- Chainlink rally stalls at a new yearly high but buyer interest remains high.
- LINK’s network growth spikes, suggesting that the rally could hit higher highs.
Chainlink’s rally has been unstoppable over the last week. The journey to a new all-time high has been enriching since the year started—moreover, the break at $20,000 allowed buyers to aim for a new high, hitting $22.8.
Chainlink on the verge of a correction
The live feed oracle token is exchanging hands at $22 following a minor rejection from the new highs. As highlighted by the Relative Strength Index, overbought conditions suggest that LINK may continue to retreat toward $20. If this support fails, the 50 Simple Moving Average, slightly above $18, will come in handy.
-637463964987154400.png)
LINK/USD 4-hour chart
Santiment’s “Daily Active Addresses” model shows that the number of new addresses created on the Chainlink network topped-out on January 15 at 8,203 addresses per day, calculated on a 30-day trailing average. If the newly created addresses continue to rise, it will be a bullish signal for Chainlink. Moreover, the project as a whole is likely to receive more attention, increasing industry adoption.
%20[15.04.46,%2016%20Jan,%202021]-637463966812494600.png)
Chainlink network growth
A new all-time high is in the cards if Chainlink holds above $22. Moreover, a period of consolidation may come into the picture based on the Relative Strength Index leveling motion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.