SharpLink, ConsenSys’s maker and ConsenSys itself are major institutions that have a significant impact on the LINE market. Has the bottom been reached yet?
The following is a summary of the information that you will find on this website:
- The 9-day EMA has rejected every attempt to rebound.
- SharpLink’s restaking of $200M and ConsenSys’ IPO plans have fueled hopes for LINEA to be at its bottom, although technical confirmation is still needed.
Linea (LINEAConsenSys Layer-2 zkEVM network has been the center of attention in this past week, following major developments within institutions.
SharpLink released a new update earlier this week. announced Ethereum would be allocated $200,000,000 worth (ETHLinea will transfer funds from the corporate treasury via EigenCloud and ether.fi to support staking programs and restaking tied to new services such as verifiable AI.
The announcement came just as ConsenSys — the developer of Linea and the company behind MetaMask and Infura — confirmed JPMorgan, Goldman Sachs and other major banks will take the lead in its upcoming IPO.
LINEA Price Technical Analysis
Despite this strong fundamental development, LINEA’s chart is still very depressed. On the daily chart, you can see that the token has been trading well below key moving Averages. The 9-day EMA is acting as a strong resistance and rejecting all attempts to reclaim the token since September.
Recent sessions have shown signs of a flattening. The Stochastic RSI just showed a bullish cross-over in the oversold area, which is often a precursor to a short-term stabilizer or a rally for relief. But it is worth noting the fact that both previous crossovers of this trend failed to result in reclaiming the EMA 9
With renewed optimism after SharpLink’s 200 million dollar restaking deployment, and ConsenSys IPO announcement, it’s becoming more likely that LINEA is forming a bottom locally. The price action will likely consolidate at current levels prior to any breakout attempts.
In order for bullish momentum in LINEA to be established, the price of LINEA must first make a lower low, followed by a high higher, and then close with a confirmation above the EMA 9 level. If the price of LINEA rises above the EMA 9, it will signal the beginning of bullish momentum.
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Source: crypto.news
