In brief:
- On the 21st of August, LINK hit a new all-time high value in terms of daily active addresses.
- This was on the same day ChainLink dipped below $13.
- The high active addresses could point to the beginning of a new wave of selling as LINK continues to correct.
- Zeus Capital still maintains ChainLink is vaporware.
The team at Santiment Feed has identified a new all-time high for ChainLink (LINK) in terms of active daily addresses. The new milestone was achieved on Friday, 21st August, and during the rapid selloff of ChainLink that saw the digital asset trade as low as $12.85 – Binance Rate. Below is the statement and accompanying Tweet from Santiment feed making the observation.
$LINK hit an all-time high yesterday in daily active addresses. This came in tandem with an #altcoin decline that sent it down to $13.49. Now back at $16.10, the classic bullish divergence that formed from an ATH in DAA is coming to fruition.
$LINK hit an all-time high yesterday in daily active addresses. This came in tandem with an #altcoin decline that sent it down to $13.49. Now back at $16.10, the classic bullish divergence that formed from an ATH in DAA is coming to fruition. https://t.co/2XzRVnUZSU pic.twitter.com/PXNRC9t7Qa
— Santiment (@santimentfeed) August 22, 2020
ATH in Daily Active Addresses Could Point to a Top for LINK
The coincidence of ChainLink experiencing a new all-time high in daily active addresses on the same day it dipped hard below $13, could confirm the earlier theory of a LINK top at its recent all-time high value of $20.30.
Furthermore, yesterday, LINK’s price action went through a classic ‘Dead Cat Bounce’ as it springboarded from Friday’s low of $12.85 to a Saturday peak of $16.33. At the time of writing, ChainLink (LINK) has once again continued on its downward path and is currently valued at $14.75.
Zeus Capital Still Maintains that ChainLink is Vaporware
A brief look at the Zeus Capital Twitter page reveals that the team is still convinced that the ChainLink project is vaporware and the value of LINK will eventually drop to zero. The team has been retweeting comments from similar thinking investors regarding the future of LINK. Below are some of them highlighting their opinion regarding the bleak future of LINK.
Chainlink has suffered a strong retracement since the $20 highs it saw last week. The altcoin is now trading for $16, 20% below the local highs, after it suffered a flash crash. A number of analysts are preparing for an even larger dip in the price of Chainlink. – @amina_edwards90
$link is gonna dump so hard – @LATE_FX
LINK Marines are just new investors who don’t understand the game yet. – They don’t know that 90% of the volume is fake. – 70% of supply held by 9 whales. – LINK will be below top 20 in a few months. – LINK is a pump/dump 4chan meme. – @CryptoWhale