Welcome, Crypto enthusiasts!

Chainlink has broken the bearing pattern it was forming and flipped bullish with $20 as the next price target.

In Today’s Blockstreet Journal:

• Chainlink breaks out bullish

• XRP ETF Rumors Spur Jump

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

CHAINLINK
⛓️ Chainlink Breaks Out Bullish 

Word On The Street: Despite a broader market downturn, Chainlink (LINK) gained 7% on May 24. Currently priced at $17.04, LINK has surged 30% in May, raising questions about its potential to rally above $20.

The details:

• According to a May 24 post by market intelligence firm Santiment, on-chain metrics for LINK are bullish.

• The price outperformed other cryptocurrencies, hitting a six-week high of $17.50 on May 24. The ratio of profitable transactions to loss-making ones is 11 to 1.

• The relative strength index (RSI) increased from 36 to 65, indicating buyers have taken control, reinforcing the uptrend.

Why it matters: Data from TradingView shows that LINK bounced off a horizontal support line at $13 on May 15, rising 36% to reach $17.50 on May 24. This uptrend saw LINK escape a bearish triangle and convert key resistance levels into support, including the $15 barrier supported by the 50-day and 200-day exponential moving averages (EMAs), with the 100-day EMA currently at $16.

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RIPPLE XRP
😏 XRP ETF Rumors Cause Jump 

Word On The Street: Primary factors driving the XRP price higher today include increasing speculation about the introduction of spot XRP exchange-traded funds (ETFs) in the United States and a growing accumulation sentiment among large investors.

The details:

• Standard Chartered analyst Geoffrey Kendrick identified Solana (SOL) and XRP as potential ETF candidates following the approval of spot Ether (ETH) ETFs in the United States.

• XRP's recent gains began on May 24 when Coinbase relisted the cryptocurrency for its New York clients.

• From a technical perspective, XRP's gains are part of a rebound that started after testing the lower trendline of its ascending triangle pattern.

Why it matters: Depending on the breakdown point, XRP's price could decline towards the $0.432-$0.467 range in a bearish scenario for June. However, XRP is currently aiming for an extended rebound toward the triangle's upper trendline at around $0.560 by May.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.56T, a 1.43% increase over the last day.

The total crypto market volume over the last 24 hours is $66.13B, which makes a 47.56% decrease. The total volume in DeFi is currently $6.24B, 9.44% of the total crypto market 24-hour volume. The volume of all stable coins is now $60.85B, which is 92.02% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.03%, an increase of 0.18% over the day.

Global Market Metrics

As of today, the current state of the cryptocurrency market is as follows:

- Total Market Capitalization: $2,568,289,846,290

- Total 24-hour Trading Volume: $66,136,596,276

- Total Number of Active Cryptocurrencies: 10,055

- Bitcoin Dominance: 53.03%

- Ethereum Dominance: 17.56%

- DeFi Market Capitalization: $96,161,525,189

- DeFi 24-hour Trading Volume: $6,241,311,728

- Stablecoin Market Capitalization: $155,384,160,080

- Stablecoin 24-hour Trading Volume: $60,858,315,073

- Derivatives 24-hour Trading Volume: $528,070,160,122

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Tari Game Airdrop

Tari, backed by Pantera Capital and Multicoin Capital, has launched the Airdrop Game. Users can collect “gems” to become eligible for the XTM airdrop when the token goes live. Sign up for the airdrop and complete simple tasks to earn gems. Also, get 1,000 gems for each referral. They’ve confirmed that the gems will be converted to XTM tokens after the claim goes live.

Step-by-Step Guide:

1. Visit the Tari airdrop page.

2. Click on “Log in with X” and connect your Twitter account.

3. Now complete the quests to earn points in the form of “Gems”.

4. You must complete the first two quests to be eligible for the airdrop.

5. Also, get 1,000 gems from each referral that signs up and completes the “Follow on X” quest.

6. You will also be able to earn “Turtle Shells” and “Sky Hammers” by owning rare Gen 0 or Gen 1 Yats. Owning these would also increase your gems and airdrop.

7. They’ve confirmed that they will airdrop XTM tokens to users who participate in the airdrop campaign and collect gems.

8. For more information regarding the airdrop, see this article.

Other News

Coinbase, SEC spar over investment definition in appeal attempt. The SEC is evading the real issue, and the court was wrong to take its side, Coinbase claims in a defense of its interlocutory appeal.

DOGE, SHIB Spike After Elon Musk Tweet's About Mascot Dog's Passing. The price action underscores Musk's market-moving sway on the canine-themed meme coins.

US ETH ETF approval pressures Korean regulators. Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.

SOL, XRP Could Be Possible Candidates for ETFs. Standard Chartered analyst Geoffrey Kendric said that those exchange-traded funds could be on the horizon in 2025.

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