Zeus Capital claims LINK will dump despite the recent price rally which led the cryptocurrency to $10 while BTC and ETH stagnated at local highs. Following our Chainlink news today, we can see that the asset was pressing higher over recent days.
The rally came after the popular altcoin underwent a 22% retracement at the end of July. The asset trades at $10.61 and peaked to $10.77 which was a new all-time high price on August 6th. Since the capitulation lows in March, the asset is up by 600 percent and this surge makes it one of the best-performing assets in 2020. Even with the price pushing past $10, Chainlink’s biggest critic, Zeus Capital claims that the altcoin will dump soon.
Zeus Capital is a crypto fund that is based in London and the company emerged on the surface the previous month sharing a report that shows LINK will drop more than 99 percent to $0.07:
“Based on our findings we have opened a short position in LINK and recommend you doing the same with a target price of USD 0.07 and potential upside of nearly 100%.”
The fund proceeded to attempt and pay the crypto traders to post bearish analysis on the asset and some reports suggested that they were offering rewards of 5 BTC for one post. After the post was released, there were users that wanted to “liquidate Zeus Capital” hence the buy orders started to pour in and push the asset to the $10 high that was mentioned. Despite the attempts to liquidate the company, Zeus Capital is still alive.
The company published a tweet after Chainlink cracked $10 and linked the project to “Wirecard” mentioning that there were companies that were doing well until things crashed down. The company added that Chainlink is not going anywhere suggesting that they have a deep pocket in order to share their sentiment that LINK doesn’t have a future.
LINK pushed higher along with Band Protocol and these projects are major competitors to each other as they are both offering oracle technologies to decentralized applications and blockchain developers. Over the past seven days, BAND is up by 125% surging to a new all-time high as the latest spike was spiked by Coinbase Pro which provided support for the asset.
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