Market
Key Levels and Strategic Insights
In this analysis, we will identify support and resistance levels within the Chainlink (LINK) market, drawing insights from recent price movements, Exponential Moving Averages (EMAs), and volume profile analysis.
By deeply examining these key indicators, we aim to provide actionable insights and strategic recommendations for traders looking to enhance their trading approach and capitalize on the dynamics of the LINK market.
Chainlink 4H Price Analysis
During the four-hour timeframe, the price of LINK has reverted below the 50 EMA (in Violet), a previously crucial resistance line. Unlike other cryptocurrencies like Bitcoin, LINK has shown no bullish indicators.
Since reaching its June high of nearly $19, LINK’s price has been undergoing a correction.
The price is currently positioned between the 50 EMA and the 100 EMA (in Blue), with the latter potentially serving as a significant support level in the mid-term. Furthermore, the price remains well above the 200 EMA (Green Area) in this timeframe, indicating a continued bullish outlook for the long term.
The volume profile indicates that the $16.7 support line could be a significant support level if LINK breaches the 100 EMA at $17.4.
Read More: How To Buy Chainlink (LINK) and Everything You Need To Know
Chainlink 1H Price Analysis
In the one-hour timeframe, Chainlink has faced notable challenges in its attempt to ascend beyond the 200 EMA area. Despite multiple attempts to breach this critical threshold, the price has consistently retraced, indicating strong selling pressure in this region.
Presently, the price finds itself positioned below all three EMAs—the 50, 100, and 200. This configuration not only underscores the current bearish sentiment but also suggests formidable hurdles for any potential upward movement.
Looking ahead, these EMAs will likely serve as significant resistance levels in the mid-term, exerting further downward pressure on the price of Chainlink. Moreover, the volume profile resistance range, specifically at $18.2, adds another layer of resistance, reinforcing the importance of this price level in limiting upward momentum.
Chainlink’s Active Addresses Are on the Rise
Looking at the fundamentals, the increase in active addresses shows strong network activity.
Heightened engagement, such as an uptick in the utilization of active addresses or transactions within a network like Chainlink, may be construed as a bullish indication for several reasons:
Network Expansion: Elevated activity typically hints at a burgeoning user community or heightened acceptance of the platform’s offerings. This implies a broader user base, potentially driving up demand for the associated cryptocurrency (specifically, LINK).
Service Demand: Chainlink primarily provides decentralized Oracle services, facilitating the integration of real-world data into smart contracts across diverse blockchain platforms. Heightened activity might signify an increased need for these services, bolstering the utility and attractiveness of the Chainlink network.
Market Sentiment: Escalating engagement has the potential to sway market sentiment, indicating faith in the project and its prospects for future development. Investors and traders might interpret the surge in activity as a positive signal regarding the network’s viability and growth potential, prompting heightened investment and upward price movements.
This suggests that the recent dip from $19 to where it is now is mainly due to market dynamics.
So, it’s likely LINK will drop below $18 before picking up steam again. If Bitcoin keeps breaking records, LINK could even climb to $20 or $22.
Strategic Recommendations
Utilize Support and Resistance Analysis: Incorporate support and resistance levels identified from technical analysis into trading strategies. Utilize support levels, such as the 100 EMA (4H) and the support line at $16.7 (4H), as reference points for establishing stop-loss orders and identifying potential entry opportunities during price retracements.
Similarly, recognize resistance levels, such as the 50/ 100/ 200 EMAs (4H) and the volume profile resistance range at $18.2 (1H), to gauge potential areas of bullish price reversal and adjust trading positions accordingly.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
Dynamic Position Management: Implement dynamic position management techniques based on support and resistance levels to optimize risk-reward ratios. Consider scaling into positions near support levels to capitalize on potential price rebounds while scaling out of positions near resistance levels to secure profits and minimize exposure to downside risk.
Continuously monitor price action around these key levels to adapt trading strategies in response to changing market conditions.
Risk Mitigation Strategies: Utilize support and resistance analysis to enhance risk mitigation strategies and protect trading capital. Set stop-loss orders below significant support levels to limit potential losses in the event of a breakdown, while trailing stop orders can be employed to lock in profits as prices approach resistance levels.
By incorporating these risk management techniques, traders can effectively manage downside risk and preserve capital in volatile market environments.
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.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,850
Major Resistance Level – $2,720
Market
Bitcoin Price Pushes Rally Further: Bulls in Full Force
Bitcoin price is gaining pace above $74,000. BTC is trading in a bullish zone and might rise further above the $76,500 resistance zone.
- Bitcoin started a fresh surge above the $73,500 zone.
- The price is trading above $73,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,000 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a fresh surge above the $73,500 level. BTC even cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,457 and is currently consolidating gains.
There was a minor decline below the $76,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the $73,500 level.
Bitcoin price is now trading above $74,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance might send the price higher. The next key resistance could be $76,500.
A close above the $76,500 resistance might initiate more gains. In the stated case, the price could rise and test the $78,000 resistance level. Any more gains might send the price toward the $78,800 resistance level.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $76,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,250 level and the trend line.
The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $75,250, followed by $74,150.
Major Resistance Levels – $76,000, and $76,500.
Market
Best Solana Airdrops for Early Crypto Access
As Bitcoin hauls altcoins further north in the wave of US election euphoria, crypto airdrops provide investors with low-bar entries into early-stage projects without any initial investment.
