Chainlink Could Soon Rally Towards $13.60 as Bulls Build Strong Support

Chainlink has been closely tracking Ethereum’s price action as of late, with investors trading altcoins like LINK largely based on the…

Chainlink has been closely tracking Ethereum’s price action as of late, with investors trading altcoins like LINK largely based on the movements seen by ETH.

This has made ETH essentially a benchmark index for altcoins, with its overnight plunge following an attempted rally yesterday striking a blow to many alts – including LINK.

Despite this, Chainlink’s bull case remains incredibly strong regardless of where ETH trends in the near-term.

It is currently trading just above a strong base of support that has been holding strong throughout the past week.

If buyers continue defending against a break below this price region, it could see an even stronger rally than the one posted yesterday.

One analyst is now noting that a move towards the upper-$13.00 region could be right around the corner, saying that the token’s technical strength has been growing over the past few days and weeks.

This rally would mark a serious breakout and potentially place a move back to its all-time highs of $20.00 back on the table.

Chainlink Reaches Key Support Level as Market Sells Off

At the time of writing, Chainlink is trading down over 5% at its current price of $10.90. This marks a notable decline from its daily highs of $11.70 that were set yesterday afternoon in tandem with Ethereum’s rally to $404.

The sharp decline seen by Bitcoin that sent it to the lower-$13,000 region created headwinds that proved to be too strong for altcoins to resistance, causing them to lose the gains seen yesterday.

Until Ethereum can rebound once again, there’s a strong possibility that LINK will continue drifting lower and potentially break below its key support within the mid-$10.00 region.

LINK Could Soon Rally Towards $14.00, Claims Analyst

While sharing his thoughts on Chainlink’s price action, one analyst explained that the strong support below where it is currently trading indicates that it may soon see a sharp rise that sends it towards $14.00.

He is specifically targeting a move to $13.60.

“LINK – 3rd time’s the charm? I believe it’s mathematically impossible for my third long to not reach my target of $13.60s. Previous two longs were stopped at entry/slightly above…”

Image Courtesy of UB. Source: LINKUSD on TradingView.

Because the cryptocurrency is still trading above its key support in the upper-$10.00 region following the overnight decline, this trader’s thesis remains valid.

That said, it must begin pushing higher, or else bears could start building strength.

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Silent XRP Accumulation Builds Pressure For Breakout Against Bitcoin

XRP has barely moved more than a few cents away from an average of 25 cents for months, while on the…

XRP has barely moved more than a few cents away from an average of 25 cents for months, while on the Bitcoin trading pair, the asset has continued to fall.

But while altcoins are bleeding out against BTC, Ripple whales continue to accumulate and the soaking up of the supply could soon cause an enormous breakout against Bitcoin.

XRP Versus BTC: Bollinger Bands Squeeze Into Hidden Bullish Divergence

It is hard to imagine an asset of any type is bullish when it is currently falling and setting new downtrend lows. But sometimes, there’s more going on behind the scenes, building up pressure for a massive move eventually and a change in behavior.

Ripple, has now spent nearly three full years falling on its ratio compared to BTC. Since mid-2019, XRP has done very little but trade mostly sideways while grinding ever lower.

The long consolidation range has resulted in the Bollinger Bands squeezing on two-week timeframes, to the second tightest point in the trading pair’s history.

History doesn’t always repeat, but it often rhymes. And if a hidden bull div on the Relative Strength Index on the same timeframe matching the last time the Bollinger Bands contracted this tight is any indication, an explosive reversal against Bitcoin is near.

The last time around, after a second rejection from the middle-BB, third time was the charm and Ripple lifted off, rising over 2,000% against BTC.

The Bollinger Bands are squeezing, gearing up for a big move. Hidden bull div on RSI points to up | Source: XRPBTC on TradingView.com

Whales Accumulating Ripple Resemble Bitcoin Metrics Before Breakout

Although the exact same scenario isn’t a given, silent accumulation of XRP whales matches the same sort of behavior as Bitcoin did before its recent breakout.

Whale-sized BTC wallets increased consistently until there wasn’t enough supply to go around, and Bitcoin had a major bullish breakout recently.

Now, it could be Ripple’s turn. According to data, XRP wallets with 1 million or more have increased by 20%, while wallets with 10 million or more have grown by 10%.

When these whales finally decide they’ve soaked up enough supply, prices increase rapidly as investors try to catch the breakout. When XRP does finally break out, its moves are substantial, and the signs above are anything to go by, overperformance against Bitcoin could be coming soon.

