This Cryptocurrency Remains Unfazed by $40 Billion Crypto Market Sell-Off

By Nivesh Rustgi
Published March 9, 2020 Updated July 24, 2020
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This Cryptocurrency Remains Unfazed by $40 Billion Crypto Market Sell-Off

By Nivesh Rustgi
Published March 9, 2020 Updated July 24, 2020

The total crypto-market capitalization drops over $40 billion (15%) over the weekend as bears rule price action. Moreover, the losses across altcoins were deeper, over 20%, as prices fell w.r.t. to BTC as well.

crypto total market capitalization
Total Crypto Market Capitalization (TradingView)

ChainLink [LINK] Holds onto $4

Nevertheless, Chainlink [LINK] refuses to drop despite the sell-off in the entire market. Price logs double digit gains last night despite the sell-off across the cryptocurrency markets.

Moreover, the support from the 200 Day Simple moving averages has been broken across all altcoin USD and BTC pairs, but not on Chainlink [LINK]. Ethereum [ETH] has dropped below $200 again, while LTC is down below $50, as well.

linkusd
LINK/USD 1-Day Chart on Binance (TradingView)

However, the sell-off pressure from the markets is now building immense pressure of Chainlink. Prominent derivatives and crypto trader, TraderXO, tweeted on his trading plan for LINK,

Half size only this time (weary of btc scam pumping) – may scale in if price bounces to the blue level and breaks down. Invalidation close above blue

The range high at $4.6 forms the invatlidation of the short order, with targets around $3.85.

link usd crypto
LINK/USD Price Analysis (Source: Twitter)

Bitcoin Bears Calling Havoc

Bitcoin’s dominance over the crypto markets is currently over 65%. This is what usually happens during trending markets. Altcoin dominance increases during bull markets and drops during bear markets.

The fear and greed index in the crypto markets is now pushing towards extreme fearful levels below 20. In the last hour, over 12 million longs got liquidated on BitMEX adding to the $186 million prior to that.

crypto fear and greed
Crypto Fear and Greed Index (Source)

The sentiments are likely pointing heading towards a bottom. However, the bears are showing no signs of restrain at the moment.

The price of Bitcoin [BTC] has dropped below the long-term trend-line, now threatening $6000-$5000 levels. The daily closings during this week will be critical in holding bullish support.

There is blood across the entire crypto markets. The altcoins are now looking down at support for lows around December 2019.

Do you think that Bitcoin will find support around current levels or further break down in imminent? Please share your analysis with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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