Link: 11/12 Status Update

A look at the trading status of the Chainlink token

Yesterday, all eyes were on the struggle between Bitcoin and Bitcoin Cash. Fortunes were made and lost while a crisis months in the making unfolded in real time on the price charts. I won’t go into detail now as I might write a separate piece about it, but I’ll say that last night’s events will get their own chapter in any book about Bitcoin history. Traders would do well to read the chapter as a treatise on market psychology and manipulation.

Today, the money decided it was time to pay attention to alts with good fundamentals and a low price. Link is a prime suspect for that kind of pump, as we recently saw. Also, a cup and handle pattern had been forming in the chart. This morning, Link’s price broke out and 24 hour volume is over $5,000,000. It’s still rising and should test the 3,500 satoshis recent high unless Bitcoin makes one of its little ‘Look at me pumping, look at me dumping’ scenes that suck all the money away from alts.

12-hour chart with cup and handle pattern.

If Link closes above 3,500 satoshis on high volume, then we’ll know we’re looking at the beginning of a new trend that might easily reach the next resistance at 5,200. Of course, there’s also the dollar value to consider. Most people think in dollar terms about their investments and many will drop their bags as soon as Link goes back to 20 or 25 Cents. Bitcoin’s fluctuations make it difficult to predict when exactly will the token return to a specific Dollar value. It might be soon if Bitcoin rebounds. Link would probably drop in satoshis but still appreciate in Dollar value.

News

Confido and Request Network recently announced that they might use Chainlink. The statements by both team imply that Chainlink isn’t quite there yet, so things might take months to happen. The same goes for other potential clients currently talking to the ChainLink team. I have a sense that a lot is happening behind closed doors, but whether it will materialize and especially when is anybody’s guess.

Just yesterday, a SmartContract.com URL was leaked that displayed information about bond smart contracts for Swift. The URL has since been erased, but it showed a number of smart contracts completed during April using ChainLink. It’s clear from the notes that this was part of the Swift PoC. Nothing really new, but this is concrete proof that the team has a working product, even if in PoC phase. It will take months for the actual ChainLink network to roll out (we don’t have dates for the whitepaper phases yet), but this is not vaporware.

PoC smart contract for Swift

Code notes indicating this is part of the PoC

Smart contract payment details

And remember: We don’t know anything about Swift using the system as a client yet. This was for the PoC.

Link and the top 100

Currently priced at $0.1880, Link is now the 75th token in market value and the 8th best performing for the day. Like I wrote, let’s see it close above 3,500 satoshis before declaring the downtrend over.

Wallets and exchanges

The whales aren’t moving, except for this wallet and this other one, who recently got more Link. The only other change is Binance recharging their hot wallet. Despite the high trading volume, not that many tokens have been leaving Binance. Much of the volume comes from day and swingtrading, then.

Wallets keep on growing, but a smaller rate than they should given the volume and price rise. Another sign that many of the new buyers don’t plan to sit on their Link for long if the price goes South. Too many other moons to chase.

Contact information

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Additional information about ChainLink