As Chainlink struggles to push up out of consolidation, LINK price is currently up +2.9%, but with market attention shifting to a new mining protocol – is Chainlink going to zero?
This comes following a sensational breakout move by LINK price over the past two months, which has seen the leading oracle project smash above 16-months of resistance in strong rally form.
1/ Just in from a live expert session by BNP Paribas & Chainlink Labs, these authentic images showcase how Europe’s second-largest bank is embracing #Chainlink’s blockchain tech.
This is not a drill or a photoshop job,
𝐢𝐭’𝐬 𝐚 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥… pic.twitter.com/fA4iYB0syF
— Quinten | 048.eth (@QuintenFrancois) December 1, 2023
Fuelled in part by a broader market recovery, Chainlink’s impressive pump has also been sustained due to market excitement about an upcoming Chainlink 2.0 upgrade.
$LINK SEND IT pic.twitter.com/mOmAe68hJL
— UNKNOWN TRADER (@Learnernoearner) December 1, 2023
Market sentiment is consequently positive, with prominent traders on crypto Twitter (X) highlighting a bullish shift in LINK’s consolidation posturing.
LINK Price Analysis: Is Chainlink Going to Zero as LINK Price Continues to Battle Consolidation?
As LINK fights to push out of the consolidation zone, Chainlink is currently trading at a market price of $14.78 (representing a 24-hour change of +2.58%).
This comes as LINK price hammers back above the 20DMA (sat at $14.5) , a key moving average which has provided support to much of recent upside movements, in a critical reclamation that leaves LINK poised to push up higher.
The successful defence of the 20DMA has been triggered by collision with the lower trendline of the localized breakout channel, signalling that market sentiment remains bullish when faced with trendline resistance – indicating price might move up soon.
However, there are significant resistance levels over-head with LINK price first targeting a break above $15 ahead of a re-test of the local high at $16.
Yet, conditions seem ripe, with the RSI indicator cooling down substantially amid the -22% retracement move across November, now signalling at 58.24 – a relatively neutral signal that gives LINK price plenty of capacity to move up.
But the MACD contrasts this, spotlighting weakening momentum, with minor bearish divergence at -0.15.
Overall, LINK price looks increasingly strong here, the well-defended move back above 20DMA support has been critical in avoiding a catastrophic retracement move, and LINK now seems intent on continuing movements within the breakout rally channel.
Chainlink’s short-time frame upside target therefore sits at $15.42 (a potential +4.33%).
While downside risk from here could see LINK price fall down to $12.88 (a potential -12.86%).
Therefore Chainlink carries a current risk: reward ratio of 0.34, a bad entry, characterised by late-stage entry, but certainly not going to zero anytime soon.
But while LINK Price currently offers an unattractive risk: reward offering, an emerging mining protocol presale is capturing the attention of markets.
LINK Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $4.6M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$4,604,548 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
@X co-founder Jack Dorsey supports a new $BTC pool for miner control.
How do you envision the impact of @ocean_mining on Bitcoin’s journey toward decentralization amidst the upcoming halving event in 2024?#BTCMTX also triumphs with another milestone, passing $4,600,000! pic.twitter.com/46uLFV2QPL
— Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
Bitcoin Minetrix Smashes $4.6M Raised as Traders Rally Against Bitcoin Mining Centralization
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over PYTH Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.6m raised towards its $5.2M goal. At a competitive price of just $0.0119 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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