• Chainlink has gained over 18% amid strong bullish momentum.
  • Project developments support the positive sentiments around LINK.

Chainlink (LINK) is the best-performing altcoin out of top-20 on Wednesday. The coin has gained over 17% of its value in recent 24 hours to trade at $2.2790. The asset with the current market capitalization of $792 million has been trading most actively on Coinbase with over 90% of all trading volumes coming through this US-based exchange. Notably, the price is growing amid high trading volumes and expanding volatility. According to Cryptocompare service, LINK's 7-day volatility surpassed 32% on January 7, which is the highest level since December 18.

What is Chainlink

Chainlink protocol allows cryptocurrency smart contracts to use external resources like data feeds, APIs and others.  According to the information, provided on the official website, Chainlink provides a reliable connection to the external data that helps maintain the overall reliability of the inputs and outputs used by smart contracts. 

On January 3, Chainlink announced a new partnership with 2key network:

Chainlink to become a network integrator on @2keyNetwork! Users leveraging 2key's "Smart Link" tech can use Chainlink oracles for trustless growth campaigns that pay participants based on decentralized sourcing of market prices & ad performance data.

2key is a layer-2 scalability solution and creator of Smart Links that will  incorporate Chainlink’s oracle technology to pay rewards to the participants.

Chainlink's ball starts rolling

The announcement pushed LINK's price higher, while overall bullish sentiments on the cryptocurrency market helped the coin to smash an important resistance at $2.0 reinforced by SMA50 (Simple Moving Average) daily. Once this breakthrough was confirmed, the upside momentum started gaining traction. At the time of writing, LINK/USD is testing SMA100 daily at $2.3. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on psychological $2.5 and $3.0.

On the downside, the initial support is created by the above-said SMA50 daily. It is closely followed by a confluence of SMA levels on 4-hour charts clustered around $1.90. If this zone is cleared, the coin will reverse the gains and switch back into consolidation mode. 

LINK/USD, daily chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP