LINK is overpriced and destined to fall by as much as 99%.
ChainLink Unfazed By Report that Calls for $0.07 per LINK 16
CHAINLINK (LINK) NEWS
ChainLink Unfazed By Report that Calls for $0.07 per LINK
A report by Zeus-Capital suggests that ChainLink (LINK) is overpriced and destined to fall by 99%.
AvatarJOHN P. NJUI·JULY 17, 2020
In brief:
A report by Zeus-Capital claims that ChainLink (LINK) is more or less vaporware.
The report hints that LINK is overpriced and destined to fall by as much as 99%.
The questionable origins of the report and Zeus-Capital have led many to believe that it was penned with malicious intent.
ChainLink (LINK) seems unfazed by the news and is holding steady at $8.40.
Approximately 24-hours ago, a report by the team at Zeus-Capital emerged that suggested the ChainLink (LINK) project was pure vapourware. Furthermore, the report explained that the team behind the project was faking its progress and also selling their stash of LINK to unsuspecting crypto investors.
The explained:
The report diligently proves the point that the sole purpose of LINK is to enrich Chainlink’s development team instead of being a vital unit of exchange in a next generation infrastracture for data transfer. Behind the shiny facade of the miltibillion dollar project we have exposed signs of absolute lack of interest in building the technology, team that is incapable on delivering what is currently reflected in token’s market capitalziation and a series of market manipulations and plain lies targeting naive investors.
$0.07 LINK Price Prediction
The report went on to state that ChainLink was destined to be the WireCard of the Crypto-Verse in the sense that it would eventually collapse. In terms of price, the report gave a $0.07 future price prediction of LINK and expected the digital asset to drop by as much as 99.1%.
Based on our finding we have opened a short position in LINK and recommed you doing the same with a target price of USD 0.07 and potential upside of nearly 100%.
Crypto Twitter and Analysts Question the Origins of the Report
As soon as the report was released, Crypto Twitter questioned the origins of the report with many suspecting it was authored with malicious intent. Timothy Peterson, an Investment Manager with Cane Island Alternative Advisors, poked holes at the origins of Zeus-Capital and their analysis via the following pair of Tweets.
LINK Unfazed by the Report that Claims ChainLink is Vaporware
Further checking the crypto markets, LINK seems unfazed by the report and is still ranked 8th on Coinmarketcap. Additionally, LINK is trading at $8.40 with the daily LINK/USDT chart suggesting that the digital asset could be due for a correction or sideways movement above $8. However, given the level of FOMO surrounding LINK and the crypto markets being in the midst of an altseason, LINK might not be done wowing us in the crypto markets.
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the effects of the Twitter hack.
The King of Crypto is still trading within a tight range above $9,100.
With the weekend about to kick off, $8,900 is the level to watch as losing this support zone would lead to more losses.
Bitcoin seems to have handled the news of the Twitter hack pretty well. This is despite slight indications of Bitcoin dropping as a result of the Twitter hack that painted BTC as the choice of digital asset for hackers and criminals. When news of the Twitter hack hit fever pitch, Bitcoin dropped to the $9,050 support zone momentarily before fighting to push back up above $9,100. At the time of writing this, Bitcoin is valued at $9,163 and is now above the $9,150 support zone.
$8,900 is the Level to Watch This Weekend for Bitcoin
Today being Friday, the weekend is hours away and the Bitcoin trade volume should see a level of reduction. This is based on the fact that the crypto markets have recently adopted patterns seen in traditional stock markets where trading reduces over the weekend as institutional investors and professional traders take a break from a week of working. Such patterns are proof that institutional investors are knee-deep in the crypto trading game.
Therefore, and with the anticipation of low Bitcoin trade volume, the chances of BTC testing the $9,050 support zone are high. Furthermore, if this level is broken, Bitcoin could visit the $8,900 support zone where also the 100-day moving average lies for BTC.
Bitcoin Losing $8,900 Support Would Lead to More Losses
A recent report by the team at Crypterium states that a drop of Bitcoin below the $8,900 price level will most likely lead to additional losses for BTC. They explained that losing this zone would definitely lead to Bitcoin testing $8,600.
We are still waiting for BTC to enter the $9,000 — $8,900 range. The dynamic inside that range will likely determine the future of the currency.
If buyers are unable to show serious activity, then the price will go lower. A breakdown of the $8,600 mark will most likely result in further losses to $8,000 and even $7,800.