Chainlink Price Prediction: Whales Move to LINK After Rallying 40% in One Month as This Bitcoin Derivative ICO Closes at $11 Million

adminFebruary 8, 2024

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chain link price fell The stock is up more than 2% in the last 24 hours, trading at $18.20 as of 9:25 a.m. ET, as investors begin to take profits from LINK’s recent rally.

Whales have invested heavily in LINK

LINK has caught the attention of many investors over the past 30 days after rising more than 40% during this period. Large token holders have also been making strategic decisions regarding their LINK holdings to maximize profits.

Lookonchain, an on-chain analytics tool, revealed that whales withdrew 2.7 million LINK tokens from Binance using 49 wallets over the past 30 days. This while Chainlink price rose to its highest in 22 months and altcoin market cap surpassed $10 billion. Another whale also transferred more than $9 million from cryptocurrency exchanges to LINK in the past 10 days.

Whales/organs continue to accumulate $LINK!
This mysterious whale/organization withdrew 2,745,815. $LINKFrom ($49.9 million) #Binance Through 49 new wallets.
Whale”0x2A19″ 494,957 withdrawal $LINKFrom ($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 said the whales each hold between $230,000 and $3.5 million in LINK.

Chainlink price has broken out of the positive channel.

BINANCE:LINKUSDT Chart Image by StevenWalgenbach

LINK/USDT daily chart (Source: TradingView)

that much chain link In the last 48 hours, the price has broken out of the medium-term positive price channel. Failure to close today’s daily candle back within this range could run the risk of retesting the $17.200 support level in the next 48 hours. At this point, continued selling pressure could cause LINK to fall back into the consolidation area between $14.200 and $17.200. In an extremely bearish scenario, the cryptocurrency price could fall as low as $11.895 over the next two weeks.

If LINK can close today’s trading session within a bullish channel again, this bearish thesis could be invalidated. Chainlink price may continue to strengthen over the next few days, which could turn the $20.755 resistance level into support.

Chainlink pricing is at the mercy of the seller

Technical indicators on the LINK daily chart suggest that Chainlink price may continue to decline in the future. Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are bearish.

link Although we are still in a bullish cycle, 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 typically identify RSI falling towards the SMA line as a sign that buyers are weakening relative to 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.

Bitcoin Minetrix’s presale is quickly approaching $11 million, although the Chainlink price appears at risk of falling further over the next 48 hours.

Bitcoin Cloud Mining Revolution

Bitcoin Minetrix is a cutting-edge Bitcoin cloud mining project aimed at solving the high barriers to entry and startup costs for anyone looking to get started with cloud mining. Through its innovative decentralized platform, Bitcoin Minetrix makes Bitcoin cloud mining as simple as staking ERC-20 tokens.

China’s latest crackdown #Cryptocurrency Mining represents a major shift in the regulatory environment. 🇨🇳
Will these efforts toward energy conservation lead to a more sustainable future? #Cryptocurrency, or will they simply move mining operations elsewhere? 🌍#Bitcoin Metrics have… pic.twitter.com/3GkQeLND6F
— Bitcoin Minetrix (@bitcoinminetrix) February 5, 2024

Bitcoin Minetrix is one of the few projects that allows investors to earn passive income paid in BTC. With the recent launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S. and the upcoming halving event in April, this revenue opportunity could be very valuable in the short term.

Investors seem to know this, as they are scrambling to secure Bitcoin Minetrix’s cloud mining capabilities. This brings pre-sales to nearly $10.4 million.

Staking rewards combined with mining profits

Bitcoin Minetrix’s platform implements a stake-to-mine model. This means that investors holding the project’s BTCMTX tokens can claim a stake in Bitcoin Minetrix’s cloud mining power and associated revenues.

To get started, investors must 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. After purchasing, you need to stake these tokens in exchange for “gas” reward tokens.

By burning these rewards, token holders can claim a stake in the project’s mining power and earn profits. Bitcoin Minetrix is also offering 65% annualized returns to pre-sale investors through its staking program.

Is it too good to miss? BTCMTX available for purchase here.

A new cryptocurrency mining platform – Bitcoin Minetrix