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crypto chainlink altcoin
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Chainlink Peak Mimics Wyckoff Distribution Schematic, Altcoin Selloff Could Accelerate

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

The cryptocurrency altcoin known as Chainlink has had a banner year, bringing investors in the project gains of over 1,100% from trough to peak.

However, a violent selloff has begun in the asset, with investors taking profit following incredible returns it amassed throughout the year. The price action closely mimics a Wyckoff distribution schematic that suggests the selling will continue in the foreseeable future.

A Look Back At The Altcoin’s Year of Strong Performance

Ever since the crypto hype bubble popped, stories of crypto investors becoming rich overnight have all but dried up and have become little more than myths or fairytales harkening back to the days where irrational exuberance took control over the mainstream public.

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But every now and again, an altcoin will come along that disrupts the industry and shocks the crypto community with massive gains. This year’s poster child for crypto moonshot is none other than Chainlink.

Related Reading | Ripple and Stellar Lead List of Worst Performing Altcoin Assets Year To Date

Starting off the year, talk of Google utilizing the altcoin got the world buzzing and the price skyrocketing.

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Chainlink began 2019 at a price of roughly 29 cents per LINK token, and shortly after ballooned to $3.70 each. As is the case with any parabolic rally, the asset had a deep correction, but later found support and rallied once again.

After setting a third and final top, the crypto asset has been on a steady descent, and according to a comparison with the Chainlink price chart and a Wyckoff distribution schematic, the selling may only just be starting.

#chainlink #Wyckoff pic.twitter.com/yfXBQliLpg

— Moe (@Moe_mentum_) December 3, 2019

Wyckoff Theory Suggests Chainlink Distribution Has Only Just Started

According to Wyckoff theory, created by iconic analyst Richard Wyckoff, financial assets go through four distinct price action phases: accumulation, mark up, distribution, and mark down.

The accumulation phase would have occurred while Chainlink was at low prices near its bottom at the start of the year, and the mark up phase would have followed, taking the price of the asset to its all-time high.

But once it got there, profit-taking turned the tides, the trend reversed, and a selloff is now underway. If distribution is now in full effect, Chainlink’s price should continue to drop for the foreseeable future in a mark down phase.

Related Reading | Chainlink 2019 Gains in Danger, Massive Transfer of Wealth Incoming? 

And with investors with so much room overhead for the asset to drop and still sell at a profit, the distribution could go on for a long time, until the asset’s price becomes attractive enough for altcoin investors to begin to re-accumulate once again.

Chainlink is currently trading at $2.09 cents, according to CoinMarketCap, down from its all-time high of $3.70 at its peak.

Featured image from Shutterstock
Tags: altcoinchainlinkcryptodistributionWyckoff Method
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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