Skip to main content

Data Shows New Investors Flooded into Chainlink in 2020; Upside Imminent?

Over the past few weeks, Chainlink’s price action has been nothing short of lackluster, with the cryptocurrency failing to gain any serious momentum as investors widely shift their focus away from altcoins and towards Bitcoin.

This trend shows few signs of letting up anytime soon, as most major altcoins are all stagnating as BTC continues showing signs of strength.

Until BTC enters a prolonged consolidation phase or slides lower, there’s a strong possibility that it will continue gaining dominance over the market.

Despite this short-term trend being bearish for altcoins like Chainlink, data does seem to suggest that the cryptocurrency is as fundamentally healthy as it has ever been.

According to one analytics platform, Chainlink could be well-positioned to see some massive upside due to an ongoing accumulation trend amongst smaller network participants.

They also note that while its price has gravely underperformed BTC and other altcoins like Ethereum, its largest whales are still holding strong, with there being “no apparent whale sell-offs in sight.”

This could mean that once there is a rotation of capital away from Bitcoin and towards altcoins, LINK will lead the charge and see some massive upside.

Chainlink Stable in Lower-$11.00 Region as Altcoins Consolidate

Altcoins have extended their consolidation trends despite the recent strength seen by Bitcoin and even Ethereum.

Chainlink is a prime example of this, as the cryptocurrency has been trading sideways around its current price of $11.25. This is around where it has been trading throughout the past week.

It appears to be facing some resistance within the upper-$11.00 region, as this is where it found some massive resistance that slowed its ascent and caused it to slide back to its $11.00 support region.

Analytics Firm: LINK Whales HODL Strong as New Addresses Spike

Despite Chainlink’s lackluster price action as of late, the cryptocurrency’s whales are holding strong and are showing no signs of folding anytime soon.

Furthermore, an analytics firm recently noted that the number of new addresses holding and buying LINK has spiked as of late.

“A year ago, Chainlink’s top 10 whales held 70.7% of the total circulating supply of LINK. To close out 2020, they now hold 64.5%. This can be attributed to consistent new addresses being created on the network, & no apparent whale sell-offs in sight.”

Chainlink LINK

Image Courtesy of Santiment.

The coming days should shed some light on how Bitcoin’s price action will influence Chainlink and other altcoins.

Featured image from Unsplash.
Pricing data from TradingView.


from NewsBTC https://ift.tt/38O2OcY
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase . ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin . A high is formed near $2,285 and ether is now correcting lower. There was...
Post a Comment
Read more

I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci

Anthony Scaramucci has again reiterated his stand on why he thinks bitcoin will still hit the $100,000 price target he had earlier set. Scaramucci had put forth this forecast when he was on Yahoo! Finance earlier in the year. The founder explained that bitcoin could easily be trading at $100,000 in 12 months. Anthony Scaramucci who founded Skybridge Capital in 2005 has not always been bullish on bitcoin. But has slowly come around over the years and has now gotten into bitcoin. The CEO believes that more and more funds will get into bitcoin as time passes. His message to other money managers had been that he believed the performance of their funds will eventually be benched off of bitcoin. Related Reading |  Bitcoin Whale Warns Of “November 2018 Vibes.” What This Means Scaramucci took this one step further when he founded the Skybridge Bitcoin Fund early this year. An institutional-grade fund that was created specifically to invest in bitcoin, which it considers to be the larg...
Post a Comment
Read more

Whale clusters suggest that this key Bitcoin level can trigger an explosive rally

Bitcoin whale clusters show $57,046 and $60,045 are the crucial support and resistance levels in the short term. The price of Bitcoin ( BTC ) is attempting to break the $60,000 resistance level after more than a week of ranging. Whale clusters show that $57,046 and $60,045 are the crucial support and resistance areas in the short term.  In other words, the probability of a strong breakout in the foreseeable future would increase substantially if Bitcoin stays above $57,046 and continues to test $60,000 resistance. Why whale clusters are important for Bitcoin Whale clusters form when high-net-worth investors buy or sell Bitcoin at a certain price and do not move their holdings thereafter. As such, a whale cluster support typically serves as a strong macro support area for Bitcoin because whales tend to buy more when BTC falls to a level where they initially bought BTC. On the flip side, a whale cluster resistance area would likely hold up as a sell area because whales are mo...
Post a Comment
Read more