Without any shred of doubt, today’s spotlight in the cryptocurrency market is entirely on Chainlink (LINK). The price for the token surged with about 40% to reach $8.480 on Binance and shatter all perceived resistances on the way up.
Chainlink (LINK) Price Explodes
All eyes are focused on Chainlink (LINK) as its price increased by about 40% during the last 24 hours. The cryptocurrency reached a new all-time high (ATH), as it managed to surge to $8.480 on Binance.
The price has since retracted, but it’s still up 30%, and it trades at around $8.
LINK/USD. Source: TradingView
As CryptoPotato reported earlier this month, LINK broke above its former ATH on July 6th, and it shows absolutely no signs of slowing down. The apparent reason back then was the fact that China unveiled its Blockchain Service Network at an opening ceremony of Hangzhou Blockchain International Week.
Per the official statements, the network had already established public city nodes in more than 100 towns throughout China, making it “the world’s largest blockchain infrastructure network.” Earlier, the country had stated that it would integrate Chainlink oracle, which might explain the sudden price boom.
Since then, LINK has been in price discovery territory, which, coupled with the ongoing hype around alternative cryptocurrencies, could explain the most recent surge. With this, LINK managed to enter the foremost projects, as it’s currently the tenth largest crypto in terms of market cap.
At the same time, the rest of the cryptocurrency market remains somewhat stagnant.
Cryptocurrency Market Overview. Source: Coin360.com
As seen in the image above, most of the large-cap altcoins are marking slight gains and losses in the range between 1% and -1%. Bitcoin’s dominance has increased slightly over the past 24 hours.
Bitcoin Remains Stagnant
Bitcoin’s price remains seemingly trapped below $9,300.
However, as CryptoPotato reported yesterday, prolonged periods of stability like the current one usually end with a wild move.
The amount of trading volume is also declining. June ended being the least volatile month for Bitcoin’s price since October last year, which further pinpoints the lack of volatility in the market. Additionally, the RSI is also seen consolidating within a large bearish triangle pattern, and it’s expected to reach the apex somewhere in the coming week.
A massive move in Bitcoin’s price might put a damper on the currently flourishing altcoins. In any case, the area between $9,300 and $9,400 remains the immediate resistance to watch for. From below, $9,000 has shaped as the most substantial support line.
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Cryptocurrency charts by TradingView.