Altcoin
This Indicator Proves Chainlink (LINK) Price Has Bottomed Out
The broader digital currency ecosystem is still undergoing massive bearish consolidation, with Chainlink (LINK) price also in the spotlight. At the time of writing, LINK price was changing hands for $15.41, up marginally by 0.17% in the past 24 hours. While volatility remains a significant guide for short-term investors, analytics platform Glassnode has shared insight into LINK’s accumulation distribution over time and its impact on potential price moves.
The Chainlink CBD Analysis: Key Clusters to Note
According to Glassnode’s insight on X, the Cost Basis Distribution (CBD) metric helps identify cost basis clusters, assess market resilience, and track investor positioning. The analytics platform noted that in 2021, wallets with a cost basis of $26 held around 11 million LINK.
Despite price fluctuations, a cluster built around $25 has refused to sell their LINK tokens. In 2023, another set of investors bought about 66 million Chainlink at $7. While these investors raised their cost basis since then, LINK price has shown resilience amid volatility.
As Glassnode pointed out, two clusters remain significant. These include the $16 price range, where investors bought 16 million LINK, and the $14.8 level with 53 million tokens.
“Despite recent price declines, supply at these levels has not been redistributed, indicating that holders at these cost bases remain in position rather than rotating out of the market,” the Glassnode analysis detailed.
Has the Chainlink Price Bottomed Out?
Despite the recovery moves, an earlier Bitcoin price analysis shows that the market is not out of the woods yet. With a recent flash crash, the crypto market recorded another liquidation worth about $430 million before slowing down.
Chainlink was caught in all these uncertain price actions but has showcased resilience amid each fall. In the past 24 hours, the coin traded within a very close range, from a low of $14.72 to a high of $15.69. This price action aligns with Glassnode projections on the token’s support and resistance levels.
The Chainlink price support is pegged at $14.8, and the resistance zone is approximately $16.
Chainlink as a DeFi Enabler
One key reason for the Oracle protocol’s resilience is its role in the Decentralized Finance ecosystem. Chainlink has developed solutions like its Interoperability protocol CCIP to help boost connections among DeFi players.
This innovation complements its primary role as a data resource, helping LINK retain its relevance in the altcoin world. Per an earlier LINK price analysis, the prospect of the coin jumping by 312% was explored, drawing on its growing ecosystem.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto prices today (February 27): Bitcoin (BTC) price swooped to a $82K low intraday, primarily continuing to face macro heat. Simultaneously, Ethereum (ETH), Solana (SOL), and XRP prices also mimicked a downtrend, losing 3%-7%. Primarily, major-league cryptocurrencies reflect a bearish movement as U.S. President Donald Trump rattled global markets with new tariffs for the EU (European Union).
Crypto Prices Today: Here’s Why BTC & Major-League Altcoins Dipped
According to a recent CoinGape report, Donald Trump is set on imposing a 25% import tariff on the EU, further fueling global trade war fires. Following the new import tariffs on Canada and Mexico (set to commence next week), this macro development has further urged a cautious investor sentiment across global markets.
In turn, the cryptocurrency sector today witnessed BTC, ETH, XRP, and SOL lose alarming values. Even the crypto market lost 5% since yesterday, as indicated by the market cap reaching $2.79 trillion. Further, even the total market volume dipped by 19% to $153.54 billion. Liquidations in the past 24 hours totaled over $700 million, per Coinglass data, rationalizing the broader market waning action.
BTC Price Touches $82K Low
As of press time, BTC price pulled back nearly 4% and closed in at $85,230. Besides, the flagship coin bottomed at the $82K level in the past 24 hours. Notably, Bitcoin’s falling action mirrors $460.86 million liquidations recorded over the past day, per Coinglass data. Nevertheless, BTC’s market dominance was up 0.34% to 60.38%, signaling altcoins faced more volatility.
ETH Price Loses 7%
ETH price witnessed a downfall of nearly 7% in the past 24 hours, exchanging hands at $2,319. The second-largest crypto by market cap hit a low and peak of $2,255.05 and $2,503.42 in the past 24 hours. Notably, this waning action aligns with Ethereum recording over $126 million worth of liquidations over the past day. Further, ETH’s market dominance slipped by 10% today.
XRP Price Pulls Back
XRP price plunged over 5% in the past 24 hours and is currently sitting at $2.18. The coin hit a bottom and peak of $2.15 and $2.32 intraday. Ripple’s coin saw liquidations worth $12.51 million in the past 24 hours. Further, the coin faces pressure amid whale selling, as CoinGape reported Ripple whales offloaded 370 million coins recently.
SOL Price Dips 4%
SOL price lost 4% in the past 24 hours and is currently trading at $137. The coin’s intraday low and high were $130.69 and $144.39, respectively. Solana recorded liquidations worth $27.75 million in the past 24 hours.
Meme Crypto Prices Today
Dogecoin (DOGE) price fell by nearly 2.5% in the past 24 hours, closing in at $0.2045. Meanwhile, Shiba Inu (SHIB) and Pepe Coin (PEPE) continued trading near the previous day’s levels, at $0.00001436 and $0.000008373, respectively. However, TRUMP coin gained by 1.5%, reaching $13.25.
