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Is Chainlink Going to Zero? LINK Price Drops 5% Suddenly as New Staking Coin Secures $200,000

Sam Cooling
Last updated: | 5 min read
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.

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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.

Overall, while 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%).

While 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

Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.

So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?

The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.

Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.

With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.

The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.

GambleFi Revolution? Meme Kombat Gamifies Staking, Rewards, and More

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The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.

The findings of this audit will soon be public, a move that many projects shy away from.

The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.

His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.

When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.

Source / Meme Kombat

The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.

With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.

Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.

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With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.

By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.

For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).

Embrace the future of meme-based gaming and betting with Meme Kombat.

Buy Meme Kombat Here

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.