However, as of January 2, that number increased by 2,640 to reach 596,800 in just 20 days.

The Funded Addresses metric, also called Total Addresses with Balance, is a critical measure of network demand, tracking, in real time, the total number of wallets currently holding some units of a cryptocurrency.

Typically, an increase in funded addresses is interpreted as a bullish signal, indicating growing adoption of network services and an influx of fresh capital. When it rises during a price rally, it indicates that the rally is driven by organic network growth and not mere market speculation.

Since Polygon-funded addresses are still in an uptrend, it is an indication that MATIC still maintains a steady flow of demand that could propel it to higher prices in the coming days. To avoid falling into losing positions, investors will likely make short covering purchases to avoid any potential decline below $0.80.

By Leonardo Perez

Bullish on Chainlink? Here’s Why Market Watchers Are Looking for New Opportunities

Audy Castañeda
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Bullish on Chainlink? Here’s Why Market Watchers Are Looking for New Opportunities

Chainlink (LINK) is expected to continue the correction and fall below $15. Near Protocol (NEAR) is expected to break out of accumulation and surpass $5. Rebel Satoshi ($RBLZ) is targeting a market cap of $100 million and 100% already during pre-sale.

With one of the leading altcoins, Chainlink (LINK), hitting a new yearly high, investors have become bullish on the matter. However, market observers and analysts are focused on new opportunities in the Nearby Protocol (NEAR) and Rogue Satoshi ($RBLZ).

Chainlink Enters Correction After Rising to Yearly High by 2023

The Chainlink (LINK) ecosystem has been growing steadily. With the market going green, Chainlink’s growth has recently been reflected in LINK price. For example, the Bondex app joined Chainlink BUILD on December 22 to access its industry-leading Oracle services.

The MUX protocol was also integrated with Chainlink data streams on December 22. Driven by these developments in Chainlink, the LINK token has seen a rally to hit a yearly high recently. The LINK token rose 16.3% from $14.99 on December 22 to $17.44 on December 28.

However, since then, the Chainlink token, LINK, has entered a correction. On December 29, the LINK token had fallen 10.2% to trade at $15.71. Experts predict that this correction in the Chainlink token, LINK, will continue. They expect LINK price to drop below $15 in the future.

Near Protocol Builds Up as Experts Predict Big Move

Near Protocol (NEAR) has been accumulating over the past week, even as its ecosystem continues to grow. For example, on December 21, Near Protocol announced the launch of its GamingDAO grant program. The Kai-Chaing app on Near Protocol reached the 6 million user milestone on December 23.

Binance announced that it will list USDC in the Near Protocol on December 26. Mintbase on the Near Protocol added photography as a new category to its NFT marketplace on December 28. Amid developments in the Near Protocol, the NEAR token has been accumulating.

Between December 21 and December 29, the Near Protocol NEAR token rose 10% from $3.38 to $3.73. Experts predict that the NEAR token will exit its accumulation phase and rally in the coming weeks. They predict that the NEAR token will surpass $5 soon.

Rebel Satoshi Aims for $100 Million Goal as Pre-Sale Continues

Unlike other meme coins that lack use cases, rogue satoshi is an innovative and revolutionary project. Rebel Satoshi is based on the ideals of Guy Fawkes and Satoshi Nakamoto. The purpose of rebel satoshi is to build a community of recusant members to rise up against centralization in the industry.

Rebel Satoshi will peacefully provoke a rebellion while developing his ecosystem in a game where you can earn money. On top of that, the Rebel Satoshi ecosystem will also comprise a staking pool and Rebels Artefact Vault with 9,999 unique NFTs. rebel satoshi is governed by the ERC-20 standard $RBLZ token with a supply of 250 million.

Rebel Satoshi aims to reach a market capitalization of $100 million for the token $RBLZ. The $RBLZ token is being sold in a sale and is currently in Citizens Round 3 at $0.025 per token. Early investors of the $RBLZ token have already made 100% profits. Current investors of the $RBLZ token will see 25% gains when the pre-sale ends, with $RBLZ rising to $0.025 per token. After that, the $RBLZ token will be listed on major DEXs for trading.

By Audy Castaneda

Bitcoin Predictions for 2024: Prospects for a Defiant Comeback

Leonardo Perez
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Bitcoin Predictions for 2024: Prospects for a Defiant Comeback

Although 2023 was not easy within the crypto industry, actors inside and outside the ecosystem expect Bitcoin to continue to rebound in 2024.

