As the overall market rebounds from the negative effects of the East Asian crisis, altcoins are staging a comeback. One such coin experiencing a resurgence is Chainlink (LINK). Its price movement indicates the possibility of a significant upward trend, signaling the start of a potential bullish run following another bounce back.
For the third time, the $13 support level is proving crucial for Chainlink’s potential bullish turnaround, acting as a safety net. This hints at a stronger rebound in the making. Can this turnaround push Chainlink’s price beyond $20?
LINK Price Analysis: Struggles and Recovery
The LINK price movement appears to be caught in a sideways trend on the daily chart, facing challenges to maintain bullish momentum. Repeatedly testing the crucial support level at $13, the chart hints at a potential bearish signal with the looming threat of a death cross, as indicated by the downward trend of the 50-day Exponential Moving Average (EMA).

Despite a significant 40% dip to the $13 level, breaking below the 200-day EMA, Chainlink finds renewed bullish momentum, leading to an 18% surge over the past five days.
The recovery rally showcases a V-shaped reversal pattern, reclaiming the psychological milestone of $15. Currently, LINK is trading at $15.475, marking a 2.49% intraday increase and suggesting a resurgence in bullish sentiment.
Technical Indicators
EMA: Both the 200-day and 50-day EMAs suggest a potential death cross, signaling bearish sentiment. However, if the recovery rally manages to push the price above the 50-day EMA, it could mitigate this risk and potentially reignite the uptrend.
Chainlink Price Forecast: Buying Opportunity Amid Recovery
As the market stages a recovery, the LINK price surge presents an enticing opportunity to capitalize on the dip. Should the current positive momentum persist, Chainlink could potentially surpass the $20 threshold. Moreover, with optimism in the air, there’s a possibility for the uptrend to extend its reach towards the $30 mark.
However, it’s essential to consider the flip side of the coin. A reversal in momentum around the $16 level could trigger a downturn, potentially leading to a retracement back to $13. A more significant dip below the $13 support level could spell trouble for Chainlink, signaling a potential 30% decline to $8.50.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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The infamous crypto-hacking group Pink Drainer has been implicated in a highly sophisticated phishing scam that led to a loss of $4.4 million worth of Chainlink (LINK) tokens.

This recent cyber heist targeted a single victim who fell prey to a deceptive tactic that led to the signing of a transaction linked to the ‘Increase Approval’ function.

Pink Drainer Exploits ‘Increase Approval’ Function

The ‘Increase Approval’ function is a standard procedure in the crypto world, allowing users to set limits on the number of tokens accessible for transfer by another wallet.

Without the victim’s knowledge, this action enabled the unauthorized transfer of 275,700 LINK tokens in two distinct transactions.

another victim lost $4.4 million worth of LINK to phishing scams about 2 hours ago.https://t.co/B4Z3yWrH7e https://t.co/6n6m0lZQK4 pic.twitter.com/6zSWTp8G6d

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 29, 2023

Details from Scam Sniffer, a crypto-security platform, revealed that the tokens were drained in two separate transfers.

Initially, 68,925 LINK tokens were diverted to a wallet tagged by Etherscan as “PinkDrainer: Wallet 2.” The remainder, amounting to 206,775 LINK, was sent to a different address ending with “E70e.”

ZachXBT, a renowned crypto detective, has also disclosed that the stolen funds were quickly converted into Ethereum (ETH) and laundered through the eXch service, complicating the traceability of the assets.

“The stolen funds were sold for ETH and are currently being laundered through eXch,” he stated.

$4.4 Million Chainlink Heist Linked to Pink Drainer

Scam Sniffer’s investigation confirms the involvement of the Pink Drainer group in this heist, although the exact method used to coerce the victim into authorizing the token transfer remains unclear.

Scam Sniffer has also identified at least 10 new scam sites connected to Pink Drainer in the last 24 hours alone.

The Pink Drainer syndicate, notorious for its high-profile attacks on platforms such as Twitter and Discord, has been linked to incidents involving Evomos, Pika Protocol, and Orbiter Finance.

Earlier this year, they were also implicated in a scam posing as crypto journalists, leading to the theft of approximately $3 million from over 1,932 victims.

The latest data from Dune Analytics indicates an escalation in Pink Drainer’s activities, with total losses amounting to $18.7 million, affecting 9,068 victims as of December 19.

The post Pink Drainer Hackers Drain $4.4 Million in LINK appeared first on CryptoPotato.

LINK was up by 12% in the last 24 hours, but a few market indicators were bearish. 

MKR’s market indicators looked bullish, as they suggested a price rise. 

As we enter the concluding days of 2023, several tokens, such as Chainlink [LINK] and Maker [MKR], are witnessing newfound interest, as several new wallets started to accumulate those tokens.

Whenever accumulation rises, it increases the possibility of a price uptick. Therefore, considering the latest interest from investors, are LINK and MKR on the brink of a new rally?

