{"id":411345,"date":"2020-01-17T09:24:32","date_gmt":"2020-01-17T09:24:32","guid":{"rendered":"https:\/\/wncen.com\/?p=411345"},"modified":"2024-06-11T12:47:40","modified_gmt":"2024-06-11T12:47:40","slug":"after-65-rally-chainlink-just-surpassed-a-major-level-for-first-time-in-3-months","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/after-65-rally-chainlink-just-surpassed-a-major-level-for-first-time-in-3-months\/","title":{"rendered":"After 65% Rally, ChainLink Just Surpassed a Major Level For First Time in 3 Months"},"content":{"rendered":"

ChainLink (LINK), the 17th most valuable cryptocurrency in the market, surpassed the $2.8 level for the first time since November 2019 after a\u00a0 65 percent rally.<\/p>\n

With strong partnerships, ChainLink has maintained an active community of users, investors, and developers throughout the past year.<\/a> It is one of the few cryptocurrencies to be down less than 40 percent from its record high.<\/p>\n

Major cryptocurrencies like Ethereum, XRP, and Bitcoin Cash are generally down by 85 to 95 percent from their all-time highs.<\/p>\n

Where is ChainLink headed next?<\/h2>\n

In the short-term, technical analysts anticipate ChainLink to test heavy resistance levels above $2.8, between $2.8 to $3.7.<\/p>\n

One trader noted that initial exchange offerings (IEOs) are starting to see some momentum after a slow past six months.<\/p>\n

He said<\/a>:<\/p>\n

“A breakout above $2.33, retest & continuation. Approaching the next target at $2.80 for a nice 21% move here. Meanwhile; IEO’s starting to show a slight sign of life as BNB is bouncing upwards as well.”<\/p>\n

The overall positive trend of IEOs could act as a catalyst for cryptocurrencies like ChainLink.<\/p>\n

\"chainlink
ChainLink rises 65% in the past two weeks (Source: TradingView)<\/figcaption><\/figure>\n

Big volatility expected<\/h2>\n

On January 16, NewsBTC reported that Binance Futures integrated ChainLink<\/a>. It now allows users to trade the cryptocurrency with up to 75x leverage.<\/p>\n

Often, when a major futures trading platform integrates a cryptocurrency, it tends to see significant volatility.<\/p>\n

XRP and ETC, for instance, saw significant short-term price movements almost immediately after Binance Futures integrated the two assets.<\/p>\n

If ChainLink cleanly breaks above $2.8, which has acted as a heavy resistance level throughout the past year, the expected volatility could play into the favor of the asset.<\/p>\n

On the side of fundamentals, the infrastructure of ChainLink is being used by conglomerates like Google.\u00a0<\/a><\/p>\n

On June 14, 2019, the Google Cloud team released a detailed blog post on using the BigQuery ChainLink Oracle, officially mentioning a blockchain project for the first time in the context of cloud.<\/p>\n

At the time, Sergey Nazarov confirmed it is working with Google to as an on-chain data provider to assist in the usage of blockchain technology.<\/p>\n

In the short-term, however, technicals such as the clean break of resistance above $2.8 and the overall improvement in the sentiment around the crypto market are likely to be the biggest factors for the upside potential of ChainLink.<\/p>\n

Traders target $9,400 for bitcoin<\/h2>\n

Throughout the past two weeks, bitcoin and the altcoin market have risen in tandem. It indicates that the upsurge is more than just a short squeeze.<\/p>\n

\n

Break 9000, 9400 is next <\/p>\n

Get rejected here, we possibly head back down to retest 8600$BTC<\/a> pic.twitter.com\/9H1Fx3Qv0k<\/a><\/p>\n

— Satoshi Flipper (@SatoshiFlipper) January 17, 2020<\/a><\/p><\/blockquote>\n