Although the entire crypto market, Bitcoin included, has posted stellar gains since December’s bottom, some digital assets have been performing better than others.
One such altcoin is Chainlink (LINK) — a prominent blockchain project linking off-chain data to platforms like Ethereum. This crypto has gained a jaw-dropping 200% since the December bottom that was established near $1.60, rallying as high as $5.00 just the other day.
Although this is already a stellar performance, especially considering that the S&P 500, commodities, and other leading signs of traditional market strength have tanked, LINK is purportedly preparing to rally even higher, on-chain data from a leading industry firm suggests.
Top Crypto LINK Has Room to Rally: Santiment Suggests
A user going by “Garry” on cryptocurrency analytics platform Santiment released an extensive analysis on LINK on Friday, providing a confluence of reasons why the crypto-asset could have room to decisively rally past $5.00 in the coming weeks. Some of these reasons are as follows:
Both “LINK” and “Chainlink” have appeared near the top of Santiment’s Emerging Trends tracker, suggesting the cryptocurrency is rapidly gaining popularity. This is important because a similar spike in social volume last happened in February, prior to the crypto breaking even higher than the previous all-time high.
The count of daily active addresses transacting LINK recently hit a multi-month higher, though this metric started to trend lower. Although seemingly bearish, Garry wrote that this is a sign that this is “similar [to the previous all-time high], [so the] trend of the crypto may continue building new tops.”
The cumulative balance of Chainlink’s whales (non-exchange addresses) has continued to trend higher and higher, suggesting rapid accumulation, implying investors in the cryptocurrency expect the asset’s rally to continue.
#Chainlink once again broke an all-time high yesterday, hitting $4.89! Onchain tx. volume, daily active addresses, and % active coins were all showing signs of bullishness, and it was great to see things come to fruition for $LINK holders. Read our latest!https://t.co/9qpExWObma pic.twitter.com/e40pYVXUPc
— Santiment (@santimentfeed) March 7, 2020
While there are these signs, Satoshi Flipper has suggested that Bitcoin falling under $9,000 in the coming days could jeopardize the current advantageous position of the crypto. Also, the aforementioned Santiment analysis provided its fair share of potential signs of a medium-term bearish reversal.
Chainlink’s Strong Fundamental Trend
Although much of LINK’s recent rally seems to be based on momentum (hype), the underlying project, Chainlink, has seen a series of positive developments over the past few months.
Just recently, Ethereum-centric sports tokenization startup Chiliz revealed a partnership with Chainlink; this move sees the former crypto company use Chainlink’s technology to activate certain smart contract functions based on real-world data. This news is big because Chiliz has made major deals with football clubs, namely FC Barcelona, Juventus, and A.S. Roma.
Stretching further back in time, Google Cloud, the firm’s cloud computing services platform, released an article titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”.
In this article, the company mentioned the importance of Chainlink, with Google adding that it has integrated the project, allowing for Ethereum smart contracts and crypto assets to interact with BigQuery, Google’s data analyzer and portal.
Featured Image from Shutterstock origin »
Bitcoin bottom has been the topic of discussion ever since the leading cryptocurrency dropped down from its peak of about $20,000 in December 2017 and to the lowest yearly point of 2018 in December at about $3,200.
At the time of writing, Bitcoin has been trading at $3,600 with 24-hours gains of 0. 42 percent. The $63 billion market cap cryptocurrency has been on a prolonged bear market after hitting $20,000 in December 2017.
Following last Friday’s drop, bitcoin has found itself coiled, once again, at the bottom of the range it established back in December. With the current market unable to close a new high, the market finds itself in a precarious position:Figure 1: BTC-USD, Daily Candles, Range Support TestThe blue support level shown above illustrates the boundary of the multi-week range bitcoin has been bound by.
Cryptocurrency markets have been on a rise since last week, gaining over $40 billion in market capitalization. Ethereum has nearly doubled in price from its previous level of $80, currently trading at $147.
A look at the Weekly chart for IOTA in logarithmic form shows that price broke the $0. 4 level of support and fell to $0. 2, a drop of 95% from the January high, forming a bottom in early December.
It has been a tough year for Bitcoin, however there is a light at the end of the tunnel as the recent drop could be the bottom for the crypto. After hitting the yearly low of $3193 on December 15th, the market rebounded sharply and has been on a bullish rise ever since.
CoinSpeaker
Bitcoin SV Price Analysis: BSV/USD Trends of December 12–18
“Double bottom” pattern was formed as it is clearly seen on the chart which indicates that BSV price may hit $92 price level in which if the level is broken the coin may have its high at $96 price level.
The month of December started out better than November but it is now turning out to be every bit a cryptocurrencies holder’s worst nightmare as November. Today, major coins have taken a dramatic drop with most coins losing 10% to 20% of their value.
While the price of bitcoin has nearly hit rock bottom from its $20,000 all-time-high of 2017, the bloodbath has not deterred bad actors from carrying out cryptojacking attacks. According to a Digital Trends report on December 4, 2018, rogue actors have installed crypto mining malware on 415,000 MikroTik routers globally.
Binance just offered its users an in-depth sneak peek of its forthcoming decentralized exchange (DEX). Announced in March of 2018, the decentralized exchange will be built on Binance’s own Binance chain, the soon-to-be base layer for BNB, Binance’s trading currency that is currently an ERC-20 token.
Binance just offered its users an in-depth sneak peek of its forthcoming decentralized exchange (DEX). Announced in March of 2018, the decentralized exchange will be built on Binance’s own Binance chain, the soon-to-be base layer for BNB, Binance’s trading currency that is currently an ERC-20 token.
DECEMBER 7th 2018 1:00 PM Central TimeThis week we have a LIVE interview with the Founder and CEO of MasterNodesPro Jason Sponaugle. This interview will be conducted by The Melchionda Network live on YouTube.
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The post Weekly price analysis: prices decline on risk-off sentiments appeared first on CoinJournal.
Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
