Is Chainlink Going to Zero? LINK Price Drops 9% as New Mining Project Exceeds $6.6 Million Raised
Leading oracle project Chainlink has experienced a 9% drop in the LINK price over the past 24 hours, causing concern among holders who are wondering if Chainlink is going to zero. This drop is part of a broader downtick and retracement in major cryptocurrencies across the market.
However, there are signs that Chainlink could see a strong consolidation and bounce back. Top traders are targeting crucial lower support levels for a potential rebound, and long interest is appearing in the chart.
LINK Price Analysis: Chainlink Endures 9% Retracement Move
Despite the recent drop, Chainlink is currently trading at $16.13 with a 24-hour change of +0.81%. The price had previously surged from its support level at $15.16 to reach a new high at $17.69 before experiencing resistance and retracing by 9%.
However, the price remains in bullish technical form, with indicators like RSI and MACD showing positive momentum. The current retracement provides little concern for serious bag-holders, and there is strong support above the 20DMA suggesting that further upside could resume soon.
Alternative Play: Bitcoin Minetrix Presale Raises Over $6.6 Million
In addition to the fluctuations in Chainlink’s price, there is excitement around the launch of Bitcoin Minetrix, a new mining project that has already raised over $6.6 million in its presale. Bitcoin Minetrix offers a stake-to-mine system with an enticing 141% staking APY, providing users with an opportunity to buy, stake, and accumulate rewards.
This innovative approach to passive income in the crypto world is accessible and eliminates the need for heavy initial capital or complex mining contracts.
The Centralization Challenge in Bitcoin Mining
While Bitcoin mining has experienced significant growth in network hash rate, it has also become increasingly centralized. A small number of mining pools receive the majority of block rewards, leading to concerns about decentralization and individual profitability.
Bitcoin Minetrix aims to address these challenges by offering secure and transparent Bitcoin mining rewards through decentralized cloud mining. With distinctive advantages in the market, a focus on safety and decentralization, and an opportunity to tap into the upcoming Bitcoin halving, Bitcoin Minetrix presents a lucrative opportunity for investors.
Hot Take: Bitcoin Minetrix Revolutionizes Bitcoin Mining Landscape
Bitcoin Minetrix is set to redefine the Bitcoin mining landscape with its innovative approach and potential for profitability. With its stake-to-mine mechanism, stringent security measures, and ongoing presale that has already raised over $6.6 million, early investors have a unique chance to be part of this transformative journey. Secure your position in this evolution by joining the BTCMTX presale today.
Buy BTCMTX Here
The post Is Chainlink Going to Zero? LINK Price Drops 9% as New Mining Project Exceeds $6.6 Million Raised appeared first on Cryptonews.
By
By