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Chainlink (LINK) Price Analysis—Can Pump Continue Until Coin Reaches $8?

Can one expect a fast dump of Chainlink (LINK)?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Market growth has continued, though some coins are performing much better than others. Today's leader, Chainlink (LINK), has gained 25% just in the last 24 hours.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Against the increasing rise of altcoins, overall market capitalization has also gone up by $3 bln since yesterday, and now the index accounts for $273.2 bln.

Market Capitalization
Market Capitalization

The relevant Chainlink data is stacking up this way:

Ads
Ads

  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $2,767,195,313

  • Price: $7.91

  • Volume (24h): $1,643,087,511

  • Change (24h): 25.41%

The data is relevant at press time.

LINK/USD: Is the pump about to end?

Chainlink (LINK) is the biggest gainer of the top 10 coins. The rate of the token has skyrocketed by 25.54% over the previous 24 hours.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the hourly chart, Chainlink (LINK) has reached its local peak at $8.45. The bullish trend does not seem to be ending, however; the altcoins might face a short correction before a continued rise. A declining trading volume confirms a possible drop. In this scenario, the nearest level at which the decrease might stop is $7.60.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On a longer timescale, a correction is also the more likely forecast. Chainlink (LINK) is forming a Triangle pattern with the endpoint at $7.22, which is considered the last stop before possible continued growth. If the coin keeps decreasing, the aforementioned mark may be attained within the next few days.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the daily chart, Chainlink (LINK) is overbought based on the Relative Strength Index indicator. To keep growing, the coins need to accumulate power in the yellow range between $6.50 and $7.50. However, a further rise is possible only if the trading volume increases. Such a scenario is relevant until the end of the current month.

Chainlink is trading at $7.90 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com