It’s no secret that Chainlink (LINK) has been one of the most bullish cryptocurrencies throughout both 2019 and 2020, with the altcoin incurring explosive momentum that it has been able to maintain in spite of the market-wide weakness seen throughout the past few weeks.
The crypto is now at risk of invalidating its latest uptrend, as it is currently facing some intense selling pressure alongside that seen by Bitcoin and most other major cryptocurrencies.
Analysts are now eyeing a few key levels that could act as strong support in the near-term, however one trader is also noting that a loss of this level could lead Chainlink to “nosedive.”
Chainlink Incurs Intense Selling Pressure, Putting It at Risk of Losing Uptrend
At the time of writing, Chainlink is trading down over 6% at its current price of .16, which marks a notable decline from daily highs of over .40.
This poor performance today has led LINK to underperform Bitcoin by 4%, as the benchmark cryptocurrency is currently trading down marginally as it inches towards its key support at ,600.
Its weakness also comes close on the heels of a recent uptrend seen throughout the past couple of weeks, which allowed the crypto to rally from the lower-.00 region to highs of over .50.
This latest uptrend was sparked by the confirmed breakout of a bull pennant earlier this month, but it is now in grave risk of being invalidated as the crypto tests a key trendline.
One popular analyst spoke about the test of this trendline in a recent tweet, noting that this breakout losing its strength could lead to invalidation of the ongoing uptrend.
“Breakout starting to lose strength – relatively close to invalidation,” he explained.
Image Courtesy of Teddy
Here are the Key Levels LINK Bulls Need to Defend
If this uptrend is invalidated in the coming hours and days, another popular analyst is now noting that its first key support region sits between .75 and .90.
He also notes that a break below this support region could lead the crypto to “nosedive” before reaching its next key support level around .20.
“Chainlink: Also starting to drop, as it’s heavily correlated with the movements of BTC. For potential longs I’d be watching the .75-2.90 level. Losing that and we can nosedive towards .20-2.25 as next target zone,” he said while pointing to the below chart.
Image Courtesy of Crypto Michaël
Because Chainlink (LINK) has a tendency of underperforming Bitcoin during downtrends just as it outperforms it during uptrends, this ongoing selloff could cut significantly deeper if BTC shows further signs of weakness.
Featured image from Unsplash.
NewsBTC
Reliable Sell Signal Challenges Chainlink Cryptocurrency’s Unstoppable Growth
Chainlink, the explosive cryptocurrency that recently set its all-time high amidst the peak coronavirus panic, has just triggered a sell signal on the TD 9 Sequential indicator across both the USD and BTC trading pairs.
Is this unstoppable altcoin’s growth finally coming to a halt, or is this yet another minor bump in the road in the asset’s journey into the top ten cryptocurrencies by market cap?
Recapping Chainlink’s Two Years Of All-Star Altcoin Performance
Chainlink is among the most hyped altcoins across the cryptocurrency market, ranking just outside the top ten crypto assets by market cap – trailing behind the other stand out altcoin superstar, Tezos.
The altcoin was among the top-performing cryptocurrencies of 2019, rising nearly 1,500% from bottom to peak.
Related Reading | Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020
2020 started off with a bang, looking to have a repeat of the previous year of steady, sustained success.
During the first three months of the year, Chainlink rallied over 180% from trough to peak and even set a new all-time high during the peak coronavirus chaos in early March.
Eventually, the panic proved to be too much for even the all-star altcoin, causing it to collapse by over 70% wiping out year’s gains and then some.
The asset, however, still has shown resilience in the face of the economic crisis, causing it to bounce from the lows for another 160% return.
However, the positive growth for Chainlink may be coming to an end, now that sell signals have triggered on both the USD and BTC trading pairs.
TD 9 Sell Signal Issued on Two Cryptocurrency Pairs: LINKUSD & LINKBTC
On both, LINKUSD and LINKBTC daily timeframe price charts, a TD 9 sell signal has been triggered, pointing to a coming drop across the two trading pairs.
