By CryptoNews - 3 months ago - Reading Time: 5 minutes
Is Chainlink Going to Crash? LINK Price Turns Red as New Mining Protocol Takes the Limelight
Chainlink price turns red as LINK price analysis reveals localized retracement in aftermath of cross-chain stablecoin infrastructure rally.
The downside move comes after a joint announcement with Circle on January 16 triggered a +11.38% move on the chart.
$LINK testing the drop-off#altcoins https://t.co/b0eDYjD1xl pic.twitter.com/KNcNxN26kD
— DoopieCash® (@DoopieCash) January 22, 2024
Now in minor localized retracement following the uptick in price action, trader sentiment has shifted bullish with anticipation of a bounce on the short-time frame.
LINK Price Analysis: As Chainlink Price Tumbles Towards Lower Trendline – Can LINK Bounce?
With price action pushing down, Chainlink is currently trading at a market price of $15.19 (Representing a 24-hour change of -1.35%).
This comes amid attempts at pushing up off 20DMA support over the past few days.
Indeed, the 20DMA has formed a vital lifeline for LINK price in recent months, and now stood at $14.68 – this key moving average could form a localized foothold if LINK price pushes lower.
Below that, the ascendant lower trendline, which provided support to Chainlink’s technical structure on January 3 and 8, could offer a secondary layer of localized lower support
Meanwhile, the 200DMA remains far below the current trading channel, stood at $10.38.
But while LINK seems set for a re-test of 20DMA support, a positive sign emerges from the RSI, which has shifted aggressively neutral in recent days – now stood at 51.03.
This matches well with the MACD, which is showing minor bullish divergence in momentum at 0.099 – suggesting LINK price is overdue for a bounce on the short-time frame.
Overall, LINK price analysis reveals the top oracle is primed for an upside move on the short-time frame, with serial lower support opportunities providing reassurance to bag-holders.
Consequently, LINK Price has an upside target at $17.69 (a possible +16.9%).
While downside risk could see LINK price decline to lower trendline support at $13.51 (a potential -10.72%).
LINK price analysis therefore reveals a risk: reward ratio of 1.58 – a strong entry – suggesting Chainlink is not going to crash anytime soon.
But while top oracle Chainlink is facing moderate returns on the short-time frame, an emerging Bitcoin cloud mining presale is racing towards $10m raised.
LINK Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $9M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$9,057,233 raised.
Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
Major Announcement! #BitcoinMinetrix attains a remarkable milestone, raising over $9,000,000! pic.twitter.com/9rUOkm7Hb7
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$9.5M In The Crosshairs: Bitcoin Minetrix Surges Past $9M – Poised to Outperform LINK Price Analysis
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.
Why Has Bitcoin Mining Become So Centralized?
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.
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 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over LINK Price Analysis Verdict:
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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Original source: CryptoNews