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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Chainlink (LINK) Records 7% Gains In Last Week, Will It Cross $7?

Jammy Hunts
Jammy Hunts
1 year ago
3 mins read
chainlink

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The global cryptocurrency market cap is currently down by 1.61%, but LINK holds its gains on the weekly chart. With institutional investors and whales engaged in trading activities, the crypto market is experiencing a revival. 

Chainlink has enjoyed a resurgence this week with an increase in its price and trading volume. The network has also recorded a massive increase in trading volume today at 30.64%. The coin is now ranked number 21 on the list of cryptocurrencies.

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What Is Behind The Rally?

The Chainlink network has added some notable projects to its catalog. The total value of transactions, its oracle service, exceeded $6.9 trillion. Also, the network provided users with data feeds that extend across new blockchains and layer 2.

Another innovation driving the price is the Chainlink proof of reserve. The collapse of FTX created distrust in the industry. This distrust prompted the increased demand for Proof of Reserves. Chainlink’s Proof of Reserve has become popular among stablecoins and wrapped tokens to provide their customers with transparency. The adoption has also aided the LINK price increase.

Also, the launch of Web3 solution Chainlink Economics 2.0 has created a framework for the network’s core interests; Chainlink BUILD, SCALE, and Staking. Chainlink’s BUILD and SCALE enable users to build Web3 dApps. Sergey Nazarov, Chainlink’s co-founder, stated that the crisis in traditional finance creates opportunities for blockchain technology to fortify crypto as an alternative financial system.

LINKUSD
LINK’s price currently stands at $6.39 in the daily chart. | Source: LINKUSD price chart from TradingView.com

Chainlink Price Prediction

Chainlink LINK has enjoyed a positive rally in the past week. The asset is currently trading at $6.50 as it approaches the $7 mark. The support levels are $6.27, $6.44, and $6.64, while the resistance levels are $7.01, $7.18, and $7.37. LINK is close to its first resistance level, but the uptrend might pull back as the bearish candles begin to form on the chart.

The asset is currently above its 50-day Simple Moving average and approaching its 200-day SMA. This suggests bullish momentum for LINK in the short term. However, expect a pullback before it continues its surge. 

The Relative Strength Index (RSI) reading of 65.73 is slightly into the buy zone but not in the overbought region. It reflects the current market condition as the bears struggle to push down the asset’s price. The MACD (Moving Average Convergence Divergence) is above its signal line and shows divergence, which is a bullish signal.

Related Reading: Aave Price Surges As V3 Cloud Upgrade Draws Near

Expect LINK to retrace briefly before bouncing back and surpassing the $7.01 resistance in the coming days. Featured image from Pixabay and chart from TradingView.com

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Jammy Hunts
Jammy Hunts

Jammy Hunts

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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