Chainlink News

Chainlink Hits a Fresh ATH; Is this Price Rally Sustainable?

Chainlink Indulges into Promising Developments & LINK Reaps All Benefits

Chainlink is yet another smart contract platform that has been enticing many strategic partnerships and developments alongside. Moreover, the platform has gained enough to push LINK’s price to an All-Time High in the early hours of the trading session today. LINK broke the major resistance at $5 and has marked a fresh ATH at $5.68 while currently trades around $5.58 to $5.61, at the press time.

Chainlink—as a smart contract and crypto-economic security is leading to a fundamental shift to have crafted and safe contact-based agreements. Chainlink and other such smart contract-based platforms will lead to filling the gap between people’s increased need for trust and collaboration, which otherwise is believed to be underserved.

Additionally, Chainlink has been quite active with events, ecosystem, and community celebrations to build the network that can promote both the platform and the crypto token together. The weekly activities of the platform have ramped up, which has led to a spike in social media engagement. Moreover, the recent and fresh ATH of LINK has held over 13% social media dominance as per LunarCRUSH Social Listening for cryptocurrencies.

The current price momentum is serving full-fledged benefits to the platform, and the vice versa can’t be ignored too. The recent price action has led to the massive adoption of the token, and LINK has been on a constant uptrend right after the massive sell-off in March. However, the recent ATH of Chainlink is also welcoming a bearish sight, and as per the fundamentals, this rally is not believed to be sustainable.

Chainlink News
LINK/USD Chart By TradingView

If we carefully emphasize the volume of LINK over the past three years now, we see that the current ATH has led to earning profits for all the investors who would have entered the trade at a lower price. Just because all the addresses would be fetching profits, everyone would try to seal their profits and not wait for another swing high or an even fresh high, especially just when the market is so volatile. With this, we believe Chainlink’s price will be failing to retain the recent rally and will soon be experiencing a massive sell-off.

Moreover, as per the fundamentals and metrics of Glassnode, LINK Exchange Outflow has spiked steeply over the past 24 hours, and the amount of percentage supply in Smart Contracts has hit a 2-year high of 51.314%. The increasing price has also led to elevating trading volumes over the past 24 hours, and the crypto has attracted many investors to the network due to its well built and building platform.

Chainlink Price Analysis

LINK Price News

LINK hits a fresh ATH as it successfully breached above $5 and $5.5 to mark an All-Time High at $5.6. Moreover, Chainlink is retaining complete support from 50-day and 200-day daily MA while the 20-day Bollinger Bands are seen widening on the 3-year chart, welcoming volatility in the upcoming days. However, “make hay while the sun shines” will go right with LINK’s recent price rally and ATH.

LINK News Price

Also, if we emphasize the Month-To-Date movement of LINK/USD, we see that the coin has marked a visible progression of over 16% from trading around $4.8 in the intraday to hitting $5.6. The 20-day Bollinger Bands on the hourly chart have widened and project utmost volatility in the near term. Volatility is at the peak and is also confirmed from the 3-day price movement, as per the current blow of traction.

The MACD is holding a bullish divergence due to recent spike, and the RSI of Chainlink is already in the overbought region at 76.73.

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.

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