After an enormous rally, Chainlink investors still have plenty of profit to take, leaving substantial room for distribution and price decline.
Related Reading | Chainlink Peak Mimics Wyckoff Distribution Schematic, Altcoin Selloff Could Accelerate
TD 9 signals, whether they are a buy or sell, issued on the TD Sequential indicator, have been especially reliable in the cryptocurrency market.
The tool, created by market timing guru Thomas Demark, recently called Bitcoin’s top on daily timeframes and has made legendary calls in the past – such as nailing the sell signal on Bitcoin’s ,000 all-time high peak.
The signal appearing on an asset’s price chart is often deadly, but appearing on not just one, but two different trading pairs gives more credence to the signal potentially proving effective and proving accurate once again.
However, given how powerful Chainlink‘s momentum has been the past two years, any drops could be short-lived, and the asset’s aggressive ascent into the top ten could continue.
NewsBTC
Chainlink and DAPP Network: Opposing Projects with Aligned Aims
On the face of it, there aren’t many obvious similarities between Chainlink and LiquidApps’ DAPP Network. The former is an oracle solution focused on enhancing the Ethereum network, while DAPP Network is primarily EOS-based, and is designed to address broader problems than mere oracles; scaling, resource allocation and dApp user onboarding are among its many features. Dig a little deeper, however, and one is struck by the similarities between the projects, not just in their approach to building, but in their vociferous communities that have elevated these once tiny projects into formidable cornerstones within their respective ecosystems.
While developers are focused on the operational improvements that Chainlink and DAPP Network can bring to decentralized applications, speculators are more interested in the native token that powers each ecosystem. LINK is up 153% for the year to date, and DAPP 57%. Could LiquidApps’ EOS scaling network emulate 2019 Chainlink, its supporters wonder, and record the sort of growth that transformed LINK into a .6 billion project?
DAPP Network and Chainlink: Blockchain Brothers from Another Mother
Chainlink is an oracle solution that enables smart contracts to be connected to real-world data, events, and payments. Its tamper-proof inputs enable blockchains to trust the data inputs they receive from external environments; stock prices; commodities market valuations; temperatures; times; sports scores and things like that.
LiquidApps’ DAPP Network also provides that capability through LiquidOracles, which are a fundamental part of the network’s service stack. DAPP Network does a lot more on top, however, such as LiquidScheduler for automating and scheduling tasks, and LiquidAccounts, a free key management and account creation tool that makes it easier for developers to onboard new users.
The two projects overlap, however, as LiquidApps conceded in a recent blog post, writing “LiquidOracles may be the way that first-generation solutions like those by Chainlink can upgrade their services, providing valuable features and flexibility to dApps already using those solutions. LiquidOracles implemented by the DAPP Network community could allow dApp developers to access trustless data feeds in a customizable fashion from within their smart contracts.”
In essence, LiquidApps could provide a means for Chainlink to broaden its reach, gaining a foothold in the lucrative EOS ecosystem through tapping into the DAPP Network’s established community. DAPP Network users, in turn, will gain exposure to the cryptosphere’s largest oracle solution, using secure middleware to connect them to real-world data. It’s a win-win situation for both parties, and one which LiquidApps seem keen to foster, noting that DAPP Network service providers “could integrate Chainlinks as part of their data feeds, and Chainlink could utilize the DAPP Network to gain some additional advantages.”
That may be so, but not everyone in the DAPP Network and Chainlink communities is convinced that such an alliance would be desirable; crypto tribalism is as old as cryptocurrencies themselves, and there are those who would rather see the two projects pursue separate paths. To follow such an isolationist stance would be a mistake though.
Linking Communities by Mixing Memes
While the DAPP Network’s architects are only interested in the network benefits of bringing Chainlink onboard, DAPP users and token holders have an additional incentive to see such an alliance go ahead. Even the most casual of crypto market observers can’t have failed to notice LINK’s dizzying ascent, which has seen the token rise by over 1,000% in the past 12 months. While much of the credit for this goes to the Chainlink team, which has forged partnership after partnership, and tirelessly shipped code, that’s not the full story.
