Chainlink [LINK] Records New High As Other Prominent Coins Record Slump

Chainlink LINK

Chainlink [LINK] once again proved to be a top performing asset after the altcoin hit a new all-time high while all the other prominent cryptocurrencies were seen plummeting. 

Chainlink Under The Crypto-Spotlight

The last few weeks proved to be immensely eventful for Bitcoin as well as altcoins. While Bitcoin breached past $10K and $11K, several altcoins recorded new highs. Out of these, Chainlink [LINK] was touted as one of the best performing altcoins. The coin consecutively hit new highs and garnered immense gains.

During the time of writing, the entire crypto market had turned red as almost all the coins in the top ten were observing significant slumps in their respective prices. XRP, had been lauded by the crypto community after its price saw a massive rise, however, at the time of writing the altcoin was plummeting by 2.4 percent. Other coins like Bitcoin Cash [BCH], Litecoin [LTC] as well as Bitcoin SV [BSV] were also seen dropping. Amidst this downfall, Chainlink’s LINK was rising by a whopping 8.2 percent.

At press time, LINK, the ninth-largest cryptocurrency was trading at an all-time high of $10.75. The coin had witnessed a 66.4 percent increase over the last 30-days. LINK’s price change had caught the eye of many in the community. While the coin hit $10, as expected by the community, speculations of the coin hitting $12 started surfing Crypto Twitter.

Source – Twitter | Glassnode Alerts

While the price of the altcoin was rising without a stop, the LINK balance on exchanges hit a two year low. As per the online analytics platform, Glassnode, the LINK balance on exchanges plummeted to 68,642,750.859 LINK. On 6 August.

As the crypto community anticipates the price of the altcoin to rise above its latest all-time high, the key indicators seemed to be in favor of the same.

Source – LINK/USD on Trading View

In LINK’s one day chart, the MACD line was seen way above the signal line. This bullish crossover seemed to have taken place towards the end of last month. Additionally, the Relative Strength Index [RSI] also indicated the presence of a bull market as the RSI marker was almost in the overbought zone.

Leave a comment