“Is Chainlink Going to Zero?” as the Chainlink (LINK) community comes together in Barcelona for SmartCon 2023. Price action has fallen by -5%, but LINK’s 16-month range has held steady despite its partnership with ANZ Bank.
The -5% decline follows the confluence of significant fundamental news and upper-range resistance, which is a classic example of a “buy the rumour, sell the news” market move.
Real World Assets (RWAs), for which Chainlink’s cross-chain interoperability protocol has partnered with ANZ Bank after a successful pilot programme with SWIFT in June, are at the centre of the significant shift in fundamental winds.
The ANZ Bank has already piloted an Australian dollar stablecoin and tokenized Australian carbon credits, as tokenization is gaining popularity.
Chainlink’s Price Analysis: Why It Won’t Drop to Zero
Chainlink is currently trading at a market price of $7.94 (indicating a 24-hour change of -1.34%) amid the localised retracement movement.
Bag-holders shouldn’t be concerned about the recent downward movement because price declines are a typical market response to news about significant projects, and the recent -5% decrease also represents an anticipated technical development in chart structure as LINK struck the upper trendline of its well-established 16-month trading channel.
The upward movement happened after the 20DMA and 200DMA made a stunning golden cross on September 29.
Both moving average levels have offered LINK price movement solid support; the 200DMA served as a springboard for the ascent to upper trendline resistance, and the rising 20DMA gave September price action direction and footing.
However, given that the $8.50 price level has remained intact since April, it is not surprising that the LINK price has now entered a pullback at this point.
In particular, taking into account the RSI, which, as it has done for the previous 16 months, overheated to a key level at 74 on Saturday, triggering a significant overbought signal that resulted in the downtick
The overheated RSI indicator, which is currently at 67.14 and has not significantly cooled off due to the -5% move, suggests that more negative retracement may be in store.
Following the spectacular push-up from the 200DMA and golden cross, the MACD is still positive at 0.113.
Overall, even if LINK is a high-profile initiative integrating important partnerships that may be crucial to the development of decentralised finance, a 16-month trend is difficult to reverse, and negative risk seems to be the flavour of the month.
With that considered, it is plausible to anticipate an upside objective at $8.50 (a potential +7.4%) if the LINK Marines can establish a foothold here and emerge from the channel during SmartCon 2023.
While there is a huge downside risk in this situation, the price action over the previous 16 months indicates that a return to the 20DMA of around $7 (perhaps -11.55%) may be on the cards.
As a result, the risk-to-reward ratio for LINK in the short time frame is now 0.64, making it an entry with a downside risk that is by no means zero.
Meme Kombat: Potential 10X as GambleFi Storms Crypto Communities?
Meet Meme Kombat, a ground-breaking project that expertly combines GambleFi, a decentralised Web3 platform, and the memetic passion of retro gaming.
What drives Meme Kombat, and why should prospective investors pay close attention to this presale?
Meme Kombat’s intriguing arena, where players attempting to tap into fiercely tribal crypto communities compete, is where the game’s essence is found.
Players are free to wager on these animated conflicts, predicting the results and potentially earning lucrative payouts.
There is plenty of action, and Season 2 is already planned for December 2023, thanks to the strong promise of Season 1 with 11 unique meme characters.
Every combat is a novel experience, keeping participants interested thanks to the project’s decentralised structure and the excitement of AI-driven battles, which guarantee that outcomes are both transparent and surprising.
GambleFi Revolution? Meme Kombat makes stakes, rewards, and more fun to play.
The project isn’t only about anticipation; it’s also based on trust. Meme Kombat’s commitment to openness is evident in actions like the upcoming security assessment of their smart contract.
This audit’s conclusions will shortly be made public, which is a step that many projects are reluctant to take.
Matt Whiteman, the project’s founder and leader, is a well-known figure in the cryptocurrency industry.
Meme Kombat gains credibility thanks to his two decades of process design knowledge and his role as COO of North Technologies.
The fact that Whiteman has a public presence and that the project has a real address in Amsterdam adds another level of credibility at a time when so many projects hide behind the shroud of anonymity.
Potential investors may also be drawn to Meme Kombat because of its tokenomics: stake the $1.667 Meme Kombat ($MK) token to enter a lucrative ecosystem.
In addition to receiving a hefty APY of 112%, stakers can use their staked tokens to put wagers in the arena. Meme Kombat stands out for combining earning potential with gaming enjoyment.
It’s interesting to note that platform participation directly affects how much money one can make, so the more you interact, the more you stand to gain.
With the GambleFi market expanding as a result of currencies like Rollbit, Meme Kombat appears prepared to take advantage of this lucrative market with its unique strategy.
The platform is offering something new to the cryptocurrency world by fusing blockchain, gaming, and memes.
Don’t be left behind (keep tuned with the MK Telegram) if you’re trying to diversify your portfolio with a unique offering; Meme Kombat appears like a chance too good to pass up.
With Meme Kombat, you can embrace the future of meme-based gameplay and wagering.