The other reason behind LINK’s transformation into the most successful ERC20 token to date, after lurking in the low cap league for 18 months after its release, is on account of its community. Enter the Link Marines. Born in the trenches of 4chan’s /biz/ messageboard, ‘Linkies’ have memed the token and its shy CEO Sergey Nazarov into a viral sensation, flooding the cryptosphere with what can only be described as memetic warfare.
There is no indication that the DAPP Network’s community is about to embark upon a similar image macro spree. Nevertheless, there are lessons to be drawn from the Link Marine playbook. Cryptocurrency marketing doesn’t have to be humorless, nor does it have to come from the top down. There are additional commonalities between the DAPP Network of today and Chainlink of a year ago, with both projects delivering working products that provide clear utility, with token price the only lagging indicator of success. LINK is no longer /biz/ messageboard’s dirty little secret, and is on the verge of breaking into the top 10 crypto assets by market cap. DAPP Network token-holders, developers, and network users will be hoping DAPP records a similar trajectory, rewarding LiquidApps’ endeavors and the unflagging faith of its community.
NewsBTC
Chainlink (LINK) Steals Bitcoin’s Thunder, Sets Historic High as Crypto Market Bleeds
The Chainlink’s crypto token hit a new record on Wednesday even as its top rivals continued to underperform amidst a gloomy market outlook.
Dubbed as LINK, the eleventh-largest cryptocurrency climbed 27 percent this week to establish an all-time high of .92. It performed similarly well against bitcoin, rising by more than 22 percent to 55,683 sats to become one of the leading risk/reward assets in both the dollar and crypto-denominated markets.
Chainlink’s LINK token hits ATH despite crypto meltdown | Source: TradingView.com, Binance
Elsewhere, other cryptos remained pressured by the market risks associated with the rising of the Coronavirus epidemic.
Bitcoin, the leading cryptocurrency, rebounded by 2.67 percent since Monday after closing last week at a loss of more than 15 percent. Similarly, Ethereum’s Ether and Ripple’s XRP each surged by 1-2 percent, showing a clear lack of upside bias in their respective markets.
“M” a Bull
Chainlink’s latest gains appeared to have originated from a rumor that the blockchain platform is going to make a “huge announcement.”
Community members claimed that Chainlink’s foundational team is closed to signing a big deal with a company whose initials start with the letter ‘M.’ That left the social media open to different interpretations, with some claiming that M stood for Microsoft, a technological giant with a history of experimenting with the blockchain technology.
little birdie told junkie there is a HUGE anouncement for $link tomorrow and it begins with 'M' #Chainlink
— ChainLinkJunkie (@Chainlinkjunkie) March 3, 2020
The amusing nature of Chainlink’s fundamental made its intraday price rally appear ‘unsustainable.’ It left the token under the stress of profit-taking, wherein traders decide to exit their long positions for an interim gain. At the same time, the arrival of an actual big announcement raised hopes for a bullish continuation in LINK markets.
“If we get big news tomorrow, #Chainlink will increase just like it did in June from the Google announcement,” tweeted a community member. “It would be unreasonable not to see $LINK hit -10 if this announcement is similar.”
Chainlink Bubble Woes
Chainlink’s gains attracted enthusiasm within the community, but some analysts still expressed worries about the absence of solid fundamentals behind it.
Full-time trader Anondran admitted that he is impressed by LINK’s “insane” price rally against bitcoin, but compared it with an overbought financial bubble that could pop anytime.
$LINK officially up 50x in BTC from its ATL. Honestly I'm impressed by its insane performance.
Can someone stop this bubble? pic.twitter.com/8QbD194Tfl
— Anondran (@AnondranCrypto) March 3, 2020
On a technical front, LINK was trading close to its overbought territory, according to its Relative Strength Index readings. That left many opportunities for traders to take the profit and find more support-floors to long LINK (the closest one is .10)
Overall, at its all-time high, the crypto token is without a historical resistance. Let’s see how the “M” factor plays out.
