Market
Chainlink (LINK) Price Puts $12 Million Short Contracts at Risk
As Chainlink (LINK) wobbles around the $13 to $14 region, traders will seek hidden insights into the potential price movement. As expected, recent events have forced market participants to adopt a more cautious approach.
However, the upswing in the last 24 hours, which caused LINK’s price to increase by 7.72%, may change the broader perception. With a potential price increase on the cards, here’s what on-chain data tells about the possible impact.
Chainlink Traders Need to Watch Out
BeInCrypto analyzes Chainlink’s Liquidation Map to understand the likely effect of a further uptrend on LINK traders.
- Liquidation Map: This map examines previous price trends to identify potential levels with liquidation risks.
At press time, LINK trades at $13.94, a 6.93% increase in 24 hours. With rising volume, the cryptocurrency’s value may head toward $15.
According to Coinglass, if Chainlink’s price hits $15.62, the Cumulative Short Liquidation Leverage is $12.56 million. In non-technical terms, traders who have placed bets on a LINK’s price decrease with insufficient margin balance will lose money should the prediction come to pass.
Read More: What Is Chainlink (LINK)?
In contrast, positions valued at $10.99 million will be liquidated if LINK drops to $12.18. However, data from IntoTheBlock reveals that a plunge to the $12 region looks unlikely, as evident from the Bulls and Bears indicator.
- Bulls and Bears indicator: This indicator measures the number of addresses that bought or sold more than 1% of the total trading volume. Those who bought more than 1% are called bulls, while those selling are tagged as bears.
Furthermore, there were more bears than bulls in the last seven days. This is one reason LINK slipped to $12.91 on June 24.
But as of this writing, bulls have taken over. Should they sustain this momentum, LINK may resist downward pressure and trade higher.
LINK Price Prediction: Higher Values Likely
From a technical point of view, we observed that LINK formed a double-bottom pattern. The double-bottom pattern often indicates a reversal and, in many cases, the start of a potential uptrend.
It happens when the price touches a support level twice, indicating a pause in the asset’s downtrend. On the daily chart, LINK formed a similar pattern between November 2023 and January 10 this year.
Between January 26 and February 13, LINK’s price rallied from $13.82 to $20.50. Based on this historical performance, the cryptocurrency’s value may start an uptrend, taking it to $14.73 within the next few days. If validated, the price of LINK can rise to $17.73 in some weeks.
Meanwhile, the Relative Strength Index (RSI) which measures momentum, is recovering from its oversold condition.
When the RSI reading is 30 or below, it means that an asset is oversold. Readings at 70 or above indicate overbought conditions. As of this writing, the RSI is at 39.63, suggesting that the potential rise to $15 has not yet been validated.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
However, if the reading crosses the 50.00 neutral zone, LINK can reach the price mentioned above or trade higher. But the prediction will be invalidated if the momentum succumbs to bearish forces.
Bitcoin (BTC) is another factor that can hinder the uptrend. A few days ago, the coin faced selling pressure, which drew the wider market down.
As of this writing, Arkham Intelligence reveals that the German government is moving another round of BTC to exchanges. Should these sell-offs continue, prices of altcoins, including LINK, may stop increasing, and the next move for the token may be below $12.80.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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