Buying pressure on Chainlink and Maker rises

On the 27th of December, Lookonchain recently posted a tweet, which highlighted that fresh wallets have started to accumulate LINK and MKR.

Notably, whale wallet 0xE68E withdrew 3,150 MKR worth more than $4.5 million, while another wallet withdrew 136,146 MKR worth over $2 million. 

Fresh whale wallets are accumulating $MKR and $LINK today.

0xE68E withdrew 3,150 $MKR ($4.55M) from #Binance in the past 20 minutes.https://t.co/LRuLN0j4Ia

0x8eAD withdrew 136,146 $LINK ($2.05M) from #Binance 10 minutes ago and has withdrawn 384,006 $LINK ($5.79M) from #Binance… pic.twitter.com/fjCp1lo0Nx

— Lookonchain (@lookonchain) December 27, 2023

Therefore, to better understand whether investors at large were buying these tokens, AMBCrypto took a look at Santiment’s data. As per our analysis, LINK’s Supply on Exchanges registered a drop while its Supply outside of Exchanges increased.

Surprisingly, despite a hike in buying pressure, Chainlink’s supply held by the top addresses remained flat.

Source: Santiment

A similar trend was visible on Maker’s graph. AMBCrypto’s analysis revealed that MKR’s Supply on Exchanges registered a massive drop on the 27th of December while its Supply outside of Exchanges surged considerably.

This meant that investors were actively buying MKR at press time.

Additionally, whales’ confidence in the token also increased, which was evident from the rise in its supply held by top addresses. However, the graph registered a decline soon after that. 

Source: Santiment

Will the coins have a positive impact?

To better understand whether the hike in buying pressure would have any positive impact on both tokens’ price actions, AMBCrypto took a look at their daily charts.

Our analysis found that Chainlink’s MACD displayed a bullish crossover. Additionally, its Bollinger Bands also hinted that LINK’s price was entering a comparatively volatile zone, which looked bullish.

However, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered downticks, implying that a price drop is on the cards. In the last 24 hours, LINK was up over 12% and, at press time, was trading at $17.04.

Source: TradingView

Read Maker’s [MKR] Price Prediction 2023-24

Like LINK, MKR’s MACD also displayed a clear bullish upper hand in the market, and its Bollinger Bands also looked optimistic. MKR’s CMF and RSI also went northwards, increasing the chances of a price uptick.

According to CoinMarketCap, MKR was up by 2% in the last 24 hours. At the time of writing, it was trading at $1,599.01 with a market cap of over $1.4 billion.

Source: TradingView

The post Chainlink Surges Over 60% in a Month; LINK Price Reaches New Yearly High appeared first on Coinpedia Fintech News

In the past month, Chainlink’s native coin, LINK, has experienced a remarkable surge of over 60%, hitting an annual high of $12.65. This surge has pushed LINK to levels not seen since April 2022, breaking through significant resistance levels. But why is LINK on the rise?

The entire cryptocurrency market has been on an upward trajectory thanks to the anticipation of a Bitcoin spot exchange-traded fund (ETF). This enthusiasm has spilled over into LINK’s performance, propelling it to new heights.

Rise in Non-Zero Balance Addresses

Data from Glassnode reveals an increase in non-zero balance addresses for LINK tokens. These addresses represent unique LINK holders, indicating growing adoption and a surge in demand for the cryptocurrency. This influx of new investors has significantly contributed to LINK’s soaring price.

To illustrate this point, on November 5, 2023, a whale address purchased a staggering 312,901 LINK tokens, valued at approximately $3.81 million, underscoring the strong interest in LINK.

Anticipated Staking v0.2 Update

Chainlink’s upcoming Staking v0.2 update is highly anticipated within the ecosystem. This update promises many improvements, including fluid rewards, modular architecture, dynamic awards, and flexible withdrawals. These enhancements are set to enhance user engagement and participation in the Chainlink network.

Notably, traditional banks actively embrace the Cross-Chain Interoperability Protocol (CCIP) for digital assets, demonstrating the increasing adoption of Chainlink’s technology in the financial sector.

Key Partnerships and Collaborations

Chainlink has forged critical partnerships with renowned financial institutions, including Swift. These partnerships are geared toward exploring tokenization trials and facilitating the transfer of tokens across various blockchains. Additionally, South Korean gaming company Wemade has implemented Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to create an interoperable Web3 gaming environment.

Furthermore, Hong Kong’s Central Bank Digital Currency (CBDC) studies utilize CCIP technology for value exchange, further validating the broad application of Chainlink’s technology across diverse industries.

Impressive Year-to-Date Growth

As a result of these advancements and partnerships, Chainlink’s LINK token has demonstrated impressive growth throughout the year, with a remarkable 125% increase in its value, according to TradingView data. This performance firmly places LINK among the top-performing digital assets in the cryptocurrency ecosystem, underscoring the growing demand for Chainlink’s technology and its ability to deliver value to its users.