Blockchain

Shiba Inu (SHIB) seems to have hit a rough patch in recent times, as its price struggles to gain traction in the volatile crypto market. Investors who witnessed a major rally between mid-June and mid-August are now grappling with the harsh reality that these gains have been almost entirely wiped out.

As we enter the final quarter of the year, Shiba Inu’s price has exhibited a rather lackluster performance. The token has teetered dangerously close to its July/August lows, casting a shadow of doubt over the optimism that once surrounded it. In fact, a recent price analysis indicates that SHIB has given up over 70% of its gains achieved during its summer surge.

Currently, SHIB is trading at $0.00000762, as reported by CoinGecko. Over the last 24 hours, it has experienced a modest 0.3% decline, while the seven-day chart shows also shows an insignificant loss of 2.8%. These figures underscore the prevailing bearish sentiment that has engulfed the Shiba Inu token since mid-August, with the Relative Strength Index (RSI) remaining below the crucial 50-neutral level.

Shiba Inu Large Holders Up

Amidst the challenging period of price volatility that Shiba Inu (SHIB) has been experiencing, there has been a noteworthy development that has captured the attention of market observers within the Shiba Inu network.

According to data sourced from IntoTheBlock, a prominent analytics platform, there has been a notable surge in the concentration of SHIB tokens held by large investors. This shift in ownership dynamics is indeed a significant development in the Shiba Inu ecosystem and may hold the potential to influence the trajectory of the token’s price.

The data presented in the chart below clearly illustrates this compelling trend, with a striking 77% increase in the number of holders of this meme coin. This surge in the number of holders represents a noteworthy uptick in the distribution of SHIB tokens among a broader spectrum of participants in the market.

Such an increase in the holder base suggests a growing interest and participation in the Shiba Inu project, which in turn could serve as a catalyst for renewed optimism and potential price appreciation.

SHIB Outlook

Meanwhile, as the fate of Shiba Inu remains uncertain in the short term, the increased attention from whales adds an element of intrigue to the story. As the crypto community watches with bated breath, the question remains: Are the whales positioning themselves for a resurgence of SHIB, or is there more to this story than meets the eye? 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Zipmex

Steakhouse, a decentralized autonomous organization (DAO)-focused financial advisory firm, in collaboration with Phoenix Labs, a research and development company, has put forth a proposal urging the MakerDAO community to consider allocating up to $100 million from its reserves for investment in tokenized US Treasury Bill (T-Bill) products. 

The proposal, currently in the discussion phase, aims to explore new avenues for financial innovation within the decentralized finance (DeFi) ecosystem.

Unlocking Liquidity Efficiency for MakerDAO? 

MakerDAO, renowned as the issuer of the DAI decentralized stablecoin, has already made significant investments in US Treasuries through off-chain structures since 2022, amounting to over a billion dollars. 

By venturing into tokenized T-Bills, MakerDAO seeks to bolster its balance sheet by gaining exposure to low-risk, liquid traditional assets. This move aligns with their long-term strategy of strengthening the stability and sustainability of the protocol.

Tokenized T-Bills offer several potential benefits to MakerDAO and its community. Firstly, they provide higher transparency than off-chain structures, simplifying the auditing process and reducing the need for internal resources. 

With tokenized T-Bills, daily attestations can be streamlined, providing real-time visibility on investment performance. 

Additionally, tokenized products enable simpler accounting procedures by leveraging daily price feeds, eliminating manual profit returns associated with off-chain investments.

Furthermore, tokenized T-Bills offer the potential for increased automation. Asset-liability management, a manual and slow process for MakerDAO, can be automated through tokenized products. 

This automation would improve efficiency and reduce operational overhead, enabling MakerDAO to focus on other strategic initiatives.

In terms of liquidity, tokenized T-Bills present advantages over traditional off-chain investments. Redeeming stablecoins through on-chain tokenized products can be faster than selling off-chain and converting them back into stablecoins. This can provide MakerDAO with greater flexibility and responsiveness to market dynamics.

Maximizing Returns?

