Chainlink price is showing strong momentum and it is increasing like crazy. In the last 24 hours, the LINK price increased by almost 10.44%. At the time of writing, LINK is trading at $9.62 with weekly gains of 36.02% and monthly gains of almost 100%. Can Link Price touch $12? Let’s see it in more detail.
Chainlink Price Analysis: Link Price and Bulls are Dominating
LINK/USD bulls recovered successfully in the past few days and now the price has touched $9.62. Just a few days ago, the correction target of $5.80 was missed by only $0.20. At that time, the 50-day EMA served as a support. Today, the key metrics are as follows:
Price $9.62
24hr Change +10.44%
24hr Vol $380,958,253
Liquid Marketcap $9,530,949,480
Liquid Supply 1,000,000,000
Max Supply 1,000,000,000
Today, the Link price has found support on the upward trending line and the MACD reveals that crypto market momentum has shifted from bearish to bullish. The next support could be at $9.89, $10.67(SMA 20), and $11.60. The price is currently giving bullish signals, but this upward trend should be analyzed carefully. After all, the trading volume is also displaying great momentum.
Chainlink Price Analysis: New Partnerships Behind the Link Price Increase?
The Chainlink price is currently at a very important stage. If LINK/USD goes past $10.7 then the upward trend could be immense and if it is rejected at the resistance just below the $10.7 mark, the price could relocate between $7-$8.
Apart from this, Chainlink’s new partnerships could be one of the reasons why the price is increasing. Chainlink has just declared a partnership with the platform Provide Technologies. In this, the Provide will integrate Chainlink’s oracle services into the Provide API. The official twitter account tweeted:
.@provideplatform, an enterprise low-code application platform for DLT, is integrating #Chainlink. This will make it even easier for enterprises to consume Chainlink oracle data, run & pay for Chainlink nodes, & develop new use-cases using @baselineproto. https://t.co/M1I64kcgyE
The All-Time-High (‘ATH’) trading price for the Link in USD is 9.70 and the lowest trading price (in USD) since its All-Time-High is $0.165. It seems that bulls are charging after seeing LINK price. At the moment, bulls have a lot of momentum and they could climb above $12 in the next few days. The percentage change in the current marketcap of LINK vs USD, compared with 24hrs ago, is increased by almost 10.44%. On the other hand, the percentage change in the Bitcoin-denominated current marketcap of Link, compared with 24hrs ago is increased by almost +10.70%. Overall, the Link is showing very promising behavior but it first must crack the $10.7 mark.
Conclusion
The volatility of the cryptocurrency market seems to have declined and the signal line hanging above the price bars showed the upward trending price of the LINK. As mentioned earlier, if the Chainlink price breaks the $10.7 mark in the next few days, then it may touch the $12 mark. We wish you happy trading!