Is Chainlink Going to Zero? LINK Price Drops 9% as New Mining Project Exceeds $6.6 Million Raised
Leading oracle project Chainlink has endured a -9% LINK price drop over the past 24-hours, leaving some panicked holders asking is Chainlink going to zero?
This comes amid a broader downtick and retracement in major cryptocurrencies over the past 24-hours, which has spread throughout the market.
Both Ethereum and altcoins retesting crucial levels as we speak.
Either hold here and fullsend or break below and we go lower.
Keep in mind that it is the last official trading day of the year so volume should be low.
I am just playing my $LINK long setup for now!
— GURU (@cryptognetwork) December 29, 2023
However, with top traders now targeting crucial lower support levels for a bounce, and long interest appearing in the chart – LINK price could be set for a strong consolidation – lets take a look.
LINK Price Analysis: As Chainlink Endures -9% Retracement Move – Is Chainlink Going to Zero?
Amid the retracement move, Chainlink is currently trading at a market price of $16.13 (representing a 24-hour change of +0.81%).
This comes after LINK price hammered-up from 20DMA (sat at $15.16) support earlier this week, to mount a new local high at $17.69.
However, topside resistance here triggered a -9% drop to retest lower support, leaving LINK price fighting to consolidate above $16.
Despite the dramatic drop, LINK price appears to be left in strong bullish technical form with price action retaining bullish pendant structure.
This is bolstered by significant divergence above the gently ascendant 200DMA which remains below the trading channel at $9.31.
Furthermore, the retracement from a local high has enabled the RSI to remain relatively cool, avoiding a severe overbought signal, with a current reading at 56.77.
Bullish sentiment is confirmed by a glance at the MACD, which continues to highlight bullish momentum at 0.109.
Overall, LINK price looks good here, with the retracement move providing little concern to serious bag-holders – and strong support above the 20DMA retaining bullish structure that suggests further upside could resume soon.
This leaves LINK price targeting a higher high at $18 (a potential +11.48%).
While downside risk could see LINK price plummet back down to 20DMA support $15.16 (a possible -6.11%).
Chainlink therefore carries an ongoing risk: reward ratio of 1.88 – a good entry on a healthy retracement and certainly not going to zero anytime soon.
But while LINK price is battling retracement, an alternative play is set for a major launch after a multi-million presale went viral.
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.m
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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