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 $4.38 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 $4.90. 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 $4.80 before it pullback to test a support level near $4.10. Or, traders could withdraw their positions pre-maturely and crash the price below the said support – towards $3.54. origin »
Crypto experts are buzzing about a potential game-changer in the digital currency market. While Chainlink receives high praise as a golden chance, a hidden gem is gaining attention for its astonishing growth prospects.
Chainlink is a crypto project that has been hitting the headlines of late. The crypto recently surged by a huge margin before slowing down to trade at around $18. At the moment, Chainlink is number 5 on the chart according to CoinMarketCap.
Over the past few weeks, crypto investors have largely focused their efforts and attention on a select set of players. These include Cardano and Chainlink — two altcoins near the top of the leaderboards that have gained hundreds of percent in mere months.
ChainLink (LINK) is one of the few tokens to have actually gained in value over the past six months, making it one of the best performing cryptocurrencies. Statistics collected by CryptoCompare, a cryptocurrency price site, show that LINK’s market value increased by 136% from $0.
Today, Wednesday the 9th of January 2019, found several of the top 100 cryptocurrencies in the green as reported by Coinmarketcap. com. The King of Crypto – Bitcoin (BTC) – is currently trading at $4,059 and up 1% in the last 24 hours.
Exciting Partnership Announcement Between Brave New Coin And Chainlink Brave New Coin, the blockchain market data and enterprise solutions firm, has announced a new collaboration with the decentralized oracle network, Chainlink.
CryptoNinjas
Brave New Coin (BNC), a provider of high-value cryptocurrency market data, has announced today a partnership with Chainlink, a decentralized oracle network that connects smart contracts with real-world data.
The carnage we experienced yesterday prompted an exodus of the “weak hands” and confessions about capitulations dominated the narrative in crypto communities. However, one project defied the bear assault and is the rear green spot when you look the weekly chart.
Most people have started gaining interest in ChainLink`s (LINK) dominance in the market with partnership booming around it. LINK is one of the best Oracle service providers that aims at providing a secure connectivity between smart contracts and real-world business data.
With the market’s value jumping all over the place and there being plenty of opportunity for investors, let’s look at some of the coins to look at this month. ADA The co-founder of Etherum, Charles Hoskinson set up this blockchain project a few years ago under the name Cardano.
FOMO Moments Markets are stagnant this Thursday; FunFair and Chainlink rising, Maker and Monacoin falling. There has been very little market movement over the past 24 hours. The good news is that the movement that has happened has been positive and markets have just crept back above $200 billion total capitalization.
Bithumb and Binance have announced listings of new coins, with Bithumb stating that Waves (WAVES) and ChainLink (LINK) will be joining its ranks, while Binance is adding BNB trading pair for TRON (TRX).
Two blockchain tokens, LINK and WAVES have seen a huge boost over the last 24 hours after an announcement from Bithumb that suggests the pair will be listed on the exchange sometime during the next week.
FOMO Moments Markets have recovered slightly; XRP, Cardano, Tron and Chainlink on a roll. Crypto markets have recovered slightly following yesterday’s ten billion dollar dump. Total capitalization has inched slowly back towards $200 billion and is about to break it.
The South Korean crypto exchange will add the two coins next week, with the support announcement triggering a significant price increase for WAVES and LINK on Wednesday morning.
FOMO Moments Markets are flat this morning with few coins moving; ChainLink doing well but Aelf, TenX and Bitcoin Gold suffering. As we start another working week crypto land remains flat after a weekend of inactivity across the markets.
Crypto land is still in the green, Stellar, ChainLink, Stratis and Komodo making good gains. The correction has not happened yet and markets are still creeping higher. Only Bitcoin and a couple of altcoins seem to be the beneficiaries however.