Despite the potential benefits, the adoption of tokenized T-Bills introduces certain considerations. One such consideration is the exposure to higher counterparty risk. However, a competitive market is expected to favor the more secure options, mitigating this risk to a certain extent.

Tokenized T-Bills also offer diverse liquidity and yield profiles, providing opportunities for MakerDAO to diversify its investment strategy. 

Products range from super liquid non-volatile options, which act more like lending protocols with collateralized T-Bills, to frictionless products that offer better rates but require longer subscription and redemption processes. 

According to the announcement, these options allow MakerDAO to leverage different trade-offs without reinventing the wheel and cater to varying needs within the DeFi ecosystem.

Steakhouse, Phoenix Labs, and BlockAnalitica will contribute their expertise in legal, financial, technical, and risk assessment domains to move forward with the proposal. 

Overall, the proposed allocation of up to $100 million for developing and experimenting with tokenized T-Bill products reflects MakerDAO’s commitment to continuous innovation and exploring new possibilities within the DeFi landscape. 

As the discussions progress, the community’s collective wisdom and insights will shape the future roadmap of MakerDAO’s investment strategy and contribute to the evolution of decentralized finance.

As of the time of writing, the native token of MakerDAO, MKR, is currently trading at $1,113, reflecting a decrease of 0.7% over the past 24 hours. 

However, over the past seven and fourteen days, the token has demonstrated substantial performance, surpassing most cryptocurrency markets with gains of 2.5% and over 12%, respectively.

Featured image from iStock, chart from TradingView.com

For Bitcoin (BTC), the largest cryptocurrency in the market, the month of September has seen a lack of definitive strength from both bulls and bears, resulting in a period of sideways chop and rapid bouts of volatility. 

Material Indicators, a prominent crypto analysis firm, sheds light on the prevailing market conditions and highlights the intricacies of short-term price action (PA) against the backdrop of the macro sentiment.

Unpredictable Market Conditions Prevail As BTC Seeks Direction

Despite a bearish macro sentiment, where a broader downtrend is anticipated, short-term price action often deviates from the macro trend. This phenomenon explains the occasional short-term pumps and rallies observed even within a prevailing downtrend. 

Material Indicators emphasizes the importance of understanding these dynamics and the potential implications they hold for Bitcoin.

Yesterday’s performance of the leading cryptocurrency may have come to a close, but Material Indicators point to indications that another rally could be on the horizon. 

The firm highlights the Trend Precognition A1- indicator developed and used to spot micro, and macro trends by the firm- continues to exhibit a slight uptick in bullish momentum across the daily (D), weekly (W), and monthly (M) charts, as seen above. 

This trend suggests the possibility of a resurgence in Bitcoin’s value, albeit with the need for caution and further analysis.

As of the time of writing, Bitcoin is currently trading at $25,800, continuing its prolonged period of sideways price movement since the start of the month. However, it is worth noting that Bitcoin has been unable to regain the critical $26,000 level, which holds significant importance for the cryptocurrency. 

Reclaiming this level is crucial in order to invalidate any potential bearish pressure and mitigate the possibility of Bitcoin experiencing a further decline in its price.

Surge In New Bitcoin Addresses Signals Growing Interest 

Amidst ongoing uncertainty and sideways price action, an intriguing trend has emerged that sheds light on the expanding interest in Bitcoin. 

Notably, approximately 527,000 fresh Bitcoin addresses are being created on a daily basis, reaching a new yearly high. Renowned crypto analyst Ali Martinez delves into the significance of this surge and its implications for the cryptocurrency market.

The surge in new Bitcoin addresses suggests a growing curiosity and engagement with the digital currency, even during a period when its price has witnessed occasional drops. 

This surge in address creation indicates that an increasing number of individuals are showing interest in Bitcoin, potentially attracted by its underlying technology, decentralized nature, and potential for financial independence.

For long-term investors and advocates of Bitcoin, this surge in address creation serves as a positive sign, reflecting sustained interest and trust in the cryptocurrency’s network. It demonstrates that individuals are not deterred by short-term price volatility and are committed to participating in the Bitcoin ecosystem for the long haul.

