Chainlink exploded by 40% and entered the top 10 altcoins on almost all charts, as it shattered all perceived resistances while it was climbing. In our Chainlink news today, we find out more about the price analysis.
All eyes are focused on the LINK’s price as Chainlink exploded by 40% during the last 24 hours. The cryptocurrency reached a new all-time high managing to surge over $8.840 on Binance. The price has since retracted but it increased by 30%, trading around $8. As per the recent reports, LINK broke above its previous all-time high on July 6th and then shows no signs of slowing down. The apparent reason for that was the fact that China launched its Blockchain Service Network and had an opening ceremony of the Hangzhou Blockchain International Week.
According to official statements, the network already established public city nodes in about 100 small towns in China, making it the “world’s largest blockchain infrastructure network” while the country stated that they will integrate Chainlink’s oracle might explain the sudden price boom. Since then, LINK’s price has been in price discovery mode which coupled with the ongoing hype around alternative cryptocurrencies which could explain the recent price surge. LINK managed to enter the top 10 projects and it even reached the tenth position in terms of market cap.
At the same time, the rest of the cryptocurrency market remained stagnant, as we can see in the chart, most of the altcoins are making slight gains and losses in the range between 1% and -1%. Bitcoin’s dominance increased slightly over the past 24 hours but the price remained trapped below $9300. However, as per the latest reports, the prolonged periods of stability usually end with a strong move to either side.
The amount of trading volume is dropping as well. June ended being the least volatile month of all especially for the price of the number one cryptocurrency compared to October last year. This further explains the lack of volatility on the market. The RSI also saw slight consolidation within the large bearish triangle pattern and it is expected to reach the peak somewhere in the upcoming week. A huge move in Bitcoin’s price could put a damper on the blooming altcoins. In this case, the area between $9300 and $9400 remains in resistance to watch out for. Below the $9000 region, there is a substantial support line forming.
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