- Link crypto has witnessed flat trading volume in the last 24 hours.
- The Chainlink crypto price has advanced by 3.29% in the last 24 hours.
The Chainlink crypto was launched on the 16th of September 2017 and is built on the Ethereum blockchain following ERC-20 token standards. It is a decentralized Oracle network. It helps in connecting real-world data to smart contracts. Chainlink was co-founded by Sergey Nazarov and Steve Ellis in the year 2017.
The market cap rank of the LINK crypto has advanced by 4.38% in the last 24 hours. This indicates the bullishness in the crypto price and results in the market cap rank of #18 among the cryptocurrencies as per Coinmarketcap.
Chainlink has a total supply of 1.0B LINK and the fully diluted market cap of the crypto is $7.98B. This is followed by a circulating supply of 556.84M LINK resulting in 55.68% of the max supply.
The market cap dominance of the LINK crypto is 0.375% in the cryptocurrency market and the volume/market cap ratio is 0.0527. The LINK crypto hit its all-time price of $52.70 in the year 2021. The crypto is still down by 85.03% from the following price.
Will Chainlink Crypto Hit The $20 Mark In The Upcoming Breakout?
a by writer11_gsm on TradingView.com
The Chainlink crypto has been consistently consolidating in a small range for more than 1.5 years. The crypto has been consistently forming equal highs and lows throughout this period leading to a lengthy accumulation in the price of the crypto.
The LINK crypto is making a higher high pattern on the charts and is gaining buying momentum. Based upon the very recent price action the crypto has broken out above its last swing high.
The price of the crypto has broken out above the 50-day and the 200-day EMA. This behavior of the crypto has led to a golden cross on charts which indicates the beginning of the new uptrend in the crypto price.
The RSI for the LINK crypto is indicating a bullish behavior as the RSI has crossed above the overbought zones and is currently taking support at the levels of 50 breaking out above the SMA line.
Chainlink Liquidation Analysis
The spot volume of the crypto has advanced by 5.32% while the derivative volume has witnessed a decline of -13.92%. This is followed up with an advance of 8.09% in the open interest in the last 24 hours. Also, the LINK crypto witnessed a huge short liquidation of $407.03K against the long liquidation of just $74.85K. This denotes how powerful the buyers in the market have been in the last 24 hours.
Conclusion
Crypto has witnessed a huge advance in the short liquidations and an advance in the spot trading volume. This is happening with the advance in price of the LINK crypto. The technicals for the crypto also seem bullish as the crypto is trading above the EMAs and the RSI is giving a bullish signal. The price structure of the market is bullish making higher highs. Therefore, the price of the crypto may continue to advance to higher levels in the upcoming days.
Technical Levels
- Support levels- $5.00 and $5.900
- Resistance levels- $12.500 and $18.100
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.