Chainlink price heads for low-hanging fruit of 5% gain as bulls try to overcome price cap
Chainlink (LINK) price sees bulls performing a big squeeze against bears since the rejection against $7.50 on Thursday. Later in that session bulls performed a bear trap and are dragging price action back up toward the current price cap. The squeeze is set to break higher as bears are bound to snap under pressure and will need to buy in the market in order to cover their loss. This should lead to a 5% jump in LINK price later on Friday.
Chainlink price is drawing a perfect squeeze on the chart since bears tried to run price action into the ground in early Thursday trading. Bulls kept their calm, bought the dip and are in the process of hitting bears where it hurts: in their trading balance. With continuous higher lows, bulls are squeezing bears out of their positions until they snap.
Bitcoin Weekly Forecast: Fed’s interest decision will be key to BTC directional bias
Bitcoin price shows no signs of bullish momentum as it hovers below a critical psychological level. This lack of buying pressure could be a result of exhaustion after BTC’s impressive rally in Q1 of 2023. With two major macroeconomic events on the horizon, traders are likely going to position themselves in the direction of the most probable outcome.
Bitcoin price has failed to sustain its uptrend after its recent plummet from $30,000 to $27,200. Although bulls tried to run BTC back up, they faced a lot of selling pressure around the bearish breaker, extending from $29,630 to $30,480. After two failed attempts, the big crypto is currently hovering around $29,200.
Solana outperforms Bitcoin despite taking massive hit after FTX crash
Solana, an Ethereum-alternative project, has more than doubled in price in 2023. The token outpaced Bitcoin, the largest asset by market capitalization, in its year-till-date returns. Interestingly, SOL price has wiped out most of its losses from the 2022 FTX exchange collapse.
The Ethereum-killer token, Solana, has yielded 125.88% gains for holders in 2023. The altcoin outpaced Bitcoin and several large market capitalization assets as its price more than doubled since the beginning of 2023.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.