The latest cryptocurrency news show that the altcoin Chainlink keeps dominating the markets – the LINK/USD pair is now at $4.43 and nears the crucial $5 mark. If we remember June 2019 when the price of LINK was around $0.50, this means that a $100 investment in this token would return more than $800 in profits for only one year.
We are living in times when Chainlink (LINK) is not anymore a shady cryptocurrency – the network behind it partnered with many vocal names such as Klaytn, Digitex Futures and more. All of this leads to potential improvements in the future.
Another thing worth mentioning is the upside momentum. As Chainlink keeps dominating, we can see LINK in the top 10 largest coins by market cap soon, presumably once it hits the $5 mark.
For those of you who don’t know what is Chainlink and how the LINK cryptocurrency works, it is all a decentralized oracle network which helps smart contracts obtain data from the real world in a safe and secure manner. The team behind the coin issued 1 billion LINK tokens and raised $32 million during the ICO in 2017. The node operators received 32% of the LINK tokens, while 30% of them stayed within Chainlink for development.
According to some data obtained from the underlying blockchain, Chainlink keeps dominating because of the active development of the network. This has been a positive signal for the LINK cryptocurrency and many experts believe that the coin is undervalued.
On the intraday chart, we can see LINK/USD moving along the upside trendline, created by the 1-hour SMA50. This technical barrier serves as a strong resistance that has been verified on several occasions recently. If it is broken, the sell-off may extend. As a reminder, the Chainlink news in 2019 also showed a surge to $3.45 after which there was a steep fall to $1.60 in the next few months until September 2019.
In that manner, there are two possibilities for LINK now. The first is a run to the $5 mark in the next few days or weeks, and the second is a correction which would likely bring the coin to $4 or $3 in the medium term.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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