January 28, 2022

​​$BTC 24 Hour High $37,728 / Low $35,579    |   $BTC +2.6% Past 24 hours; -9.4% Past 7 days

$LINK: Break down or break out?

Good morning and happy Friday. Trading volumes are declining as Asia has started to go offline in preparation for next week’s Lunar New Year. Both $BTC and $ETH continued to trade sideways over the past 24 hours, with no real changes in prices throughout the rest of the U.S. Federal Open Market Committee (FOMC) meeting. Meanwhile, we would only start considering a potential trend reversal when $BTC regains strength to test the upside hurdle at $40K, with the $33-34K zone as immediate support. 

$LINK has been in an exponentially growing trading corridor since 2018, of which it broke out in November 2021. Though the oracle coin has held at the key support level since the beginning of 2021, its price has underperformed most blue chips coins in the bull run. If the digital asset space continues to regain its strength, $LINK should be able to withstand selling pressure and hold its support.

The highly-anticipated rollout of LINK staking in the coming weeks is something that we need to look out for, because this can be a catalyst to push its prices towards new ATHs. Our mid-term target for LINK holders is at $150 or more, a 10x from here. This means LINK’s market cap is soaring to $70 billion. However, the downside risk is a potential drop to at least $7 if we consider Fibonacci retracement – this may happen if we indeed move into a “crypto winter” and observe an exit of liquidity across the industry. 

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $1.47T, -0.2% from yesterday
  • $BTC is -0.7% at time of writing
  • $ETH is +0.4% at time of writing
  • Stablecoins market dominance: USDT 44.7%; USDC 28%; BUSD 8.5%; TerraUSD 6.4%; DAI 5.23%

Alts and DeFi watch:

  • $SOL +3.2% in the last 24 hours, -29.6% in the past week 
  • $SHIB +3.1% in the last 24 hours, -20.6% in the past week
  • $SAND +12.3% in the last 24 hours, -12.9% in the past week
  • $ENJ +10% in the last 24 hours, -22.6% in the past week

More news that caught our eye:

OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.

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