Chainlink grows: the reaction to the bearish trendOn 29. August 2020 by admin
Scrolling through the list of the top 20, there are only two green signs: Chainlink, (LINK) which grows and achieves an increase of 6%, and Tron (TRX) which rises by 1.5%.
Chainlink with today’s increase reacts to the bearish trend. After reaching the absolute historical highs on August 17, with prices exceeding $20, LINK reversed the trend, with a decline of 40% which brought it below $13.
Prices try to react by returning above $15. The structure of the short term is weak, while in the medium to long term it is set to rise. Chainlink is also growing as capitalization and after 5 days it is back in 5th place in the ranking.
In general, today positive signs rise to 60% of the cryptocurrency in the top 100. This is due to altcoins of medium and low capitalization.
Among the biggest rises of the day in 33rd position is Celo (CELO) which flies 40%, followed by bZx Protocol (BZX), +30%. Third step of the podium for FlexaCoin (FXC) up 18%.
The trend tries to reverse the course also in weekly optics: the performance from last Thursday’s levels see the red signs prevail. Among the top 15 only Crypto.com CRO is on the rise with +4%. All others are below par.
The market cap remains above $355 billion. Dominance remains unchanged, with Bitcoin continuing to defend the 59% market share threshold.
Total volumes are in sharp decline, with a loss of more than 20% with more than 155 billion dollars. Trade on Bitcoin remains tonic with values of over 2 billion dollars.
These are not the highest seen in August, when peaks of over 3.5 billion were recorded several times. But for number of Bitcoins passed by hand during the day, the average daily trade is higher than the last month.
Different speech for Ethereum that does not record particular movements in volumes, even if for the third consecutive day it records exchanges for over 1 billion dollars.
New records for DeFi that brings over $7.2 billion in TVL (total value locked). Record also for Ethereum locked on dApp, about 4.9 million pieces.
New record also for Bitcoins locked on dApps. wBTC, first dApp with over 51,000 BTCs locked, is the leader for Bitcoin tokenisation on ERC20. Similar to wBTC also pBTC, which offers the same opportunities. This confirms that the industry is definitely energetic and sparkling.
Aave consolidates its leadership position achieved two days ago with over $1.5 billion. It follows Maker with 1.4 billion and Curve Finance at 1.2 billion.
The structure of Bitcoin continues to give no particular indications. The $11,200 is confirmed, a crucial support in monthly perspective.
Ethereum tries to consolidate prices above 380 dollars. The crucial support downwards is at 355 dollars.
Ethereum graph by Tradingview
In this phase for BTC and ETH it is necessary to observe more the tightness of the supports than to aspire to the breakage of the resistances, unchanged since the last days.