Chainlink price has emerged as one of the best-performing assets in the past couple of days, which has led its investors to believe a further increase is imminent.
Chainlink price has seen a 54% rise in the span of 12 days, enabling a breach of the 17-month-old resistance level. Rising use cases have resulted in increased revenue, which, combined with Chainlink’s treasury, has imbued bullishness in the investors. This is evident in the total LINK Futures Open Interest, which shot up by 104% in less than two weeks. Consequently, a sudden shift in tone has been observed in the derivatives market, which makes LINK an important asset going forward.
-day chart But on the off chance that the broader market cues fail to justify the hype, LINK could lose the support of $10.95 and slip back down to $8.76. This former 17-month-old barrier rests slightly below the 200-day Exponential Moving Average , and losing either of these would completely invalidate the bullish thesis on a macro timeframe. Demand for Chainlink is surprisingly high The reason why a bullish outlook seems more probable is the evidence present on-chain.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chainlink (LINK) May Soar at Least 14% After This Pattern FormationChainlink (LINK) up 4% to continue its altcoin uptrend as bulls eye impending breakout price
Read more »
Super Bullish Bitcoin (BTC) Price Prediction: Target By 2024 BTC HalvingCrypto Blog
Read more »
Cryptocurrencies Price Prediction: UNIBOT, Cosmos & SUI – European Wrap 31 OctoberTelegram based crypto trading bot, Unibot, is suspected of having suffered an exploit.
Read more »
Cryptocurrencies Price Prediction: Ethereum, Binance & SolanaEthereum price 20% October rally inspires increased investor confidence, ETH supply on exchanges decreases Ethereum (ETH) price continues to hold above a crucial support level after a significant climb beginning in mid-October.
Read more »
Cosmos Price Prediction: ATOM breaks out, prepares for 30% bull rallyCosmos (ATOM) price has put an end to its ongoing consolidation after breaking out of the range’s upper limit.
Read more »
Cryptocurrencies Price Prediction: Ripple, Bitcoin & Maker– European Wrap 30 OctoberRipple price rallied to the $0.55 level, after yielding 6.2% weekly gains
Read more »