Bitcoin experienced a notable 155% rally throughout 2023, marking a significant comeback after a challenging 2022 characterized by the collapse of prominent projects and liquidity ups and downs. Despite this return, experts and commentators, both inside and outside the cryptocurrency space, anticipate that this upward trend could continue throughout 2024.

The industry sees this situation as an opportunity to leave questionable behavior behind and move forward. The revitalization of crypto markets, driven by two key factors: The Bitcoin Halving and the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, leads many executives to foresee a new bull run.

Bitcoin price predictions are summarized below.

Mark Mobius: $60,000

Based on the possible approval of a Bitcoin ETF and growing interest in the cryptocurrency, BTC could reach $60K. “There is no justification for that prediction, except that a Bitcoin ETF seems likely and that interest in the cryptocurrency has increased,” Mobius noted.

CoinShares: $80,000

It forecasts a significant change in 2024 driven by the possible approval of Bitcoin ETFs in the United States. “Therefore, while the halving is a known event, other elements, particularly the potential for interest rate reductions, are likely to be significant in shaping the price of Bitcoin going forward,” James said. Butterfill, head of research at CoinShares.

Nexus: $100,000

Antoni Trenchev, co-founder of Nexo and prominent Bitcoin enthusiast, foresees a promising 2024 for the cryptocurrency. According to Trenchev, the combination of the approval of a Bitcoin ETF and the upcoming halving will be key factors in driving its value. He anticipates that these developments could lead Bitcoin to reach $100,000, with the potential to achieve even higher highs in 2025. However, he warns that the path towards this goal will be marked by volatilities, including steep declines and unforeseen challenges.

Carol Alexander: $100,000

She predicts that the resolutions of charges against Coinbase and Binance in 2024 will pave the way for a Bitcoin ETF and a new all-time high. “Before the end of 2024, the price could exceed $100K, but only if Blackrock and Fidelity’s market maker algorithms have the ability to reduce volatility,” said University of Sussex finance professor Carol Alexander.

Matrixport: $125,000

It anticipates an increase driven by ETF approval and favorable macroeconomic conditions.

“Based on our inflation model, the macro environment is expected to remain a robust tailwind for cryptocurrencies. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts,” Matrixport published in its report.

CoinFund: Up to $500,000

Seth Ginns, Managing Partner at CoinFund, highlights several influential factors in the cryptocurrency market. He notes that Bitcoin shows a strong inverse correlation with the dollar and real yields, both of which are trending downward. Additionally, he anticipates a considerable impact from capital inflows following the launch of the Bitcoin Spot ETF. Ginns also expresses enthusiasm for the growing expectation of the approval of Ethereum spot ETFs sometime in 2024, an event that he believes will have significant relevance in the market.

In Conclusion…

These mixed outlooks reflect the general expectation of an exciting year for Bitcoin, with ETF approvals and other fundamental factors playing a central role in price projections. However, experts also warn of inherent volatility and the need for caution amid challenges and unexpected events that could influence the market.

By Leonardo Perez

Bitcoin (BTC) Price Soars to 21-Month High, Solana (SOL) Developments, Ripple (XRP) Price Predictions: January 2 Recap

Audy Castañeda
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Bitcoin (BTC) Price Soars to 21-Month High, Solana (SOL) Developments, Ripple (XRP) Price Predictions: January 2 Recap

The leading cryptocurrency started the new year on the right foot, with its price surpassing $45,000 for the first time since April 2022.

BTC price surpasses $45,000, possibly influenced by expectations of US spot ETF approvals.

The value of SOL reaches almost $115, surpassing Binance Coin in the market ranking. Its increased internet searches and high NFT sales indicate growing interest.

XRP is showing positive trends with predictions of significant price increases in 2024, potentially reaching new highs.

Bitcoin (BTC) Enters 2024 with a Splash

The impressive performance could be due to the hype of the spot ETF. The United States Securities and Exchange Commission (SEC) is expected to decide whether to approve or reject several applications from financial giants in the first quarter of 2024.

The deadline for BlackRock, the world’s largest asset manager, is January 15. Other giants, including Fidelity, WisdomTree and VanEck, are also set for that day.

The possible approval of a spot Bitcoin ETF in the US is expected to have a positive impact on the price of the digital asset for several reasons. It will make it easier for institutional investors to gain exposure to BTC as it will eliminate many of the challenges associated with investing in cryptocurrencies, such as self-custody, for example.

