Even Though Chainlink (LINK) Spiked to $9, Dave Portnoy Isn’t Buying It


It’s been an explosive past few days for Chainlink (LINK), despite the implosion Bitcoin saw on Saturday evening.

As reported by NewsBTC, the price of the popular altcoin surmounted $9 for the first time ever on Monday. The asset reached a local high of $9.40 at the time of our report, around 5% above the previous all-time high of $8.94. Blockchain analytics firm Santiment suggested that the surge came on an uptick of trading volume and social sentiment.

While Chainlink’s price action is impressive, it isn’t convincing Barstool’s Dave Portnoy to buy the coin.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

Chainlink Continues Surge as Analysts Remain Bullish

Since NewsBTC’s last market update on Chainlink, the asset has continued to trend higher. Just minutes ago, the cryptocurrency hit a price of $9.85 — nearing the pivotal $10 level.

Analysts remain optimistic as the technicals remain skewed in favor of growth.

One trader, for instance, shared the chart below. It indicates that the four-hour 50 moving average and 100 moving average have seen a bullish cross. The trader who shared the chart wrote in reference to this technical signal’s implications:

“Going strong here and on the 4H we have the 50MA crossing the 100MA which is clearly telling the direction for now.”

Chart of LINK's recent price action with the 50 and 100 moving averages (simple, four-hour chart) from trader Steve (@Thetradingtramp on Twitter). Chart from TradingView.com

IntoTheBlock, a blockchain analytics firm, has separately noted that the asset has a slew of positive indicators despite weakness in the rest of the cryptocurrency market.

Data from August 3rd from the company suggests that Chainlink is growing as a network while LINK’s order book is being skewed by buyers.

Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets

Dave Portnoy of Barstool Sports Isn’t Buying It

Despite LINK’s price strength, which has made it a top-performing cryptocurrency in 2020, Barstool’s Dave Portnoy is not convinced of Chainlink. 

The founder of Barstool Sports and a popular stock trading personality said in a Twitter video published on August 4th that he is not buying Chainlink because “he doesn’t know how to.”

What Portnoy did announce, though, is that he will buy Bitcoin if the Winklevoss Twins from crypto exchange Gemini will help him.

Portnoy’s involvement in the cryptocurrency space has been seen as important by many in the industry due to his platform, which is filled with investors who will follow what he does.

Unfortunately for LINK bulls, though, he won’t be buying Chainlink — at least for now.

Related Reading: Unexpected Factor That Suppressed BTC Bulls in 2019 Is Now Gone
Featured Image from Shutterstock
Price tags: linkusd, linkbtc
Charts from TradingView.com
Even Though Chainlink (LINK) Spiked to $9, Dave Portnoy Isn't Buying It

Source link


Please enter your comment!
Please enter your name here