Crypto News- Amidst the ongoing tussle between the bullish and bearish factions in the market, Chainlink’s cryptocurrency, LINK, has demonstrated an astonishing level of resilience, boasting an impressive surge of more than 6% today. This extraordinary performance has truly overshadowed the broader cryptocurrency landscape, which has been wrestling with its fair share of unpredictable volatility.
Chainlink Intraday Performance: Over 6% Gain, 7 Dollars Milestone in Sight
A pivotal moment arrived for LINK as it managed to break free from an extended phase of consolidation, triumphantly conquering the formidable resistance level at $6.37. This breakthrough has kindled a renewed sense of optimism among investors, subtly hinting at the possibility of an imminent bullish upswing.
On the memorable Tuesday when LINK reached a price of $6.76, there was a synchronous 3% uptick in the value of Bitcoin. The catalyst behind this surge can be attributed to the market’s enthusiastic response to Chainlink’s collaborative venture with SWIFT, the esteemed interbank messaging system, which has its sights set on streamlining the adoption of tokenized assets.
For over a month, Chainlink had been navigating the treacherous waters of a consolidation phase, repeatedly testing the pivotal support level at $5.82. The resilience of the bulls in defending this price level eventually paid off as LINK surged past the $6.37 resistance, signaling a palpable shift in the market’s sentiment.
However, prudent traders are urged to exercise caution in light of the persistent resistance presented by a descending trendline that has persisted for the past two months. Recent reversals in the daily chart serve as a reminder of potential selling pressure. If LINK experiences a downturn from this trendline, slipping beneath the $6.3 mark, it could foreshadow a continuation of the corrective trend, with the possibility of retracing to the established support at $5.8.
Furthermore, an insightful on-chain analysis conducted by Lookonchain has uncovered a noteworthy development: approximately 35 newly minted LINK wallets have executed substantial withdrawals, totaling 755,687 LINK tokens, from the cryptocurrency exchange Binance. This intriguing activity suggests that prominent investors, often referred to as whales, are actively accumulating LINK, thereby further bolstering the coin’s optimistic outlook.
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