LINK looks good despite losing the upward momentum and it was one of the fastest-rallying coins over the past few weeks so let’s read more in our latest chainlink coin news.
The leading ETH-based crypto-asset underwent a strong bounce from its $7.75 low to a high of $12 which means that from the lows, Chainlink gained over 45% making it one of the top-performing assets from the September lows. LINK looks good despite the drop from its highs as it is now trading at $11, just over 5% below the recent local highs.
Analysts think that chainlink still has an upside to go from here despite the loss of the upward momentum. The key trends are showing that there’s a strong futures trend here and a negative funding rate as well which suggests that shorts will be squeezed from here. Chainlink is set to move higher in the upcoming days ahead as futures and technical trends show the trend remains positive. One crypto-asset trader shared a chart that shows that even after the slight correction and the asset is now sitting above three technical levels as the exponential moving average and horizontal at $10.75 and the point of control according to the volume profile.
He added that the coin futures open interest increasing as the funding rate on the market drops and the cryptocurrency is set to continue increasing. While LINK still has room to rally in the near term, not everyone is convinced of the coin’s movements. Kyle Samani, the co-founder and managing partner of Multicoin Capital commented with Nic Carter that he has investments in a number of altcoins including smart contract platforms. However, his views on crypto-assets with high market capitalizations as not what you expect. He wondered why LINK has a high market cap and even used the word perplexing to describe what he believes about Chainlink having $10 billion market cap.
Chainlink saw some increasing fundamental use by a lot of contracts and applications on Ethereum. Its new proof of Reserves technology was adopted by BitGo for Wrapped BTC which is a leading Defi product. Chainlink was also listed on OKCoin alongside YF Link and DFI money.
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