DeFi and airdrops researcher Jussy.Sol highlighted several crypto airdrops offering investment opportunities.
Switchboard: Plug into the On-Chain Economy
Switchboard airdrop is potentially confirmed, with orbs available for earning when participants supply liquidity to any partner project or complete quests. They have also recently announced a partnership program with Monad, which could culminate in a commendable airdrop.
“If you missed $1,500 — $3,000 drop from PYTH, you still have a chance to get SWITCH. To collect ORBs, use their partner protocols (RainFi, Save, Dumpyfun, Marginfi, All Domains, Drift), and stay active in Discord,” the researcher noted.
Read more: What are Crypto Airdrops?
Indeed, participation criteria include participating in community tasks and engaging with supported protocols to increase orbs, ultimately improving one’s chances in the airdrop. The Solana Guides website notes Flexlend, AllDomains, Solend, Marginfi, and Kamino as named protocols to engage. Of note, however, is that the Switchboard airdrop remains “severely underfarmed.”
Stabble: Revolutionizing Liquidity
Advertising as Solana’s first frictionless liquidity and trading layer, Stabble reserved a significant allocation for its STB airdrop. To be eligible to receive the airdrop, interested participants must be active users of the protocol, among other criteria.
Participants can earn points by executing swaps, depositing liquidity, or creating and managing pools. The more points one earns, the larger their airdrop, with the first season starting with the mainnet launch and ending with the TGE. Meanwhile, the project introduced methods to boost points earned.
“Users will need to spend significant time on the Stabble platform, have a strong understanding of DeFi, and be willing to provide in-depth feedback on features, UI, and UX — offering suggestions for improvements as engaged users. Feedback will be delivered in a structured manner, with feedback forms and accompanying loom/screen recordings where required,” Stabble detailed.
Kamino Finance: Concentrated Liquidity Layer
Another crypto airdrop on Solana is Kamino Finance. It offers lending and borrowing while providing access to a whole slew of vaults, effectively delivering multiple DeFi strategies.
Kamino has publicly confirmed its rumored airdrops and tokens. The simple premise is that users earn points by using Kamino products. As soon as season three of the airdrop goes live, the points will be converted into KMNO tokens.
“In Season 3, earn KMNO by using their platform — Multiply, Vaults, Lending, Borrowing, Long/Short,” said Jussy.Sol.
For reference, Season 2 distributed 3.5% of Kamino’s total token supply, 350 million KMNO tokens, which were worth around $13.5 million over four months. Season 3 started on August 1. The estimated total points at the end of Season 3 would be around 674 billion, representing a 36.1% increase compared to Season 2.
Dawn: Delivering Internet Service
Through the Dawn protocol and hardware, property owners or residents can buy and sell Internet capacity in the area around them. While the project empowers users to operate as their own Internet provider, Dawn Airdrop remains unconfirmed, according to airdrops.io.
Nevertheless, users receive free reward points by installing DAWN’s validator extension and participating as a validator node. Participants must also refer 30 to 40 users and follow DAWN on X, Discord, and Telegram. Earned points can later be converted to an airdrop.
“In such Airdrops, those who have referrals win that’s why Dawn reached 1M users, so fast,” Jussy.Sol added.
Cube: Providing Next-Gen Multi-Chain Experience
Cube is committed to actively participating in the development of decentralized cross-chain protocols and Web 3.0 infrastructure. According to Jussy.Sol, Cube plans to launch both its token and the mainnet of the intent network in the second quarter of 2025.
Nevertheless, the researcher observes that the testnet task will debut imminently. Based on this, they urge users to hold their deposits and get “Loot Boxes” every Sunday. Moreover, participants can earn points by opening these boxes, with the points being directly proportional to the rewards. Meanwhile, others like @Airdrop Guard on X say Cube is in line to win in the Solana ecosystem.
Solayer: Building Restaking Network Natively On Solana
Among the potential airdrops, Solayer is running a rewards system. While they do not have their own token yet, new registrations and deposits position users for the airdrop once the token debuts.
Meanwhile, Solayer has also rolled out its mainnet, allowing users to earn additional rewards. Participation requires meeting specific criteria, including depositing 10 native SOL tokens, joining epoch, referring depositors, and using all invite codes, among other requirements.
“Deposit amount, deposit duration, higher multipliers for native SOL deposits,” the researcher noted.
Flash Trade: Trading and Earning
Flash Trade presented its FAF token, which is expected to debut in the fourth quarter (Q4). Meanwhile, the Flash Trade airdrop is confirmed for Flash Trade NFT holders, although it remains unclear how much they will receive. Meanwhile, experts urge airdrop farmers to continue trading, open several positions, and deposit in Liquidity Pools.
The Vault: Aligning Financial Stakes with Social Stakes
Featuring among the confirmed airdrops, The Vault does not have its own token, but one could launch soon, offering an airdrop to users who collect points. This means users who collect points will be able to redeem their governance token once the token launches.
Read more: Best Upcoming Airdrops in 2024
The Vault airdrop was moved to 2025, extending the runway for interested airdrop farmers. Participation requirements include staking SOL or providing liquidity to the Saber SOL-vSOL pool and staking the LP tokens in the quarry to earn points.
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.
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