Top Gainer Crypto Prices Today
However, it’s worth pointing out that some coins have defied the broader market volatility:
Kaito (KAITO)
Price: $2.44
24-Hour Gains: +40%
Story (IP)
Price: $6.63
24-Hour Gains: +20%
Optimism (OP)
Price: $1.20
24-Hour Gains: +11%
Top Loser Crypto Prices Today
Bitget Token (BGB)
Price: $3.94
24-Hour Loss: -10%
Kaspa (KAS)
Price: $0.08588
24-Hour Loss: -7%
Ronin (RON)
Price: $0.982
24-Hour Loss: -6%
Traders and investors watchers continue to stay apprehensive over the market’s future performance, primarily due to the U.S. tariffs saga. Global markets are facing the heat as trade tensions rise amid new macro developments. In turn, even the crypto market sees heightened whale selling at the moment, further accompanied by liquidity setbacks that are presenting prices with volatility.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu price could surge by 450% in the near term buoyed by its long-term breakout holding. The trend is expected to trigger another growth spurt for Shiba Inu (SHIB) in the near term despite falling prices.
Shiba Inu Price Could Explode If Long-term Trend Continues
Pseudonymous analyst Javon Marks has identified a long-term trend for SHIB indicative of a massive price rally in the future. According to his post, SHIB is trading above its breakout level from late 2022 which is a sure-pointer for a surge.
Per Marks, a key price target for SHIB is the $0.000081 mark which appears to be an uphill climb. From present levels of $0.00001436, the projected Shiba Inu price is a massive 450% jump for the top meme coin.
“Shiba Inu continues to hold its breakout which took place in late 2022/early 2023 and prices are still majorly positive since,” said Marks. “With this price breakout holding, the target for SHIB continues to be at the $0.000081 point which is currently over 450% away.”
Marks points to the SHIB’s onchain data, highlighting “textbook bull signals” in long-term charts as proof for the projected price point. He adds that the slow pace of the run from late 2022 serves as confirmation for an eventual bullish run.
“This slower action can be aiding the longevity and scale of this run, meaning that this target level, through this sideways action, is looking more and more likely to be broken above,” said Marks.
Shiba Inu Continues To Trade Sideways
Shiba Inu price currently hovers at $0.00001446, rising by 1% over 24 hours. While its 7-day chart indicates a slight dip, the top memecoin continues to tread water as it eyes a breakout.
At the moment, Shiba Inu’s market cap stands at $8.5 billion with daily trading volumes of $273 million.
In the short term, traders are watching with bated breath for a looming death cross that could trigger a slump. Optimistic traders say the death cross may trigger a 20% rally for Shiba Inu price, citing similar pattern in 2023.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Pi coin price has hit a new all-time high (ATH), sparking a bullish outlook for the crypto. This rally to a new ATH, especially amid the downtrend in the broader crypto market, has cast doubts about the scam allegations against the Pi network.
Pi Coin Price Hits New All-Time High
CoinMarketCap data shows that the Pi coin price has hit a new all-time high of $2.98 today, just six days after it hit an all-time low of $0.6. This development is more significant considering that the coin has defied the odds and rallied amid the recent crypto market crash, which led to a significant price decline for Bitcoin, Ethereum, Solana, XRP, and other major digital assets.
Pi’s rally to a new ATH has again raised discussions about whether the Pi network is a scam. Prior to the network’s mainnet launch, some crypto community members had described it as a scam, and also, after the launch, these scam allegations persisted as the Pi coin price crashed to new lows.
In fact, Bybit CEO Ben Zhou labeled the Pi network as a scam and reiterated that his exchange wouldn’t list the token. Meanwhile, in an X post, crypto influencer SHIB Gems opined that the Pi network is a scam even though he believes market participants can still make money from the coin.
Network Responds To Scam Allegations
In an X post, the Pi network responded to Ben Zhou’s scam allegations. The team stated that the network is not affiliated with, nor did it authorize or engage in any activity that is related to the Chinese police’s warning. They also added that the network has not been contacted by any police department in China regarding any scam incident.
The team further described the Pi network as a “legitimate platform.” According to them, this is obvious based on its six-year track record and over 60 million engaged users. They also explained that the delay in the network’s mainnet launch, which took place on February 20th, was deliberate to ensure the project was successful and fully developed before launch.
The delay also happened because the team wanted a well-established community to mitigate challenges other launches face, including actions that unaffiliated bad actors perpetrate. Meanwhile, they reaffirmed that the Pi network isn’t associated with the social media accounts that attacked the Bybit CEO and condemned those who made these comments against Zhou.
Pi Coin To Hit $10
Following the rally to a new ATH, crypto analyst Gem Hunter has predicted that the Pi coin price could still rally to as high as $10. He noted that despite other coins dumping and the market being bearish, Pi still hit $2.
The analyst alluded to a potential Binance listing, which looks to be among the reasons he is confident that the Pi coin price can trade above $5 and possibly hit $10. The analyst rightly predicted that Pi would hit $2.8, which has happened even before the top crypto exchange listed the coin.
Crypto community member Moon Jeff asserted that Pi is coming to Binance. He revealed that 192,000 Binance users had voted for the Pi listing on the top crypto exchange as of yesterday. On the other hand, 29,000 users have voted against the coin’s listing.
Seeing that most have voted in favor of a listing, Moon Jeff stated that Binance might list the Pi network soon enough. A Binance listing is undoubtedly bullish for the Pi coin and could send its price to new highs. However, it is worth mentioning that many Pi users have yet to receive their allocations. As such, the coin could witness significant selling pressure when users receive their tokens.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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