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Chainlink Stays On Course As Altcoin Market Battles Bear

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The altcoin market continued to follow Bitcoin’s price action with Chainlink becoming one of the biggest weekly gainers. After its bull run this week, the cryptocurrency market has settled into a steady price movement interspersed with red and green signals.

LINK’s performance in the last few months propelled it into the top 20 club as other mainstream coins fell off. At press time, Chainlink was trading for $19.04 with a total market cap of $8.4 billion. A weekly gain of 26 percent allowed its daily trading volume to climb to a respectable $880.56 million. An analysis of the charts showed that only Bitcoin and Wrapped Bitcoin had a better performing week.

Chainlink 1 hour:

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The hourly support clocked in at $17.7 as the bear cut short any chance of new resistance creation. According to the Bollinger bands, the cryptocurrency had settled into a stagnant price movement with a lack of any major breakout.

The RSI and the CMF displayed similar movements as the graphs peaked above the zero line. LINK’s positive RSI meant that the buying pressure had overtaken the selling pressure. The number of fluctuations on the RSI was indicative of the importance of price on sentiment.

As more people buy LINK, the capital coming into the market also increases. This was verified by the CMF as the graph peaked above the zero line for the first time in 36 hours.

Chainlink 1 day:

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LINK’s Bollinger band movement was similar to the hourly charts as the upper and lower band moved parallel to each other. The cryptocurrency’s recent fall had caused it to almost touch its long-term resistance of $12.4.

Daily RSI had climbed sharply in mid-July with a small downturn indicating a decrease in momentum. The buying pressure was still strong with more users entering the ecosystem. Long-term CMF was the only clearly bearish indicator as the graph stayed below the zero line. A decrease in price could be imminent because of the increase in capital leaving the Chainlink market.

JPMorgan continues Blockchain push as bank amps up new hiring

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Traditional banks have stopped shying away from nascent technologies of late after their proven impact in the financial space. Traditional banks have been a surprise adopter of cryptocurrencies and blockchain technologies with some players like JPMorgan doubling down on their blockchain-related job openings.

Being one of the largest banks in the United States comes with its own reach and several peripheral effects. Adopting blockchain technology into their fold coupled with the support from cryptocurrency enthusiasts, JPMorgan has set its sights high for the imminent blockchain race. Recently, the bank opened multiple job positions on its website to pursue its “global development efforts”.

Of the listings, a majority were related to JPMorgan’s digital asset focussed Onyx branch. The Onyx division of the bank made news earlier when it became one of the few major subgroups in the world to channel digital assets into the mainstream financial framework. Sources further showed that the opportunities were located worldwide, all the way from the US to Hong Kong.

Other job openings were in connection with Link, JPMorgan’s native blockchain-based interbank data network. The link includes major banks from all trading spheres. Just recently, the State Bank of India had joined the Link roster which also includes both state-owned and private institutions.

Another area that JPMorgan looked at was tapping the use of Proof-of-Stake algorithms and their advantages. The bank’s focus on the digital asset industry comes at a time when it was looking at better its own JPMCoin. JPMorgan’s crypto push was a U-turn on its earlier stance on digital assets. The positive sentiment rode on analyst comments that said Bitcoin could be the new alternative to gold soon.

Chainlink reaches ATH of $24; Is Grayscale taking notice?

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Chainlink has registered an astounding turnaround over the past 30-day period. The asset breached its all-time high yet again over the past 24-hours, completing a position above $24 in the chart. The resilience displayed by the token has been nothing short of incredible.

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Source: Trading View

Between 23rd December and 23rd January, LINK has surged by 208%, exhibiting its credentials as one of the strongest performers in the crypto industry. However, it is important to note that its current bullish momentum came at the back of a massive pullback as 24-hours ago, LINK had dropped down to a key support range at $18. While many expected further correction to long-term support at $15, bulls started to charge in Chainlink’s market.

Chainlink Active Addresses maintaining rise

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Source: Twitter

According to Santiment analytics, LINK has maintained positive on-chain metrics as well over the past 3-months. As identified in the above chart, LINK’s network has consistently added active addresses to its network over the course of the rally, with over 5,301 new addresses since November 2020. The rate of increase is 143% but the number almost reached 10k on 16th January.

Another major factor that might have continued Chainlink’s bullish emergence is the chart is the positive sentiment of its investors. According to popular Holders Distribution data, whales continued to hold more than 100k LINKs under their belt, while the number of addresses holding between 100-100k consistently rose in the market.

During its previous all-time high, it was also noticed that the ratio of LINK supply currently moved off-exchange wallets had improved as the LINK exchange supply neared a one-year low. This is indicative of the fact that people are moving their assets off-exchange with the idea of hodling over a long-term.

Is Grayscale preparing to support LINK?

Source: Twitter

According to a popular Chainlink proponent of Twitter, Grayscale might be getting ready to expand their support for Chainlink over the coming weeks. The initial speculation started to spread in mid-December after XRP’s dismay warranted a situation where Grayscale might end up switching their support for Chainlink from XRP.