By actively creating new Bitcoin addresses, individuals are essentially establishing a connection to the network and positioning themselves to engage in various Bitcoin-related activities, including sending and receiving funds, participating in decentralized applications (DApps), and exploring the broader cryptocurrency ecosystem.

Ali Martinez emphasizes that this upward trend in address creation is significant as it suggests an expanding user base and a potential influx of new participants into the Bitcoin market. 

As more individuals join the network, it strengthens the overall resilience and legitimacy of Bitcoin, further solidifying its position as a prominent player in the global financial landscape.

Featured image from iStock, chart from TradingView.com

A recent report by IntoTheBlock offers new insights into the profitability of meme coin holders, including Dogecoin, highlighting variations in the percentage of holders in profit and whale concentration. Dogecoin, the forerunner in this category, continues to hold its own, with new data underscoring its dominance in terms of profitability for its holders.

Dogecoin Holds The Lead

According to the report by blockchain data analytics platform IntoTheBlock, Dogecoin outpaces its counterparts, with 42% of its holders being in profit.

It is worth noting that this appears to solidify its position as a frontrunner in the meme coin domain and emphasizes its growing importance in the broader crypto space.

Ever wondered how meme coins compete on important metrics? Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder profits and whale concentration.#Dogecoin #Pepe #LEASH #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ

— IntoTheBlock (@intotheblock) September 8, 2023

The analysis, which took into account the top six meme coins including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI), positioned PEPE and LEASH in second and third places, with 21% and 19% of their holders respectively turning a profit.

Whale Concentrations And Other Tokens

In addition to highlighting profitability, the study delved into the concentration of whales within these meme coins. Interestingly, 44% of Dogecoin tokens are held by whale accounts, while nearly half of the PEPE tokens (49%) are whale-owned.

The report also shows that whale concentration for LEASH rests at 42%. Dogelon Mars and Shiba Inu, although popular names in the meme coin sphere, are fourth and fifth in terms of holder profitability, with 14% and 11%, respectively.

Floki, on the other hand, sees 10% of its holders in profit with a 59% whale concentration, indicating the large players’ influence in the meme coin market. Notably, whale concentrations can significantly impact the price movements of cryptocurrencies, making large holders create substantial market swings just with their trading decisions.

Furthermore, while Dogecoin has put roughly 44% of its holders in profit, the meme coin has not been exempt from the market’s volatile swings. In the past month alone, DOGE has seen a more than 16% decline. It took a dip from its previous high of $0.77 to a low of $0.62, at the time of writing.

Dogecoin (DOGE) price is moving sideways on the 4-hour chart. Source: DOGE/USDT on TradingView.com

In addition, despite the market downtrend, DOGE’s trading activity has surged. The daily trading volume for the meme coin currently stands at $201 million, a considerable increase from the $128 million recorded late last month.

Featured image from Unsplash, Chart from TradingView

On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million.

Litecoin Long-Term Holders Have Continued To Rise In Number Recently

According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week. The firm defines “long-term holders” (LTHs) or HODLers as investors holding onto their coins since at least one year ago. Note that this cutoff for the LTHs differs from what some other analytics platforms use, usually around five to six months.

The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years.

As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth.

Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency.

Interestingly, while the LTHs have grown in number during this period, the cryptocurrency price has mostly struggled. This shows that despite the poor price action, there has been growing confidence among a subset of holders who believe that the asset would be a profitable investment in the long term.

This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market.

LTC Price Has Continued To Struggle Recently

Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around $63.

While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term.

Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges.

The “cost basis” here refers to the price at which the investors bought their coins. In the above data, the dot for the $64.9 to $69.29 range, for instance, represents the percentage of Litecoin investors who bought at prices lying inside this range.

Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market.

The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the $69 mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.

In a recent series of tweets, Vetle Lunde, Senior Analyst at K33 Research, delved deep into the potential ramifications of the US Bitcoin (BTC) spot ETFs. Lunde’s analysis suggests that the broader market might be significantly underestimating the transformative power of these financial instruments.

