Markets 🌪️
What folly hath befallen:
- Alas! LINK hath tumbled o’er 10% to $15, a woeful sight since October’s calamity, amidst frenzied trading. 😱
- Beware! Should the token fail to reclaim $16, CoinDesk Research’s model foretells a descent to $14.5. 🌋
- Yet, Chainlink doth announce “Rewards Season 1,” a bounty for faithful LINK stakers commencing next week. 🎉
Behold, the LINK token, once proud, hath fallen 10% on this fateful Monday, plunging to its weakest state since the October flash crash, shattering key support levels with dramatic flair. 🪨💥
Trading activity, like a tempest, surged 674% above the 24-hour average at the height of this debacle, with over 12 million LINK tokens exchanged as the price plummeted from $16.21 to $15.02 in mere 30 minutes, saith CoinDesk Research’s model. ⏳⚡
The token, alas, underperformed the CoinDesk 5 index by more than 5.8%, a clear sign of technical frailty amidst such voluminous chaos. 📉
CoinDesk Research’s model doth attribute this folly to a failed breakout earlier in the week and a dearth of fresh catalysts. LINK now faces critical support at $15.25, with the specter of $14.50 looming should buyers fail to steady the ship. 🚢🌊
Chainlink’s Tidings
Amidst this selloff, Chainlink unveiled “Rewards Season 1,” a new incentive program launching on November 11. This initiative shall permit eligible LINK stakers to garner token rewards from nine participating Chainlink BUILD projects, including Dolomite, Space and Time, and the Truflation-linked Truf Network, as proclaimed in Monday’s blog post. 📜✨
Participants shall earn Cubes – non-transferable reward points, mind you – based on prior staking activity, which they may allocate to projects of their choosing before rewards begin unlocking in mid-December. 🎁🔒
Key Technical Levels for LINK Traders to Heed
- Support/Resistance: Immediate support at $15.25-15.30; resistance lurks at $17.66. 🛡️⚔️
- Volume Analysis: Volume peaked at 12.4 million tokens, a staggering 674% above the daily average. 📈💨
- Chart Patterns: Breakdown confirmed with lower highs following a failed breakout. 📉🔍
- Targets & Risk/Reward: If $16 fails to hold, downside extends to $14.50; recovery faces stout resistance at $20. 🎯⚖️
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2025-11-03 22:14