The cryptocurrency market has been showing more bullish moves than bearish ones lately. This positive trend is evident in the prices of several tokens, with the Chainlink (LINK) coin showing significant growth in its value.
Over the past 7 days, LINK has posted an increase of over 24% thanks to the recent rally in the broader cryptocurrency market. Meanwhile, Chainlink is up about 0.88% in the past 24 hours, according to data from CoinMarketCap. Its current trading price is hovering around $8.15.
According to information from CoinGeckoChainlink shows a 24-hour trading volume of over $756K and a market capitalization of over $4B.
Chainlink Price History and Factors Affecting Its Rally
Chainlink (LINK) has experienced significant price volatility since its inception. Since its launch in 2017, LINK has traded at $0.11and by May 10, 2021 the highest ever $52.88.
In 2023, January 1, Chainlink traded between $5.57 and $5.63 and eventually closed the day at $5.62. According to data from CoinMarketCap, LINK’s maximum price in January was $7.48.
Chainlink launched in February at $6.95 with a 24-hour trading volume of over $312 million and a market capitalization of over $3.6 billion. Since the beginning of the month, it has maintained a price range of $6.48 to $8.24. According to CoinMarketCap historical data, the current year high of the Chainlink token is $8.13.
Some important factors influencing the price of the token include wider adoption and broader sentiment in the crypto market. Currently, the index of fear and greed of the crypto market value is 58. This value indicates the growing interest of investors in the digital currency market.
In terms of adoption, the Chainlink network is attracting growing interest from other projects. A notable achievement was shared by Chain link todayis that Chainlink VRF (Verifiable Random Function) will provide minting PLIGOGOHousehold NFT collection. Similarly, Amberpark collectors can create new metaphysical identities that connect web3 with real life through fashion. Amberpark is a PLAYPOPGO multimedia artist.
Secondly, TPIKAP Group PLS announced that it will provide traders with high-quality forex data through the Chainlink ecosystem. The e-marketplace infrastructure and information provider take this step to support network expansion 3.
Also February 9 MakerDAO Announced that it is integrating Chainlink automation into its Keeper network to boost decentralization and ensure the stability of the DAI stablecoin. Another implementation on February 9 was made by AAVE integrating Chainlink’s Proof of Reserve to improve its verifiability and transparency.
Chainlink (LINK) Price Forecast
LINK 0.37% in 24 hours, trading at $8.13 today.. The asset broke out of the $5 price level and traded at $6.07 on January 9, 2023. It also traded at $7 between Feb. 15 and Feb. 17 with little price fluctuation. It reached $8.01 on February 18 and is likely to continue its price rally.
Chainlink trades above its 50-day and 200-day levels Simple Moving Average (SMA), which indicates a bullish mood in the short and long term. This is the fourth green day in a row, confirming the positive trend.
Relative Strength Index (RSI) the value is 67.38, close to the 70 overbought area. This also confirms the bullish pressure in the market. Support levels are at $7.43, $7.64, and $7.81, while resistance levels are at $8.20, $8.42, and $8.59.
LINK MACD ( Convergence/divergence of moving averages) crossed above the signal line due to the extended rally. LINK is likely to break the $8.20 resistance level in the coming days. However, a slight pullback is possible before the rally continues.
Credit : www.newsbtc.com