NewsBTC
Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?
Chainlink’s native token LINK was among the biggest gainers as a majority of assets in the crypto market plunged deeply earlier this week.
The eleventh-largest cryptocurrency beat the bearish odds to grow by more than 40 percent since February 26. It established a week-to-day high at .38 in early Saturday trading, hinting its inclination to behave as a hedge against Bitcoin, the top asset that plunged by circa 16 percent this week.
#Chainlink is receiving tremendous exposure during this $BTC, $ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. $LINK
— John Cioffoletti (@JohnCioffoletti) February 27, 2020
The safe-haven narrative was not in play during most of the February session. The LINK-to-USD exchange rate slipped almost in tandem with the rest of the crypto market after settling its year-to-date high of .90. It was down by up to 36 percent before it even attempted a pullback.
But Chainlink validated its key supports, which other cryptocurrencies failed to maintain. The coin bounced back from its 50-day moving average, showing higher buying interest near the area. It was not the case with Bitcoin or XRP, which plunged below their short-term moving averages in massive sell-off rounds.
Chainlink’s ability to maintain its crucial floors led to a decent recovery this week, opening up the possibilities of extended upside momentum in the next.
“A bullish retest of the monthly close bought up recently,” said popular market analyst CryptoGainz. [There is now] zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.”
Chainlink’s Upsides
LINK’s gains also came against the backdrop of a new deal and spreading of Coronavirus in and outside China.
Chainlink announced on Tuesday that it would be offering its decentralized oracle to Polkadot, a blockchain interoperability platform. The announcement read that Polkadot will use Chainlink to safe access “virtually any external, real-world resource” – via a so-called parachain technology which acts as a ‘LINK’ between different blockchains.
One day after the announcement, the LINK-to-dollar exchange rate went up.
LINK/USD booms against an otherwise gloomy crypto market | Source: TradingView.com, Binance
But the growth also increased the chances of deeper retracements. In comparison to other assets, both in- and outside crypto, LINK is offering better profit-taking especially when traders are looking liquidate their positions for hard cash. Stocks, gold, cryptos are all going down owing to the same sentiment against Coronavirus risks.
Technically, LINK could continue its near-term bull run towards circa .80 before it pullback to test a support level near .10. Or, traders could withdraw their positions pre-maturely and crash the price below the said support – towards .54.
NewsBTC
After 65% Rally, ChainLink Just Surpassed a Major Level For First Time in 3 Months
ChainLink (LINK), the 17th most valuable cryptocurrency in the market, surpassed the .8 level for the first time since November 2019 after a 65 percent rally.
With strong partnerships, ChainLink has maintained an active community of users, investors, and developers throughout the past year. It is one of the few cryptocurrencies to be down less than 40 percent from its record high.
Major cryptocurrencies like Ethereum, XRP, and Bitcoin Cash are generally down by 85 to 95 percent from their all-time highs.
Where is ChainLink headed next?
In the short-term, technical analysts anticipate ChainLink to test heavy resistance levels above .8, between .8 to .7.
One trader noted that initial exchange offerings (IEOs) are starting to see some momentum after a slow past six months.
He said:
“A breakout above .33, retest & continuation. Approaching the next target at .80 for a nice 21% move here. Meanwhile; IEO’s starting to show a slight sign of life as BNB is bouncing upwards as well.”
The overall positive trend of IEOs could act as a catalyst for cryptocurrencies like ChainLink.
ChainLink rises 65% in the past two weeks (Source: TradingView)
Big volatility expected
On January 16, NewsBTC reported that Binance Futures integrated ChainLink. It now allows users to trade the cryptocurrency with up to 75x leverage.
Often, when a major futures trading platform integrates a cryptocurrency, it tends to see significant volatility.
XRP and ETC, for instance, saw significant short-term price movements almost immediately after Binance Futures integrated the two assets.
