Chainlink Marines “Buy the Dip,“ Anticipating New All-Time Highs

Chainlink Marines “Buy the Dip,“ Anticipating New All-Time Highs
фото показано с : cryptobriefing.com

2020-8-2 19:47

Chainlink’s uptrend has not been interrupted by the recent crypto market crash. Sidelined LINK investors appear to have bought the dip, which may lead to a further advance.

LINK Investors Buy the Dip

The past ten hours have been dramatic for LINK holders.

This cryptocurrency rose to a high of $8.5 on Aug. 1, but a few hours after the daily close, the crypto market crashed, taking Chainlink down with it. The decentralized oracles token took a 21% nosedive within 30 minutes, dropping to a low of $6.6. 

Regardless of the erratic price action, investors appear to have taken advantage of it to accumulate more tokens.

Santiment’s holder distribution chart shows that as prices dropped, the buying pressure behind Chainlink surged substantially. The behavioral analytics firm registered a spike in the number of addresses holding between 1,000 and 10 million LINK.

LINK Holder Distribution by Santiment.

As sidelined investors entered the market, prices were able to recover quickly. Consequently, LINK rebounded, soaring over 33% to make a higher high of $8.8.

LINK/USD on TradingViewChainlink Aims for New Yearly Highs 

When looking at LINK’s 1-day chart, it seems like its price bounced off the x-axis of a descending triangle. This technical formation is part of a bull flag that has been developing within this time frame since early July. 

Although the new levels of volatility around Chainlink could have flushed out weak hands, it might be preparing to continue its uptrend. A further spike in demand for this altcoin may see it rise towards $11. 

This target is determined by measuring the height of the flagpole and adding it to the breakout point.

LINK/USD on TraditngView

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that there isn’t any supply barrier ahead of this cryptocurrency that will prevent it from reaching its upside potential. Conversely, this on-chain metric suggests that several areas of interest may hold in the event of a correction. 

Based on the IOMAP cohorts, the $7.7 support level might be able to absorb any downward pressure. Approximately 9,600 million addresses had previously purchased 9.5 million LINK around this level.

Holders within this price range would likely try to remain profitable in their long positions and buy more tokens to allow prices to rise as they did recently.

In/Out of the Money Around Price by IntoTheBlock

Given the recent levels of volatility, it is imperative to implement a robust risk management strategy when trading Chainlink or any other cryptocurrency. Now that the market seems to have entered a new bullish cycle, having cash ready to deploy is a must.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ChainLink (LINK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $17.68
Капитализация $0 Rank 99999
Цена в час новости $ 8.3886 (-100%)

link investors chainlink dip appear crash sidelined

link investors → Результатов: 27


Фото:

$500 Ethereum Price Back In Play, Says Analyst – Despite Growing Fear of Ethereum 2.0 Delay

Ethereum has for weeks now remained in a tight range. Where investors once profited from volatile price action every now and then, they have had to contend with marginal changes. Because of this, most traders have moved to other more action-ready coins such as Cardano’s ADA, Stellar’s XLM, and Chainlink’s Link. But could it be poised […]

2020-7-20 14:08


Фото:

Crypto Price Analysis April 20: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

The Bitcoin price has been decreasing since April 19, when it reached a high of $7,293. The next day, a sharp drop followed in which BTC lost almost $200 in only two hours. Ahead of the third halving, which is projected to occur on May 12, institutional investors have been showing increased interest in cryptocurrencies, […] The post Crypto Price Analysis April 20: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK appeared first on BeInCrypto.

2020-4-21 01:15


Chinese investors to make comeback with Bitcoin, claims Dovey Wan

China’s link with cryptocurrency is not only limited to government initiatives but also the local users that still dominate the Bitcoin mining landscape. Primitive Ventures’ Dovey Wan, who also holds deep understanding of China’s financial market, recently claimed the aforementioned reason as the primary factor for China’s sizable local crypto supply.

2019-9-4 19:10


Johannesburg Crypto Exchange AltCoinTrader Adds Dollar Link Option to Drive down Bitcoin’s Premium

AltCoinTrader Crypto Exchange Adds Dollar-Linked Option to Reduce Bitcoin Premium AltCoinTrader, a Johannesburg-based cryptocurrency exchange, has added a new bitcoin product, linking the US dollar to the platform in an effort to drive down bitcoin’s premium in South Africa’s market as well as attract more foreign investors. According to a partner at AltCoinTrader, Richard de […]

2018-8-6 21:37