An approved Bitcoin ETF could also signal regulatory confidence in the cryptocurrency market, thereby increasing investor confidence and attracting more retail investors. Some experts, including Fox Business reporter Charles Gasparino and popular YouTuber Lark Davis, think the measure could see the light of day later this week.

On Monday night, after remaining calmly at around $42,500, the cryptocurrency began an ascent that resulted in a rise to $44,000. Tuesday morning brought even more joy for bulls as BTC soared and surpassed $45,000 for the first time in nearly two years, leaving millions of short positions liquidated.

Solana (SOL) Also Flying High

Another crypto asset that has been in the spotlight for quite some time is Solana (SOL). Today (January 2), its value continued the upward trend, rising to almost $115 (according to data from CoinGecko), while its market capitalization surpassed $49 billion. Thus, it regained its position as the fourth largest asset on the market, leaving Binance Coin (BNB) in fifth place.

Its price performance could be one of the reasons why Google searches for Solana surpassed those for Ethereum (ETH) last month. In addition to its growing popularity on the Internet, Solana’s on-chain trading volume reached spectacular peaks in late December, surpassing its rival for several days.

It was also successful in the field of non-fungible tokens. Solana NFT sales volume reached almost $75 million (weekly) at the end of last month, while Ethereum accounted for approximately $72 million.

Is Ripple (XRP) Ready to Explode?

Last but not least, we will address another crypto asset that has been very intriguing to investors: Ripple’s XRP.

Many analysts and experts have noted its positive moments in 2023 and expect a significant increase during the current year. X (Twitter) user EGRAG CRYPTO predicted that XRP could skyrocket to $1.20 by the end of March.

Dark Defender was even more optimistic, believing the coin’s price could reach $1.88 and then skyrocket to an ATH of $5.85 in Q2 2024.

With most other altcoins posting notable gains over the past day, it is no surprise that the total cryptocurrency market capitalization has reached its own peak of $1.77 trillion on CMC. That means the metric has added approximately $100 billion in one day.

By Audy Castaneda

Why is the Cryptocurrency Market on the Rise Today?

Leonardo Perez
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Why is the Cryptocurrency Market on the Rise Today?

Both Bitcoin price (BTC) and cryptocurrency market capitalization (TOTALCAP) surpassed their previous highs. SEI reached a new all-time high price. A new report noted that cryptocurrency phishing scams resulted in the theft of more than $295 million in 2023.

TOTALCAP is breaking out of a long-term horizontal and Fibonacci resistance area. Bitcoin (BTC) started a sharp rise this week and surpassed $45,000 for the first time since April 2022. SEI has risen parabolically since December 18. The price reached another new all-time high today.

TOTALCAP Reaches a New High

The cryptocurrency market capitalization has increased rapidly since October. In the past two weeks, the price struggled to close above the $1.65 trillion resistance area  that almost coincides with the 0.382 Fibonacci retracement resistance level.

However, the price started an upward movement this week and surpassed this area, although it has not yet reached a weekly close above it.

If the rise continues, the next resistance will be at $1.87 trillion, created by the 0.5 Fib retracement resistance level. This is 10% above the current price. Then, resistance levels converge at $2.14 trillion, 26% above the price.

Despite this bullish TOTALCAP prediction, a close below the $1.65 trillion resistance will invalidate the breakout. So, TOTALCAP may fall by 18% to the nearest support of $1.40 trillion.

Bitcoin Moving Above $45,000

The price of Bitcoin has increased rapidly since October. The move triggered a break above the 0.5 Fibonacci retracement resistance level at $42,300.

After the price consolidated above the zone, it began another upward move this week, peaking above $45,000.

If the upward movement continues, BTC may rise by 13% and reach the next resistance between $48,600 and $50,500. This is an area of ​​Fib and horizontal resistance.

Despite this bullish BTC price prediction, closing below $42,300 will invalidate the breakout. Then, the price may fall by 18% to the nearest support at $38,000.

SEI Reaches a New All-Time High

The SEI price has been rising rapidly since December 18, 2023. The upward movement has been parabolic, leading to a new all-time high of $0.80 today. Since December 18, SEI is up 240%.

Technical analysts use Elliott wave theory to identify long-term recurring price patterns and investor psychology, helping them determine the direction of a trend.

The most likely wave count suggests that SEI is in the third wave of a five-wave up move. So far, wave three has extended and is 2.61 times the length of wave one. This is a potential area for a top, although there are no signs of weakness yet.