If ChainLink cleanly breaks above .8, which has acted as a heavy resistance level throughout the past year, the expected volatility could play into the favor of the asset.
On the side of fundamentals, the infrastructure of ChainLink is being used by conglomerates like Google.
On June 14, 2019, the Google Cloud team released a detailed blog post on using the BigQuery ChainLink Oracle, officially mentioning a blockchain project for the first time in the context of cloud.
At the time, Sergey Nazarov confirmed it is working with Google to as an on-chain data provider to assist in the usage of blockchain technology.
In the short-term, however, technicals such as the clean break of resistance above .8 and the overall improvement in the sentiment around the crypto market are likely to be the biggest factors for the upside potential of ChainLink.
Traders target ,400 for bitcoin
Throughout the past two weeks, bitcoin and the altcoin market have risen in tandem. It indicates that the upsurge is more than just a short squeeze.
Break 9000, 9400 is next
Get rejected here, we possibly head back down to retest 8600$BTC pic.twitter.com/9H1Fx3Qv0k
— Satoshi Flipper (@SatoshiFlipper) January 17, 2020
After the bitcoin price hit ,000 across major platforms like Binance, traders are targeting ,400 at the least, and ,000 as a macro target.
A strong break above ,000 by bitcoin would further provide strength to the altcoin market. The post appeared first on NewsBTC.
NewsBTC
Binance Futures Adding Chainlink Could Spark Major LINK Volatility
The margin trading wing of popular cryptocurrency exchange Binance has announced that they will soon be offering traders access to up to 75x leverage on popular cryptocurrency Chainlink (LINK).
The addition of LINK to the platform comes on the heels of the addition of Ethereum Classic (ETC), and just a couple months after they added other altcoins like Tezos and XRP.
The addition of margin trading capabilities to smaller altcoins tends to cause them to have heightened volatility, which may suggest that Chainlink will soon see a massive extension of the volatility it has incurred over the past several weeks and months.
Binance Margin Adds Leverage Trading Capabilities for Chainlink
The popular cryptocurrency trading platform announced in a tweet that they are now supporting perpetual contracts for LINK/USDT, allowing active investors to trade the cryptocurrency with up to 75x leverage.
“Binance Futures Will Launch @chainlink LINK/USDT Perpetual Contract With Up to 75x Leverage,” they noted.
#Binance Futures Will Launch @chainlink $LINK/USDT Perpetual Contract With Up to 75x Leveragehttps://t.co/ar9c9IJeYX pic.twitter.com/funTYqtkbl
— Binance (@binance) January 16, 2020
Margin trading has long been a popular way for active investors to capitalize on Bitcoin’s volatility, with platforms like Bitmex growing to account for a vast swath of the trading volume seen surrounding the benchmark cryptocurrency.
Trading smaller altcoins like Chainlink with leverage has been less popular, however, as the lower liquidity of these cryptocurrencies coupled with limited offerings from major trading platforms has made it difficult for many of these tokens to be successfully traded with margin.
Binance’s Altcoin Listing Spree Impacts Prices; Will It Cause Major LINK Volatility?
Naturally, the addition of margin trading capabilities to smaller altcoins can have a massive sway on their price action, as traders can significantly magnify their positions, thus increasing the cryptocurrency’s trading volume.
Just yesterday, Binance announced that they would be adding up to 75x leverage to Ethereum Classic, which had a strikingly close correlation to the massive 10% price pump it has seen over the past 24-hours.
Chainlink has not seen any anomalous price action as a result of the announcement at this time, but as users start trading LINK with massive sums of money via the 75x leverage, it could see a major spike in trading volume that impacts its price trend.
Furthermore, because Chainlink is one of the best performing cryptocurrencies throughout 2019 and even 2020, there is a chance that traders will perpetuate LINK’s uptrend via their leveraged positions, potentially allowing the cryptocurrency to start another parabolic ascent.
Featured image from Shutterstock. The post appeared first on NewsBTC.
