Market
Will Chainlink (LINK) Price Drop to $8?
Chainlink (LINK) is gaining the attention of market participants, as evidenced by its rising social dominance. However, its weakening buying pressure suggests this may not be a bullish sign.
A negative divergence has emerged on LINK’s price chart, which could cause it to lose its most recent gains.
Chainlink Is the Talk of the Town
On-chain data from Santiment shows a spike in LINK’s social dominance. On September 7, this closed at a high of 1.24, representing its highest since December 2023.
This metric tracks an asset’s share of online discussions compared to the total conversations around the top 100 cryptocurrencies by market capitalization. When it surges, it means that discussions about the asset in question are suddenly a much more significant part of the overall conversations happening in the crypto market compared to before.
Interestingly, the uptick in LINK’s social dominance has occurred amid the reduction in the number of addresses holding the altcoin due to its price troubles.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
Exchanging hands at $10.47, the altcoin’s value has declined by 16% since August 26, forcing some of its holders to dump their tokens. The number of addresses holding LINK currently totals 722,000, declining steadily since August 11.
LINK Price Prediction: Bearish Divergence Puts Token at Risk
In a post on X, an on-chain data provider noted that Chainlink’s high social dominance, combined with a declining number of total holders, is generally a bullish signal if markets stabilize this upcoming week. However, a bearish divergence forming on the price chart counters this outlook.
Recently, LINK’s price has seen a slight increase, but at the same time, its Chaikin Money Flow (CMF) indicator has been trending downward, signaling a bearish divergence. This suggests that while the price is rising, the underlying volume and money flow supporting the increase are weakening, indicating a potential decline as buying pressure fades.
If LINK reverses its current uptrend, it could fall back to the $10.25 support level, which it recently broke above. If bulls fail to defend this level, LINK’s price could drop further, potentially reaching $8.08.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
However, It will rally to $11.24 if the uptrend is maintained, invalidating the bearish projection above.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Mantra (OM) Price Breaks Records in Strong Upward Momentum
Mantra (OM) price has been on a strong upward trajectory, recently reaching a new all-time high and gaining nearly 20% over the past week. This surge has been supported by strengthening technical indicators, showcasing strong momentum and a clear uptrend.
The combination of bullish EMA alignment and favorable metrics like ADX and Ichimoku Cloud suggests the rally may extend further, with the potential for new highs in the coming days. However, if the uptrend loses momentum, OM could test key support zones that will determine the sustainability of its recent gains.
OM’s Uptrend Is Getting Stronger
The ADX for OM has climbed from nearly 16 to 26.48 in just one day, highlighting a significant increase in trend strength.
An ADX above 25 typically signals a strong trend, and this surge indicates that OM is transitioning from a weak or sideways market to a clear and potentially sustained movement.
ADX, or Average Directional Index, measures trend strength on a scale from 0 to 100. Values below 20 show weak trends, while values above 25 signal strength.
With OM’s ADX at 26.48, the market is confirming an uptrend, supported by growing momentum and a stronger directional push, suggesting further gains could be on the horizon.
Ichimoku Cloud Shows OM Trend Is Bullish
The Ichimoku Cloud chart for OM price shows a bullish trend forming. The price has broken above the cloud (Kumo), which typically signals an uptrend.
Additionally, the cloud ahead (Senkou Span A and B) is green, indicating positive momentum and potential support levels. The price staying above the cloud further supports the likelihood of continued upward movement.
The Tenkan-sen (conversion line) is above the Kijun-sen (base line), another bullish signal suggesting that short-term momentum is stronger than the longer-term trend.
The lagging span (Chikou Span) is also positioned above the price, confirming that recent price action strongly supports the current trend. Together, these elements highlight a strengthening bullish sentiment for OM.
OM Price Prediction: New Highs Soon?
Mantra’s EMA lines currently exhibit a strong bullish alignment, with the price trading above all of them and shorter-term EMAs positioned above the longer-term ones. OM is one of the leading coins in the real-world assets ecosystem today and could benefit heavily if this narrative keeps growing.
This structure reflects solid upward momentum, reinforcing the notion of a sustained uptrend. The recent price action supports this bullish outlook, as OM price has managed to maintain levels well above key EMA thresholds, which often serve as dynamic support during uptrends.
Combining insights from the ADX and Ichimoku Cloud metrics, OM’s recent breakout to a new all-time high of $1.85 could signal the start of an extended rally. If the bullish momentum continues, further attempts at new highs are plausible in the coming days, as the narrative around real-world assets (RWA) recovers traction.
