Link: 11/5 Status Update

A look at the trading status of the Chainlink token

News

Sergey spoke at Devcon on Friday and everything went as expected. You can watch the presentation here:

The next day, Chainlink was mentioned in a tweet by Indian IT company HCL technologies, a $7 Billion company that seems very keen on the potential of blockchain technology. Their exact relation to Chainlink is not clear.

No Devcon’s finished and the October announcement made public, there are no news on the horizon. Unfortunately, it looks like the price won’t change much until news are released and the Bitcoin fork’s over.

Link and the top 100

Chainlink’s the 77th token in market capitalization and the current price is $0.1748. As you can see in the graph, the token’s found support in the $0.17 area, but another dip cannot be discarded as the attention’s centered on Bitcoin during the next couple weeks. Volume is also low ($1.7M yesterday) and Link is the 38th worst performing coin in the top 100. It’s also the 58th in trading volume. The interest is just not there, either positive or negatively.

Price action

The 12 hour Link/Bitcoin chart shows a clear floor around the 2200 Satoshis. White the MACD is up due to the lack of selling power, the buyers aren’t there either, and the price just lingers. MACD and the oversold signal in RSI tell us that the bears have run out of steam. Further bleeding is a possibility, but it’s more likely than not that all the money that thinks there are better opportunities out there has already moved on and the token price will linger in this area for a while. Only holders are left, and the won’t sell unless there are bad news. Investors won’t come until the company releases good news. They might also buy after the fork, if they consider Chainlink an undervalued token with upward potential.

If an uptrend begins, the first resistance will be at 3100 satoshis, and then at the EMA 50 resistance, currently around the 4800 satoshis. It’s also possible that, if Chainlink moons on very good news, it does so very quickly, shattering all resistance until the former ATH.

12 hour LINK/BTC chart (daily chart doesn’t have MACD signals yet)

Whales, Wallets and Exchanges

Not many changes in the top 50. A couple of them have bought some cheap Link recently, and the new number 32 has reached a million tokens by steadily accumulating through the downtrend. Whoever this person is, he has a lot of faith in the long term prospects of the project.

Tokens keep on leaving Binance, though at a slower rate than before, another sign that trading activity is faltering. Their hot wallet is at 1.7M tokens, so I guess they’ll refill it again soon. It’s how much they’d lose in a single day before, though

And yes, Binance still has about 90% of the trading volume. Mercatox is slowly becoming more popular while Etherdelta loses volume. The token’s listed at Coss too, but volume there is negligible.

Finally, the number of wallets keeps on growing at about 60 per day. It’s more of the slow growth we’ve been seeing as the trading volume diminishes. There are 12,967 wallets with Link.

That’s all. I’ll write the next report in a week unless we see news or significant price action before.

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