Chainlink has seen some immense bullishness throughout the past two years, but its strong market structure dates back even further
In spite of the crypto’s ongoing upswing that has led it past $4.00, analysts are still cautious about where it may go next
One trader is even noting that he believes it will soon invalidate a key growth curve that has been pivotal to its multi-year uptrend
Chainlink’s immense bullishness seen throughout 2019 and 2020 has allowed it to recently set fresh all-time highs. Although it has underperformed against Bitcoin throughout the past several weeks, it is now moving to gain ground against the benchmark crypto.
Analysts are noting that this immense parabolic ascent seen in recent times has been guided by a growth curve formed over a three-year period.
It is now nearing the end of this curve and is even risking invalidation as it still flashes some signs of weakness against its Bitcoin trading pair.
If it is able to thwart this potential market structure invalidation, however, it could be poised to see major upside.
Chainlink Gains Against USD But Still Flashes Signs of Weakness Against Bitcoin
Chainlink has been able to post a notable overnight upswing that has allowed it to gain ground against both Bitcoin and the USD.
At the time of writing, the crypto is trading up just under 6% at its current price of $4.09, while trading up 5% against BTC.
The growth seen today marks an extension of the uptrend seen throughout the past four days.
This momentum has allowed Chainlink to climb from lows of $3.60 to highs of $4.10. It does appear to be facing some resistance at its current price level.
In spite of this, investors are still optimistic about where the crypto trends next, with one analyst noting that a hold above support at $4.00 could be enough to spark a movement up to $4.90 – around where its all-time highs are established.
“Holding the $4 level as support and I see continuation towards $4.60-4.90 as likely.”
Image Courtesy of Crypto Michael
Here’s Why It’s Too Early to Forecast Another Parabolic Rise
In spite of it flashing signs of strength presently, analysts are noting that it is still at grave risk of invalidating its macro market structure.
Another pseudonymous trader spoke about this, explaining that the parabolic growth curve is beginning to run out of room, signaling that the crypto could soon lose its momentum.
“LINK: Wouldn’t rush into a trade here. 3 Year parabolic advance potentially ending however still bullish imo as long as 33k sats holds. Losing that would end the 3 years of bullish macro structure.”
Image Courtesy of Pentoshi
How it trends in the weeks ahead should provide vital insights into just how much longer its macro strength can last for.
Featured image from Shutterstock. origin »
Ethereum’s immense weakness in recent times may not last for too much longer, as one technical structure suggests the cryptocurrency could be poised to rally higher One analyst is even noting that the crypto could surge up to highs of $750 if this structure plays out This comes as data shows that investors on cryptocurrency exchange platform Bitfinex may have been heavily accumulating ETH throughout the past several months Ethereum’s immense weakness seen throughout the […]
Recent times have seen traditional financial companies hedging their bets or even fully leveraging blockchain technology. The application and acquisition of patents is how gargantuan companies truly show their fascination in a particular field, and Visa continues to break ground, now having filed a patent application in the blockchain space, one for developing a digital […]
After weeks of bullish price action, Bitcoin finally topped $10,000 today, rallying as high as $10,100 on the back of an influx of buying pressure. Many say that this recent move sets the stage for even greater growth, but a trader recently argued that BTC printed a “perfected” sell setup. The setup was the exact...
Bitcoin’s recent recovery from its mid-March lows has allowed it to outperform gold and virtually all major markets this year This strength has even allowed it to see over twice the returns that gold has seen – boosting the “digital gold” narrative that was popularized in 2019 One prominent investor isn’t impressed with BTC’s performance, however, and believes that the risk-reward ratio still makes it a bad investment Bitcoin has seen some extraordinary price action […]
Since the blow-off top at $3. 30 seen at the start of 2018, XRP has been in a consistent macro downtrend. Even as Bitcoin and other cryptocurrencies roared higher in mini bull markets, the cryptocurrency’s price has been muted, trending lower and lower over time with seemingly no bottom to speak of.
The stock market’s striking correlation to Bitcoin throughout the past few months still appears to be holding strong, even despite Bitcoin’s intense rally seen over the past couple of days. It now appears that this correlation could once again prove to be highly negative for the benchmark cryptocurrency, as some major components of the market...
It’s no secret that XRP has been one of the worst-performing cryptocurrencies throughout both 2019 and even 2020, incurring a significant 40 percent loss against USD last year while failing to catch the full momentum seen by its peers in the early part of 2020.
