Price Analysis

Chainlink Price Analysis: Chainlink (LINK) Registers It New All-time High Recently, Commendable Increase In Market Cap

Chainlink gets an opportunity to work with the fastest and the most scalable blockchain platform, Credits to provide Oracle network for smarter contracts. Both the companies have joined hands to readily work towards greater decentralization and promoting the high-tech technologies in the market. Credits, in order to reach to financial institutions and other industries, would like to stimulate association with Chainlink.

Inevitable to note that the market cap of Chainlink has gained massively, and so has the price in the span of the last 5 days, i.e., from 28th June.

Chainlink Chart:

Chainlink Price Chart - 3 July
Chainlink Price Chart

Chainlink to USD Price Statistics:

The current market statistics of LINK are as below:

  • The current trading price of the coin is 3.74 USD
  • The current Market Capitalization of the coin is 1,289,836,708 USD
  • The 24 h volume is 418,480,517 USD
  • The Circulating Supply of the coin is 350,000,000 LINK
  • The coin is ranked at the 16th position in the market

As observed in the above 5-day chart of Chainlink from trading view on Coinbase, it is well observant that the price has been escalating in the said timeframe. Chainlink price gets a grip on towards the end of the previous month as on 28th June when the coin was trading at 3.50 USD. The change in the market cap figures is commendable as it rose from 793,662,091 USD (as on 27th June) to 1,036,638,992 USD (as on 28th June). There is a hike of 30.61% in just 24 hours. The value of market cap has been increasing since then.

At the onset of 29th June, the price rose from 3.50 USD to 4.32 USD, manifesting a growth of 23.42% in less than 24 hours. The price on the same day hiked as high as 4.74 USD, giving a change of 9.72% and marking a new all-time high.

However, the price then fell from the latter to 2.90 USD, showing a decline of 38.8% in 2 days, but this did not levy any negative change in the market cap of the coin.

Technical Indicators:

The days on which the price of the coin had been escalating, i.e. 28th and 29th June, the MACD had a bullish crossover, where the MACD line crossed the signal line.

Later, when the price had a 38.8% fall, the MACD went negative and currently exhibits no extremity owing to a stable price trend.

The 6-day SMA and the 20-day SMA go hand-in-hand at present due to the stable price change momentum; however, the 6-day SMA escalated the 20-day SMA on the said days when the prices peaked.

Chainlink Price Prediction and Conclusion:

Chainlink has enough potential to draw huge returns for investors; the decrease in price is an indication to go long for the potential investors to splurge to earn bountifully. Chainlink is expected to trade around 6 USD to 6.5 USD by the end of the year. Also, with similar partnerships like the one with Credits, the price of the coin can reach heights.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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