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The Chainlink price dropped more than 2% over the past 24 hours to trade at $18.20 as of 9:25 am EST as investors start to realize their profits from LINK’s recent rally.
Whales Bet Big On LINK
LINK attracted a lot of investor interest over the past 30 days after it pumped more than 40% during this period. Large token holders have also been making strategic decisions regarding their LINK holdings to maximize their gains.
On-chain analysis tool Lookonchain revealed that a whale withdrew 2.7 million LINK tokens from Binance using 49 wallets over the past 30 days. This is while the Chainlink price climbed to a 22-month high and the altcoin’s market cap tapped $10 billion. Another whale also transferred more than $9 million in LINK from the crypto exchange in the last 10 days.
Whales/institutions continue to accumulate $LINK!
This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets.
Whale"0x2A19" withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf
— Lookonchain (@lookonchain) February 7, 2024
Lookonchain revealed that the whales hold anywhere between $230,000 to $3.5 million in LINK each.
The Chainlink Price Falls Out Of Its Positive Channel
Daily chart for LINK/USDT (Source: TradingView)
The Chainlink price dropped out of a medium-term positive price channel over the past 48 hours. If it fails to close today’s daily candle back within this range, it may be at risk of retesting the $17.200 support level in the next 48 hours. Continued sell pressure at this point could result in LINK falling back into the consolidation zone between $14.200 and $17.200. In an extremely bearish scenario, the crypto may drop to as low as $11.895 through the course of the next fortnight.
This bearish thesis could be invalidated if LINK is able to close today’s trading session back within the bullish channel. The Chainlink price may then continue its bullish streak in the following few days, which could lead to it flipping the $20.755 resistance level into support.
The Chainlink Price Is At The Mercy Of Sellers
Technical indicators on LINK’s daily chart suggest the Chainlink price could continue to fall in the upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
LINK remains in a bullish cycle, but this bullish momentum may be waning. The MACD line dropping towards the MACD Signal line suggests this. LINK’s daily RSI line is also closing in on the Simple Moving Average (SMA) line. Traders generally identify the RSI dropping towards the SMA line as a sign that buyers are weakening against sellers. These two lines intersecting in the next 48 hours could be an indication that bears have gained the upper hand against bulls.
While the Chainlink price looks to be at risk of falling more in the next 48 hours, Bitcoin Minetrix’s presale is fast-approaching the $11 million mark.
Revolutionizing Bitcoin Cloud Mining
Bitcoin Minetrix is a cutting-edge Bitcoin cloud mining project that looks to address the high barrier to entry and start-up 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 an ERC-20 token.
China's latest crackdown on #Cryptocurrency mining signals a major shift in the regulatory landscape. 🇨🇳
Will this push towards energy conservation lead to a more sustainable future for #Crypto, or will it simply relocate mining operations elsewhere? 🌍#BitcoinMinetrix has… pic.twitter.com/3GkQeLND6F
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
Bitcoin Minetrix is one of the few projects that let investors earn a passive income that is paid in BTC. With the recent launch of spot Bitcoin ETFs (exchange-traded funds) in the U.S. and the upcoming halving event in April, this revenue generation opportunity may become very valuable in the short term.
Investors seem to be aware of this as they have been scrambling to get their share of Bitcoin Minetrix’s cloud mining power. This has resulted in its presale approaching the $10.4 million mark.
Staking Rewards Coupled With Mining Revenue
Bitcoin Minetrix’s platform implements a stake-to-mine model. This means that investors who stake the projects’s BTCMTX token can claim their share of Bitcoin Minetrix’s cloud mining power as well as the associated revenue.
To get started, investors will need to purchase BTCMTX on the project’s website. The token is currently selling for $0.0133 and can be bought using either ether (ETH), Tether (USDT) or a bank card. Once purchased, these tokens will need to be staked in exchange for “gas” reward tokens.
By burning these rewards, token holders will be able to claim a stake in the project’s mining power and start earning. Bitcoin Minetrix is also offering its presale investors an Annual Percentage Yield of 65% with its staking program.
Too good to miss? BTCMTX can be purchased here.
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