Chainlink seems to be preparing to break its current all-time high soon. The investors have been waiting for LINK to cross $52 for more than 3 years. Although trading volume is low, market intelligence platform Santiment believes it is time for the token to take a leap and make new history. Let’s analyze the market and find out what’s going on and what we can expect from it.
Technical statistics
Let’s start with the current price. At the time of writing, Chainlink is trading at $25.50, which is almost a 50% difference from the current ATH at $52. The daily chart shows that there is no moving average nearby supporting the price. The nearest MA is 20 and is around $19.32. However, we may see a golden cross soon as MA 100 is ready to cross MA 200. This gives us an idea that the strength is building up.
The RSI is at 74.24, so the asset is still below the overbought zone and has room for growth. This momentum is supported by the Average Directional Index, which stands at 52.83. The histogram of MACD shows a remarkable structure. Sometimes the bulls get tired but keep the momentum.
Market sentiment
According to the market information platform Santiment, the market currently has low sentiment towards Chainlink. This can be verified by looking at the volume. Daily trading volume is down 10.98% over the past 24 hours. Nevertheless, the price rose by 8.47%.
Chain Link has worked with multiple financial institutions such as SWIFT and Euroclear, including major banks and capital market institutions.
On December 3, X’s official Chainlink account shared a list of companies and financial institutions they work with. They help companies develop blockchain applications and tokenized assets.
What to expect?
Chainlink is not a random crypto that ends up in the pump and dump phase. They are the pioneers in the blockchain sector. With the increasing adoption of blockchain and RWA worldwide, there is no power in the world that can stop LINK’s growth.
The power is building and that is also reflected in the charts. The time to create a new ATH is not far away. It’s just waiting for the right moment.
Credit : coinpedia.org
