Chainlink has been on a massive boom the past 24 hours with about a 40% increase, reaching a new all-time high. The price of the token has busted through any perceived resistance to reach $8.840.
Although there’s been a downturn by almost 25%, it’s still trading at $7.64 as at press time.
China Resurrects Chainlink
On July 6th, LINK broke it’s former all-time high and has been on the increase since then. One major factor that has contributed towards this boom was the unveiling of China’s Blockchain Service Network at an opening ceremony of Hangzhou Blockchain International Week. The network serves the purpose of establishing public city nodes in well over 100 towns across China. The country had earlier made a statement to integrate Chainlink oracle. Such a huge announcement can be seen as the perfect explanation for the sudden price hike.
Resurgence in a Stagnant Market
Despite LINK’s sudden resurgence, the rest of the cryptocurrency market still live in stagnation. Most of the major large-cap altcoins are stagnant between a 1% gain and a -1% loss.
The price of Bitcoin seems to enjoy its $9,300 mark and has shown no major signs of waking up to the bull sprint yet. However, long periods of stability like this usually precedes a wild move.
The amount of trading volume is gradually reducing. The price of Bitcoin has never been volatile since October last year, which further indicates the lack of volatility in that market. Additionally, the RSI is also seen consolidating within a large bearish triangle. This move is expected to reach its apex somewhere in the coming week.
The area between $9,300 and $9,400 remains the immediate resistance to watch for in Bitcoin. Below that and we see $9,000 becoming the most substantial support line. A massive move in the price of Bitcoin might put a huge damper on the altcoins currently flourishing in the crypto market.
The views and opinions expressed here are only those of the author and do not reflect the views of Lightblocks as a body.
Lightblocks will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts, and buy/sell signals.
Every investment and trading action involves risks. You should do your own careful research before making a decision.