{"id":439695,"date":"2020-09-25T20:00:45","date_gmt":"2020-09-25T20:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=439695"},"modified":"2020-09-25T19:11:10","modified_gmt":"2020-09-25T19:11:10","slug":"chainlink-30-rally-closes-record-best-2020-daily-performance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink-30-rally-closes-record-best-2020-daily-performance\/","title":{"rendered":"Chainlink 30% Rally Closes Record \u201cBest\u201d 2020 Daily Performance"},"content":{"rendered":"
Chainlink may be trading at half of its all-time high, but it just broke a new record – this time for its best single-day performance in all of 2020.<\/p>\n
With such an outstanding rebound from local lows<\/a> making the early days of the rally look weak by comparison, is this a sign that Chainlink is ready to set its sights back on new price records next?<\/p>\n Chainlink has once again been the best performing crypto asset across the market for the second year in a row. From the Black Thursday low to high<\/a>, LINKUSD surged by over 1200% before the $20 top proved to be the one level the altcoin couldn’t yet breach.<\/p>\n Related Reading | Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle<\/a><\/strong><\/em><\/p>\n However, the seemingly unstoppable rocket ship that is Chainklink, may have only pulled back to refuel its jets. After a fall from the 2020 peak to the recent low of $7.50, representing an over 60% correction, the asset rallied over 30% yesterday<\/a>.<\/p>\n <\/p>\n In 24 hours alone, from the bottom of the daily candle’s wick to the high on the same day, Chainlink rallied well over 39%. In two days, LINKUSD is up 46%, erasing much of the losses from the fall from the top.<\/p>\n Chainlink’s powerful recovery<\/a> is just as strong as the lead up to the asset’s all-time high earlier this year, and then some. However, after falling more than 60% from its peak, the asset in just 38 days reached incredibly oversold conditions.<\/p>\n When any asset becomes that oversold, a strong bounce is possible. When Bitcoin first collapsed from $20,000, it first fell to $6,000, then immediately rebounded back above $11,000 before the bear market began.<\/p>\n Related Reading | Chainlink Correction \u201cHealthy,\u201d But Losing $8 Could Turn Holders Into \u201cSubmarines\u201d<\/a><\/strong><\/em><\/p>\n Just because Chainlink’s recovery is impressive, it doesn’t necessarily mean that the asset is will be off to new all-time highs once again. The altcoin’s parabolic advance has been broken, and when that occurs, statistics show that assets regularly fall 80% or more afterward<\/a>.<\/p>\n <\/p>\n LINKUSD Daily 2020 Intraday Rally Record | Source: TradingView<\/a><\/p>\n This same occurrence and price target was reached in Bitcoin after it lost $20,000, but it took an entire year for the asset to reach the target. Several dead cat bounces took place all throughout the first phase of the bear market, forming a descending triangle. In total, Bitcoin fell over 84%<\/a>, depicted in the LINKUSD chart above.<\/p>\nChainlink Sets Record For Best Intraday Performance In 2020<\/h2>\n
LINKUSD Daily 2020 Intraday Rally Record | Source: TradingView<\/a><\/pre>\n
Crypto Stand Out Star May Not Be Out Of The Woods, 80% Or More Correction Possible<\/h2>\n