Grayscale Investments claims to have purchased almost half of all of the Ethereum mined so far in 2020. The asset management firm has seen a considerable spike in institutional investment — some even willing to buy into the trust at a hefty premium.
A popular sentiment that has developed over the past few days is that XRP, the third-largest crypto by market capitalization, is poised to explode higher. Top altcoins, after all, have seen strong performances over the past few weeks, with Ethereum, especially, starting to post notable gains against Bitcoin.
The aggregated cryptocurrency market has firmly entered a bout of sideways trading over the past couple of days, which has come about in the time following the market’s recent upswing seen earlier this week that allowed XRP and other altcoins to gain some decent momentum.
Bitcoin and the rest of the crypto market – even traditional equities markets and precious metals – have been suffering through one of the worst selloffs the world has ever seen in the face of a global pandemic.
Yesterday has been a day that turned out to be brutal even for the hardcore believers and HODlers. Bitcoin was in free fall as the price tanked to $3,850, the new 2020 low last seen in early March 2019.
Despite the slight recovery seen over the past few days, analysts still fear that Bitcoin is on a trajectory that will see its price correct even further than it already has. In fact, Related Reading: Crypto Tidbits: India Makes Watershed Ruling On Bitcoin, Elon Musk Bumps Dogecoin, Ethereum Founder Supports Twitter CEO Some, however, aren’t...
In the past year, Huobi has dramatically expanded its central cold wallet. Especially the Chinese crypto exchange’s Bitcoin holdings have seen a substantial appreciation. Huobi’s Influence Grows as More Bitcoin, USDT Funds Flow into the Exchange The influence of Huobi cannot be underestimated, but also the fact that the exchange became the biggest Bitcoin (BTC) “whale”, surpassing even the Bitfinex cold wallet.
Ever since Bitcoin shot over 1,000% higher in 2017 to hit $20,000 — a price point that was once seen as relatively unobtainable by even some of the cryptocurrency’s most dedicated bulls — analysts have been waiting for the asset to “moon” once again.
Bitcoin’s unprecedented flash crash seen earlier this week has not proved to be as bearish as it was initially thought to be, as the crypto has now been able to find some solid support within the mid-$9,000 region and has even begun inching higher.
The ongoing rally seen amongst major cryptos has allowed XRP to break past the key resistance it was previously facing around $0. 33, with its movement past this level leading analysts to grow even more bullish on the cryptocurrency than they were before.
Major developments within the company and an array of new projects and partnerships have put Cardano (ADA) among the top 10 coins by market cap. However, even with a 70 percent YTD rise and a 62 percent 30-day growth, the coin’s growth pales in comparison with the pumps both BSV and BCH have seen.
The Bitcoin network has seen its first stale block event since October 2019 resulting in a $3 double spend. With mining difficulty at an all-time high (ATH) and hash rate distributed among major players, Bitcoin mining is even now more competitive than ever.
The recent gains seen by Bitcoin and the aggregated crypto market have been massive by most standards but have not even come close to comparing with the parabolic rally incurred by the controversial Bitcoin Cash hard fork Bitcoin SV (BSV).
Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream. BTC broke $10,000 when it was not even expected to move above $1,000. Bitcoin Price Easily Revisits $10,000, Seen as First “Moon” Level BTC went on to revisit the $10,000 level with ease a few times.
With the announcement of the proposed Libra digital currency in 2019, even skeptical officials were forced to accept that crypto assets are here to stay. Stablecoins are seen as a priority for 2020, with national and global regulators publishing a variety of stablecoin research across the last 12 months.
Bitcoin’s precipitous drop to $6,600 seen last month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
Bitcoin price may be falling once again into a downtrend and is at risk of revisiting bear market lows not seen since earlier this year. However, even targets of $50,000 to as much as $100,000 forecasted by Bitcoin’s highly-cited stock-to-flow model may be considered “tame” or “conservative” according to one respected crypto analyst.
We are almost in the middle of December and Bitcoin continues to trade above $7,000 level. We haven’t dropped below this level, not even once but it’s to be seen what will happen to BTC price once this accumulation phase is over.
The future of finance is evolving and Ethereum based DeFi is at the forefront of it. This year has seen explosive growth in decentralized finance despite bearish crypto asset performance. 2020 is set to be even bigger with bold predictions of where DeFi will go next.
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life.
