One of the hottest cryptocurrencies in the past few weeks has been Chainlink (LINK). Compared to Bitcoin, which is up 20% year to date, the asset recently posted a 100% year-to-date gain, rising to become the twelfth largest altcoin by market cap.
Many have looked to LINK’s functionality and adoption, with venture fund Parafi Capital writing in a recent MakerDAO forum post:
“Given its marketcap, liquidity profile, and appetite for speculation, we see value in onboarding LINK into MakerDAO. LINK is valued at over $1 billion and is also one of the most liquid ERC-20 tokens available. The tokens are relatively decentralized with no known “kill-switch” or blacklisting capabilities.”
Yet a top trader is fearing the top asset is preparing to undergo a strong reversal from the highs.
Chainlink Setting Up For Bearish Reversal
Chainlink is on the verge of undergoing a more than 70% reversal towards $0.98-$1.00, according to a top trader referencing the chart below. Backing this sentiment he looked to the fact the altcoin broke below a key support level while failing to surmount heavy resistance around $4.00.
Chart from @CryptoCapo_
The analyst who made this prediction called that Bitcoin would fall towards the $3,000s earlier this year when no one thought it would happen. He also predicted XRP could bottom around $0.11-$0.13, which it did.
Adding to this, data from blockchain analytics provider IntoTheBlock indicated that throughout segments of last week, there was a strong bid-ask volume imbalance. The site indicated that there was much more selling pressure than bullish volume, indicative of a distribution pattern near a market top.
It’s Time for Bitcoin to Shine
Whatever your thoughts are on Chainlink’s trajectory, analysts say that Bitcoin will soon outperform a majority of altcoins. Should this assertion hold true, that means a drop in Chainlink’s price (or relative drop against BTC) is somewhat inevitable.
The head of technical analysis at crypto research firm Blockfyre argued that all altcoins are poised to underperform. He cited the fact that Bitcoin dominance — the percentage of the crypto market made up of BTC — has started to trend higher:
“A potentially very painful situation developing if dominance breaks out towards the next resistance. Each 1% rise in BTC.D roughly equates to a 6-12% drop against the BTC pairings for altcoins. Hard to imagine that no matter what BTC does that alts dont see a lot of pain,” he wrote in reference to the chart below.
Chart from @Pentosh1 (Twitter)
In a separate analysis, he wrote late last month that fundamentally speaking, the incoming volatility related to the Bitcoin block reward halving will “rekt” altcoins, Chainlink presumably included.
He continued that from how he sees it, altcoins are always a “game of musical chairs” because they rally for reasons not based in fundamentals:
“The reason the alt pumps are unconvincing is because they have followed the same patterns. IEO’s, Interoperability, privacy coins moving together. It’s coordinated as it has been the last 3 years instead of all ships rising together.”
Featured image from Unsplash origin »
In 2020, Chainlink was briefly a top-five asset in the market. A strong bullish rally mid-summer allowed the altcoin to climb all the way up to ~$20. In 2021, the asset rallied once again and registerThe post For Chainlink's whales, this isn't exactly on the cards right now appeared first on AMBCrypto.
Chainlink has been the highlight of the crypto market for the last few years. It is about the only asset setting new record high after high. Meanwhile, the rest of the asset class is down between 40% to as much as 90% or more in some cases from their peaks. However, an indicator that spots […]
As the crypto markets took another dip on Thursday, Chainlink (LINK) saw the most dramatic shift in sentiment. The asset, which until recently defied gravity, could not continue on its rally. Chainlink Reverses Trend from $4 Peak LINK broke down tentatively under $4 in the past day, and initially showed just a slight pause in its climb.
ChainLink has been clearly outperforming the market which has only recently seen a decent bounce. The bounce for LINK started 3 days ago after hitting a low of $3.31. The digital asset saw a huge increase in trading volume and has been able to set a 4-hour uptrend after breaking above the 12 and 26-period […]
Despite the fact that the altcoin market managed to significantly push Bitcoin's dominance to 62.7% this month, this asset class is still far behind. While many alts posted significant gains over the The post Chainlink, Bitcoin Diamond fail to shine as Cosmos, KNC gain toehold appeared first on AMBCrypto.
