ChainLink Leads Gains In The Midst Of Market Slump

Chainlink price analysis

Chainlink is leading the top coins with a gain of 8.53% in the past 24 hours. LINK, the native token of the Chainlink network is also up by 32% when compared with its value in the past 7 days. This has placed the digital currency as the leading gainer among the top 100 coins. Chainlink has shown bullishness despite the general bearish sentiment of the coin market.

The coin is currently trading at $9.19 and occupies the 21st position according to its market capitalization of $4.3 billion. The coin’s market cap is currently up by 8.53% while its volume of $777 million reflects a reduction of 23.51%.

Chainlink price

A Solid Uptrend for LINK

The 7-day chart shows that LINK is moving in an ascending channel that has shown consistent bullishness. This is despite the current market uncertainties. On May 23, 2022, LINK fell to a low of $6.71000, a support that it last tested on September 28, 2020. Since the May 23 bounce, the coin has been on the upswing, which could indicate that it has bottomed despite the general bearish sentiment of the market.

The 10-day, 20-dy and 50-day moving averages show that the LINK is positively in an upswing. With a Relative Strength Index of 74, LINK is already oversold so we should expect it to move to the consolidation phase.

Trend Prediction for LINK

A June 8 report by Solldy shows that the growth of the Chainlink ecosystem has attracted whales who are accumulating large chunks of the cryptocurrency.

The report confirms that higher values of LINK is expected even as the coin has shown strength more than currently seen in the coin market.

“Large wallets continue to accumulate the coin. With the launch of staking announced [this trend is bound to continue]. Near the boundaries of the range, volumes are rising, but the price is not out of the range. I expect that LINK will test the upper boundary of the ascending channel and after fixing under it will continue the correction.”

The blockchain, last month announced that it would bring its services to Latin America.


Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.

Leave a Reply