BOB Token and Others - Bybit Delisting - 04 Apr 2025

The Andromeda Vote for MultiversX (EGLD) is happening until April 7, 2025, following its testnet deployment. This proposal for a protocol upgrade (v1.9) could impact EGLD’s price as such improvements often drive interest and potential price increases. A favorable vote might boost community confidence and attract new investors looking for positive developments. Conversely, resistance or defeat of the proposal might yield the opposite effect. Traders should watch community sentiment during this period. For detailed information, please visit the source.

STP’s partnership with Allo for launching the Autonomous Worlds Engine on March 29, 2025, is promising due to its potential to enhance AI-driven applications and economic simulations. This collaboration could lead to advancements in tokenized worlds and onchain economies, possibly increasing STPT’s value through innovation. Such strategic partnerships may attract developers and investors intrigued by AI use in blockchain. However, without clear details on implementation success, the price impact might be speculative initially. To explore more about this partnership, see the source.

Amid today’s market correction, Chainlink (LINK) has lost its recent gains, falling back to a crucial support level. An analyst suggests a monthly close above its current range could position the cryptocurrency for a 35% surge.

Chainlink Retest Crucial Price Zone

Chainlink has retraced 9.1% in the past 24 hours to retest the key $14 support zone again. The cryptocurrency surged 15.7% from last Friday’s lows to hit an 18-day high of $16 on Wednesday, momentarily recovering 35% from this month’s low.

However, the recent market correction halted the momentum of most cryptocurrencies, with Bitcoin (BTC) falling back to the $83,700 mark and Ethereum (ETH) dipping to the $1,860 support zone.

Today, LINK dropped from $15 to $14.07, losing all its Wednesday gains. Previously, analyst Ali Martinez noted that the cryptocurrency has been in an ascending parallel channel since July 2023.

Chainlink has hovered between the pattern’s upper and lower boundary for the last year and a half, surging to the channel’s upper trendline every time it retested the lower zone before dropping back.

Amid its recent price performance, the cryptocurrency is retesting the channel’s lower boundary, suggesting a bounce to the upper range could come if it holds its current price levels.

Meanwhile, Rekt Capital highlighted that the token is testing its multi-month symmetrical triangle pattern, which could determine the cryptocurrency’s next move.

As the analyst explained, Chainlink consolidated inside a “Macro Triangular market structure” for most of 2024 before breaking out of the pattern during the November market rally.

During the Q4 2024 breakout, the cryptocurrency hit a two-year high of $30.9 but failed to hold this level in the following weeks. As a result, it has been in a downtrend for the past three months, with LINK’s price falling back into the Macro Triangle.

“The main goal for LINK here is to retest the top of the pattern to secure a successful post-breakout retest,” Rekt Capital detailed, adding, “It’s possible this is a volatile post-breakout retest.”

LINK Needs To Hold This Level

Rekt Capital pointed out that, historically, Chainlink has had downside deviations into this price range: “Back in mid-2021, LINK produced a downside deviation into this price area in the form of multiple Monthly downside wicks.”

Nonetheless, the cryptocurrency is downside deviating “but in the form of actual candle-bodies closes rather than downside wicks” this time.

The analyst also highlighted that, like in 2021, LINK is trading within a historical demand area, at around $13-5 and $15.5, testing this zone as support. Based on this, the cryptocurrency must successfully hold this area to “position itself for upside going forward.”

Moreover, the retest is key for reclaiming the top of its triangular market structure. Breaking and recovering that level would “exact a successful post-breakout retest” and enable the price to target the $19 resistance in the future.

The analyst concluded that if LINK closes the month above the triangle top, it “would position price for a successful retest, despite the downside deviation.”

As of this writing, Chainlink trades at $14.09, a 6.9% drop in the monthly timeframe.

Bitcoin (BTC) continues to trade above the $84,000 mark despite a slight decline in momentum this week. After briefly touching higher levels of nearly $90,000, the asset has seen a 3.3% decrease over the past day, bringing its current price to roughly $84,222.

While price volatility remains a short-term concern, Bitcoin’s broader trend shows signs of consolidation within this range. Amid the movement from BTC’s price, on-chain analysts are offering insights into Bitcoin’s behavior beyond the surface-level price action.

Bitcoin Mean Coin Age and Supply Dynamics in Focus

A recent analysis by CryptoQuant contributor Onchained points to Bitcoin’s Mean Coin Age (MCA) as a crucial metric for understanding current market sentiment. The MCA represents the average age of unspent transaction outputs (UTxOs), which can help reveal the behavior of long-term holders.

According to Onchained, Bitcoin’s recent upward momentum is not a product of short-term speculation or news-driven hype. Rather, it is being influenced by the strategic actions of long-term holders.

These participants typically acquire BTC during market downturns and hold through volatile phases, reducing the available supply and gradually increasing scarcity. This behavior creates conditions in which even moderate increases in demand can lead to stronger price responses due to reduced liquidity in the market.

With Bitcoin’s supply capped at 21 million, the accumulation of coins by long-term holders contributes to a tightening of supply. As these coins become increasingly illiquid, they apply upward pressure on price when demand strengthens.

This mechanism is a core feature of Bitcoin’s market dynamics and is viewed by some analysts as a signal of potential bullish continuation. Onchained wrote:

Monitoring Behavioral Shifts for Market Signals

The analysis also highlights the significance of a sudden drop in MCA, which can indicate long-term holders are beginning to move their coins. Such behavior may signal changing sentiment, profit-taking, or reactions to broader macroeconomic conditions.

According to Onchained, “the movement of these coins from long-term holders can drive short-term volatility and is a signal that market dynamics are changing.”

Onchained emphasized that relying solely on public commentary or high-profile announcements—such as regulatory statements, ETF launches, or tweets from influential figures—may distract from the deeper, data-driven trends that govern Bitcoin’s performance.

Instead, the blockchain itself provides transparent insights into actual investor behavior, offering a clearer view of market conditions. The analyst noted:

Featured image created with DALL-E, Chart from TradingView