HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Chainlink’s LINK Crypto Hits All-Time High on China Adoption

Crypto 2020/07/07 17:50 by Yashu Gola
  • Chainlink blockchain’s native asset LINK hit an all-time high Tuesday.
  • The crypto topped at $5.76 on Binance exchange, up by about 4,164 percent from its first day of trading.
  • Its gains appeared as a part of a market-wide upside move but received unique bullish cues from its mention in China’s Blockchain Service Network project.

LINK price set an all-time high on Tuesday as the altcoin rallied alongside the rest of the crypto market.

The LINK/USD exchange rate rose by up to 7.53 percent, topping at $5.76 on Binance crypto exchange. It later corrected lower to $5.58 on profit-taking sentiment but maintained its intraday bullish bias, nevertheless.

chainlink, link, bitcoin, cryptocurrency, crypto

Chainlink (LINK) price hits an all-time high. Source: TradingView.com

A more significant part of LINK’s upside move came on Monday. The Chainlink crypto closed the day 23 percent higher from its opening rate. Its gains appeared mostly as a part of a market-wide rally led by the top cryptocurrency, Bitcoin. Other top coins, including Ethereum and XRP, surged as well.

But LINK managed to maximize its upside sentiment due to its recent collaboration with the Chinese government.

Mainland Adoption

The Zhejiang district in China this weekend launched an ambitious nationwide blockchain project dubbed as Blockchain Service Network (BSN). The authorities stated that they would use Chainlink’s smart contracts and oracles to establish the said project.

SmartContract, the company backing the Chainlink Oracle Network, will assist the BSN in the sourcing information from the real world. Meanwhile, the solution will receive further help from the Cosmos network, a rival blockchain project, in ensuring interoperability between the different systems.

cosmos, atom, bitcoin, ethereum, cryptocurrency, crypto, ethusdt, ethusd

Cosmos (ATOM) price surged 12 percent on China adoption sentiment. Source: TradingView.com

The price of Cosmos’s ATOM token also rallied 12 percent since the beginning of this week.

Chainlink Technical Outlook

The LINK/USD exchange rate has corrected lower from its YTD top. Incidentally, the downside pullback also appeared upon testing the upper trendline of Chainlink’s Ascending Channel. So it seems, traders sold LINK at its local top to extract short-term profits.

That has not precisely reduced the crypto’s bullish bias. More so, its price may fall towards $4.90 in the coming sessions. The move would signal bulls to buy more LINK at local lows, starting another push to the upside towards $5.76 or beyond.

Photo by Colton Jones on Unsplash

0 Like(s)



You should also read...

Bitcoin 13/12/19 18:00 by Tony Spilotro
Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH
In the crypto market, there’s an ongoing bullish bias that constantly permeates the market. However, there’s no denying that the entire market, including Bitcoin, has been in a downtrend for the l...
Read More
Bitcoin 16/12/19 20:30 by Yashu Gola
This Cryptocurrency Could Boom Following Bitcoin’s Next Drop
Bitcoin has plunged by approximately 50 percent from its 2019 peak. And the cryptocurrency is hinting to continue trending downwards before the year’s close. The negative sentiment in its marke...
Read More
Other 30/05/20 00:00 by Cole Petersen
This is the Level Chainlink Needs to Surmount to See “Swift Rally” to Fresh Highs
Chainlink’s immense uptrend has stalled in recent times as the cryptocurrency struggles to gain a firm foothold within the $4.00 region. Although it has yet to see any swift rejection, it has been f...
Read More
Bitcoin 16/07/20 03:00 by Tony Spilotro
Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle
Chainlink continues to set new high after high, after breaking upward out of its bullish trend channel and going parabolic. The asset is in full price discovery mode, and investors are exuberant. It&#...
Read More
Other 02/11/20 00:00 by Nick Chong
Despite 50% Drop From $20 Highs, Chainlink Whales Remain Bullish
Chainlink (LINK) has undergone a strong rally since the lows set in September. The price of the leading cryptocurrency currently trades for $11.50. LINK is up 3% in the past 24 hours, outperforming Bi...
Read More