The cryptocurrency market is posting a remarkable recovery following SEC lawsuits. Hot developments to consider for ADA, OP, LINK, MATIC and ETH are as follows…
Optimism (OP) completes ‘Bedrock’ upgrade
Optimism has successfully completed the highly anticipated “Bedrock” upgrade. Announced by the network’s developer, OP Labs, the development brings accelerated deposit times, reduced tier-1 fees, and strengthened security measures.
The implementation of these advances marks a crucial step in the developer’s ambitious mission to build a “Super Chain” of scalable Web3 networks leveraging cutting-edge Optimism OP Stack software. OP price managed to gain over 5% amid developments coupled with SEC lawsuits.
Due to the the size of the archival data disk, it is taking longer than anticipated for the legacy-geth archival datadir to be available.
We have updated Mission Control to include a suggested plan for Archival Node Operators to follow in the meantime.https://t.co/o6UjKZaVKy
— Optimism (✨🔴_🔴✨) (@optimismFND) June 6, 2023
Also, according to a Twitter announcement, the network now has the ability to identify reissues that occur on Ethereum. It seamlessly reflects these refactorings to users’ Optimism balances.
The improvement has paved the way for laying times to be significantly reduced to just one minute, in stark contrast to the previous average 10-minute wait time. In terms of gas fees, the Bedrock hard fork has successfully reduced data availability fees on Ethereum by a notable 40%.
✅OP Mainnet’s migration to Bedrock has concluded and the Bedrock sequencer has started up.
Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03
— Optimism (✨🔴_🔴✨) (@optimismFND) June 6, 2023
Chainlink secures this support line for 8% uptrend
LINC price has stagnated after losing around 7% yesterday. The recent drop, along with the market downside, caused LINK to hit the lowest point of the month. On the weekly chart, LINK has lost about 6% of its value. For LINK to experience a significant price increase right now, it has to surpass the overhead resistance level.
The bears have dominated the market since it faced strong resistance at the critical $8.70 level. This resulted in intense selling pressure and the breaking of important support levels. Currently, LINK’s market cap remains low. This decline indicates that there has been no buyers in the market recently.
LINK will now attempt to break the $6.70 resistance for higher highs. This move represents an 8% gain at current levels. On the other hand, if the bears pull the price below $6, it will potentially lead to $5.60. But if LINK retraces the $7 resistance, the bears may be outright disabled.
LINK volume traded in the last session was in red. Nu also shows that there is no strong purchasing power in the market.
Polygon (MATIC) explodes in major transfers amid SEC lawsuit
On-chain analysis shows that MATIC whale transactions have experienced a recent spike. Big moves on the network caught the attention of market watchers and sparked speculation. The catalyst behind this move was the SEC’s recent lawsuits against Binance and Coinbase.
According to IntoTheBlock, Polygon has seen a staggering 742% increase in the volume of large transactions on its network over the past 24 hours. Whale transactions increased significantly, reaching $64.44 million. Still, the overall market momentum is forcing the MATIC price to drop more than 2%.
Ethereum (ETH) regains price strength
ETH price has seen a notable increase in the last 24 hours. It is trading above $1,860 at the time of writing. Ethereum price found support near the $1,775 zone after a massive decline. Here he created a base. Similar to bitcoin, it started a fresh rise above the $1,800 resistance zone.
According to technical analysis, next resistances for ETH will be at $1,865 followed by $1,898. These levels also represent the upper zones of the 100 hourly Simple Moving Average. The most critical resistance level is near the $1900 zone. ETH bulls will head towards $1,920, $1,950, 2,000 and then $2,040 after this resistance.
Cardano (ADA) faces securities risk
ADA price has dropped below its long-term pattern after recent developments. According to current analysis, the SEC’s labeling of Cardano as unregistered security in the Coinbase lawsuit could lead to further negative consequences. cryptocoin.comAs we have reported, the SEC has designated ADA as a security in the Binance lawsuit.
Technically speaking, ADA is trading in an ascending parallel channel since its year low at $0.24. This move is in most cases a bearish pattern that usually results in the downside. ADA price broke below this channel on June 5 after confirming the previous horizontal support as resistance at $0.38. The critical support that buyers need to protect to break lower is at $0.3. A break of this number will potentially lead the bears to a yearly low of $0.24.
The weekly outlook shows that the price of ADA has been bearish since it made a divergence above the $0.41 resistance zone. Such deviations are usually followed by a sharp decline. All in all, technical analysis shows the downside is the most likely view in the short term. The closest target is $0.3 and it could potentially drop to $0.24.
