HomeLatest NewsChainLink hits new all-time high of $9.50

ChainLink hits new all-time high of $9.50

August 4, 2020 By Benson Toti

LINK has hit a new all-time high after surging 15% in the past 24 hours

Firmly established among the top 10 cryptocurrencies by market cap is ChainLink, with a market cap of $3.29 billion according to CoinMarketCap.

In the last hour at the time of writing, the price of ChainLink against the US Dollar hit a local high of $9.50, the highest price the token has reached so far.

The uptrend sees LINK surpass its previous all-time high reached on July 15, up by 15% in the past 24 hours, bringing total gains over the past week to well over 30%.

LINK has also been strong against the top two market leaders; at the time of writing, the altcoin is up 11.76% against Bitcoin and 9.88% against Ethereum.

The overall sentiment around the token is bullish and holders — or ‘ChainLink marines’— could attempt to challenge resistance at $10.00.

Another leg up for LINK/USD?

The price of ChainLink has surged over the past several months. After dipping to lows of $1.52 on Black Thursday in March, the altcoin’s price followed an uptrend that included a 75% jump in two weeks — jumping from a low of $4.70 on July 6 to its previous high of $8.95 on July 15.

Bulls however ran into a massive wall of resistance around that time and the price of LINK/USD plummeted to lows of $6.40 on July 27.

The retracement coincided with Bitcoin’s upsurge amid strong volatility, with most altcoins dipping even as BTC/USD broke above $10k. But over the past week, ChainLink bulls have pushed the popular coin’s value up.

Price chart for LINK/USD. Source: TradingView

An erratic dip on August 1 saw LINK/USD plunge from a high of $8.50 to an intraday low of $6.60. However, the 20% dive only saw holders of the decentralized token seize the opportunity to buy the dip. The accumulation increased the number of unique addresses, with wallets holding 1,000-10 million coins also spiking over the past three days.

Also on the bullish side is the overall social sentiment of the coin, another likely reason why LINK/USD might yet extend its impressive rally of 485% YTD.

As of writing, LINK/USD is trading at $9.33. Crypto analyst Josh Rager thinks the slowdown is “a breather” and ChainLink will soon break $10.00.

According to him, LINK/USD breaking above $10.00 is “only a matter of time after a break and close above $8.70”