Altcoin
New Chainlink Whales Snap Up $30M Tokens, Will LINK Price Recover 21% Monthly Loss?
In the past week, a significant movement for Chainlink (LINK) reveals that fresh whale wallets have started accumulating the cryptocurrency. The LINK price has dropped over 21% in the last 30 days, however, whales have shown consistent interest in accumulation. Hence, 54 newly activated wallets withdrew a substantial amount of LINK from Binance lately.
Chainlink Whales Accumulation
According to Lookonchain, an on-chain analytics platform, these fresh wallets have snapped up 2.08 million LINK, equivalent to approximately $30.28 million, from Binance. This trend is in sync with the behavior of LINK’s large holders. The existing whale holders have largely refrained from moving their holdings to exchanges for sale over the last month.
This activity is closely tied to LINK’s current price trends. At the press time, the LINK price was trading at $14.61, having suffered a 21% decrease over the past month. As LINK’s price has dropped, the net flow of the cryptocurrency from large holders to exchanges has also seen a significant reduction. In the past 30 days, this flow has decreased by a whopping 110%.
Moreover, the net flow ratio of LINK large holders to exchanges currently stands at -0.06%. For context, this metric assesses the proportion of crypto transferred by whales to exchanges compared to the total exchange net flow. Hence, it suggests that a smaller fraction of large investors’ holdings is being sent to exchanges.
A negative value in this metric is generally interpreted as a bullish signal. It implies that these investors are accumulating rather than offloading their assets. Moreover, market analysis based on the Market Value to Realized Value (MVRV) ratio for LINK suggests that the current conditions might present a buying opportunity for those anticipating a price rebound.
Currently, the medium-term trend for LINK appears bullish, supported by an ascending trendline. However, the coin has recently entered a correction phase amidst broader market consolidation. The formation of a lower high at $19.2 at the end of May indicates that buyers currently lack the momentum needed to push for new highs.
Also Read: Swiss Government Bank Launches XRP, ADA, SOL, AVAX & DOT Trading
Will LINK Price Recover?
Despite the correction, the $12.5 price level has emerged as a critical support, as the price has bounced off this level multiple times. Should the LINK price manage to break above the overhead trendline, it would signal a continuation of the uptrend. On the flip side, a break below the lower trendline could indicate a prolonged correction and a shift in market sentiment.
These recent movements in LINK holdings and price trends highlight a potential turning point for the cryptocurrency. The substantial accumulation by new large holders suggests confidence in LINK’s future performance, even as the broader market undergoes consolidation. The fact that large holders are not rushing to sell off their assets at the current lower prices supports the notion of a bullish outlook.
Furthermore, Michaël van de Poppe, a popular crypto analyst, spotlighted Chainlink’s resilience amid bearish trends. He noted that the LINK price always bounces back from lows. Moreover, he deemed Chainlink as the “prime example” for altcoins that rebound swiftly after major corrections.
In a post on X, Poppe stated that the LINK price “corrected in the first half of 2022, after which it surged by more than 120% in the second half of 2022. The same has occurred in 2023, resulting in a strong increase in price in the second half of the year of close to 150%.”
He added, “The same is happening in 2024, where you can see that we’re having a case of strong downward momentum on the altcoins (Chainlink has corrected by more than sixty percent), while the second half seems apparent for a potential reversal.” The analyst concluded, “Nicely, you can see that you’ll be having a bottom in May/June, which, after the last big correction is the same occurrence again.”
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.
A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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