If the SEI breaks higher, it may rise another 40% and reach the next resistance at $1.05 trillion, which would give wave three 3.61 times the length of wave one.

Despite this bullish SEI price prediction, failure to achieve a breakout may result in a 30% drop to the nearest support at $0.56.

Phishing Scams with Cryptocurrencies Generated the Theft of More than 295 million Dollars in 2023

More than 324,000 cryptocurrency users fell victim to phishing scams in 2023, with around $295 million in digital assets lost to wallet theft.

In its “2023 Wallet Drainers Report,” blockchain security platform Scam Sniffer analyzed trends around drainers used in cryptocurrency phishing scams. The platform highlighted that there was continued growth in phishing activities throughout 2023.

According to Scam Sniffer, scammers have managed to bypass Google and X advertising guidelines, and have reported that phishing websites have been able to serve paid ads on Google Search and Twitter.

By Leonardo Perez

Ripple Kicks Off 2024 With Ritual Billion Unlocking: How About XRP?

Audy Castañeda
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0
Ripple Kicks Off 2024 With Ritual Billion Unlocking: How About XRP?

XRP remained stable as Ripple unlocked its regular monthly tokens. Shorts with targets below $0.60 could be liquidated.

In two separate transactions, Ripple [XRP] made its first regular unlock of 1 billion tokens in 2024. According to details from Whale Alert, a first set of 500,000,000 tokens were unlocked from escrow. Minutes later, another 500,000,000 tokens left the Ripple wallet.

Another Year, Another Unlock

Recently, the total value of unlocked tokens was $611.42 million. For the uninitiated, Ripple unlocks these tokens as a strategy to stabilize the price of XRP.

However, the latest unlock is different from those carried out by other projects. This is because the blockchain payments company re-locks them in escrow to keep circulation under control.

Ripple could complete the token unlocking mechanism in April or May 2027. But how did XRP react to the event this time? According to CoinMarketCap, XRP was able to maintain $0.61.

This value was roughly the same as the price of XRP seven days ago, implying that volatility around the cryptocurrency was low. This was also confirmed by the Relative Strength Index (RSI).

The contraction of the bands also indicated that the XRP price fluctuation could be minimal. However, the lower BB band touched XRP at $0.61.

This suggested that XRP was recently oversold. If buying pressure appears, $0.61 could be the level from which XRP reverses higher. Meanwhile, the Relative Strength Index (RSI) showed that buying momentum was resuming.

Bulls Need to Deploy Capital

At the beginning of the day, the RSI reading was 44.93. But XRP would need the RSI to rise above the 50.00 midpoint to confirm the reversal. If this happens, then XRP could be on its way to hitting $0.65.

Meanwhile, Cumulative Liquidation Level Delta (CLLD) had traders shorting Ripple’s native token but with medium leverage.

The CCLS is the sum of the difference between all long settlement levels and all short settlement levels within a given period.

Positive CLLD values ​​indicate longer settlements. Negative values, on the other hand, suggest more short liquidations. AMBCrypto also evaluated the liquidation levels.

According to a chart presented by Hyblock Capital, traders with positions targeting prices below $0.60 could face liquidation. As things stand, XRP could continue to consolidate until Ripple’s next unlock in February.

However, a rise above $0.65 could be on the cards depending on the accumulation gained.

Three Events to Consider Regarding the Price of XRP

XRP On-Chain Metrics Rising: XRP saw a record number of transactions lately, and the average transactions per ledger also hit new highs.

Growth in XRP Wallets: The number of XRP wallets has increased significantly, indicating a larger user base and potentially increasing investor confidence.

Stable XRP Prices Amid Market Optimism: The price of XRP has remained stable, fluctuating between $0.60 and $0.65. The overall bullish sentiment in the cryptocurrency market, especially with the recent rise of Bitcoin, could influence future price movements of XRP.

XRP Price Prediction

According to CryptoPredictions, XRP started January 2024 at $0.00587384 and is forecast to end the month at $0.69022948677151. During January, the expected high price of XRP is $1.002 and the low is $0.00587384.

XRP price for today (02.01.2024) is forecast to be in the price range of $0.52876476996101 – $0.77759524994267. XRP price is expected to end at $0.62207619995413 today.

Tomorrow, XRP is forecast to start at $0.60341391395551 and end the day at $0.58531149653684.

By Audy Castaneda

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