Chainlink has been one of the best-performing crypto assets of the past few weeks and months. Since the lows under $2 seen in March, the asset has more than quadrupled, trading as high as $9.00 earlier this week.
The asset’s strong performance comes on the back of an influx of fundamental developments.
For instance, China’s Blockchain Service Network (BSN) revealed in June that it will be using Chainlink technology.
“This integration of Chainlink provides BSN users additional security, reliability, and interconnectivity to help fuel even greater growth and adoption of blockchain applications in China and around the world.”
The Blockchain Service Network is a state-sponsored blockchain initiative that involves government departments, banks, and technology companies based in China.
Despite this strong performance, not everyone is convinced Chainlink can continue its extremely strong rally over the past few months.
Chainlink Is Primed to See a Correction, Signal Technicals
According to a chart shared by a technical analysis Telegram channel, Chainlink just printed a “Sell Quasi 9” per the Tom Demark Sequential. The Tom Demark Sequential is a technical indicator that prints “9” and “13” candles at inflection points in an asset’s trend.
This latest signal suggests that the popular altcoin may soon see a retracement after rallying hundreds of percent.
Chart of LINK vs. USDT from a Telegram group tracking Tom Demark Sequential signals. Chart from TradingView.com
This sentiment has been echoed by others, who pointed to other technical signals suggesting such.
One trader noted on July 16th that bearish divergences have formed while the TD Sequential printed a few normal “9” candles for Chainlink. Another trader, Josh Olszewicz, added that with Chainlink’s RSI at an all-time high while the price nears two key resistances, a pullback is possible.
A Scathing Report
In a similar vein of news, a fund called Zeus Capital released a report on Chainlink, distributing it on Twitter and through email to members of the industry.
Zeus Capital’s Twitter account was restricted by Twitter and the website was just created months ago. There are also no public personal profiles (Linkedin, Twitter, etc.) attached to the operators of the firm.
Despite this, the report outlined a case for LINK to fall to $0.07, meaning a 99% drop from current levels.
“The report diligently proves the point that the sole purpose of LINK is to enrich Chainlink’s development team instead of being a vital unit of exchange in a next generation infrastracture for data transfer. Behind the shiny facade of the miltibillion dollar project we have exposed signs of absolute lack of interest in building the technology, team that is incapable on delivering what is currently reflected in token’s market capitalziation and a series of market manipulations and plain lies targeting naive investors.”
The report has since been removed/taken down on DocSend, where it was originally shared.
Featured Image from Shutterstock
Price tags: linkusd, linkbtc
Charts from TradingView.com
Chainlink (LINK) May See a Major Crash as Textbook Bear Signal Flashes origin »
The crypto fear and greed index finally entered the 'greed' zone after over four months. Hence, Chainlink saw a jump above its 20/50/200 EMA while depicting an overbought position on its near-term tecThe post Terra, Chainlink, Ethereum Classic Price Analysis: 28 March appeared first on AMBCrypto.
Chainlink moved back above the $13.4 level, but it appeared that there were no strong buyers in the $13 area for LINK. This indicated that, despite the move to the upside in recent hours, the longer-tThe post Chainlink, Avalanche, The Graph Price Analysis: 16 March appeared first on AMBCrypto.
The Chainlink market has been largely unaffected by the vast volatility impacting the altcoins and Bitcoin market. This could possibly be due to the reduced correlation between BTC and LINK. However, The post Chainlink Price Analysis: 20 March appeared first on AMBCrypto.
Chainlink's brief recovery above $28.5 support was quickly negated by the sellers, who targeted the aforementioned level at the time of writing. ATOM threatened to break lower from $18.7 support, whilThe post Chainlink, Cosmos, Zcash Price Analysis: 14 March appeared first on AMBCrypto.
The altcoin market showed that market bears were in the ascendancy over the past week, with the same likely to continue over the next few days. Chainlink approached an area of demand at $25, while SynThe post Chainlink, Synthetix, Verge Price Analysis: 05 March appeared first on AMBCrypto.
Shunning Bitcoin’s lack of trend, altcoins have seen extreme volatility over recent weeks. Take the example of Chainlink (LINK), a community-favorite altcoin that is up by around 450% since the March lows.
The Chainlink (LINK) price has been rallying since March 13. On July 6, the price broke out from its previous all-time high and has been moving upwards at an accelerated rate. Current Move The LINK price has been increasing since it reached a bottom on March 13.
While other cryptocurrencies have enjoyed a swift rebound from the March lows, the price of XRP remains in the doldrums. Crypto-assets like Cosmos (ATOM), Chainlink (LINK), and Cardano (ADA) have registered significant gains in the past few weeks.
Technicals for the LINK/USD market have remained in bullish territory since a March drop, with the Chainlink price holding well above both the 100-day exponential moving average and the twelve-hour Ichimoku Cloud.
Technicals for the LINK/USD have returned to bullish territory since the March drop, with price holding well above both the 100-day EMA and the twelve-hour Cloud.
On March 4, the Chainlink (LINK) price reached an all-time high of $4. 97. However, the price has been decreasing since. The decrease was very swift, and the price reached a low of $1. 36 the next week.
Like other cryptocurrencies, Chainlink has embarked on a stunning recovery over the weeks since March’s capitulation event on Mar. 12th. From the 2020 lows at $1. 50, LINK has gained a jaw-dropping 158 percent, rallying from those levels to a high just shy of $4.
An altcoin’s correlation to Bitcoin, the world’s largest cryptocurrency, can be both a boon or a bane. While the case of 12 March was a definite bane for the larger crypto-market, Bitcoin’s receThe post Chainlink, Ethereum lead altcoin recovery effort as BAT stalls appeared first on AMBCrypto.
Chainlink has made quite a stir in the cryptocurrency world. Its native token, LINK, has been one of the best performing crypto-assets in 2020. In fact, LINK hit an all-time high on 4 March after the The post Chainlink's retail investors gain traction as whale concentration falls appeared first on AMBCrypto.
The market crash on March 12 turned the spotlight on altcoins; coins like BAT, Cardano, OKB have recovered faster than BTC. However, some coins like ChainLink and SNX are witnessing downward breakoutsThe post BAT gears up for bullish ride; Link and Synthetix trend downwards appeared first on AMBCrypto.
Several consolidations have driven the altcoins to climb higher following the heavy losses sustained during the market crash on the fateful day of 12th March. But the persistent bearish pressure appeaThe post Synthetix, ZCash, Chainlink price: altcoins meander in uncertainty appeared first on AMBCrypto.
2020 proved to be the year that reiterated the volatile nature of cryptocurrencies. While most coins got off to a great start at the beginning of the year, March broke that narrative, with most of theThe post Tezos, Chainlink, IOTA surge as altcoins see reversal in fortunes appeared first on AMBCrypto.
The LINK price has twice reached a high near $4. 9, on Feb. 19 and March 4. Both times, it failed to break out above it and a decrease with a similar magnitude followed. Chainlink (LINK) Price Highlights The price is trading inside an ascending channel.
Ethereum whales are in the news again after data suggested that these parties were accumulating in the first week of March. In fact, according to blockchain data analysis firm Santiment, the top holdeThe post Ethereum, Chainlink whales' accumulation patterns differ amidst market uncertainty appeared first on AMBCrypto.
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.
