Chainlink maintains its uptrends on Tuesday, attaining the 12th position by market cap. That follows the asset’s 40% uptick since last week. While publishing this content, LINK/USD trades around the $35.06 mark.
Altcoins have seen massive upticks as the overall crypto market shows positive sentiments. Bitcoin trades beyond the $52,000 level as it indicates enough momentum to rise higher. Chainlink is among the alternative tokens that took advantage of the market bullishness to traverse upside movements. Moreover, the token’s upsurges receive a boost from the ETH L2 Optimism integration to the network. Cryptocurrencies tend to rise after integrating additional functionalities into the ecosystem.
Chainlink seems to have a lucrative future. That is due to the expanding DeFi marketplace that would increase LINK’s oracle demand. Most applications will utilize the crypto’s solutions as they target real-world data access on the blockchain. LINK’s DeFi market contribution surged by nearly 80% at the start of 2021. Keep in mind that that was before decentralized finance saw explosive growth. As the network launched more applications, LINK’s oracle will see continuous value growth. That will promote its prices.
Chainlink has experienced a sharp increase in social volume since Optimism’s integration news surfaced, indicating the potential for upticks in the coming trading sessions. The token saw its trading volume rising since the start of this week, attracting investors from different regions.
According to cryptocurrency enthusiast Benjamin Cowen, LINK has the momentum to rally above $100. In his recent YouTube video, Cowen believes that Chainlink will rally to break past the vital mark during the current bull cycle. He also trusts that the token will gain hundreds of dollars. However, his speculations depend on the total crypto sentiments.
Levels to Watch
According to the LINK/USD four-hour chart, the MACD, and Moving Averages suggest a bullish outlook. However, the momentum depicts selling interest for now. LINK has its price holding over the pivot level at $30.51 and seems to experience consolidation at the moment. That comes as buyers prepare to test and conquer the initial resistance at $36.70. Breaking this level will see buyers encountering another resistance at $39.84 before they can take LINK above the $40 level.
Analysts believe that LINK will maintain its upside stance, thus an opportunity to invest. If you can manage the related risks, do the necessary.
Use this info when making your investment decisions.