From the opinion that Bitcoin has a chance to solidly increase in price if it successfully surpasses $28,000 to Microsoft launching the first chip designed to support AI. Here are some outstanding news in the crypto market.
Bitcoin News
A top trader who predicted the bottom of last year's bear market believes that Bitcoin (BTC) is just one resistance level away from triggering a major breakout.
Anonymous analyst DonAlt told his 508,100 followers on platform X that Bitcoin has a solid upside opportunity once it breaks through resistance at $28,000.
If BTC breaks above resistance, the top trader predicts that the asset could rise as high as $42,000.
In a new strategy session on YouTube, DonAlt explains why he is bullish on BTC as it prepares to move above $28,000. According to the analyst, traders appear to be bearish on BTC despite Bitcoin's recent "encouraging" price action.
“Sentiment remains quite pessimistic even though we just formed a breakout on the daily timeframe on October 1st. Since then BTC has been trying to consolidate around $28,000. This is weekly resistance and a very important resistance level at the moment. The fact that we stuck with it for so long actually made it possible for a strong breakout move.”
While he is currently bullish on BTC, he noted that failure to break above $28,000 would likely lead to a major sell-off event.
“If we cannot overcome the $28,000 resistance level, we will see a sharp decline, bringing the price back to $23,000 – $20,000.”
Ethereum News
Launching in May 2022, the newly established Ethereum (ETH) proposal allows for the creation of an entirely new token with never-before-seen functions. Familiar assets on Ethereum (ETH) and other EVM blockchains will be upgraded to small decentralized applications.
As shared from Web3 researcher Stacy Muur, Proposal ERC-5169 is set to introduce new functionality called scriptURI() to help locate executable scripts associated with tokens. As a result, tokens will be able to have additional advanced functions thanks to third-party scripts from their issuer.
New recommendation based on URI (Uniform Resource Identifier). When creating tokens, issuers will be able to associate specific logic with them. Once created and attached to the script, token holders will be able to access and use the associated script by calling the scriptURI function.
Once this standard is approved and implemented, it will pave the way for many use cases. First, users will be able to operate small applications using nothing more than a single token and an associated script.
Plus, developers can also use this concept to create browser add-ons or automated security guides.
AI News
Microsoft plans to launch the company's first chip designed for artificial intelligence (AI) at its annual developer conference next month.
This is considered a new step after many years of work and can help Microsoft reduce its dependence on AI chips designed by Nvidia. As demand soared, these chips were in short supply. Microsoft's chips are designed for training data center servers and operate on the large language model (LLM).
Microsoft data center servers now use Nvidia GPUs to deliver advanced LLM to cloud customers, including OpenAI and Intuit, as well as support artificial intelligence capabilities in applications. other uses.
Uniswap News
The Uniswap Labs blog features an introduction to the Uniswap v4 TWAMM Hook, a new type of swap that reduces the price impact of larger orders by breaking them into smaller chunks over time.
TWAMM offers participants better prices by dividing a large swap order into smaller orders that are executed at regular intervals over time. These smaller swaps are less likely to move the market price.
Uniswap v4 – TWAMM Hook
Solana News
Solana Network (SOL) has successfully adopted the latest update to the Solana Labs validator app, version 1.16, following a rigorous audit process and the efforts of volunteers and master nodes.
v1.16 has been in testing for the past few months, is live on testnet from June 7, 2023, and has passed multiple stress tests.
Additionally, a small set of volunteer nodes have been updated to v1.16 as of August 23, 2023. The update mainly includes changes to the Solana validator such as:
Private transfers;
Better support for zero-knowledge proof;
Significantly reduced RAM usage for the validator;
Allows deployment of programs with resizable data accounts.
Tron News
Tron (TRX) maintained its uptrend by bouncing off the $0.0857 support. However, indicators on the chart suggest this could be a retracement before breaking this level and resuming the bearish trend.
Source: TradingView
The 5% drop from the $0.09 price zone took TRX down to the nearby support at $0.0857. Despite the recovery from this level, the RSI and CMF (Chaikin Money Flow) indicators show increasing selling pressure.
The RSI dropped rapidly below the neutral level of 50 indicating a loss of bullish momentum. Similarly, CMF turned negative, indicating capital outflows.
These signs suggest that selling pressure could hinder the upward momentum.
If the bears succeed in sinking the price below the $0.0857 support, sellers can target a higher low in the range of $0.08 to $0.082. A successful defense of the support by the bulls will see the continuation of the rally towards $0.092.
Bitmain News
Bitmain temporarily stopped paying part of employee salaries in September.
According to information from Wu Blockchain, Bitmain, the largest Bitcoin mining machine manufacturer, announced on October 3 that, as the company's operating cash flow has not yet turned positive in September, the company has decided to temporarily suspend partial salary payments to all employees.
Several internal employees confirmed the authenticity of the announcement. Besides, Bitmain also recently held a conference in Hong Kong and launched its latest S21 excavator.
Chainlink News
The price high of $8.1 once again hindered the bulls, as Chainlink (LINK) formed a retracement that took the altcoin below the $7.6 support.
Source: TradingView
The decline shows the strength of the bears at the $8.1 price zone. The strong price increase in July ended at this level, opening up massive selling pressure in the second quarter that caused LINK to sink to the $6 price range.
The second attempt to flip the $8.10 resistance met the same fate, with sellers showing strong resistance.
Indicators on the chart reveal that the bulls' inability to overturn the strong resistance level above could be due to profit-taking moves by LINK traders. CMF (Chaikin Money Flow) highlights sudden capital outflows, falling from +0.16 to -0.06.
The RSI also fell out of the overbought zone and hovered above the neutral 50 mark. This reflects a loss of buying pressure.
The resumption of the rally will depend on buyers reclaiming the $7.60 support level. If it fails, the sellers could push the price towards the next support around $7.
https://tapchibitcoin.io/tin-van-crypto-08-10-bitcoin-can-vuot-28-000-de-buoc-vao-da-tang-bung-no-cung-tin-tuc-ethereum-ai-uniswap-solana-tron-bitmain-chainlink.html
