Chainlink Price Analysis: LINK Is Stable In The Crypto Recovery

The recent wave of greens on the market where Bitcoin managed to jump in at above $9,200 affected many altcoins positively, the latest altcoin news show. In today’s Chainlink price analysis, we can see that along with Stellar (XLM), LINK is definitely flying in nice winds.

In other words, the Chainlink coin news show that the LINK cryptocurrency is at $2.71 and with 0.50% gains on the day. The ascending trendline is now significant during this recovery – and was initiated last week.

As a proof of that, the Chainlink (LINK) cryptocurrency tested $3.2 but formed a high at $3.17. Despite the fact that the current level is way lower than that, the Chainlink price analysis shows that there is a lot of room for improvement.

The shallow recovery from last week hit a dead end at $2.8 but the immediate support was provided next by the 100 Moving Average (MA) which now sits at $2.6. The Relative Strength Index (RSI) is retreating even before it hit overbought levels. All of this signals rising selling pressure and the 50 MA has crossed below the long-term 100 MA.
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Updates from the blog of Chainlink announced the Chainlink Virtual Hackathon which is designed to build real-world smart contracts using off-chain resources. The event was held from October 14 to October 31. It went well and definitely contributed to understanding more about the LINK cryptocurrency.

It seems like Chainlink is committed to developing its blockchain even more. The company announced the connected consensus on Ethereum and the Chainlink price analysis shows that the effects were good. Now sitting at $2.71 with a 0.51% increase, the cryptocurrency has a market cap of $947 million and is definitely headed to the billion mark.

The volume behind Chainlink (LINK) over the past 24 hours was also impressive. Even $99.4 million were traded – which is another positive factor affecting the price and our overall Chainlink price analysis.

Besides this altcoin, other coins are gaining a lot on the day. One of them is XMR – the Monero news show that it managed to hit $62.20 with a 4.67% increase. A nice surge is also seen by the 20th placed Cosmos (ATOM) which is now at $3.32 thanks to the increase of 3%.

The total cryptocurrency market cap is still below $250 billion and at press time trading at $247 billion.