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Chainlink Price Analysis: 23 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Chainlink’s price has risen substantially through the course of 2021. In the past week alone, the cryptocurrency saw its price hike by close to 8 percent in a 24-hour period, with renewed bullish momentum very evident on the charts. However, in accordance with past precedents, such gains only make LINK’s price more likely to see a minor correction in the near-term.

At press time, Chainlink was trading at $23.5 with a registered market cap of around $9 billion. Further, the cryptocurrency was also noting a 24-hour trading volume of $4.4 billion.

Chainlink 4-hour chart 

Source: LINK/USD, TradingView

Chainlink’s 4-hour chart showed that the coin was on the verge of breaching its immediate resistance at $24.55. The few trading sessions immediately before press time saw a few failed attempts at breaching the same. If LINK is unable to go past this level, a minor dip to its immediate support at $21 seemed likely. This scenario would present traders the opportunity to short the coin and open up short positions with respect to its short-term price action.

The next level of support for Chainlink was observed to be all the way down at around $19. However, given the coin’s bullish momentum, such a steep dip was not likely to materialize.

Reasoning

The cryptocurrency’s technical indicators painted a polarizing picture to a certain degree. The MACD indicator underwent a bullish crossover yesterday, one that did not rule out the possibility that the rising Signal line may catch up with the MACD line and register a reversal in trend. Further, the RSI was heading towards the neutral zone and away from the overbought zone – indicating a decline in buying pressure for Chainlink.

Important levels to look out for

Resistance: $24.55

Support: $21, $19

Entry: $22.9

Take Profit: $21.1

Stop Loss: $24.4

Risk/Reward: 1.17

Conclusion

While Chainlink has noted significant bullish momentum over the past few days, the coin may soon note a minor price correction. This seemed likely to happen if LINK fails to breach its immediate resistance at $24.55.

Given the past few failed attempts at going past this level, there was a higher chance that there won’t be enough buying pressure to push the coin beyond it, as evidenced by the retreating RSI indicator. In such a scenario in the short-term, Chainlink looked likely to once again revisit the support level at $21.

Source: https://ambcrypto.com/chainlink-price-analysis-23-january/

Amb Crypto

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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