LINEA price keeps dumping despite SharpLink’s $200M ETH stake and ConsenSys IPO buzz

LINE’s worth continues to fall regardless of main institutional catalysts from maker ConsenSys and SharpLink. Has the underside already been reached?

Linea (LINEA), ConsenSys’ zkEVM Layer-2 community, was within the highlight this week following main institutional developments.

Earlier this week, SharpLink introduced it could commit $200 million value of Ethereum (ETH) from its company treasury to Linea by way of ether.fi and EigenCloud, to help staking and redraw packages associated to rising companies akin to verifiable AI.

The announcement got here simply as ConsenSys – the developer of Linea and the corporate behind MetaMask and Infura – confirmed that JPMorgan and Goldman Sachs will lead the upcoming IPO.

LINEA worth technical evaluation

Regardless of these sturdy basic developments, the LINEA worth chart nonetheless appears very depressed. The technical construction on the every day chart exhibits the token buying and selling beneath all main shifting averages, with the 9-day EMA appearing as fast resistance, rejecting any try to reclaim it since late September.

Current classes are displaying indicators of leveling off, whereas the Stochastic RSI has simply proven a bullish crossover into the oversold zone, which frequently precedes short-term stabilization or a reduction rally. Nevertheless, it’s value noting that the earlier two crossovers on this development didn’t translate into regaining the EMA 9.

That stated, with renewed optimism following SharpLink’s $200 million relaunch and ConsenSys IPO information, hopes have been rising that LINEA might kind an area backside. Value motion is prone to consolidate round present ranges earlier than a breakout try.

For the bullish momentum to say itself, LINEA worth should attain a better low, adopted by a better excessive, with a confirmed shut above the EMA 9. A retracement of the 0.382 Fib stage can be the clearest sign that consumers are regaining management.