Lunde’s assertion is rooted in five core reasons. He began with a bold proclamation: “The market is wrong – and dramatically underestimates the impact of US BTC ETFs (and ETH futures-based ETFs).”

Why The Market Is Wrong On Bitcoin

Firstly, Lunde believes that the current climate is ripe for the approval of US spot ETFs, suggesting that the odds have never been more favorable. As NewsBTC reported, Bloomberg experts Eric Balchunas and James Seyffart recently raised their Bitcoin spot ETF approval odds following the Grayscale judgment to 75% this year, 95% by the end of 2024.

Secondly, Lunde pointed out that BTC price has retraced to pre-BlackRock announcement levels. The third reason revolves around the potential competition and the simultaneous launches of multiple US spot ETFs. Lunde anticipates that these, if approved, could lead to robust inflows, potentially surpassing the initial trading days of both BITO and Purpose.

For context, he highlighted that Purpose saw inflows of 11,141 BTC, and in its wake, subsequent ETF launches in Canada resulted in a whopping 58,000 BTC worth of inflows within a mere four months. Given the vastness of the US market compared to Canada, the inflow potential is considerably higher.

The fourth reason Lunde presented is based on historical data from the past four years. He emphasized a noticeable correlation between strong BTC investment vehicle inflows and appreciating BTC prices. This relationship becomes even more pronounced during periods of extreme inflows, which have historically contributed to significant market uplifts.

The last crucial point for Lunde is that on August 17 the market got rid of from excess leverage, as NewsBTC reported.

By The Numbers

In conclusion, the research firm posits that US BTC spot ETFs could see at least 30,000 BTC worth of inflows in their first 10 days. Over a span of four months, the combined inflows into BTC investment vehicles could range between 70,000 to 100,000 BTC, driven by US spot ETFs and growing inflows to ETPs in other countries.

Based on these flow assumptions and data from the past four years, Lunde suggests a potential 66% BTC rally, targeting a price of $42,000. However, he also cautioned that this projection is based on a “naïve assumption” and doesn’t account for other market-moving events.

At press time, BTC traded at $25,865.

Stellar (XLM) has experienced a robust resurgence, bouncing off a crucial support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant shift in momentum since mid-August. This second rebound from the same support level underscores the formidable strength exhibited by bulls, hinting at the potential for further gains.

A price analysis notes that the $0.11 support level has emerged as a steadfast defense line for XLM enthusiasts. Recent price action has illustrated that bears would need to work diligently to flip this level in their favor, extending the bearish momentum. 

However, the bulls have displayed unwavering determination, as evidenced by the latest retest of the support on Sept. 4, which triggered a notable price pump.

As of the latest data, XLM is trading at $0.124 according to CoinGecko, reflecting a 2% rally over the past 24 hours and an impressive 10% surge in the last seven days. These gains are indicative of growing optimism among XLM investors.

XLM Chart Indicators Favor Bulls

The on-chain indicators are aligning with the bullish sentiment surrounding XLM. The Relative Strength Index (RSI) hovers around the neutral 50 mark, suggesting a healthy demand for XLM.

Additionally, the Chaikin Money Flow (CMF) stands at +0.10, indicating an influx of capital into XLM. This influx is typically a bullish sign, pointing towards the growing confidence among investors in the cryptocurrency.

Despite the resurging optimism, XLM faces a battleground in the long/short ratio on exchanges. The tight margins indicate that sellers are actively trying to thwart the bullish rally.

While long positions are inching closer to the critical 50% flip point of the long/short ratio, sellers currently maintain the upper hand, exerting pressure on XLM’s upward trajectory.

What Lies Ahead For XLM?

With the $0.11 support level proving to be a formidable stronghold for bulls and chart indicators hinting at further gains, XLM enthusiasts are eyeing a target range of $0.17 to $0.19, aiming to revisit the highs last seen in July.

The crypto market remains dynamic and volatile, so investors should remain vigilant and stay tuned for developments that could impact XLM’s price trajectory.

