- Chainlink helps in creating reliable decentralized applications.
- The LINK crypto is trading 71% below its all-time high price.
Chainlink is a network of oracles that link real-world data to smart contracts on Ethereum. LINK is the token that powers the network and rewards the data providers. Chainlink was founded by Nazarov and Ellis in 2017 to enhance the potential of blockchain-based applications.
LINK reached its peak at $52.70 more than two years ago, and since then, the cryptocurrency has struggled to surpass this previous high. Additionally, the current market cap of LINK has witnessed a 1.38% decline in the last 24 hours.
The volume of the LINK crypto has declined by 27.98% in the last 24 hours, but there has been no significant activity seen in the derivatives of the crypto. The current volume/market cap ratio of LINK is 8.44%. It has a total supply of 1.0 Billion LINK.
Blockchain Data Analysis Of Chainlink
The market cap of LINK can be seen increasing after an uptrend along with an increase in the crypto’s fees. The current token liquidity is reported to be $83.32 Million as per DefiLlama, resulting in annualized fees of $3.69 Million.
LINK Crypto Technical Analysis
The LINK crypto has been trading inside a consolidation zone for more than a year and has recently broken above this. This behavior of the price represents the possibility of a huge increase in the price. This could be due to longer accumulation in the price during consolidation.
LINK/USD Chart by TradingView
LINK is trading with a golden cross of the 50-day and 200-day EMAs on the daily chart. The price has also risen above all the crucial moving averages. This scenario of the price shows the dominance of buyers in the market.
The MACD is indicating the possibility of retracement as it is situated above the zero level while the signal line and MACD line are forming a bearish crossover.
Conclusion
LINK is a promising crypto that connects real-world data to smart contracts. It has broken above a long-term consolidation zone, signaling a potential rally. It is also trading above the key moving averages, showing bullish strength. The MACD may indicate a temporary pullback before the uptrend is resumed.
Technical Levels
- Support levels: 5.070 and $9.430
- Resistance levels: 18.260 and $33.90
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.