Chainlink Price Prediction: Whales Move On LINK After 40% Pump In A Month As This Bitcoin Derivative ICO Closes On $11 Million

3 Mins read

Join Our Telegram channel to stay up to date on breaking news coverage

The Chainlink price dropped more than 2% over the past 24 hours to trade at $18.20 as of 9:25 am EST as investors start to realize their profits from LINK’s recent rally.

Whales Bet Big On LINK

LINK attracted a lot of investor interest over the past 30 days after it pumped more than 40% during this period. Large token holders have also been making strategic decisions regarding their LINK holdings to maximize their gains.

On-chain analysis tool Lookonchain revealed that a whale withdrew 2.7 million LINK tokens from Binance using 49 wallets over the past 30 days. This is while the Chainlink price climbed to a 22-month high and the altcoin’s market cap tapped $10 billion. Another whale also transferred more than $9 million in LINK from the crypto exchange in the last 10 days.

Lookonchain revealed that the whales hold anywhere between $230,000 to $3.5 million in LINK each.

The Chainlink Price Falls Out Of Its Positive Channel

BINANCE:LINKUSDT Chart Image by StevenWalgenbach

Daily chart for LINK/USDT (Source: TradingView)

The Chainlink price dropped out of a medium-term positive price channel over the past 48 hours. If it fails to close today’s daily candle back within this range, it may be at risk of retesting the $17.200 support level in the next 48 hours. Continued sell pressure at this point could result in LINK falling back into the consolidation zone between $14.200 and $17.200. In an extremely bearish scenario, the crypto may drop to as low as $11.895 through the course of the next fortnight.

This bearish thesis could be invalidated if LINK is able to close today’s trading session back within the bullish channel. The Chainlink price may then continue its bullish streak in the following few days, which could lead to it flipping the $20.755 resistance level into support.

The Chainlink Price Is At The Mercy Of Sellers

Technical indicators on LINK’s daily chart suggest the Chainlink price could continue to fall in the  upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.

LINK remains in a bullish cycle, but this bullish momentum may be waning. The MACD line dropping towards the MACD Signal line suggests this. LINK’s daily RSI line is also closing in on the Simple Moving Average (SMA) line. Traders generally identify the RSI dropping towards the SMA line as a sign that buyers are weakening against sellers. These two lines intersecting in the next 48 hours could be an indication that bears have gained the upper hand against bulls.

While the Chainlink price looks to be at risk of falling more in the next 48 hours, Bitcoin Minetrix’s presale is fast-approaching the $11 million mark. 

Revolutionizing Bitcoin Cloud Mining

Bitcoin Minetrix is a cutting-edge Bitcoin cloud mining project that looks to address the high barrier to entry and start-up costs for anyone looking to get started with cloud mining. Through its innovative decentralized platform, Bitcoin Minetrix makes Bitcoin cloud mining as simple as staking an ERC-20 token.

Bitcoin Minetrix is one of the few projects that let investors earn a passive income that is paid in BTC. With the recent launch of spot Bitcoin ETFs (exchange-traded funds) in the U.S. and the upcoming halving event in April, this revenue generation opportunity may become very valuable in the short term.

Investors seem to be aware of this as they have been scrambling to get their share of Bitcoin Minetrix’s cloud mining power. This has resulted in its presale approaching the $10.4 million mark.

Staking Rewards Coupled With Mining Revenue

Bitcoin Minetrix’s platform implements a stake-to-mine model. This means that investors who stake the projects’s BTCMTX token can claim their share of Bitcoin Minetrix’s cloud mining power as well as the associated revenue.

To get started, investors will need to purchase BTCMTX on the project’s website. The token is currently selling for $0.0133 and can be bought using either ether (ETH), Tether (USDT) or a bank card. Once purchased, these tokens will need to be staked in exchange for “gas” reward tokens. 

By burning these rewards, token holders will be able to claim a stake in the project’s mining power and start earning. Bitcoin Minetrix is also offering its presale investors an Annual Percentage Yield of 65% with its staking program.

Too good to miss? BTCMTX can be purchased here.

Related Articles:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 50% APY

Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

Related posts

Bitcoin May Slump To $42K After The BTC Halving, JPMorgan Says

1 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price might slump to $42,000 in the…

Galaxy Digital Sees ‘Tremendous Global Demand for Bitcoin’ — CEO Says ‘There’s a New Army of Buyers’

1 Mins read
Galaxy Digital CEO Mike Novogratz sees “a tremendous global demand for bitcoin,” emphasizing: “This is probably the first time in the history…

Bitcoin Price Prediction: JPMorgan Says BTC Could Slump To $42k After The Bitcoin Halving, But Might Green Bitcoin Be The Next Crypto To Explode?

3 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price dropped by a fraction of a…



Leave a Reply

Your email address will not be published. Required fields are marked *