Chainlink News

Chainlink Gains Enough Impetus Due to Intraday Bullish Crossover

LINK hits the bullish streak after retesting the support below $3.8

Chainlink is another smart contract platform like Cardano with startling developments and extending services of making crypto available for the most basic need to people around the world. This oracle-based network permits to securely access off-chain data feeds, web APIs, and traditional bank payments.

In this regard, the recent partnership of a decentralized VPN network named Orchid Protocol is in the process of making two decentralized oracle networks with the help of Chainlink. This will allow the networkers to calculate the cost of transfer both in the network’s native token—OXT and the USD.

With graded services offered, Chainlink is awarded as Technology Pioneer by World Economic Forum amongst 100 of most bright Technology Pioneers 2020, all scattered in various sectors ranged from agriculture to healthcare.

As the platform gains enough impetus, the networkers and investors of Chainlink are having a blossom time investing in crypto. The price of this smart contract-based platform token is seen spiking after retesting the daily lows below $3.8, 2 days back. Additionally, as the price edged, Chainlink gained startling attention from the social media platforms; per the data, the number of shares increased as much as 491 social media posts per hour.

Chainlink Price Analysis

Chainlink News
LINK/USD Chart By TradingView

On the 2-hourly chart, Chainlink is seen drawing an uptrend and holds a possibility of a bullish breakout as the altcoin market flourishes. Around the current trading price of the coin, LINK/USD is retaining support from a 50-day daily MA while lacks support from 200-day MA. With the amount of growth expected, the coin is also subject to facing volatility as the 20-day Bollinger Bands are seen widening.

However, if we take into consideration the price trend of Chainlink over the past two weeks, we see that the coin had been trading in a narrow range until the beginning of the previous week. Hitting the high slightly beyond $4.6 to the lower range of $4.09, the price remained confined to trading around $4.5 to a major extent. Moreover, the LINK coin lost stable support from 200-day MA after it slid below $4.25 in the intraday. But, now that Chainlink is drawing a winning streak, there is a possibility of an extended uptrend in the upcoming days.

The technicals are confirming the bullish divergence as the MACD is seen crossing above the signal line, and the RSI holds around the overbought region at 63.99 due to increased demand.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button