Chainlink (LINK) Erupts to $13 as Buyers Continue to Rush In

Nick Chong

Last Updated: August 8, 2020 7:25 pm

2 mins read

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.

Chainlink (LINK) has continued to surge higher since NewsBTC’s last market update. Just minutes ago, as per data from TradingView, the cost of the popular altcoin crossed above $13 just minutes ago, reaching a local high of $13.60.

LINK is clearly in a price discovery phase, with no historical resistances to suppress its price action.

Chainlink Erupts to $13

Just minutes ago, Chainlink crossed $13 for the first time in its storied history. The cryptocurrency is now up approximately 30% in the past 24 hours, outpacing basically all other digital assets.

The cryptocurrency has been seeing massive inflows on spot and margin markets, pushing its price higher.

While LINK has been benefiting from capital inflows from buyers, the asset is also being boosted by those attempting to short-sell it.

The funding rate of Binance Futures’ Chainlink market is currently negative 0.02% per eight hours. This means that shorts are relatively overleveraged compared to long positions.LINK’s explosive price action, coupled with the funding rates, suggests that shorts were “squeezed” out of their position, pushing the asset higher.

Chart of Chainlink's price action over the past three days from TradingView.com

This assertion can be corroborated by Ethereum blockchain data, where analysts have found transactions where individuals can be seen being liquidated on-chain.

All Oracle Coins Are Rallying

Chainlink’s explosive price action comes as other cryptocurrencies offering oracle technology, which is Chainlink’s premise, have also surged higher.

Band Protocol (BAND) has gained 52% in the past 24 hours, rallying to $12 in a similar manner to LINK. The asset is benefiting from an impending listing on Coinbase Pro.

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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.