Food for thought for crypto-enthusiasts and investors alike, is the recent unpredictable market trajectory of Chainlink (LINK), that has experienced a roller coaster of ups and downs in price movement over the past year. It has recently seen a momentum push of 75% in the last month, but has since been rejected from the upper trendline, raising questions about the right time to invest in LINK.
Currently priced at $7.61, mirroring the pattern of a slight slide after 2021’s crypto bull run, it’s not been immune to the brunt of the churn. A series of ebbs and flows have seen LINK’s value diminish by about 10%, arousing investor anxiety as it appears to seep through a possible support level at $7.75. With restrained support below, the future seems to indicate a callback to the merged 20DMA and 200DMA around the $6.80 price point.
Indicator scrutiny brings little solace, as the RSI demonstrates bearish divergence being overheated at 60, and a faltering performance reflected in the MACD indicates a likely flip towards imminent bearishness. The risk-reward composition in the short-term for LINK appears daunting with a heavily leaning downside risk, leading many investors to divert capital towards pathways for more promising short-term gains. The volatility of LINK should thus not be taken lightly, and investment decisions should be made with a thorough understanding of the potential downside risk.
An unlikely hero has surfaced amidst this uncertainty, with one proof-of-stake project gathering impressive traction. Introducing BTC20, a technology underpinned by ERC-20 proof-of-stake, and designed to welcome a new cohort of Bitcoin enthusiasts. Offering a more sustainable, greener network, BTC20 goes a step further with its distinctive stake-to-earn mechanism bringing the perk of passive income generation.
BTC20, whose presale managed to attract more than $1.5 million, offers substantial rewards to committed holders, proportionate to their staking amount. Call it a shot at becoming a wholecoiner, in line with Bitcoin’s giants of the past. The possibility of exponential growth with even a mere 10% gain of Bitcoin’s market cap projects a potential of 278,900% increase in value, catapulting BTC20 to a staggering $2,790.
The road ahead for BTC20, backed by a dedicated team, aims for sustainability over a 120-year venture. Already gaining the notice of renowned crypto analysts such as Jacob Bury, BTC20 may well outpace Bitcoin in the long run. The acme of its performance will, however, progress as the dynamic world of crypto does, so diving in should be guided by informed choices and distinct strategies.
Source: Cryptonews