The crypto market is having a red day with Bitcoin down 5. 56% while trading at $9,610 while altcoins are doing far worse. However, year-to-date basis gains recorded by some crypto like Tezos, BSV, and Chainlink are as much as 130-200%.
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.... The post appeared first on NewsBTC.
Ampleforth, a digital asset protocol for smart commodity-money, announced recently that it has completed integration with Chainlink oracles to aggregate secure and timely off-chain pricing data for its protocol.
The cryptocurrency altcoin known as Chainlink has had a banner year, bringing investors in the project gains of over 1,100% from trough to peak. However, a violent selloff has begun in the asset, with investors taking profit following incredible returns it amassed throughout the year.
The crypto asset known as Chainlink or LINK, has been the talk of the cryptocurrency market for much of 2019. The asset has strongly performed even while other altcoins struggled, and often outperformed Bitcoin at times throughout the year.
While a majority of altcoins have been faring well over the past week, there has been one crypto asset that has exceeded the expectations of many: Chainlink (LINK). Over the past 10 days, the community-favorite...
Today Bitcoin has recovered slightly, but the struggle continues. Altcoins are looking much better, as XRP, TRON, ADA and LINK post sharp gains. A full commentary on Bitcoin is below. SEC officially states that Bitcoin is not a security – yes, we know.
The crypto market is a new and emerging asset class that – due to the various innovation factors, its speculative nature, and the technological intricacies of each individual coin – makes assigning a value to any altcoins exceedingly difficult to pinpoint with any sort of accuracy.
Cryptocurrencies that feature in identity management (IdM) solutions have been among the best investments in the first half of the year. In a webinar hosted by Digital Asset Research (DAR), analysts found that tokens in the IdM category had the largest returns in both Q2 and H1 2019.
CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceNeblio, an enterprise blockchain platform focussed on simplifying blockchain technology for business, announced it will work with Chainlink to integrate Chainlink’s decentralized oracle network.
The virtual asset industry is a large playing field which includes thousands of cryptos, with each one of them trying to establish their proficiency in the market. Bitcoin might be the dominant player in the system, but on the development front, there are certain lesser-known altcoins that have been making huge strides in their respective […]
The post ChainLink leads altcoin market surge; records 900% growth since May appeared first on AMBCrypto.
The bitcoin price is up 234 percent since January, even despite Wednesday’s drop. But while mainstream media scramble to explain bitcoin’s rise, one cryptocurrency has quietly outperformed every digital asset in the top 25.
The latest addition on Coinbase Pro is Chainlink (LINK). The US-based exchange announced support for the digital asset on June 26. Inbound transfers for LINK are now available in the regions where trading is supported.
BitTorrent Analysis It is typically considered an extremely bearish sign when an asset fails to increase despite the market for the asset class recording significant price increases. This has been the case in both BitTorrent and Chainlink which have been failing to record strong price performances despite the cryptocurrency market recording its strongest price action […]
Bearish Price Action From BitTorrent and Chainlink [Price Analysis] was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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Synthetix, a decentralized synthetic asset exchange, today announced that it is working with Chainlink, a leading oracle network, to enable decentralized price feeds across the Synthetix trading platform.
Seven cryptocurrencies performed way better than Bitcoin during January’s market volatility. HOT, the native token of Holochain project, surprised the cryptocurrency community with a 178% price surge.
Chainlink (LINK), the oracle network powering smart contracts across the crypto landscape, is making waves with a recent surge in whale activity. Data reveals $216 million worth of LINK tokens withdrawn from the Binance exchange by a staggering 83 separate wallets, sending the token price on a parabolic trajectory.
On-chain data shows that a Chainlink signal that last preceded a 31% rally for the asset’s price has just reversed. Chainlink Age Consumed Metric Has Observed A Sharp Spike Recently According to data from the on-chain analytics firm Santiment, LINK has recently seen a significant movement from old coins.
Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark. On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone.
An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.
The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart. Chainlink Has Registered Some Drawdown In The Past 24 Hours Just during the weekend, Chainlink had been floating above the $16 mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown.
