Is Chainlink Going to Zero? LINK Price Drops 5% Suddenly as New Staking Coin Secures $200,000
Source / Sam Cooling x Jarmoluk
As the Chainlink (LINK) community gather in Barcelona for SmartCon 2023, price action has taken a -5% tumble, as LINK’s 16-month range continues to hold strong despite ANZ Bank partnership – but with fearful under-water bag-holders once again asking ‘is Chainlink going to zero?’ – find out in this LINK price analysis.
In a classic ‘buy the rumour, sell the news’ market move, the -5% drop comes following a convergence of major fundamental news and upper-range resistance.
Real World Assets (RWAs) are at the heart of the huge shift in fundamental winds, as Chainlink’s cross-chain interoperability protocol has
partnered with ANZ Bank following a successful pilot program with SWIFT in June. <oembed url="https://twitter.com/S4mmyEth/status/1708783410813059217?s=20[/embed]
With interest in tokenization on the rise, ANZ Bank have already piloted an Australian Dollar stablecoin and tokenized Australian carbon credits.
LINK Price Analysis: Why Chainlink Is Not Going to Zero
Amid the localized retracement move, Chainlink is currently trading at a
market price of $7.94 (representing a 24-hour change of -1.34%).
The recent downside move shouldn’t worry bag-holders, price tumbles are a common market reaction to major project news, and the -5% drop also comes as an expected technical development in chart structure due to LINK hitting the upper trendline of it’s well-established 16-month trading channel.
TradingView / LINK USDT
The upside move came following a dramatic golden-cross of the 20DMA and 200DMA on September 29.
Both moving average levels have provided strong support to LINK price action – with the 200DMA forming a launchpad for the push up to upper trendline resistance, and the ascendant 20DMA providing trajectory and under-footing to September price action.
However, with the $8.50 price level unbroken since April, it comes as little surprise that
LINK price has shifted into retracement here.
Especially with due consideration of the RSI, which over-heated to a critical degree at 74 on Saturday – a substantial over-bought signal that triggered the downtick – as it has done for the past 16-months.
The -5% move has so far failed to significantly cool the overheated RSI indicator, which currently stands at 67.14 – suggesting further downside retracement could be expected.
The MACD remains bullish in contrast at 0.113 following the dramatic push-up from the 200DMA and golden cross.
LINK is a blue-chip project making significant partnership integrations that could be instrumental in the future of decentralized finance, a 16-month trend is hard to break – and downside seems to be the flavour of the month. TradingView / LINK USDT
With that said, if the LINK Marines can gain a foothold here and break-out of the channel during SmartCon 2023, it is reasonable to expect an
upside target at $8.50 (a potential +7.4%).
downside risk here is significant, with the past 16-months of price action suggesting a return to the 20DMA around $7 could be on the cards (a possible -11.55%)
This leave’s LINK’s
risk: reward ratio on the short-time frame at 0.64 – an entry dominated by downside risk, but certainly not going to zero. Meme Kombat: GambleFi Takes Crypto Communities By Storm – Potential 10X? Source / Meme Kombat
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GambleFi Revolution? Meme Kombat Gamifies Staking, Rewards, and More <oembed url="https://twitter.com/Meme_Kombat/status/1708547503786992042[/embed]
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Source / Meme Kombat
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.