Link: 11/19 Status Update

A look at the trading status of the Chainlink token

Today, Bitcoin reached a new ATH and alts suffered, Link included. It’s the way of the world. I still believe there’s a good chance that Bitcoin will stall around $8,350 and undergo a severe correction that could take it back to $5,100. Of course, with all the enthusiasm, there’s always the possibility that it will sail through to $10,000. Both scenarios are risky for alts. If Bictoin dips, alts drown. If Bitcoin jumps, alts fall. Things only improve when Bitcoin stays put or climbs steadily up the charts.

Now let’s look at how ChainLink has done last week.

Price action

As predicted, the cup and handle pattern led to an attempt at the 3,500 Satoshis. To be precise, the price reached 3,499 before the downtrend resumed all the way to the 1,800 Satoshis support. It bounced right up, which means support at the 1,700–1,800 level is particularly strong. A close below that would be a problem and would probably see the downtrend accelerate.

Now Link is at 2000 Satoshis, meaning $0.162280. MACD is ticking up, pointing to a possible attempt at a rally. It probably won’t last. In any case, the EMA 50 is at 3,100 now. Let’s see the price close above that before we speak of good news. Good news being exactly the only thing that could see the price increase 50% to that level and beyond.

News

So, do we have any news? People keep on pestering Rory about it on Slack and Telegram, so once again he’s made it clear that theirs is a no-hype approach, frustrating as that might be. He said he’d discuss the community’s request for an AMA session with Sergey and explained that they won’t announce dates for the whitepaper phases or the main net release for the time being.

Unfortunately, one of the few partnerships that seemed confirmed won’t be happening. Just hours ago, Confido announced that they’ve ran into serious contractual trouble of an unspecified nature and ‘development has been delayed until a resolution is found’. The price crashed 80% in minutes. If you’re thinking this is a bargain and now’s the right time to buy, please think again. Engineers will run from a project in legal trouble like it’s a house on fire. The project might as well be dead.

Whales, Exchanges, Wallets and the Top 100

ChainLink is the 85th token at Coinmarketcap and volume has been between $3M and $1.7M. The rally to 3,500 satoshis saw a $5.5M volume. It will take at least that much for ChainLink to rally again.

New wallets keep on being created at a slow rate. There are 14,013 now. Of course, the lower Link went this week, the more people decided to buy a bit of it in case this project /biz/ loves so much moons some day.

No news about exchanges, except that Mercatox has definitely overtaken Etherdelta as the top 2 exchange for Link. Binance still calls the shots with 85%-90% of the volume.

The whales have been quiet with the exception of a new addition straight at number 22. Someone got 1,500,000 tokens off Binance on Saturday. I thought this might Binance moving tokens to a cold wallet for some reason. I mean, the wallet has over $1M in Ethereum and $4.6M in 39 alts. However, the wallet has received tokens from Bittrex as well as Binance, so I don’t know. Is it a whale that’s been accumulating for a long time or an exchange’s wallet? Last time I mentioned a new whale in my articles, the guy actually showed up in a 4chan thread to thank me for mentioning him (!) and happily shared trading advice with everyone. Say hello if you’re there, Mr. Whale.

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