ChainLink Explodes Toward All-Time-Highs - Price Analysis

  • Short term: a correction will come soon, dangerous time to buy
  • Long term: could see new all time highs soon, but likely correction first

ChainLink (LINK) is at it again, after having broken out from a clear resistance level on October 6, and is up 40% since then -- and up over 100% since finding its market bottom on September 15. This popular altcoin is now approaching the upper limits of its market structure, and we consider whether or not it may break this level and find new highs.

Looking first on the daily LINK/BTC chart, we see first of all how perfectly clean LINK’s movements are. We also notice that, while the size of LINK’s gains here are almost equal to the last big one, in June-July, trading volume on Binance is nowhere near what it was then. This is an interesting development, perhaps suggesting that ChainLink can break through that ceiling and reach new highs.

Where she stops, nobody knowsChainLink chart by TradingView

If we look at the same chart with indicators, we’ll see that the RSI is extremely overbought. This is not the time to be piling into LINK, as it will more than likely have to have some retracement at the resistance band -- even if it is to go on and break it.

However, on smaller timeframes (not picture), there are not really any signs of weakness yet. This is a major rally, and it wouldn’t be surprising to see it continue all the way to the previous all time high at 40k sats.

All in all, we have a major breakout of a major altcoin. And with Bitcoin dominance falling from clearly seem like overbought conditions, we may see some other major altcoins follow suit. As for LINK, although the current rally could continue to 40k sats, this is a dangerous time to be buying into it -- but having said that, it could be just the first leg of an even larger LINK rally to new highs.

The views and opinions expressed here do not reflect those of and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.