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.
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