Recently on Twitter, a discussion began as to why this year hasn’t seen broader adoption of Bitcoin’s Lightning Network. Based on metrics, it appears that growth has plateaued for much of 2019.
Singapore has always been seen as a hub of digital finance. Many of the world’s major blockchain and crypto conferences are held there and a lot of the region’s exchanges have chosen the island nation for its welcoming climes.
Maker has a bullish short-term and medium-term trading outlook The four-hour time frame shows a large inverted head and shoulders pattern The daily time frame shows an even larger inverted head and shoulders pattern Maker has seen a rapid change to its short and medium-term trading status, with the cryptocurrency adding over 25% to its […]
The post Maker Price Analysis MKR / USD: Positive Dynamics appeared first on Crypto Briefing.
This year has seen a string of cryptocurrency scams tied to high profile persons, most of whom aren’t even necessarily in the digital assets space. The latest big-name victim happens to be Marc Merrill, the founder of Riot Games, who got his identity and credit card stolen, which was then used to purchase cloud computing […]
The post Cryptocurrency and Identity Theft Scam Hits Riot Games Founder appeared first on BeInCrypto.
The cryptocurrency industry has seen many nefarious individuals. Aziz Com Mirza falls into this category. The self-professed serial entrepreneur has been arrested in Dubai for creating a fictitious cryptocurrency, among other things.
There have been reports that cryptocurrency exchanges in China will soon be legal and regulated. A leak of one of the issued licenses circulated online today. Chinese blockchain enthusiast Crypto Even (@Crypto_Even) released a screenshot of a Chinese state license for a cryptocurrency trading service.
Ethereum, the second-largest cryptocurrency by market cap has seen a decline in price since July, and even though it did make some ground in mid-September, it could not hold its position and the price declined further.
Capcom might be looking to revive some of the older franchises it hasn’t touched in a while. Gamers are happy to give them ideas because they’re nothing if not wildly nostagic — even if some of these franchises have gone decades without signs of life.
Not exactly unfamiliar with recurring setbacks, Libra, Facebook’s maiden venture into the cryptocurrency space seems to have hit yet another roadblock. In fact, the repercussions from this new setback could be even existential — or so it seems if we go by the content of a new G7 report, as seen by BBC.
Just when I was afraid my week would pass me by without something odd happening, I discover Twitch’s latest streamer is none other than US President Donald Trump. And you’d better believe I followed his channel as soon as I saw it existed.
CoinMarketCap Daily Newsletter Your daily newsletter for 9 October, 2019 Feel “The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart.” – Helen Keller Happy Wednesday, dear CoinMarketCap-ers! […]
The post Right in the feels appeared first on CoinMarketCap.
Year in Review Even though the price dropped almost 90 percent, Ethereum was still one of the most active and vivacious projects in 2018 as it has seen increase in developer interest, expansion of the developer pool, incremented growth of useful dApps regulatory certainty, and institutional interest indicating that Ethereum is anything but dead.
Over the past few months, an odd trend has been seen: the Ethereum blockchain itself has started to gain traction, even as ETH’s price fell, with there being a large uptick in transaction volumes and...
The last decade has seen central banks print trillions of dollars, governments grown much larger, wars continue with no end, and ordinary citizens taxed even more. Thankfully there are individuals and small pockets of people all around the world who believe something is wrong.
Something extremely rare is occurring, something we have not seen for two years. Ethereum is rising, while bitcoin is either not moving or even falling. This state of affairs used...
The post Ethereum Up, Bitcoin Down, Why? appeared first on Trustnodes.
If you think that virtual reality is something that relates exclusively to the field of games and entertainment, then you are deeply mistaken. Goldman Sachs predicts that by 2025, the VR industry will grow up to $ 80 billion.
Litecoin block reward halving commenced on 5 August. However, contrary to the hype around it, the prices failed to pump or show any tremendous rise. As per data from BitInfoCharts, the hashrate on Litecoin’s network has instead decreased dramatically by 33% since the halving.
The recent market upswing took many investors into the bullish side once again. Even though the surge was seen across the entire industry, most altcoins lost the value they gained yesterday. This technical analysis will evaluate whether Binance Coin, TRON, or Chainlink have a chance to continue rising.
The practice of adding popular brand names to the name of a startup is a method used to attract clients to a business. The blockchain industry has seen this practice several times over with startups adding popular words such as Bitcoin and Blockchain to their names in a bid to lure customers. Some startups even […]
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.
