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Chainlink price abandonment more than 2% in the last 24 hours to trade at $18.20 at 9:25 am EST, as investors begin to take profits from LINK's recent rally.
Whales bet big on LINK
LINK attracted a lot of investor interest in the last 30 days after it pumped over 40% during this period. Large token holders have also been making strategic decisions regarding their LINK holdings to maximize their profits.
On-chain analysis tool Lookonchain revealed that a whale withdrew 2.7 million LINK tokens from Binance using 49 wallets over the past 30 days. This is while the price of Chainlink rose to a 22-month high and the altcoin's market capitalization reached $10 billion. Another whale also transferred over $9 million worth of LINK from the crypto exchange in the last 10 days.
Whales/institutions continue to accumulate $LINK!
This mysterious whale/institution withdrew 2,745,815 $LINK($49.9 million) #Binance through 49 new portfolios.
Whale”0x2A19″ retired 494,957 $LINK($9 million) #Binance in the last 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf
— Lookonchain (@lookonchain) February 7, 2024
Lookonchain revealed that the whales have between $230,000 and $3.5 million worth of LINK each.
Chainlink price breaks out of its positive channel
Daily chart for LINK/USDT (Source: TradingView)
He Link of the chain The price broke out of a medium-term positive price channel over the last 48 hours. If you fail to close today's daily candle within this range, you may risk retesting the $17,200 support level in the next 48 hours. Continued selling pressure at this point could see LINK fall back to the consolidation zone between $14,200 and $17,200. In an extremely bearish scenario, the cryptocurrency may fall as low as $11,895 over the course of the next fortnight.
This bearish thesis could be invalidated if LINK manages to close today's session within the bullish channel. Chainlink price may continue its bullish streak in the coming days, which could see it turn the $20,755 resistance level into support.
Chainlink price is at the mercy of sellers
Technical indicators on LINK's daily chart suggest that Chainlink price could continue to decline in the coming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling a bearish trend.
LINK remains in a bullish cycle, but this bullish momentum may be waning. The MACD line falling towards the MACD signal line suggests this. LINK's daily RSI line is also approaching the simple moving average (SMA) line. Traders generally identify the RSI falling towards the SMA line as a sign that buyers are weakening against sellers. These two lines crossing over the next 48 hours could be an indication that the bears have gained the upper hand over the bulls.
While the Chainlink price appears to be at risk of falling further in the next 48 hours, the bitcoin Minetrix pre-sale is quickly approaching the $11 million mark.
Revolutionizing bitcoin cloud mining
bitcoin Minetrix is a cutting-edge bitcoin cloud mining project that seeks to address the high barrier to entry and startup costs for anyone looking to get started with cloud mining. Through its innovative decentralized platform, bitcoin Minetrix makes cloud bitcoin mining as simple as staking an ERC-20 token.
China's latest offensive against #Cryptocurrency Mining signals an important change in the regulatory landscape.
Will this push towards energy conservation lead to a more sustainable future for crypto?src=hash&ref_src=twsrc%5Etfw”>#cryptoOr will it simply move mining operations elsewhere? #BitcoinMinetrix has… pic.twitter.com/3GkQeLND6F
—Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
bitcoin Minetrix is one of the few projects that allows investors to earn passive income that is paid in btc. With the recent launch of spot bitcoin ETFs (exchange-traded funds) in the US and the upcoming halving event in April, this income generating opportunity may become very valuable in the near term.
Investors seem to be aware of this as they have been scrambling to get their share of bitcoin Minetrix's cloud mining power. This has resulted in its pre-sale approaching the $10.4 million mark.
Staking rewards along with mining income
The bitcoin Minetrix platform implements a staking model for mining. This means that investors who stake the projects' BTCMTX token can claim their share of bitcoin Minetrix's cloud mining power, as well as the associated revenue.
To get started, investors will need to purchase BTCMTX on the project website. The token is currently selling for $0.0133 and can be purchased using ether (eth), Tether (USDT), or a bank card. Once purchased, these tokens will need to be staked in exchange for “gas” reward tokens.
By burning these rewards, token holders will be able to claim a stake in the project's mining power and start earning. bitcoin Minetrix also offers its pre-sale investors a 65% annual percentage return with its staking program.
Too good to miss? BTCMTX can be purchased here.
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