HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Chainlink‘s On-Chain Strength May Help Guide It Back Towards $20.00

Other 2020/08/21 01:00 by Cole Petersen

Chainlink has been flashing signs of immense strength in recent times, with the cryptocurrency’s recent “rug pull” decline being heavily absorbed by LINK bulls.

This has allowed the crypto to find some stability within the upper-$16.00 region, with buyers now attempting to lay the groundwork for it to see further near-term upside.

It does appear that this is a real possibility as well, with analysts widely noting that Chainlink may soon surge up towards its all-time highs around $0.20.

This overt technical strength comes as it also develops on-chain strength as well. One research firm noting that LINK’s unique address count is remaining incredibly strong compared to that seen by many of its peers.

This may support the notion that it is well-positioned to see further upside in the days and weeks ahead.

Chainlink’s Technical Strength Grows as It Stabilizes Above Key Support 

At the time of writing, Chainlink is trading up over 4% at its current price of $16.60.

This is around the price at which it has been trading at throughout the past several days, with its recent rebound coming about after buyers absorbed the massive selling pressure that sent it reeling from $20.00 to lows of $16.00.

From a purely technical perspective, this elucidates that bulls still have the upper hand over bears, and that its market structure remains firmly in buyer’s control.

As such, analysts are now expecting Chainlink to see imminent upside.

One trader pointed to the strong base of support that has been built between $16.00 and $16.50 as one factor that may help drive the cryptocurrency’s price higher in the coming days.

As seen in the below chart, the trader’s upside target currently sits just below $19.00, which is less than 5% below LINK’s all-time highs.

Chainlink LINK

Image Courtesy of Loma. Chart via TradingView.

This On-Chain Data Shows LINK is Stronger Than Its Peers

Analytics platform Santiment noted in a recent tweet that compared to its peers, Chainlink’s unique active address count has remained incredibly strong over the past week.

“LINK has held up well against altcoins this past day since its -16% Monday dump. A major reason is the fact that its unique addresses circulating transfers on the network has remained high compared to other alts.”

Image Courtesy of Santiment.

Because Chainlink is currently being boosted by a confluence of technical and fundamental strength, there’s a high likelihood that further upside is imminent in the near-term.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Bitcoin 05/06/20 23:00 by Cole Petersen
Bitcoin Investors are Getting Greedy Again, and It’s a Bad Thing for BTC
Bitcoin has seen some lackluster price action in recent times, struggling to garner any decisive momentum in either direction as both buyers and sellers reach an impasse. The cryptocurrency does appea...
Read More
Other 18/08/20 19:00 by Tony Spilotro
Look Out Below: How Far Can The Chainlink (LINK) Crash Go?
Chainlink’s bullish momentum hit a brick wall at $20 per LINK token, causing the previously unstoppable asset tumbling by as much as 25% in two days. After over 5,000% returns over the last two ...
Read More
Other 21/08/20 18:00 by Cole Petersen
Chainlink Breaks Below Crucial Technical Pattern as Analysts Eye Downside
Chainlink has expressed some signs of overt weakness throughout the past few hours, with its price reeling down towards its bedrock support at $14.00. This sharp downturn has come about as the entire ...
Read More
Other 04/11/20 14:16 by Yashu Gola
3 Major Reasons Why Chainlink (LINK) Could Fall by 25%
As a startup, Chainlink solves a significant obstacle that concerns transferring data between blockchains and the real world. The protocol, whose origins date back to September 2014 – a period w...
Read More
Bitcoin 20/12/20 19:28 by Cole Petersen
Bitcoin’s Support Sits at $19,500 but It Remains Highly Bullish: Analyst
Bitcoin has faced some intense selling pressure following its recent rally past $24,000, but bulls were able to thwart it from seeing any intense selloff as its price navigates back up to this key lev...
Read More