(YFI) is About to Pass a Pivotal Bull Level: Analyst

Spread the love


Chainlink’s price is sliding lower today as the entire crypto market shows some signs of weakness. Its ongoing descent comes as BTC breaks below $19,000 and as other cryptocurrencies like ETH also turn lower.

So far, the decline seen by LINK has been tempered, but it is rapidly approaching a crucial support level that has held strong on multiple occasions throughout the past week.

It appears that Bitcoin’s inability to break above its all-time highs in the mid-to-upper $19,000 region is part of why altcoins are struggling to gain momentum. So long as it cannot gain any decisive upwards momentum and set fresh highs, investors may continue fleeing higher-risk assets.

One analytics firm is now noting that Chainlink is growing fundamentally strong as tokens grow more distributed amongst holders.

They note that the supply of LINK held by the top-10 wallets has declined, while the number of new addresses created begins climbing.

This signifies that the crypto could be on the cusp of seeing a strong push higher, as it speaks to the mounting buying pressure amongst retail traders.

Chainlink Plunges to Key Support as Altcoins Selloff

At the time of writing, Chainlink is trading down just over 4% at its current price of $12.94. This is around the price at which it has been trading throughout the past few days.

RECOMMENDED READ:  BTC from Twitter hack on the move: report

Just a few days ago, the crypto plunged to lows of $12.40 before finding some strong support that helped it climb back above $13.00.

Although it is now breaking below this level, there is some serious support just below where it is currently trading that may help slow its descent and lead to further upside in the days and weeks ahead.

Analytics Platform: LINK Sees Flood of New Investors

Despite Chainlink’s stagnant price action, the cryptocurrency has seen a wave of new investors who will likely continue boosting its price action in the weeks and months ahead.

While speaking about this, one analytics firm stated that the number of new addresses is growing, indicating new retail investors are pouring money into LINK despite its stagnating trend.

“The percentage of LINK supply held by the top 10 largest whale addresses, continues to decline into December. However, network growth (new addresses created) has picked up, which could be a valid explanation.”

If this trend persists, it could ultimately counteract the headwinds causing the cryptocurrency’s price to decline over the past week.

Featured image from Unsplash.
Pricing data from TradingView.

 202 Interactions,  2 today

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

For the first time, the total market value of all cryptocurrencies exceeds $2 trillion. According to Goingecko numbers, the total Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Tron Price Movement Analysis for 4th April, 2021

In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty Read more

Ethereum Price Movement Analysis for 4th April, 2021

Ethereum, the second-largest cryptocurrency, has entered a volatile zone, which could drive the digital asset's price even higher. In the Read more

Chainlink, DigiByte, Enjin Coin Price Movement Analysis for 4th April, 2021

Bitcoin faced some selling pressure just above the $59k mark, leading it to slip to $56,600. The majority of the Read more

Bitcoin fell by more than 4%, causing many other cryptocurrencies to plummet drastically.

The world's most expensive cryptocurrency fell 4.1 percent, bringing several other coins down with it, sending the economy into the Read more

Litecoin Price Movement Analysis for 3rd April, 2021

For the last few days, the cryptocurrency industry has been playing chase with the bulls and bears. The economy has Read more

Polkadot Price Movement Analysis for 3rd April, 2021

The ETH/BTC pair has stopped trending downward and has actually made gains in recent days, flashing a buy signal across Read more

Leave a Reply

Contact Us