XLM has staged an impressive rebound, bolstered by strong support and positive chart indicators. While challenges persist in the form of bearish resistance in the long/short ratio, the bullish momentum remains intact, with investors setting their sights on recapturing the July highs. The cryptocurrency market continues to evolve, and XLM’s resurgence is a testament to its resilience in the face of market fluctuations.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Stellar

On-chain data shows the Cardano whales have sold more than a billion ADA during the past week, a sign that pain may not be over for the asset yet.

Cardano Whales Have Participated In Some Distribution Recently

Cardano didn’t have the best time in August, as the cryptocurrency registered a more than 18% drop. This new month of September hasn’t been any better for ADA, as the asset has only continued to struggle sideways around its lows so far.

At present, the asset is trading just under the $0.26 level. The chart below displays the recent price action in the cryptocurrency.

Cardano’s flat returns over the past week aren’t anything different from what has been happening in the wider sector, as Bitcoin (BTC) and Ethereum (ETH) have also been similarly stale recently.

That said, a bearish signal exclusive to the asset appears to have emerged, as Ali, an analyst on X, has pointed out in a new post. According to on-chain data, the ADA whales have participated in a selloff over the past week.

The above chart shows the trend in the combined supply of the Cardano investors holding at least 10 million and at most 100 million ADA in their wallets. At the current exchange rate, this range converts to about $2.6 million at the lower end and $26 million at the upper bound.

The holders of this vast amount of the token are called “whales.” Due to their massive holdings, they are among the most influential entities on the network. The graph shows that these large investors have seen their holdings go down sharply recently.

This ADA holder group has distributed a net amount of 1.02 billion ADA (worth around $260 million) in this latest selloff, which is a pretty significant figure.

The whales shaving off their supply is naturally not a positive sign for the cryptocurrency, as it suggests that some of these humongous holders don’t think the asset will recover shortly, so they are cutting their losses and exiting the coin.

ADA Continues To Be 7th Largest Coin In Sector

Despite its decline, Cardano is still the seventh-largest asset in the cryptocurrency sector in terms of market cap, as the table below shows.

However, the gap between ADA and the 8th place Dogecoin (DOGE) is down to less than $100 million now, meaning that the asset is at risk of dropping down from its spot.

Unless things change fast for Cardano, it may be inevitable that the cryptocurrency would slip below the memecoin shortly, given the bearish movement from the whales.

The price trajectory of Dogecoin has been significantly influenced by Elon Musk’s tweets about the meme coin in recent weeks and months. Notably, Dogecoin ascended past the $0.1589 mark in November 2022, following Musk’s acquisition of Twitter. Since then, however, DOGE has been on a pronounced downtrend.

The anticipation of Musk introducing Dogecoin as a payment method on Twitter remains palpable within the DOGE community. However, outside this sentiment is not shared, underscored by the stark decline in DOGE trading volume, suggesting a diminished presence of speculators and traders.

If Musk does integrate DOGE on Twitter, the price reaction is likely to be swift. But what is a good entry price?

Monthly Chart DOGE/USD

While many older altcoins are plumbing new lows, Dogecoin exhibits a more resilient sideways accumulation pattern on its monthly chart. This chart reveals that the $0.0480 mark is pivotal for Dogecoin. Should DOGE maintain its stance above this price, it could present a viable opportunity for long-term spot investors.

This price level is especially interesting as it coincides with the 100-week EMA at $0.04886. However, it’s imperative to acknowledge the inherent unpredictability associated with Dogecoin’s long-term trajectory, given its meme coin status.

Weekly Chart Dogecoin

The 1-month chart delineates a clear downtrend. DOGE could fall towards the lower trendline at $0.0480 before another run towards the upper trendline at $0.075. Remarkably, the 30-month low of June 2022 is also located near the trend channel low at $0.0488.

If DOGE bounces up from here, the price would have to face the 61.8% Fibonacci retracement at $0.0909. A retest of the breakout from the downtrend could occur here. If the bulls succeed, the 50% Fibonacci retracement level at $0.1093 and the 38.2% Fibonacci retracement at $0.1169 could come into focus. The final target is the November 2022 high at $0.1589 where huge selling pressure is to be expected. At current price, DOGE would need to gain over 150% to reach this level.

