Powell’s Speech
FED Chairman Jerome Powell’s speech at the Jackson Hole Symposium was among the most important headlines of last week. On Friday, Powell gave important messages on inflation and interest rate decisions. Stating that inflation has returned from the peak level, Powell said that despite this, they are still far away from the target level of 2%. He said that interest rates could be raised if deemed appropriate and that they were determined to keep them at a certain level until they saw the economy cooling down to the extent they wanted. Powell softened his speech a bit by saying that they were careful in their decisions and focused on the risk of raising interest rates too high, and that too much would cause unnecessary damage to the economy.
New Development at Chainlink
Chainlink will realize a new development. This development, which will focus on the Stake mechanic, is expected to take place in 2023. is expected to be completed in the fourth quarter. While sharing the details of the development in the blog post, it was stated that there will be 45 million LINKs in the first expansion pool of Chainlink Staking v0.2 beta development. It was also announced that flexibility, security, scalability and a new reward mechanism will be introduced for staking investors.
Litecoin Payments Continue to Increase
Litecoin has made a significant rise in payments. The Litecoin Foundation shared a metric showing the increase in usage with a post on their X account. Litecoin managed to increase its usage percentage on the crypto payment processor BitPay by 50% from spring to summer. Litecoin is 2nd in usage rates on the platform after Bitcoin with 24.54%. is next.
Famous Social Media Company Buys Ethereum
OnlyFans, the UK-based subscription platform whose global usage is increasing day by day, has entered the sector with cryptocurrency investments. According to the company’s financial statements, Ethereum worth $19.889 million was purchased. It was seen that the investment was made in previous periods and that Ether investments of 20 million dollars had fallen to 11.434 million dollars.
Important Statements from DYDX Founder
Antonio Juliano, founder of dYdX, one of the largest decentralized exchanges, said in a post on his social media account that the crypto industry should focus outside the US and try to re-enter after 5-10 years because the US is not worth the effort and concessions.
Ronaldinho May Be Arrested for Crypto Fraud
18kRonaldinho, the company of legendary soccer player Ronaldinho Gaúcho, is facing a major investigation. The company allegedly promises its customers a 2% daily return on their cryptocurrency investments. According to local media sources, Ronaldinho could be arrested by the authorities to testify in this investigation. While one of Ronaldinho’s companies is allegedly linked, Ronaldinho has not appeared before the country’s congress due to the pyramid scheme (ponzi) investigation. Persons who are required by law to appear before Congress have an obligation to do so. Witnesses who do not comply can be fined and forcibly brought to the congress by police.
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BITCOIN(BTC)
Bitcoin is priced at $ 25,972 with a 0.49% loss in value as of today morning hours. We see that the price is stuck in the range of 25,800-25,970-26,300 while Bitcoin has been inactive again at the end of the week and has been returning from the 26,200 region for a while without advancing to the 26,300 region. While the expected developments in Bitcoin last week did not cause any movement, a decision on Grayscale-SEC is expected to be announced this week as well as important economic data. We can say that there are very important data to be announced in the US this week and we can say that we may see an increase in market volatility in line with the data that will start on Tuesday and the data will be announced until Friday, as well as employment data, growth and PCE data.
ETHEREUM (ETH)
ETH, which lost 0.55% as of morning hours, is priced at $ 1651. In Ethereum, just like in Bitcoin, we see a sideways movement that is tightly compressed. Normally, we see that the movement takes place in the range of 1640-1690, but in the last 5 days, the movement has been squeezed to the range of 1640-1660. We can say that the primary topic in Ethereum will be Ethereum ETF news and that the 1660 and 1690 regions can be targeted depending on the movements in the market in this process.
RIPPLE(XRP)
XRP is pricing at $0.5184 with a 0.99% loss in value as of morning hours. In the symmetrical triangle pattern seen on the hourly chart in XRP, we have fallen down to the support zone with the fall from the resistance level. We can say that there is also a resistance zone in the $ 0.53 region, and in case of a return from here, we can say that in addition to the pattern resistance, the 0.53 level also works as a horizontal resistance level, and in case of a breakout, 0.56 will be the next target. In case of a downward break, the range of 0.500-0.503 stands out as an important support.
AVALANCHE(AVAX)
AVAX is priced at $10.02 as of morning hours, down 1.76%. Although AVAX ended the descending movement, it stuck to the $10 level without making a positive move. Although it realized an increase to the 10.30 region yesterday evening, we see that it could not be permanent and retreated and remained in the $ 10 region. We can say that the support zone in the range of 9.90-10.00 in AVAX is very critical, and in case of a break, the next level is in the 9.35 region.
SOLANA(SOL)
SOL is priced at 20.40 with a loss of 1.85% as of morning hours. We see that the movement in Solana, which was stuck in the range of 20.20-20.40 on Saturday, broke upwards on Sunday and rose to $ 21 resistance, but faced a rapid selling pressure from here. The support level on Solana can be used at 20.20. The formation target is first 21 and then 22 dollars. In case of a break of 20.20, the 19.60 zone stands out as the last support level.
MAKER(MKR)
MKR, which lost 1.86% as of morning hours, is priced at 1054. We see that the descending channel movement in MKR continues on the 4-hour chart. After the rise from the $ 1000 region, MKR, which rose to the 1080 region, which is the channel resistance, seems to have started a return movement from here. In the event of a turn in MKR, which has seen a sharp sell-off in the last 2 bars, first 1000 and then the $ 970 region will work as support.
ARBITRUM(ARB)
ARB is priced at $0.9440, down 1.52% as of morning hours. ARB rose as high as 0.95 with the return from the support of the horizontal movement it realized. The target level for ARB seems to be 0.9650. At the same time, we can say that the 0.9330 region, which is the support level at the ARB, is the most critical level for the coin, and in case of a break, it may be logical to use below 0.90 as a stop.