NewsBTC
Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020
The altcoin known as Chainlink had a stellar year last year in 2019, outperforming the rest of the entire crypto market by a wide margin, while many other assets fell to new lows.
However, according to a new poll, crypto investors at large expect the altcoin to be a top-performing asset once again this year. Will lightning strike twice for altcoin known as Chainlink?
Chainlink Tops Poll, Expected To Be Top Performing Crypto in 2020
With 2019 now in the rearview mirror, in hindsight, we can see which assets were the top performers across the crypto market. While exchange-based utility tokens dominated the best ROI from cryptocurrencies in 2019, one particular altcoin – Chainlink – topped all other crypto assets, including Bitcoin.
Chainlink closed out the year with nearly a 500% return on investment. Bitcoin, for comparison, only ended the year at roughly a 100% return.
Related Reading | Chainlink, Exchange-Related Tokens Dominate Crypto ROI Last Year
That trend is expected to continue, as a new poll asking crypto investors which altcoins they expect to be top performers in 2020 have been dominated by the altcoin Chainlink.
Although a dozen or so altcoins are listed by name in a Twitter poll, four main choices can be selected to vote, including Chainlink, Basic Attention Token, Binance Coin, and Cardano. Why these four altcoins were chosen is anyone’s guess, however, they are among the most promising and hyped coins across the crypto market.
Altcoin Sentiment
Which Altcoin will perform the best in 2020?$ETH $LTC $XRP $LINK $BNB $BCH $BSV $BTC $BAT $ADA $TRX $ETC $TZX $EOS #bitcoin #crypto #ripple #cryptocurrency #news #ethereum #litecoin
— TrademasterBTC (@BTCtrademaster) January 13, 2020
Chainlink captured the bulk of the votes with over 70% of respondents expecting another stellar year for the altcoin project. Basic Attention Token, the utility token powering the Brave browser and new internet economy, took just 10% of the vote. Cardano was in second with 12% of respondent’s votes, while Binance Coin was in the last place capturing only 5% of the total votes.
Binance Coin being lower than Basic Attention Token or Cardano is surprising, as Binance Coin was yet another one of crypto’s top performers of 2019, much like Chainlink that took the top spot on the poll.
Before LINK Is Ready For Liftoff, Beware of Further Downside First
If Chainlink has another year like 2019, it could very well find itself in the top ten cryptocurrencies by market cap alongside Bitcoin, Ethereum, Litecoin, Ripple, and other mainstay crypto projects, bringing it invaluable additional visibility and familiarity for new investors.
Only time will tell if Chainlink has another strong performing year this year, but for now, the crypto asset may see some downside as the Tom Demark TD9 Sequential has triggered a sell signal on LINK/USD daily price charts.
Related Reading | These Five Altcoins Crushed Bitcoin’s 2019 Returns
However, given the bullish sentiment surrounding Chainlink, any downside is likely to be short-lived and the altcoin will rally once again.
Featured image from Shutterstock The post appeared first on NewsBTC.
NewsBTC
Chainlink On-Chain Volume Explodes; Will LINK’s Price Follow?
It’s no secret that Chainlink (LINK) has been one of the best performing cryptocurrencies throughout 2019, with the crypto setting fresh all-time highs in late-June and ending the year up significantly from where it started it.
This bullish price action isn’t unwarranted either, as it has been driven by a massive influx of trading volume that has allowed the crypto’s cumulative on-chain trading volume to surpass billion USD.
This volume growth may also translate into some bullish price action, as one analyst recently noted that LINK could be primed for a massive rally against Bitcoin in the coming few months.
Chainlink’s On-Chain Volume Explodes as Investors Flock to the Crypto
Chainlink’s trading volume has been closely correlated with its price action over the past year, although it remains unclear as to whether or not this correlation equates to causation, or if it is simply the byproduct of the cryptocurrency’s massive YTD growth.
