BAT and LINK both managed to survive the crypto market bloodbath today after Bitcoin triggered a slide across most of the altcoins. Now, let’s take a closer look at the Chainlink news below and see what the analysts say.
This is not the first time that BAT and LINK have managed to take shelter and shield from the trend. Usually, there is a handful of tokens that survive the red tide but especially in the case of LINK, this was probably not a coincidence. Chainlink already had an altcoin season while most of the altcoins were stagnating. Not to mention, it also went for an all-time high against Ethereum (ETH) in the past 24 hours.
Both of the tokens have significantly higher adoption rates. BAT is on offer through Coinbase, and LINK has a robust presence on Binance. Both of the projects have rare characteristics in the crypto space and in that they seem to have a working product. In the case of BAT, the token is used within the Brave browser and has a utility as an internet advertising tool. The Brave Browser also gained more than 8 million active monthly users which are undoubtedly helping boost the success of the altcoin.
Chainlink has achieved multiple partnerships in providing oracle services to multiple projects including Oracle and Google. This was one of the reasons the token established itself as one of the most useful blockchain-based projects. However, both of the assets have exhibited massive volatility. The analysts see a pattern of a pump and dump activity especially in the case of LINK. The token remained highly reliant on the Binance trading activity where most of the volumes are concentrated. The project is also boosted by the presence of Coinbase Pro.
LINK currently trades at $2.69 which is an increase of about 3.5 percent in a day and more than 12 percent net since last week. There is no clear promise but Link can head for a Coinbase listing, increasing its liquidity. BAT traded at $0.24 adding 10 percent in the past few days. The token spiked above $0.43 during the most recent rally in the spring and it looks like repeating the upwards trend with little growing trading volumes.
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“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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