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Despite an overall bearish trend in the altcoin market this week, Chainlink’s (LINK) price has managed to break through the critical resistance level of $6.
One notable factor contributing to this surge is the active participation of large wallet investors, who have been consistently accumulating LINK tokens throughout the week.
At 7:00 a.m. EST, LINK is trading at $6.25, signaling a noteworthy 2% increase over the last 24 hours.
Bullish sentiment is rising, with expectations of a potential 25% price leap for LINK as it stages a recovery from its recent decline.
The yellow lower line indicates that the LINK price is gradually trending upward. This suggests that the bulls faced a downturn but have maintained their position over time. The price rebounds on the bullish trendline, indicating that it has found support at this level.
Furthermore, there is evidence of an ascending triangle formation in the price, typically signaling the potential for increased bullish momentum to push it above the triangle.
This optimistic outlook gains support from the relative strength index (RSI), which has rebounded from the oversold region and is currently at 47, indicating intense buying pressure.
However, to maintain this buying pressure, the bulls must surpass the 50-day and 200-day moving averages, currently trading at $6.7 and $6.8, respectively.
Based on this analysis, the LINK price trajectory appears bullish, with key levels to watch at $7.4 and $8.2. Conversely, if the moving averages prove resilient, the price may break downward, compelling the bulls to seek support around the $5.03 level.
Meanwhile, as LINK investors await a more favorable entry point, they might want to explore a recently launched token with a robust proof-of-stake mechanism and an enticing presale offering promising substantial returns.
BTCBSC Presale Selling Out Fast, Over 100k Raised
Bitcoin BSC (BTCBSC) has transformed into a high-potential proof-of-stake token. Built on the Binance Smart Chain, BTCBSC draws inspiration from Bitcoin’s early days in April 2011, when Bitcoin had a humble price of $0.99, and its circulating supply stood at around 6 million.
https://twitter.com/Bitcoinbsctoken/status/1699000085290369232?s=20
BTCBSC has enticing staking rewards and remarkable growth potential. The token enables users to earn rewards every 10 minutes. This innovative concept follows in the footsteps of BTC20, a similar project launched earlier this year on Ethereum.
Industry analysts cautiously believe that BTCBSC could replicate this success when it launches in the coming weeks. The token website presents a unique proposition for cryptocurrency investors—an opportunity to purchase Bitcoin at its April 2011 price with additional perks.
In its presale phase, BTCBSC is priced at an inviting $0.99, with 6.125 million tokens available and $103,805 raised, mirroring the circulating BTC supply from that era.
https://twitter.com/Bitcoinbsctoken/status/1699696572513071605?s=20
BTCBSC Proof of Stake
However, BTCBSC diverges from Bitcoin’s proof-of-work (PoW) consensus mechanism, operating on a more efficient proof-of-stake (PoS) system. This PoS mechanism enhances efficiency and enables users to lock their tokens in a staking pool, generating rewards.
BTCBSC offers generous rewards of 0.25 BTCBSC per BSC block, distributed at ten-minute intervals. Currently, the project estimates an astonishing annualized yield percentage of 166,540%. Notably, this percentage may adjust as more tokens join the staking pool, with plans to include 14.5 million tokens.
In comparison to other notable PoS tokens such as Ethereum (typically 4-5%), Solana (6-7%), and Cardano (5-10%), BTCBSC’s rewards are anticipated to surpass them substantially.
Following Bitcoin’s enduring model, BTCBSC implements a 120-year unlocking schedule, ensuring long-term sustainability. With a maximum supply of 21 million tokens, BTCBSC closely mirrors Bitcoin.
In the spirit of Bitcoin’s early days, 6.125 million tokens are allocated to the presale, comprising 29% of the total supply, without any vesting period. After the presale concludes, an additional 420,000 (2%) of pre-mined tokens will be set aside for a future launch on decentralized exchanges.
The presale allows buyers to participate by linking their wallets to the BTCBSC website and using BNB, ETH, or USDT to acquire tokens.
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