Cryptocurrencies Price Prediction: Chainlink, Bitcoin & PEPE – European Wrap 16 April

Chainlink active addresses drop as whale selling spikes, could LINK crash below $10?

Chainlink (LINK) has seen a lackluster downward trend in its performance since reaching a peak of $30.86 in December. Despite targeted attempts from bulls to change course, recovery for the Oracle network token remains elusive, with LINK sliding by 0.74% on the day to trade at $12.15 at the time of writing on Wednesday. These rampant downside risks can be attributed to weak fundamentals observed from several metrics, including network and whale activity.

According to CryptoQuant data, the Active Addresses on-chain metric continues to sustain an overall downward trend from its peak of approximately 9,400 addresses in February to roughly 3,200 addresses as of Tuesday. This marks a 66% decline in two and a half months and a 72% drop from the metric’s December peak of approximately 11,400 addresses.

Bitcoin Price Forecast: Bitcoin stabilizes around $83,000 as China opens trade talks with President Trump’s administration

Bitcoin (BTC) is stabilizing around $83,500 at the time of writing on Wednesday after facing multiple rejections around the 200-day Exponential Moving Average (EMA) at $85,000 since Saturday. A breakout of this strong level would indicate a bullish trend ahead. In the meantime, according to Bloomberg, China is open to trade talks with US President Trump’s administration, signaling reduced trade war tensions, which could boost risk-on sentiment in the short term and benefit risky assets like Bitcoin.

Moreover, CryptoQuant’s weekly report highlights that BTC sales from large investors have declined while miners have increased, and Semler Scientific announced plans to raise $500 million to purchase more BTC.

Five wallets possibly linked to a hacker bought 611 billion PEPE tokens

Pepe’s (PEPE) price hovers at around $0.0000073 at the time of writing on Wednesday after being rejected from the 50-day Exponential Moving Average (EMA) earlier this week. Lookonchain data shows that five wallets, possibly linked to a hacker, bought 611 billion PEPE tokens worth $4.28 million on Wednesday. Moreover, the frog-themed meme coin’s technical outlook suggests indecisiveness among traders as the Relative Strength Index (RSI) hovers around neutral levels.

Lookonchain data shows that five wallets spent $4.28 million on Wednesday to buy 611 billion Pepe tokens. The data also mentions that these wallets could be linked to a hacker, as their previous transactions had withdrawn Ethereum (ETH) from Tornado Cash.