- CEO of Eight Global tweeted it was to start stacking LINK.
- The Chainlink Economics 2.0 upgrade could be the reason behind Micheal’s tweet.
- LINK is on a bull run, and the 50-day MA looks very bullish.
Chief Executive Officer and Founder of Eight Global, Micheal van de Poppe tweeted that it was time to start stacking Chainlinks’s token, LINK. However, it is not evident what prompted Micheal to say so.
Nonetheless, Micheal retweeted a post that read,“ Are you curious about @Chainlink staking and its impact on $LINK?”
It could be assumed that Micheal requested to stack LINK heavily, citing the Chainlink Economics 2.0 protocol upgrade. However, there is no concrete evidence to prove that Micheal made the statement referring to Economics 2.0 protocol.
Meanwhile, Chainlink announced that it would launch the beta version of Chainlink Staking (v0.1) on the Ethereum mainnet on December 6.
The upgrade will enable addresses that qualify for early access to stake up to 7,000 LINK in the capped v0.1 staking pool.
Moreover, as per Chainlink’s official website:
The capped v0.1 staking pool will then open to General Access two days later on December 8, 2022, at 12 PM ET, at which point anyone will have the chance to stake up to an initial limit of 7,000 LINK per address, subject to the initially limited 25M LINK pool cap and other applicable participation requirements.
Meanwhile, LINK is traversing a bullish phase in prices. Chainlink is up 3.55% in the last 24 hours and is trading at $6.70, as of press time, according to CoinMarketCap.
LINK is running rampant by setting higher lows. As shown in the Chart below, LINK had a bull run during the start of the second half of November. It reached $6.6 from as low as $5.75 in less than 24 hours. Since then, LINK has been moving sideways while descending rather lethargically until November 22. It recorded an unprecedented low of $5.526 which is in the Support Level range of $5.5 – $5.7.
LINK may be looking to hit the Resistance Level, which is positioned between $7.4-$7.6. However, the Bollinger bands are widening, which indicates more volatility, but the 50-day MA (RED LINE) looks bullish while the RSI is at 45, meaning the market is saturated.
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