Chainlink (LINK) price shoots up 10% during steadiness in the Bitcoin market
By Luke Flowers – Cryptocurrency Broker
The Chainlink (LINK) network experienced more than a 10% increase in the last 24-hours, placing it among the most bullish and best-achieving digital assets even as those buying Bitcoin and other cryptocurrencies battle to obtain gains. This growth contrasts that of last week’s plunge to $3.12, with the incline to $4.66 slowly approaching its all-time high at $4.90.
The increase is endorsed by substantial growth in Chainlink’s trading volume from $340 million on February 25th to $622 million at time of writing. This clearly suggests user’s perception towards the cryptocurrency is confident, encouraging speculators to actively continue their investments and cryptocurrency trading.
Chainlink’s daily levels also show its Relative Strength Index (RSI) in a healthier spot after a recent plunge to 45. The RSI is currently settled to over 60 and developing upward momentum. Despite the network’s surge in the beginning of March, Chainlink has more capacity for growth and development. Though this is promising, it raises the question of whether Chainlink is dependent on Bitcoin investing rather than its own asset strength.
Moreover, the Chainlink price is circulating above its moving averages. The broad gap made by the 50-day simple moving average (SMA) above the 200-day SMA exemplifies that the bulls are firmly in control. The 50 SMA offers help in case of a drop towards $3.50 while the 200 SMA holds ground at $2.61.
LINK/BTC shows model quality.
Chainlink’s performance against the BTC bullish period is solid and delivering a growing incline trend since the start of 2020. The Bitcoin support at 0.00035 BTC and 0.000456 BTC has been displayed in the development experienced since March 1. There is a bullish cross above the Moving Average Convergence Divergence (MACD) recommending that the bulls could stay in control for the near future.