Chainlink has been going parabolic as LINK price has accelerated around +80% the last 30 days. The last 24HR, Chainlink price has surged about +15%, which is more than a list of all cryptocurrencies in the top 20 by market capitalization.
As referenced above, LINK price has gotten a lot of attention recently due to price action and various developments. If we take a look at LINK price against Bitcoin price the last 5 days below, we will see that LINK has been outperforming Bitcoin price in the short term. At the time of this report, LINK price currently trades at $3.95 and has a market capitalization of $1.383 billion.
Chainlink Price Catalyst ?
When we take a look at price action the last couple weeks, it seems to be stemming from certain fundamentals. Historically speaking, many investors have found Chainlink appealing due to its use cases. Many would argue that Chainlink is one of the few companies that is displaying true use cases outside of just LINK price speculation. This has been referenced numerous times, especially towards the end of 2019 when you had Chainlink and Intel ( one of the largest technology companies in the world ) expanding their partnership into the smart contract space. For those unfamiliar, Chainlink has also been connected to Google, ever since Google initiated a partnership in the cloud space with Chainlink.
Some Fundamental Catalyst For LINK price since include:
Chainlink Mainnet Launch On Ethereum Network: As areas such as decentralized finance and smart contracts continue to grow, Chainlink believes they will fuel the revolution with their launch on Ethereum mainnet. According to the original announcement by Chainlink, they will now have the ability to “provide a decentralized Oracle network operated by multiple development node operators and we can combine decentralized calculations that bundle individual results into a single smart contract input / trigger.” This will allow them to focus on important aspects in the industry such as reliable market pricing for cryptocurrencies.
Gemini Custody: Yesterday, Gemini Custody announced that they would be giving institutional investors the opportunity to obtain Chainlink ( LINK ). Gemini Custody added support for Chainlink, Golem, Numeraire, Orchid, and Storj. With the addition of these assets, Gemini Custody now offers support for 23 cryptocurrencies. LINK price started to gain additional momentum after this announcement, as investors seem to believe that getting LINK in front of institutional investors will be positive on long-term price. Gemini historically has also been picky in terms of their offerings. It's positive for Chainlink that LINK was able to get through rigorous review. Gemini possibly embraced the fact that Chainlink is attempting to solve real problems in the industry, and has been affiliated with some of the largest tech companies around the globe.
LINK Technical Analysis
With the trajectory Chainlink price has taken the last 30 days, statistics will show that price has to "cool-off" at some point. With the recent rally, LINK has approached overbought territories, but still has some room to run until it cools down. In this scenario, we take a look at $3.90 and $4.15. If LINK price rejects $3.90 levels, that may be the indicator that price is do to cool down. On the flip side, if LINK accelerates beyond $4.15, then the rally may have a second leg.
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