On the 1st of May 2017, Chainlink finished the year on a high note, as its decentralized oracle network (“DOLA”) achieved an impressive market capitalization of more than $200 million. Its rapid growth ended the year in a bullish fashion, and now the price of its token LINK sits at nearly $12, ready to close in on its September target of $14.
On August 1st, the LINK token began trading on the cryptocurrency exchanges with a price of $0.0017. Since then, the token has risen vigorously, shooting up from $0.0013 to a current price of $0.0028. This price increase coincides with the development of Chainlink, which is a decentralized oracle platform that connects networked data sources to form a secured, oracle network.Summary of the situation
- LINK continued its downward movement yesterday.
- The $16 mark was crossed last night.
- Chainlink is aiming for $14 support.
The channel’s price analysis is bearish for the weekend, as the market has continued to decline over the past 24 hours. Previous support around $16 was broken overnight and the next major support at $15 is now being tested. Therefore, we expect LINK/USD to break out downwards during the day and reach the next support at $14.
Heat map for crypto-currencies. Source: Coin360
Overall, the market has traded with small losses over the past 24 hours. Bitcoin is relatively stable, while the main altcoin, Ethereum, has lost 1.26%. The other major altcoins are following Ethereum with losses of around 1-2%.
Channel price movements in the last 24 hours Chainlink finally reaches the $15 mark
LINK/USD was trading in a range of $15.17 – $16.32, indicating moderate volatility. Trading volume increased by 22% to USD 778.2 billion and total market capitalization was approximately USD 6.83 billion.
LINK/USD graph 4 hours: LINK is aiming for the next $14?
On the 4-hour chart, we can see that Chainlink’s price has reached support at $15 in the past few hours and has paused to prepare for further declines overnight.
LINK/USD chart 4 hours. Source: TradingView
Overall, the market moved in a strong downward direction last week. After a strong rally in late June and early July, the LINK/USD reached $21, with a clear uptrend line supported by increasingly higher lows.
However, Chainlink’s price development on 8 July crossed the support trend line. It was followed by a sideways consolidation for a few days until it peaked on the 13th. A further decline was recorded in July.
LINK/USD quickly reached support at $16 and after retesting the previous support at $17.5 as resistance, the market has continued to decline in recent days. This price development led to a further decline, reaching key support at $15 in the last few hours.
Chain price is currently pulling back from some of today’s losses as the bears prepare for a further drop overnight. So expect LINK to take aim at the $14 mark next time and mark a new low below that, which should lead to a significant decline in the coming days.
Channel price analysis: Supplement
The chain price analysis for the next 24 hours is bearish, as a new downward push was observed earlier today and key support at $15 was reached. The LINK/USD is now recovering somewhat from today’s losses and is preparing for a further drop tonight.
While you wait for Chainlink to hit $14, read our guides on the benefits of DeFi, bitcoin fees and what you can do with bitcoins.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for any investment made based on the information provided on this site. We strongly recommend that you conduct independent research and/or seek advice from a qualified professional before making an investment decision.
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