While the backlash on XRP has cooled down over the past couple of weeks, Chainlink getting introduced by Grayscale Trust could be a massive step towards introducing institutional investors to the LINK ecosystem. At the time of press, Grayscale had over $25.5 billion cryptos in Assets Under Management (AUM).

Chainlink: Will LINK Survive Going Forward After 40 percent Drop in 2 weeks?

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2020 will be largely known for the exploits of Chainlink at the top of the altcoin bracket. Valued under $2 in March 2020, the token rallied itself to a 10 times increase of $20 by August 2020. However, the view was top was short-lived as in the past couple of weeks, the turnaround has been largely bearish.

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From the above trading view chart, the decline is fairly easy to identify as a drop of 44.73 percent since August 16th tarnished most of its good performance over the course of August 2020. Such a significant drop is currently causing changes elsewhere in Chainlink’s ecosystem.

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According to Santiments recent tweet, Chainlink exhibited its 14-monthly high with respect to token age consumed and such a change is in direct correlation with users exiting the market. When digital assets record a high in token age consumed, it can be assumed that the tokens are re-entering the market from user addresses.

What is next for Chainlink after its drastic decrease in value?

From a technical point of view, there were more alterations observed in terms of on-chain metrics. On 23rd August, Chainlink was observed to record an all-time high in terms of daily active addresses but the market statistics had changed now.

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As illustrated by intotheblock analytics, the average number of active addresses had dropped from a high of 24,000 thousand addresses to a measly 8,500 addresses at the moment. This is a clear indication of the drop in network activity and in the long run, it can cause damage to Chainlink’s growing reputation.

However, all of Chainlink’s good work cannot be dismissed due to a week of declined activity. It is important to note that its valuation improves by 500% in 2020, and unless it topples down to $8 dollars, the overall trend is still significantly positive.

Additionally, the importance of its association with DeFi has to be taken in a serious note. The current pullback can be assumed as a timely correction that hardly dampens the interest with DeFi. When the digital asset class picks up pace in the market again, there is a strong chance Chainlink will recoup its high valuation range again.

Chainlink (LINK) Drops More than 99 Percent in Value as Crypto Market Falls of a Cliff

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The latest market crash has been a sight to behold after a majority of the cryptocurrencies slid in value. Bitcoin, the world’s largest cryptocurrency started the drop with altcoins such as Ethereum, XRP and Bitcoin Cash following it. However, one of the biggest losers was Chainlink (Link), as the cryptocurrency plummeted in the space of a few hours by more than 99 percent. The crash was wiping out both its market share and its market value.

Cryptocurrencies were not the only asset to be hit by this crunch as stocks such as the S&P 500 and the Nasdaq also witnessed pitiful falls. While a majority of the market thought the major assets would take a hit, Link became the surprise worst loser. The fall was so stupendous that it created new records in the bear department.

At the time of writing, Link was trading for $2.40 with a total market cap of $840.460 million. The 24-hour market volume was $819.855 million after an 18.53 percent fall in price over the previous day. The fall first started on March 11, after which it continued to crumble till it hit a low of $1.54 from $4.11. This crash was surprising because just a week ago, Link had it’s an all-time high of $5.

In the span of just a day, the cryptocurrency’s value had fallen by more than 55 percent. The LINK/USDT pairing dropped even further on Binance to trade at $0.0136. The major price hit also caused Link to drop from its position as the 11th largest cryptocurrency. Just a day ago, Link’s market cap was clocked to be over a billion dollars.

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There have been no other falls in Link’s price as the price had stabilized after the first time around. The event was considered important because a 99 percent wipeout of an asset’s value usually annihilates it completely. Link’s fall on Binance was part of a record that showed several cryptocurrencies suffered on CZ’s platform. Towards the fag end of 2019, Bitcoin had fallen by more than $680 on Binance before recovering to the $7450 mark.

As the price of Bitcoin dropped, so did it open interests on Link/USDT contracts. These contracts had dropped by 57.8 percent while the price dropped by more than 99 percent. There was also the confusion where some people were able to put in Link buy orders for 5x below the market price. To this, CZ had responded:

“Just checked, the buy order was put in 2019-01-16, the first day the LINK/USDT pair was added. We didn’t have the price band restrictions back then. We don’t cancel user orders. In fact, this particular order was put in 8 seconds after the live trading on that pair. When we first list a new pair, the price band restrictions don’t work because there is no price in our system for that pair. The price band is only enabled after the price stabilizes.”

The Binance CEO also assured users that any arbitrage opportunity that had occurred from the Link buy order was eliminated. No other parts, including the Futures and Margin trading sectors, were affected. The Link liquidation was one of the examples of price crashes during the times of Coronavirus.

As the disease caused by the coronavirus continues to spread across the globe, it becomes necessary to stay calm and vigilant. Cryptocurrency prices, along with its other financial counterparts will only recover once people start trusting the systems completely.