Chainlink price ripping higher once again, despite a stagnation in the price of Bitcoin and other top cryptocurrencies
The Chainlink price is once again going higher, despite the stagnation of Bitcoin prices and other leading cryptocurrencies. This altcoin is up 20% over the past 24 hours, to $ 18.40 – a new all-time high. LINK has since seen a slight retreat to $ 18 as some people are selling this recovery, presumably making money off their profits.
What happens next to the Chainlink price?
Although Chainlink’s rally has been nearly unstoppable over the past few months, some people are starting to expect the property to be at the top soon.
Tyler D. Coates, a crypto-centric technical analyst, and author shared the chart below. It shows that LINK’s macro price action suggests $ 17.50 is likely the point at which the asset’s parabolic advance will pause and potentially reverse to the downside:
“LINK target is $ 17.5, which would appear to line up nicely with a top of Phase 4 in the #Hyperwave fractal. Definitely not a buying opportunity, $ 15 – $ 17.5 is for making a profit.”
Chart of LINK’s macro price action with a Hyperwave analysis by trader and technical analysis author Tyler D. Coates (@Sawcruhteez on Twitter) | Source: TradingView.com
Santiment, a blockchain analysis firm, echoed this skepticism.
The company shared the tweet below before the latest price was higher than $ 18. Santiment suggests that Chainlink investors are beginning to hesitate and potentially liquidate their money, despite bullish expectations.
Santiment has cited three important metrics to corroborate this point. These metrics are as follows: LINK deposits into exchanges have reached an all-time high value, the number of daily active LINK deposits has spiked to levels seen at prior highs, Chainlink’s so-called “mean dollar invested age” is plunging.
$LINK is up a whopping +68.7% in the last week. However, we are seeing signs that investors are becoming increasingly uncertain in its prolonged rally. Speculative interest has exploded, and we’ve looked into some concerning signs for the #1 trending coin. https://t.co/Id7GDEAw9z pic.twitter.com/fm8av3ZVUk
— Santiment (@santimentfeed) August 12, 2020
LINK’s price action is managing to have an impact on other cryptocurrencies. The two main competitors to the project, Tellor (TRB) and Band Protocol (BAND), have both risen around 7 percent in the past 24 hours, rising higher as other altcoins sink.
Chainlink, Tellor, and Band Protocol all provide what’s called “oracles” for decentralized applications. Oracles connect off-chain data with decentralized certificates – a service that has become increasingly important to DeFi.
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