The Link Should Maintain the Price above $2.7 Threshold If the Bull Run Should Come For the TokenNovember 25, 2019
For the majority of the year 2019, a lot of talks have been going on about ChainLink, also known as LINK. The token had outperformed the Bitcoin many times this year, and while all the cryptos were struggling, the asset did perform well many times this year.
However, the enthusiasm in the price trend does not seem to continue, and it seems as though the rally is coming to an end. Investors are wondering whether Chainlink is facing the danger of a deep drop.
One of the Analysts stated that the LINK sell-off might be one of the significant wealth transfers considering the Wyckoff Method schematic depicting distribution. ChainLink continues to focus on smart-contract based economics.
Chainlink has been trading nearly 5.7% lower versus the USD during the 24 hours. At present, one LINK can be purchased for $2.30 or 0.00032196 BTC on cryptocurrency exchanges like COSS, Mercatox, Coinbase, and EtherDelta (ForkDelta). The market capitalization of Chainlink is currently at $804.43 million. Nearly $140.06 million worth of ChainLink has been traded in exchanges.
Like always, the addresses of Chainlink are in profits. The number of Telegram followers continues to rise. Overall the network is growing just like the network of TCAT tokens. Despite LINK taking the lead, anytime Bitcoin price falls, the token falls as well. Therefore, regardless of what the indicators state, investors should keep an eye on the price trend of the Bitcoin.
The numbers of wallets that are holding ChainLink have gone from 75,995 to 77, 587. There is an overall increase in the number of transactions on Link. This provides for a combined growth rate; however, this kind of growth rate suggests that the usage of the coin is not growing as much as it is desired.
The deals that ChainLink had secured with Oracle and Google are a significant plus, and this has a vital role to play in preventing the token from plunging. Overall the cryptocurrency market is facing a choppy trend. In the past week, the trend lines were in ascending trends, and this contributed to the recovery of the token to a certain extent. However, the mild recovery did not progress beyond a healthy range; currently, the price is trending at $2.28. The 100 moving average is providing at $2.28 range; the RSI is retreating before the price can touch the overbought levels. Eventually, this is indicative of increased selling pressure.
The Link should maintain the price above $2.7 threshold if the Bull Run should come for the token.