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LINK Marines Lock and Load as Price Falls to Six Week Low

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Chainlink’s native token LINK has been one of the hottest crypto assets this year but that has not helped it escape this week’s big selloff.

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Crypto asset markets have dumped $35 billion in terms of total capitalization since the weekend and the sell-off looks set to continue as Bitcoin and its brethren weaken.

A number of crypto assets are retreating from their all-time highs this year and investors are looking for entry points. Chainlink is among them as one of the year’s best performing crypto assets cools off quicker than some of its competitors.

LINK Marines Loading Up

LINK prices have collapsed to their lowest levels for almost two months in a fall back to $7.30 according to Tradingview.com.

LINK price
LINK price – tradingview.com

There has been a minor recovery today as the token topped $8 again, but it is still massively down from its all-time high in mid-August. Back then the Chainlink token briefly touched $20 but it has been a downward slide ever since resulting in a 60% slump to current levels.

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This price zone serves as solid support, however, there may be another dip to the 200 day moving average which lies around the $6.60 level.

Crypto investors have been eyeing the charts and are loading up on LINK which could drive prices back up in the short term. Trader and analyst going by the twitter handle ‘RNB (Crypto Warrior)’ (@CryptoWarrior01), has seen the same chart predicting a bounce back to $10 or $12.

The sentiment has been echoed by fellow trader ‘MacroLINK’ (@MacroCRG), who has also admitted to becoming a ‘LINK Marine’ and entering at these levels.

Further downsides are expected though if markets continue to bleed as they have done for most of this week. Chainlink’s market capitalization is currently just over $3 billion which puts it ahead of Crypto.com but just below Binance Coin according to Coingecko.

Crypto Market Selloff Accelerates

LINK has not been the only token to suffer, however, it has been in a downtrend for around six weeks.

Bitcoin, which is largely the bellwether for the rest of the market, is holding crucial support just below $10,300 at the time of writing. Failure to hold here will see the asset tumble back into four figures pretty quickly.

Ethereum is also in pain, falling to its lowest level for three weeks and crucial support at $325. Many of the lower cap altcoins, especially the DeFi related ones have dumped 50% since their giddy peaks in recent weeks.


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Author: Martin Young




Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.

Source: https://coingape.com/link-marines-lock-and-load-as-price-falls-to-six-week-low/

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Blockchain

Market Watch: Bitcoin Tumbles to $10,130 as Equity Markets Finish in Deep Red

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After reclaiming some ground yesterday, Bitcoin has returned to its recent bearish trend by dropping below $10,300. Most altcoins follow with some notable price dips, resulting in a near $10 billion evaporated from the total market cap.

Bitcoin Dips Below $10,300

As reported yesterday, the primary cryptocurrency recovered some of the recent losses and traded around the previous 2020 high from February at $10,500. However, the asset couldn’t maintain its position and began free-falling once again.

In just a few hours, BTC went from its daily high of above $10,500 to its intraday bottom of $10,130 (on Binance). Since then, the digital asset has recovered some ground and is trading now just around $10,300.

Bitcoin’s current position places it close to the support level at $10,290. If BTC further breaks below, it could head towards $10,200 and the psychological $10,000.

btcusd_chart
BTC/USD. Source: TradingView

Adverse price developments are evident among most financial markets. Gold, which typically performs similarly to Bitcoin, dipped from its high of $1,900 per ounce to about $1,850.

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The most prominent Wall Street stock market indexes also closed in the red yesterday’s trading session. The S&P 500 went down by 2.4%, the Dow Jones Industrial Average by 2%, and Nasdaq lost the most value (-3%).

Red Dominates The Altcoin Market

Most alts bleed out today. Ethereum has declined by nearly 4% and it trades at $325. Ripple (-3%) fights to stay above $0.22. Bitcoin Cash, Binance Coin, Crypto.com Coin, and Litecoin have also dropped by about 3%.

cryptomarket_heatmap
Cryptocurrency Market Overview. Source: coin360.com

Some lower-cap alts have decreased by double-digit percentages. DigiByte (-18%), Ren (-15%), Orchid (-13%), Reserve Rights (-12%), UMA (-12), OMG Network (-10.5), and Algorand (-10%) lead the way.

A few coins trade in the green as well. Helium has surged by 40% after being listed on the leading cryptocurrency exchange Binance. Uniswap (13%) and HedgeTrade (10%) follow.

Ultimately, though, the crypto market cap has dropped from yesterday’s peak at $332 billion to $325 billion.

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Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-bitcoin-tumbles-to-10130-as-equity-markets-finish-in-deep-red/

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Trader Who Transformed 0.2 BTC Into $100,000 Sounding Alarm on Bitcoin, Crypto, and Stock Markets

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A popular Bitcoin trader who turned 0.2 Bitcoin into $100,000 in a recent trading contest is now putting out bearish warnings about both the stock market and BTC.

The pseudonymous trader SalsaTekila just shared a chart of the plunging S&P 500 Index, quoting rapper Eminem and noting he “wouldn’t want to be long on anything right now.”

The trader, who is known as one of the most transparent in the crypto community, says he’s surprised “BTC isn’t nuking already.”

Although he’s concerned about the macro economy, the trader says the bottom might be in for Chainlink (LINK). He says he placed a substantial bet on the coin below $7.80, hoping it makes a big move to the upside.

The day trader, who finished second in the profit-and-loss individual rankings of Bybit’s World Series of Trading, now plans to sit back and watch the market for a while.

“I’ll probably keep my green button disabled on BTC until and unless legacy and commodities bounce. All those markets feel heavy together, rather stay side-lined. Big expiry coming Friday.

React to upcoming moves or events rather than predict them. Don’t give today’s gainz back.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source: https://dailyhodl.com/2020/09/24/trader-who-transformed-0-2-btc-into-100000-sounding-alarm-on-bitcoin-crypto-and-stock-markets/

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