This macro uptrend that the crypto has been caught within has allowed LINK’s trading volume to surpass billion USD for the first time ever, which is a major milestone that signals that crypto is likely to continue seeing increased buying pressure in the near-term.
“Cumulative $LINK on–chain volume has surpassed 4 billion US Dollars. #Chainlink,” Glassnode, a blockchain research and analytics firm, noted in a recent tweet while referencing a chart that shows the crypto’s massive on-chain volume growth.
Cumulative $LINK on–chain volume has surpassed 4 billion US Dollars. #Chainlink https://t.co/JASxgiremt pic.twitter.com/UF7UXUFab4
— glassnode (@glassnode) January 13, 2020
Will LINK See Significantly Further Gains in the Near-Term?
At the time of writing, Chainlink is trading down just under 3% at its current price of .20, which marks a slight decline from its daily highs of .25 that were set yesterday around this time.
LINK is currently trading up significantly from its weekly lows of .92, and it has generally been tracking Bitcoin’s bullish price action over the past couple of weeks.
Today, however, the crypto is trading down 2% against Bitcoin at its current price of 0.00027 BTC, but one analyst noted last week that he believes the crypto could soon see major gains against its BTC trading pair in the near future, pointing to a chart that shows a multi-month upside target of roughly 0.000345 BTC.
6/6- #ChainLink / #Bitcoin – $LINK pic.twitter.com/aIffIjFQsQ
— Calmly | full-time trader (@im_calmly) January 8, 2020
If this target proves to be accurate, Chainlink could soon see some massive momentum against the benchmark cryptocurrency that leads LINK to surge as much as 30%.
Featured image from Shutterstock. The post appeared first on NewsBTC.
NewsBTC
The Chainlink Bull Run May Not Be Over Yet, Despite Recent Price Decline
Chainlink has seen a massive price rise in recent times, surging to fresh all-time highs in July of 2019 concurrently with Bitcoin’s rise to its 2019 highs of ,800. Although both cryptocurrencies have both retraced from these highs, LINK is still trading up significantly from its year-to-date lows.
Analysts are now noting that Chainlink may soon extend the momentum it incurred earlier this year, as its recent downtrend has sent it down to a key support level that may spark a bullish trend reversal.
Chainlink One of 2019’s Best Performing Cryptocurrencies
2019 proved to be a rocky year for the crypto markets, with Bitcoin and most major altcoins incurring some decent upwards momentum throughout the first half of the year before plummeting lower throughout the year’s latter months.
Although the recent downwards momentum incurred by Bitcoin has impacted most major altcoins, Chainlink has been able to incur price action independent of BTC.
At the time of writing, LINK is trading down nearly 6% at its current price of .10, with today’s decline marking an extension of the downwards momentum that was incurred in earlier this week after it touched highs of .30.
It is important to note that on a larger time frame, Chainlink has been caught in a downtrend since early-November when it hit highs of .20, which was just a hair below its all-time highs of just under .00.
In spite of the short-term downtrend that LINK is caught within, it is imperative to note that the crypto is currently trading up significantly from its 2019 lows of under .30.
Analyst: LINK May Be Gearing Up for Another Leg Up
Scott Melker, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Chainlink’s short-term downtrend may soon reverse, as it has now reached a key support level that is holding strong.
“$LINK / $BTC: Beautiful price action. You don’t need many lines to trade this coin. The huge move down over the past few weeks was perfect, and it’s now flipping new levels back to support on the way up,” he noted while pointing to the chart seen below.
Beautiful price action. You don't need many lines to trade this coin. The huge move down over the past few weeks was perfect, and it's now flipping new levels back to support on the way up. pic.twitter.com/WenTojsxG4
— The Wolf Of All Streets (@scottmelker) December 12, 2019
If this support continues to hold strong, it is possible that Chainlink will soon revisit its previously established all-time highs and possibly even surge past them.
Featured image from Shutterstock.
The post The Chainlink Bull Run May Not Be Over Yet, Despite Recent Price Decline appeared first on NewsBTC.