However, if the uptrend falters and reverses, the OM price may test its first strong support zone around $1.35. Should this level fail to hold, the price could decline further, potentially reaching as low as $1.25, a critical area of support.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
WIF Slide Below $3.582 Sparks Fears Of Further Losses
WIF latest dip below the crucial $3.582 support has triggered concerns across the market, as bearish sentiment appears to be gathering strength. Its break below this key level could pave the way for even greater losses, leaving traders to question whether the bulls can stage a comeback or if further declines are inevitable.
As downside risks grow, this analysis aims to examine WIF’s recent drop below the critical $3.582 support level and explore the potential implications of this bearish shift for future price movement. By assessing current market sentiment, key technical indicators, and possible support zones, we seek to determine whether WIF is positioned for more losses or if a reversal may be on the horizon.
Examining WIF’s Drop Below The Critical $3.582 Support Level
On the 4-hour chart, WIF has recently broken below the $3.582 level, triggering bearish momentum as the price moves toward the $2.896 support range and the 100-day Simple Moving Average (SMA). As the bearish trend develops, the market is closely watching for any signs of stabilization or a deeper slide toward key support zones.
The 4-hour Relative Strength Index (RSI) has dropped from the overbought zone to 53%, signaling a reduction in upward momentum. This move toward neutral territory suggests that buying pressure may be waning, and market participants will be looking for indications of continued decline or a potential shift in momentum.
On the daily chart, WIF is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the critical $3.582 support. This pattern indicates that sellers are firmly in control of the market, relentlessly driving the price lower, prompting a strong likelihood of further drops in the near term.
An analysis of the 1-day RSI suggests WIF may face extended losses as it has dropped from a high of 80% to 64%, indicating a reduction in buying pressure. Typically, this decline points to a possible weakness of bullish momentum, with more downward pressure likely if the RSI continues to wane.
Potential Support Zones To Watch If WIF Continues To Drop
If WIF continues to drop, key support zones to watch out for include the $2.896 level, which has previously acted as a critical point for price stabilization. Below this, the next support level to monitor is positioned around $2.257, where WIF may find additional buying interest. A break below these levels could open the door to further declines toward other psychological support zones.
Conversely, if WIF breaks below the $2.896 support level, it could signal the start of a bullish comeback, potentially pushing the price back above the $3.582 level and toward higher resistance points.
Market
Exploring Hottest New Coins: MAYA, Banana, and Jorgie
Since their recent launches, MAYA, Banana, and Jorgie coins have quickly captured significant attention. MAYA debuted on Pumpfun four days ago and now boasts a market cap of $21.4 million and over 36,000 holders.
Banana followed closely, launching three days ago and reaching a market cap of $36.6 million with more than 14,000 holders. Jorgie, launched just two days ago, has already amassed 22,000 holders and a market cap of $14.3 million.
MAYA
MAYA made its debut on Pumpfun almost four days ago before quickly graduating to Raydium. The token has gained significant traction, currently holding a market cap of $21.4 million. In just a few days, MAYA has already attracted over 36,000 holders.
The daily transaction volume for MAYA is also impressive. The coin currently sees more than 114,000 transactions per day.
MAYA has risen nearly 40% in the last 24 hours. Despite this surge, the RSI remains at 42.44, suggesting considerable room for growth. The token’s recent price increase hasn’t yet pushed it into overbought territory, indicating potential for further upside.
Banana for Scale (Banana)
Banana is also in the Solana ecosystem, and it was also launched on Pumpfun, just three days ago. The token has gained a lot of traction, currently boasting a market cap of $36.6 million. In just a few days, Banana has managed to attract more than 14,000 holders.
The daily transaction volume for Banana is notable, with over 32,000 transactions occurring each day for the coin.
Banana’s current RSI is at 58, which means it is still below the overbought threshold of 70. However, with an RSI of 58, its potential for growth might be more limited compared to tokens with a lower RSI. It is not yet in overbought territory, but it is approaching levels that indicate more caution may be warranted for further gains.
Jorgie (MONKEY TAKEN BY POLICE)
Jorgie coin was also launched on Pumpfun, just two days ago. It currently has a market cap of $14.3 million and 22,000 holders.
The daily transaction volume for Jorgie is also impressive, with almost 50,000 transactions occurring each day. However, it’s down 38% in the last 24 hours, which could suggest a good entry point for new investors who like meme coins.
Jorgie’s current RSI is at 44.07, placing it in the neutral zone. This means that while the token is neither oversold nor overbought, there is potential for price movement in either direction. Being in the neutral zone suggests that Jorgie could still experience upward momentum without immediately facing resistance from overbought conditions, leaving room for further growth.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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