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Chainlink (LINK) Daily New Addresses Surge as Exchange Reserves Plummet

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Chainlink (LINK) continues to show huge promise in 2021, as key metrics released by Santiment on March 21, 2021, points out that the total number of daily new LINK addresses has maintained its high rate this year, while its ratio of supply on centralized exchanges is down by 14.6 percent.

ChainLink (LINK) Aiming for the Moon 

As the global crypto market continues the bull run that began in late 2020, with bitcoin and a good number of altcoins generating massive gains for hodlers, Chainlink (LINK) has emerged as one of the winners so far.

According to data released by Santiment, a cryptocurrency behaviour analytics platform, the total number of new Chainlink addresses created on the network has continued to increase since the beginning of the year. The team has also revealed that the ratio of $LINK token supply on centralized exchanges has crashed to an impressive 14.6 percent, a level last witnessed in July 2019.

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What’s more, data available on the Santiment platform also points out that since the completion of the ChainLink initial coin offering (ICO) in September 2017, when it offered $LINK to investors at the rate of $0.11 per token or 0.000385 ETH, the digital currency has generated an ROI of 321.30 percent for its early adopters.

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ChainLink Predicted to Keep Rising 

At the time of filing this report, ChainLink is the 10th-largest distributed ledger technology (DLT) platform in the world.

The price of Chainlink (LINK) is hovering around $28.98, with a market capitalization of $12.52 billion. However, some ChainLink “Marines,” as hodlers of the altcoin call themselves, have predicted that the launch of LINK staking which may go live before the end of this year, will send the price of the token to the moon.

While ChainLink’s on-chain metrics remain quite impressive, the project has also gained its fair share of adoption in recent times and the trend is expected to continue, as ChainLink keeps delivering on its promises of providing accurate real-world data to smart contracts.

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As reported by BTCManager on March 17, 2021, Grayscale, a leading cryptocurrency investment platform with over $30 billion in assets under management (AUM), unveiled trust for ChainLink (LINK) and a few altcoins, including Brave’s Basic Attention Token (BAT).

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Chainlink

Chainlink price faces minor sell-off before resuming uptrend

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  • Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top.
  • LINK is headed lower to retest critical support levels as the bears target $28.61 next.
  • The token may fall toward the lower boundary of the parallel channel as the bulls catch their breath. 

Chainlink price faced stiff resistance at $31.26 as it reached the topside trend line of the prevailing chart pattern and is headed lower as the bulls lose strength. LINK could be headed for a minor sell-off as a critical technical level suggests the token has reached its local top.

Chainlink price dips after facing stiff hurdle

Chainlink price is sliding lower after it tagged the upper boundary of the ascending parallel channel on the 12-hour chart. The Momentum Reversal Indicator (MRI) flashed a top signal at this critical point, suggesting that LINK has just recorded its local top, prompting a sharp reversal.

Although the prevailing chart pattern gives the impression that Chainlink price is headed higher, LINK may need to retest crucial levels of support before resuming its uptrend. The first line of defense for the token is at the 50% Fibonacci retracement level at $28.61. 

Additional support may emerge at the middle boundary of the parallel channel at $28.26 before Chainlink price drops toward the 21 twelve-hour Simple Moving Average (SMA) at $27.66. A spike in selling pressure may see LINK fall toward the following foothold at $26.76, where the 50 and 100 twelve-hour SMAs and 38.2% Fibonacci retracement levels converge. 

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LINKUSDT

LINK/USDT 12-hour chart

Adding credence to the strength of the aforementioned line of defense is IntotheBlock’s In/Out of the Money Around Price model that indicates that the largest cluster of support of 33,330 addresses purchased 43.53 million LINK at $26.99.

LINK IOMAP

LINK IOMAP

However, should Chainlink price see a surge in sell orders, LINK could slide even further, tagging the 200 twelve-hour SMA, which coincides with the lower boundary of the governing technical pattern at $25.11.

On the flip side, if buying pressure increases, LINK would still need to conquer its first hurdle at the 61.8% Fibonacci retracement level at $30.46 before aiming higher toward the upper boundary of the parallel channel at $31.28, where the MRI presents a resistance line. If the bulls manage to slice above the aforementioned obstacle, Chainlink price could target $33.09 next, at the 78.6% Fibonacci retracement level, to set a higher high. 

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Chainlink price analysis: LINK rejected at $31, after a successful bullish episode

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  • Chainlink price analysis is bearish today.
  • Support for LINK/USD is present at $28.6.
  • The nearest resistance for LINK is found at $34.8.

The Chainlink price analysis is bearish today, as the LINK/USD got a rejection at $31.4 following a successful bullish swing. Selling pressure is high up to the $31 range, and LINK must get enough consolidation to push through this resistance for further rise. LINK is still trading below the level of the 7th September flash crash, and if it breaks above this current resistance level then, the next target will be $34.8 for LINK bulls.

