• 29 May, 2024
News

Chainlink (LINK) Surges 100% After Successful Range Retake: What’s Next?

In a remarkable turn of events, Chainlink’s LINK tokens have witnessed an astounding surge, marking an impressive 100% increase in value. This surge has brought LINK’s price to a comfortable $11.4, hitting the first target set by traders and garnering attention from cryptocurrency enthusiasts worldwide. The performance of LINK has been so stellar that it has even earned the nickname “The Marines,” signifying its resilience and strength in the market.

Daan Crypto Trades, a prominent crypto trader and analyst, shared a Twitter post providing valuable insights into the impressive performance of Chainlink’s LINK token:

Chainlink, often described as a blockchain abstraction layer enabling universally connected smart contracts, has been on a steady upward trajectory over the past few days. Notably, LINK is currently trading above both the 20-EMA and 50-EMA on the 24-hour chart, a clear indication of a bullish trend. For investors and traders alike, this suggests the potential for continued price gains in the short term.

Over the span of just seven days, LINK has experienced an impressive surge of more than 49%, driven by robust buying pressure. This surge has catapulted LINK’s price above the $11 mark, where it has shown remarkable resilience against any major pullbacks.

The ongoing bullish momentum isn’t isolated to Chainlink alone; it reflects a broader sentiment of optimism in the cryptocurrency market. Major coins and tokens across the board have been experiencing substantial gains, creating a favorable environment for LINK to thrive. As Chainlink solidifies its position in the decentralized finance (DeFi) sector, its growth prospects remain promising.

At the time of writing, LINK is valued at $11.09, having witnessed a 24-hour surge of over 7%, indicating that the upward momentum may persist. The current resistance level stands at $11.4, the initial target established by traders upon LINK’s breakout from its previous range. If the bullish trend continues, LINK is poised to surpass this level and set new highs. 

Chainlink’s market capitalization has now exceeded $6 billion, solidifying its position among the top 15 cryptocurrencies by market capitalization. This growth underscores the increasing demand for Chainlink’s services and its growing adoption in various sectors. Additionally, the 24-hour trading volume for LINK has surged significantly, reflecting a heightened level of market activity and heightened interest in the token, with the current trading volume standing at $1.20 billion, as per CoinMarketCap data.

Source: TradingView

The daily technical indicators for LINK show a bullish trend, with moving averages and oscillators all indicating a positive outlook for the token. The RSI (Relative Strength Index) is at 81, which shows that LINK is currently in overbought territory but still has room to grow before reaching an extreme level. This indicates the potential for further price gains in the short term. The moving average convergence divergence (MACD) indicator has climbed further into the bullish territory, further supporting the current uptrend for LINK.

In conclusion, Chainlink’s remarkable performance and the surge in LINK tokens serve as a testament to the cryptocurrency’s strength and its pivotal role in the DeFi space. As it continues to break barriers and set new records, Chainlink remains a coin to watch in the ever-evolving world of cryptocurrencies.

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