Chainlink (LINK) soared over 15% from intraday lows of $3.3850 USD to briefly trade at $3.890 USD on Thursday’s early trading session. After opening the week on a bearish trend, falling from highs of $4.42 USD on Monday to $3.10 USD 72 hours later, the LINK market is finally facing a bullish reversal signaling a possible retest of the key psychological levels at $4.00 USD.
Currently, the eleventh largest cryptocurrency trades at $3.766 USD, representing a magnanimous 5% increase in a day as the rest of the market suffers on the trail of a bearish BTC market. While volumes are also on an uptrend, the 15% hike across intraday high and low signals a possible breakout in the upside in the coming days.
LINK/USD bounces off key support at $3.40 USD
Two coins have sustained the crypto market’s $10 billion dollar gain in the past 24 hours – LINK and Tezos (XTZ) – as each gained over 10% from intraday lows. LINK witnessed volatile price movements over the past 24 hours, plummeting to $3.10 USD before spiking to $3.90 USD in a couple of hours. The bounce off key support levels at $3.40 USD signals a possible rocket towards $4.00 USD if bulls keep the buying pressure alive.
Looking at the 4-hour charts, a clear bearish signal is forming with the relative strength index (RSI) breaching above the resistance level. Currently oscillating at 49.08 the RSI is still below the buying levels but has an upward trajectory towards the overbought levels. Furthermore, MA golden cross on the 4-hour charts is on the verge of completion, firmly confirming the end of the persisting bearish trend.
Rumored partnership with Ethereum Classic (ETC)?
According to rumored reports from the Ethereum Classic (ETC) community, possible plans of integrating the LINK oracles onto Ethereum Classic (ETC) is underway. Could this be the big breakout for the 11th largest cryptocurrency?
ETC Labs has officially announced a partnership with Chainlink to bring the decentralized Oracle network to Ethereum Classic. @ETCCooperative @etclabs @ETC_Philippines @ETCVietNam @EthereumChina @etc_core @etc_core https://t.co/VxHp7G0LQ6
— AZCoin News (@azcoinnews) February 27, 2020
If the news is true, then LINK may see a higher market interaction as the platform is introduced to new users and holders. With the chart indicators showing a possible cross past $4.00 USD in the near future, positive fundamentals will only serve to push the price of LINK higher.