Overall the LINK observed a good improvement in price during the past week when the price improved from $25 to as high as $31.4, which is a significant change for the crypto pair.

LINK/USD 1-day price chart: LINK steps down to $30

The 24-hour Chainlink price analysis shows the price has reduced from $31.4 to $30.3, as the LINK/USD pair is trading hands at the later value at the time of writing. However, due to a sharp increase in price yesterday, LINK still reports a gain in value by 2.06 percent over the past 24 hours, and a gain of more than 11 percent over the past week, due to the aggressively bullish trend for the entire week. The market cap also went up by 4.4 percent as the trading volume surged by 25.8 percent, providing a market dominance of 0.55 percent to the LINK/USD pair.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is again on the increase for LINK/USD as the Bollinger band took on to divergence with the upper band at the $30.2 mark, currently representing support for LINK as the price still trades above the upper limit of the indicator, and the lower band at $23.8, forming an average at $27.9.

The relative strength index (RSI) has fallen sharply today and is on a downwards slope at index 61. The indicator is showing an overwhelming selling activity going on in the market. However, the RSI is still neutral but hints at the current bearish situation.

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Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the LINK price has been falling consistently today, and the first four hours observed the major part of the decline. However, the fall has slowed down in the preceding hours, and less downside has been seen in the last few hours, as the price came near the support zone of $30.02.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart, but the Bollinger bands are on an upwards breakout, with the upper band at $31.6 and the lower band at $27.2. The price has also steeped below the moving average, which is found at the $30.4 mark, which is a bearish crossover. The RSI is again taking a horizontal curve after coming down to index 61, which shows the support factor coming into play.

Overall technical indicators are on the bullish side due to the past bullish week, and still, there are chances for recovery. Around 14 technical indicators support the bullish side, and only five technical indicators support the bearish side, out of a total of 26 technical indicators available, thus further authenticating the negative price movement in a bullish horizon.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the crypto pair is correcting today after a successful bullish trend. The technical indicators still suggest a further bulls rally to be observed in the coming days, but for intraday traders, the price has come down, but a slight recovery is also not out of the question if the support of $30.02 persists.

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Chainlink price analysis: LINK rejected at $31, after a successful bullish episode

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  • Chainlink price analysis is bearish today.
  • Support for LINK/USD is present at $28.6.
  • The nearest resistance for LINK is found at $34.8.

The Chainlink price analysis is bearish today, as the LINK/USD got a rejection at $31.4 following a successful bullish swing. Selling pressure is high up to the $31 range, and LINK must get enough consolidation to push through this resistance for further rise. LINK is still trading below the level of the 7th September flash crash, and if it breaks above this current resistance level then, the next target will be $34.8 for LINK bulls.

Overall the LINK observed a good improvement in price during the past week when the price improved from $25 to as high as $31.4, which is a significant change for the crypto pair.

LINK/USD 1-day price chart: LINK steps down to $30

The 24-hour Chainlink price analysis shows the price has reduced from $31.4 to $30.3, as the LINK/USD pair is trading hands at the later value at the time of writing. However, due to a sharp increase in price yesterday, LINK still reports a gain in value by 2.06 percent over the past 24 hours, and a gain of more than 11 percent over the past week, due to the aggressively bullish trend for the entire week. The market cap also went up by 4.4 percent as the trading volume surged by 25.8 percent, providing a market dominance of 0.55 percent to the LINK/USD pair.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is again on the increase for LINK/USD as the Bollinger band took on to divergence with the upper band at the $30.2 mark, currently representing support for LINK as the price still trades above the upper limit of the indicator, and the lower band at $23.8, forming an average at $27.9.

The relative strength index (RSI) has fallen sharply today and is on a downwards slope at index 61. The indicator is showing an overwhelming selling activity going on in the market. However, the RSI is still neutral but hints at the current bearish situation.

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Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the LINK price has been falling consistently today, and the first four hours observed the major part of the decline. However, the fall has slowed down in the preceding hours, and less downside has been seen in the last few hours, as the price came near the support zone of $30.02.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart, but the Bollinger bands are on an upwards breakout, with the upper band at $31.6 and the lower band at $27.2. The price has also steeped below the moving average, which is found at the $30.4 mark, which is a bearish crossover. The RSI is again taking a horizontal curve after coming down to index 61, which shows the support factor coming into play.

Overall technical indicators are on the bullish side due to the past bullish week, and still, there are chances for recovery. Around 14 technical indicators support the bullish side, and only five technical indicators support the bearish side, out of a total of 26 technical indicators available, thus further authenticating the negative price movement in a bullish horizon.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the crypto pair is correcting today after a successful bullish trend. The technical indicators still suggest a further bulls rally to be observed in the coming days, but for intraday traders, the price has come down, but a slight recovery is also not out of the question if the support of $30.02 persists.

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