This Crypto Could Explode Over 100% If It Builds Confluence with Bitcoin
It has been an incredibly volatile year for Chainlink, with the highly bullish crypto rocketing to fresh all-time highs in early-March before it lost its momentum and found itself caught within a firm downtrend that led it to erase some of its recent gains.
It is important to note that the crypto is still trading up nearly 100% from where it started the year, and it could be positioned to see further upside in the days and weeks ahead, with one analyst noting that it could even rally another 100% from its current price levels.
Despite this, the crypto is pushing up against a key resistance region, and analysts are noting that the selling pressure here could be enough to put a temporary end to its recent uptrend.
At the time of writing, Chainlink is trading down over 11% at its current price of $3.02, which marks a notable decline from daily highs of $3.45 that were set yesterday.
The crypto saw some intense bullishness this week, rallying from lows of $2.25 to highs at $3.45 set yesterday, with this bullishness coming about in tandem with that seen by Bitcoin.
The recent decline from these highs has led Chainlink to close its daily candle below a key support level, which is a bear-favoring that could lead the cryptocurrency to see a near-term retrace in the days and weeks ahead.
Josh Rager – a prominent crypto analyst – spoke about this daily close below resistance in a recent tweet, noting that a failure for BTC to push higher will likely be a grave sign for LINK in the near-term.
“LINK update: From last chart, still potential to hit up at $3.86 but unfortunately LINK did not get the daily close we were looking for. Closed below the resistance level on the 1D. Hopefully, if BTC can push up, this will be enough to push LINK, if not, could see a retrace here,” he noted.
Another popular analyst on Twitter noted that LINK’s confluence with Bitcoin sits within the $6.00 region, meaning a visit to this level could be seen if the aggregated crypto market shifts back into bull’s favor.
“Chainlink: Respecting the $3.40 quite nicely here. Would be looking for a short term scalp if we make another dip towards $2.80 (confluent with BTC at $6.750-6.800). Not a long term buy there,” he noted.
In the near-term, although a 100% rally may seem far-fetched, it is imperative to keep in mind that the crypto does tend to move in parabolic cycles, with its rise seen this week potentially marking the start of a much bigger movement.
Author: Cole Petersen
VIRUS: EU countries want to exchange views on military operations
BRUSSELS (dpa-AFX) – In the fight against the corona virus, the EU states want to exchange more information about the possible uses of the national armies. It is about examining how military expertise can be better used in the EU, said EU foreign policy chief Josep Borrell on Monday after a video conference with the defense ministers of the 27 EU countries. Information and recipes for success, "best practice", could be shared with each other.
Borrell said there are already remarkable examples of the use of the armies in the Corona crisis. They built hospitals in record time, supported the police or offered transportation options. In Germany, 15,000 soldiers support the fight against the pandemic, in Poland there are 9,000. But the military are also deployed across borders. Romanian forces have brought 90 tons of medical material from South Korea. The Czech Republic brought equipment to Spain and Italy. "All of this work is extremely important."
According to Borrell, a working group that would be located in the EU's External Action Service could examine the possibilities for the armies. However, such a working group has not yet been decided. There will be no overlaps with NATO, said Borrell./wim/DP/fba
Not Just Bitcoin (BTC) – Coinbase Reveals Most Popular Crypto Assets in Wake of Recent Crash
Coinbase is revealing a look behind the curtain at which assets were most popular among crypto buyers after the market crash on March 12th.
According to internal data released by the exchange, more than half of total deposits and trades on the platform on March 12th and 13th were for the king of crypto: Bitcoin.
Ethereum and XRP came in second and third, respectively.
The exchange says relative newcomers Tezos and Chainlink were also favored, as were Litecoin and Bitcoin Cash.
Here’s a closer look at some of the exchange’s trading data from the two-day period.
Coinbase says its consumers’ buy behavior in the wake of the crash suggests Bitcoin’s ultimate value proposition and longevity will depend on the overall innovation it brings to the table.
“Bitcoin was created for a moment like this. Inscribed into its Genesis Block is the phrase ‘Chancellor on brink of second bailout for banks,’ an homage to the government bailouts of 2008 and the last great financial crisis. The call out is a subtle nod to the need for a sovereign form of money without any central intermediary…
Ultimately, Bitcoin’s value prop should not be defined by extraneous market dynamics, but rather by its unique properties that make it a potentially attractive store of value.”