Chainlink price spurs after the largest cryptocurrency by market capitalization, Bitcoin spiked above $27k just yesterday, pushing the major altcoins to gain the lost traction. In this respect, LINK leaped to be one of the top 10 cryptos of the global market. It was earlier in the year when Chainlink came into the limelight earlier this year after the platform marked many strategic partnerships, and the major high happens to be Chainlink’s Price Feed that is leveraged by many platforms for real-time price optimization.
As per the Chainlink news updates, these partnerships have made Chainlink one of the major decentralized oracle network providers that are majorly focusing on edging the platform’s security and reliability. It is otherwise that people are not fine with investing in crypt due to undeniable reasons for reliability and creditability of the amount invested.
💠 The number one decentralized oracle network provider @chainlink will still focused on security and reliability for this coming 2021
💠 #Chainlink will generate more verifiable proof of reserves for the year 2021
— 🌐 DeFi News 🌐 (@Definews_Info) December 27, 2020
With the amplifying platform of Chainlink, the native crypto LINK is seen spiking over 10-12% in the intraday, and over the five days, the coin has notably strengthened from trading below $9 to rising above $13 yesterday, while currently trades at $12.06.
Chainlink Price Analysis
At the time of writing, Chainlink price was seen pulling back after a long bullish candle extended yesterday above $13 after six weeks of volatile movement. Over the past six weeks, right from the 2nd week of the previous month is seen drawing two uptrends and two downtrends. With this, it was during the last week when LINK drew an extended long bearish candle on the 4-hourly chart just to correct below $13.
It was towards the end of the bygone weekend yesterday when the long bullish candle breached the upper 20-day Bollinger Band and regained the lost support of 200-day daily MA, but with intraday correction, the support from given MA support lost at $12.80. The coin is, however, retaining support from 50-day MA at $11.9. The 4-hourly MACD is drawing a clear bullish divergence after a rise of over 50% in less than five days that reflects over 10% gain on a daily basis.
The RSI of the top 10 cryptos of the market is seen pulling below the overbought zone after intraday correction and currently lies at 54.14.