The entire crypto market was on a rise. Chainlink [LINK] and Cardano [ADA] were the stars of the latest crypto rally. The altcoin didn’t shy away despite being fairly new to the crypto-verse. Several coins followed a similar trend and hit new highs. Bitcoin seemed to be finding its way back to $40K. The asset was seen at $37K during press time. XRP was finally done sulking, the altcoin had managed to get gains of over 50% in the last seven days. Binance Coin [BNB] had also spiraled upwards as it recorded a new high.
LINK during the time of writing had surged by over 11% in the last 24-hours. The coin was priced at $26.4 which was its all-time high. The altcoin surprised everyone after it navigated its way into the top ten. Currently, LINK stands as the seventh-largest coin with a market cap of $10.63 billion. LINK had taken over prominent cryptocurrencies like Litecoin, bitcoin cash, and several others in terms of market cap.
Chainlink [LINK] One-Hour Price Chart
The one-hour price chart of Chainlink on Binance revealed that the bulls were saying sayonara to the LINK market. The chart of the altcoin was in for a downtrend in the short term. The Bollinger Bands indicator was seen diverging, this further suggested that LINK was in for a fluctuation in its price.
The Awesome Oscillator indicator proposed that the potential change in the asset’s price would be in the downward direction as it formed red closing bars. The MACD indicator had undergone a bullish crossover. However, the MACD line was seen moving close to the signal line for a bearish crossover.
Chainlink [LINK] Short Term Price Chart
The volume in the LINK market was moderate as the activity seemed to be limited. The Relative Strength Index [RSI] was above 50 median, which suggested that a buyers’ market was still unimpaired. However, the marker was pointing downwards.