{"id":564224,"date":"2020-10-15T12:38:29","date_gmt":"2020-10-15T09:38:29","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564224"},"modified":"2020-10-15T14:12:02","modified_gmt":"2020-10-15T11:12:02","slug":"chainlink-investors-are-cautiously-optimistic-as-link-trades-above-10","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/chainlink-investors-are-cautiously-optimistic-as-link-trades-above-10\/","title":{"rendered":"ChainLink Investors are Cautiously Optimistic as LINK trades Above $10"},"content":{"rendered":"<p><strong>Summary:<\/strong><\/p>\n<ul>\n<li><strong>Chainlink is about to hit 7 days trading above the $10 psychological support zone<\/strong><\/li>\n<li><strong>However, social and on-chain metrics point towards a cautiously optimistic short term future for LINK<\/strong><\/li>\n<li><strong>Timothy Peterson has forecasted that ChainLink might not fall to $7 if LINK&#8217;s relationship with Bitcoin continues as is<\/strong><\/li>\n<\/ul>\n<p>The digital asset of <a href=\"https:\/\/en.ethereumworldnews.com\/chainlinks-link-cumulative-transaction-volume-exceeds-30-billion\/\" target=\"_blank\" rel=\"noopener noreferrer\">ChainLink<\/a> has traded above <a href=\"https:\/\/en.ethereumworldnews.com\/chainlink-link-marines-optimistic-10-will-be-broken-soon\/\" target=\"_blank\" rel=\"noopener noreferrer\">the $10 psychological price<\/a> level for almost a whole week. In the mentioned time period, LINK retested the $12 resistance level on 12th October thanks to a crypto-wide bullish environment brought about by <a href=\"https:\/\/en.ethereumworldnews.com\/btc-analyst-square-microstrategy-buying-btc-is-a-tip-of-the-iceberg\/\" target=\"_blank\" rel=\"noopener noreferrer\">Square announcing<\/a> that it had purchased $50 Million in Bitcoin.<\/p>\n<p>At the time of writing, ChainLink is trading at $10.60 amidst news of <a href=\"https:\/\/www.ft.com\/content\/93cffd8f-84ce-4160-a22e-b7d168620875\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">a possible COVID19 second wave in Europe<\/a> that could trigger additional lockdowns. This new development regarding the current state of the Coronavirus pandemic in Europe could cause some anxiety in the stock and crypto markets in the days to follow.<\/p>\n<h2>ChainLink&#8217;s Short Term Future is One of Cautious Optimism<\/h2>\n<p>According to the team at Santiment, the short term price action of ChainLink is one of cautious optimism. LINK&#8217;s social discussions continue to be bullish with holders adding <a href=\"https:\/\/en.ethereumworldnews.com\/top-100-chainlink-link-whales-have-grown-their-bags-by-5-in-1-yr\/\" target=\"_blank\" rel=\"noopener noreferrer\">2.2 million to their bags<\/a> in the last two and a half weeks. However, LINK&#8217;s social volume has mostly dropped back to neutral with holders still sending vast amounts of LINK to crypto exchanges. The latter fact could indicate a level of profit-taking by LINK investors.<\/p>\n<p>It is with the above analysis that the team at Santiment shared the following tweet informing LINK traders of the uncertain short-term future of ChainLink&#8217;s price. The tweet also includes charts providing a visual representation of the aforementioned social and on-chain data related to LINK.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd17 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$LINK<\/a>&#39;s social and on-chain metrics are giving a cautiously optimistic outlook about its near-term price potential. Our latest featured insight dives into social volume, crowd sentiment, daily addresses, dormant circulation, &amp; more. Read all about it! <a href=\"https:\/\/t.co\/AUWm6LNPb1\" rel=\"nofollow\">https:\/\/t.co\/AUWm6LNPb1<\/a> <a href=\"https:\/\/t.co\/Ym5wyYiR7f\" rel=\"nofollow\">pic.twitter.com\/Ym5wyYiR7f<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1316441865412063232?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 14, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>ChainLink Might Never Hit $7<\/h2>\n<p>With respect to ChainLink <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-analyst-chainlink-link-could-hit-7-in-2-3-weeks\/\" target=\"_blank\" rel=\"noopener noreferrer\">possibly falling to $7<\/a>, Timothy Peterson of Cane Island Alternative Advisors forecasts that LINK might never dip to this level. Mr. Peterson&#8217;s analysis is based on ChainLink&#8217;s relationship with Bitcoin that has been identifiable for over two years. <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1316083793070092289?s=09\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">He explains<\/a>:<\/p>\n<blockquote><p><span class=\"r-18u37iz\">$LINK<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> may never hit $7. This relationship between <\/span><span class=\"r-18u37iz\">#ChainLink<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> and <\/span><span class=\"r-18u37iz\">#Bitcoin<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> goes back 2+ years. However it is just a price extrapolation &#8211; maybe ok in the short term but questionable in the long term. Could also go sideways for a year like 2019.<\/span><\/p><\/blockquote>\n<p>Mr. Peterson also provides the following chart to demonstrate the long-running relationship between the price of Chainlink and that of Bitcoin. From the chart, it can be seen that ChainLink&#8217;s fate is very much tied to that of Bitcoin.<\/p>\n<figure id=\"attachment_564226\" aria-describedby=\"caption-attachment-564226\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th.jpg\"><img class=\"wp-image-564226 size-large\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-1024x529.jpg\" alt=\"\" width=\"1024\" height=\"529\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-1024x529.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-300x155.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-770x398.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-1536x793.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-500x258.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-240x124.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-717x370.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th-1347x696.jpg 1347w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/LINK_BTC-Oct-15th.jpg 1646w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><figcaption id=\"caption-attachment-564226\" class=\"wp-caption-text\">Chart courtesy of Timothy Peterson via Twitter.<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Chainlink is about to hit 7 days trading above the $10 psychological support zone However, social and on-chain metrics point towards a cautiously optimistic short term future for LINK Timothy Peterson has forecasted that ChainLink might not fall to $7 if LINK&#8217;s relationship with Bitcoin continues as is The digital asset of ChainLink has traded above the $10 psychological price level for almost a whole week. In the mentioned time period, LINK retested the $12 resistance level on 12th [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":562579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[108032,108120],"tags":[5749,108163,4124,108108],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564224"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564224"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/562579"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}