Daily Chart DOGE/USD

The 1-day chart underscores the persistent downtrend Dogecoin has been grappling with since December of the preceding year. This downtrend, demarcated by a descending trend channel, remains unbroken. Late in July, DOGE recoiled from the upper boundary of this channel, only to descend once more.

Alarmingly, pivotal support levels, inclusive of the 200-day EMA, have been compromised, hinting at a potential bearish trajectory. Current chart configurations suggest that DOGE might revisit its annual nadir at $0.05593 shortly. In a more bearish projection, a decline to the lower confines of the descending channel, oscillating between $0.05 and $0.048, is plausible.

Conversely, if DOGE steers clear of registering a new annual low, especially if the broader market sentiment experiences an upswing (perhaps due to the approval of a Bitcoin Spot ETF), the entry point for prospective investors might materialize sooner. For a substantial price resurgence, it’s imperative for DOGE to rebound from this potential new low with a robust buying volume, indicating renewed interest and liquidity for the meme coin.

Chainlink (LINK) has managed to break through the critical resistance level at $6. This unexpected surge in price can be attributed, in part, to the relentless accumulation of LINK tokens by large wallet investors, known as sharks. 

The trend among these influential players has been particularly pronounced, and it could hold the key to Chainlink’s bullish resurgence. 

On-chain date cited in a report has provided valuable insights into this remarkable shift in Chainlink’s fortunes. According to their data, the shark tier of investors has swiftly acquired a staggering $9.6 million worth of LINK tokens within just three days. This surge in demand from these heavyweights is expected to act as a significant catalyst for further upward movement in LINK’s price.

Emergence Of New Shark Wallets: A Bullish Sign For Chainlink?

Recent data also reveals that 98 new shark wallets have emerged within the Chainlink ecosystem since the start of the week, marking a 3.2% increase. As of Thursday, a total of 3,127 shark wallets were holding between 10,000 and 100,000 LINK tokens. This demonstrates a growing appetite among larger investors for Chainlink, further fueling the cryptocurrency’s recent rally.

The current LINK price, as per CoinGecko, stands at $6.34, with a slight 0.7% decline in the past 24 hours. However, over the last seven days, LINK has seen a notable 6.4% rally, defying the broader bearish sentiment that has gripped the altcoin market.

The accumulation of Chainlink tokens by shark investors has historically served as a powerful indicator for predicting LINK’s price movements. Previous instances have shown that when these influential players increase their holdings, it often precedes a substantial uptick in the token’s value. As such, the ongoing accumulation by sharks is a metric worth closely monitoring to gauge the future trajectory of Chainlink’s price.

Potential For LINK To Break Out Against Bitcoin

Prominent crypto trader Michaël van de Poppe, sharing his insights on the social media platform X, suggests that Chainlink might be on the brink of a breakout against Bitcoin (BTC).

Would #Chainlink still be considered as a buy?

I know, it sounds boring, but Chainlink is still going sideways and still an investment opportunity.

Why would that be the case? Wouldn’t you be better off selling the entire bag and just leaving it alone for the coming period? … pic.twitter.com/j52Ul93som

— Michaël van de Poppe (@CryptoMichNL) September 5, 2023

While Chainlink has recently revisited the lower end of its trading range, fluctuating between $7.27 and $5.50, LINK could signal an upward trend if it establishes a higher low price against Bitcoin on the weekly timeframe.

Chainlink’s remarkable resilience and ascent above the $6 resistance level, even amidst a broader bearish altcoin market, can be attributed to the strategic accumulation of LINK tokens by large wallet investors. 

As new shark wallets continue to emerge, and with LINK showing signs of a potential breakout against Bitcoin, the cryptocurrency’s future prospects appear increasingly promising.

Investors and traders alike will be watching closely to see if Chainlink can maintain this upward momentum in the face of ongoing market challenges.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Daily Hodl