ChainLink: LINK/USD spikes 10% as bulls reach all-time high levels
ChainLink touched a high of $4.94 on Monday, its 11% upsurge seeing it come close to hitting a new all-time high
LINK/USD has surged by over 10% as of writing to see its price come close to $4.95 — the coin’s all-time high, seen in early March.
Chainlink is ranked 13th by market cap, with today’s surge likely to see it climb higher among the largest cryptocurrencies.
On March 4, Chainlink rallied to $4.95, its all-time high price. But the crypto crash recorded on March 12 saw it plummet alongside the rest of the market to lows of $1.85. Prices recovered to top $4.22 by June 12. A minor correction sent it to lows of $3.90 per coin on June 12.
However, the past week has seen bulls push higher as an uptick in sentiment has helped it close in on a new all-time high.
Yesterday, LINK/USD climbed from $4.43 to $4.94, before levelling out in afternoon trading to post gains to $4.79.
LINK/USD chart overview
The bullish momentum seen over the past week continued on Monday, with ChainLink surging 11% to a high of $4.94, as per data on CoinMarketCap. In the past 24 hours, LINK/USD has spiked 10% and is trading at $4.93, with the altcoin 22.8% up in the past seven days.
LINK/USD bulls have maintained control since last week, with prices moving steadily past several resistances as price increased from lows of $4.10.
Price action over the last week has seen LINK/USD trade in an ascending channel, with current levels likely to see it breach the upper trend line. If crossed on increased volume, a short term bull run could see buyers aim for higher levels. The RSI is trending overbought at 73.2, but as it isn’t fully topped out, buyers can still look to extend gains to the upper limits.
A rejection will take prices to the lower limit of the ascending channel, with the likely correction relying on support at the $4.74, $4.38 and the 20 SMA.
DeFi driving interest in Chainlink?
Chainlink’s price is likely benefiting from its numerous integrations with the DeFi ecosystem. One of these is liquidity protocol Kyber Network that has also seen its token gain significantly as interest in DeFi grows. Last week, DeFi platform Compound’s COMP fired to $362 from $60 within days.
The latest intraday price increases in Chainlink’s price is also down to its recently announced partnership with China’s Blockchain Services Network (BSN). The BSN is set to use Chainlink in processing off-chain data.