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Analyst Claims XRP has Room for a 100% Rally as Whales Accumulate

Bitcoin’s price action as of late has been incredibly bullish, but altcoins like XRP and Ethereum have continued their descents as…

Bitcoin’s price action as of late has been incredibly bullish, but altcoins like XRP and Ethereum have continued their descents as traders and investors alike both set their sights on the benchmark cryptocurrency.

One trader is now noting that XRP – which is currently trading at multi-year lows against its BTC trading pair – could be on the cusp of seeing some massive upside.

He believes that the prolonged bout of consolidation seen by the embattled altcoin could mark an accumulation phase followed by a parabolic move higher.

On-chain data seems to confirm that this is a realistic possibility.

According to one analytics platform, XRP’s whale count has started climbing higher, indicating that some large buyers are beginning to gain exposure to the cryptocurrency.

Despite this trend, the lack of any fundamental shifts in the cryptocurrency’s underlying strength indicates that any immediate price pumps will be fleeting and potentially followed by serious downside.

Until Ripple can direct more utility to the token, it may continue facing some immense inflows of selling pressure with every pump.

XRP Whales Continue Accumulating Despite Selling Pressure

At the time of writing, XRP is trading down marginally at its current price of $0.24, which is around where it has been trading throughout the past few days, weeks, and months.

Bulls have been virtually non-existent as of late, unable to spark any sustainable uptrends as it remains caught within a multi-year consolidation phase.

According to the analytics firm Santiment, there have been inflows of new whales to the cryptocurrency, suggesting that a small group of wealthy buyers expects it to see some upside in the near-term.

“Ripple’s whale count has spiked the past 6 months, with many in high-tier brackets of XRP held. Since April, holders with: 100K – 1M: 14,525 to 17,387 whales (+19.7%). 1M – 10M: 1,307 to 1,336 whales (+2.2%). 10M+: 280 to 309 whales (+10.4%)”

Image Courtesy of Santiment.

Analyst: The Token Could Soon See a 100%+ “Scam Pump”

While sharing his thoughts on where XRP might trend next, one analyst explained that he is watching for a move significantly higher in the days and weeks ahead.

“Expecting one of those scamp pumps on XRP very soon. Definitely room for 100%+,” he said while pointing to the below chart.

Image Courtesy of Livercoin. Source: XRPUSD on TradingView.

Where altcoins like XRP trend in the weeks ahead will undoubtedly depend largely on Bitcoin.

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Here are 4 Reasons Why One Analyst is Shorting Bitcoin’s Latest Rally

Bitcoin has been falling within a consolidation phase throughout the past few days and weeks, with buyers and sellers reaching an…

Bitcoin has been falling within a consolidation phase throughout the past few days and weeks, with buyers and sellers reaching an impasse as it trades around $13,800
The rest of the cryptocurrency market has been declining throughout the past few days, with the DeFi sector being hit particularly hard
This weekend has proven to be particularly positive for Bitcoin, but one analyst is cautious regarding its longevity
He points to 4 particular factors that indicate some downside could be imminent for the benchmark cryptocurrency in the days ahead

Bitcoin has been sucking the oxygen out of the crypto market over the past few weeks, rallying while most altcoins post consistent losses.

This uptrend has allowed the crypto to push against its $13,800 resistance level that has held strong throughout the past few days and weeks.

One analyst is now noting that a few signs indicate downside could be imminent for the benchmark cryptocurrency.

He believes that multiple failed attempts to break above its resistance, weakness in the stock market, and the US Dollar falling to a key support level could all spark a Bitcoin selloff this week.

Bitcoin Struggles to Break $13,800 Despite Strong Monthly Close

At the time of writing, Bitcoin is trading up marginally at its current price of $13,820. This is around the price at which it has been trading throughout the past few days.

It has yet to post any sustainable breaks above this level, and a failure to move above here in the days ahead could be a grim sign.

Earlier this week, the crypto was able to surge as high as $14,100, but it was rapidly rejected at this price level and dove down to where it is currently trading.

Analyst: These Factors Suggest Downside Could Be Imminent for BTC

While sharing his thoughts on Bitcoin, one analyst explained that he is watching 4 specific factors indicating this could be a bloody week for BTC.

If the crypto sees a strong decline in the week ahead, it could create a headwind that causes altcoins to nosedive as well.

“Short again on BTC, something about this weekend pump seems fishy. 3 drives-ish into major resistance, stocks shit the bed last week, election early next week, solid RR and DXY on support. Still bullish overall, pull backs aren’t a bad thing. Let’s see what happens.”

Image Courtesy of Mayne. Source: BTCUSD on TradingView.

