A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern. Dubbed as the "ascending broadening wedge," the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas Bulkowski, these wedges tell less about buying exhaustion and more about sellers' ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline. XTZ's 250%-plus price rally from its July 2021 low of $2.08 has led to the ascending broadening wedge's formation. On Monday, the cryptocurrency tested the structure's upper trendline …

The price of Cardano (ADA) fell on Monday in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduced smart contract functionality. The ADA/USD exchange rate dropped 10.67% to reach its intraday low of $2.30, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this year. Additionally, the intraday sell-off also surfaced in the period of an overall crypto market decline, with top tokens Bitcoin (BTC) and Ether (ETH) falling 4% and 6.97%, respectively. Cardano’s drop appeared when its core foundation rolled out a long-awaited smart contracts feature …

Avalanche’s AVAX token looks poised to hit $80, as per a classic technical pattern, after hitting a new high of over $65 on Sept. 12. Dubbed as a “bull flag,” the structure emerges as a brief sideways/downward trend following a strong price move higher. As a result, bull flags tend to look like downward sloping channels, represented by two parallel trendlines that trap the price action. Additionally, a market’s underlying trade volume dries up as prices move lower, indicating weakness in the downtrend. Therefore, bull flags typically resolve following a break above their upper trendlines, with prices pushing as high …

A high-flying Solana (SOL) refused to land even in the face of a brutal sell-off in the cryptocurrency market on Tuesday. Two days later, the price of SOL rebounded to another new all-time high. The SOL/USD exchange rate averted a big pullback over the previous 48 hours and reached $217 for the first time in history. The pair’s ability to sustain bearish pressure underscored investors’ growing interest in Solana’s blockchain as an emerging rival to Ethereum, a public ledger currently leading the decentralized finance (DeFi) and nonfungible token (NFT) sector boom. “The SOL outperformance in the market recently is more …

Chainlink emerged as one of the best cryptocurrency performers on Sept. 6 as the price of its LINK token jumped 8.25% against the U.S. dollar. The LINK/USD exchange rate reached $36.35 for the first time since May 20, months after bottoming out near $13.45 — thus recovering by more than 170% altogether. At the same time, its recent bout of buying saw prices bringing in about 36% month-to-date returns. Ecosystem growth Optimism Ethereum announced on Sept. 1 that it had integrated Chainlink's market-leading decentralized oracle solutions to its Ethereum layer-two services. As a result, LINK — which serves as a …

Solana (SOL) started Friday at a new record high as investors continued to bet positively on its success in the decentralized finance (DeFi) and nonfungible tokens (NFT) sector. The SOL/USD exchange rate reached $146.28 for the first time in history, following a 35% month-to-date rally. The huge upside move lifted the pair’s returns for the year above 7,500%, taking Solana’s market capitalization over $41 billion to make it the seventh-most valuable project in the cryptocurrency space. Solana’s run-up to record highs also brought overvaluation risks in focus, with a classic momentum indicator, the relative strength index (RSI), returning an overbought …

Ethereum’s native asset, Ether (ETH), has extended its rally on Wednesday to log multi-month highs against Bitcoin (BTC) and the United States dollar. The ETH/BTC exchange rate rose 3.13% to hit 0.07475 for the first time since June 9. Meanwhile, bids for ETH/USD climbed 3.4% to $3,546, the highest since May 18, showcasing a renewed upside sentiment in the second-largest cryptocurrency market after it consolidated sideways for more than three weeks. Ether’s price jump appeared despite a wobbling price behavior across the cryptocurrency market. For instance, Bitcoin prices remained stuck around $47,000 while eyeing a clear breakout move above their …

Ethereum's native token, Ether (ETH), has the prospect of logging a 40% price rally against its top rival, Bitcoin (BTC), per a classic technical pattern. Dubbed a "symmetrical triangle," the structure develops after the price forms a series of higher lows and lower highs. Doing so results in a convergence of two trendlines with a degree of symmetry, which appears a a triangle. Analysts treat symmetrical triangles as trend continuation indicators — i.e., they usually send prices in the direction of their previous trend following a clear breakout. As a result, the ongoing ETH/BTC price boom could undergo an upside …

“Ethereum’s ascent to the top of the cryptoverse seems unstoppable,” declared Nigel Green in mid-August, and it’s not hard to see why the deVere CEO thinks this. DeFi is on a tear, NFTs are mushrooming, Ethereum (ETH) remains more scalable than Bitcoin (BTC) and it also offers more uses including smart contracts. Moreover, Ethereum will soon move to a proof-of-stake (PoS) consensus algorithm, looking to be more eco-friendly than Bitcoin’s energy-intensive proof-of-work (PoW) protocol. “Ethereum is already years ahead of Bitcoin in everything but price and fame,” said Green earlier this year, adding: “There’s a real sense that 2021 is …

Cardano (ADA) appears to be heading toward a new record high as its downside move takes the shape of a bull flag. In detail, the ADA/USD exchange rate plunged 16.91% to $2.47, but the pair’s decline came after a strong move higher, wherein it surged over 120% month-to-date to reach an all-time high of $2.97 on Monday. Therefore, the latest declines have given the impression that Cardano is undergoing a brief pause before it resumes its uptrend. Part of the upside analogy stems from the downward sloping channel itself — two parallel trendlines enveloping the price moves. In addition, the …

Ether (ETH) will face a critical $820 million monthly options expiry on Friday, Aug. 27. That will be the first time that $3,000 and higher options will have a real fighting chance, even though bulls seem to have missed a good opportunity to dominate the expiry because they were too optimistic about Ether’s price potential. It is unclear why $140 million of the neutral-to-bullish call options were placed between $3,800 and $8,000, but these instruments will likely become worthless as the monthly expiry approaches. Competition and the success of interoperability-focused protocols impact Ether price The Ethereum network has struggled due …

The amount of Ether (ETH) held by all cryptocurrency exchanges has declined dramatically in the previous 12 months. Blockchain analytics firm CryptoQuant reported that Ethereum reserves on trading platforms dropped 26.29 million ETH to 19.22 million ETH year-on-year (YoY), indicating that traders' preference to hold their tokens increased. At least the Ether price performance in the same period indicates the same. Between August 25, 2020, and press time, the ETH/USD exchange rate exploded by a little over 730%— from $407 to $3,190, signaling an erratic inverse correlation between the Ethereum token prices and its reserves across all exchanges. In detail, …