The coming few days should provide some insights into the macro significance of Bitcoin’s price action over the past few days.

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Yearn.finance (YFI) Open Interest Hits an All-Time High as Selloff Continues

Yearn.finance’s YFI token failed to gain any momentum following yesterday’s sharp rebound following a brief dip below $10,000. The cryptocurrency is…

Yearn.finance’s YFI token failed to gain any momentum following yesterday’s sharp rebound following a brief dip below $10,000.

The cryptocurrency is now on the cusp of once again breaking below this level, with the immense selling pressure coming about as open interest for the token reaches an all-time high.

Although the sell-side of YFI’s order books are rather thin at the moment, a lack of any intense inflows of capital has perpetuated its recent technical weakness – which is showing few signs of slowing down any time soon.

The governance token’s price is also dipping in tandem with the implementation of a new proposal to redirect the ecosystem’s income towards YFI token buybacks, which is widely expected to boost its price.

Investors don’t seem to care too much, however, as the selling pressure placed on the token has been relentless.

Unless it traps short positions and sees a more sustainable rally in the near-term, there’s a decent chance that significantly further downside is imminent.

Yearn.finance (YFI) Struggles to Gain Momentum as Descent Continues

At the time of writing, Yearn.finance’s governance token is trading down over 6% at its current price of $10,370.

Yesterday, the crypto rallied to highs of $12,000 following a dip to lows of $9,600 set just a few days ago.

This decline marked capitulation, and the subsequent rebound made many analysts suspect that this was a short squeeze that could help mark these lows as a long-term bottom.

However, the decline seen throughout the past day signals that this selloff is not over and that further downside may be seen in the days and weeks ahead.

YFI Open Interest Hits All-Time Highs as Traders Bet on Volatility

Open interest for Yearn.finance’s YFI token is now at an all-time high, which indicates that an explosive move could be right around the corner.

Prominent investor Andrew Kang spoke about this in a recent tweet, explaining that OI is surging following the move towards $15,000 that cleared the upside liquidity.

“OI on YFI at new ATHs, surpassing first capitulation at 12k earlier this month. 12k-15k liquidity capitulated into high volume at 10ks (same as first capitulation into 12ks. Sell side orderbooks thin. What happens to shorts on a bounce up?”

Image Courtesy of Andrew Kang. Source: BTCUSD on TradingView.

Although he seems to believe that this indicates a move higher is imminent, the lack of any short squeeze during yesterday’s relief rally seems to point to immense underlying weakness amongst bulls.

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Bitcoin Could Rally to an All-Time High if It Hits One Key Level

Bitcoin could be on the cusp of posting a move to fresh all-time highs if it can close its monthly candle…

Bitcoin could be on the cusp of posting a move to fresh all-time highs if it can close its monthly candle today above one critical level.

The benchmark cryptocurrency has been caught within the throes of an intense uptrend throughout the past several days and weeks, with each selloff being fleeting and followed by it setting higher highs.

This type of price action shows that it is now in a clear bull market, and the fundamental and technical strength underpinning it at the present moment suggests new all-time highs could be on the table.

One analyst is stating that a monthly close above $13,900 could be all that it takes to rally significantly higher in the days and weeks ahead.

In 2017 during the peak of the bull run, Bitcoin’s price was rejected at $20,000 mid-way through the month, with its monthly candle for December closing below $14,000.

This means that tonight’s monthly candle close could be one of the most significant ones that Bitcoin has ever seen before.

Bitcoin Rallies to Fresh Post-2017 Highs as Bulls Maintain Control

At the time of writing, Bitcoin is trading up over 2% at its current price of $13,855. This marks a slight decline from its daily highs of $14,100 that were set overnight.

The cryptocurrency has not seen any sustainable declines since this uptrend first began, which is an incredibly positive sign that speaks to bulls’ current strength.

So long as buyers continue absorbing any intense selling pressure, there’s a strong likelihood that upside is imminent.

The key level to watch in the near-term is roughly $13,900, as a daily candle close above this level would allow BTC’s monthly candle to see its highest close ever.

Analyst: Break Above $13,900 Could Send BTC to Its All-Time Highs

Highlighting the importance of breaking and closing above $13,900, one analyst explained that he would not be surprised to see a rally to all-time highs of over $20,000 if Bitcoin’s monthly close takes place above this level.

“Lets close BTC above that green line on the monthly and send it to ATH,” he said.

Image Courtesy of Josh McGruff. Source: BTCUSD on TradingView.

Bitcoin bears have been vying to stop this from taking place, which means that it will require a significant influx of buying pressure in the coming hours for this crucial breakout to occur.

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