Chainlink Price Up By 11.21% – Time to Buy LINK Coin?

While Bitcoin and other large-cap assets are struggling in the bearish region in the 24 hours, Chainlink has maintained a bullish run, prompting investors to buy LINK.

The total crypto market volume over the last 24 hours stands at $106.84B, with a 20.34% decrease. The lull in the crypto space has seen the likes of Bitcoin, Ethereum and BNB in the red zone.

However, the 21 ranked Chainlink has weathered the storm to remain in the greed zone in the last 24 hours, as seen by the asset’s technical and fundamental data.

Chainlink: Coin Market Position

Chainlink has developed into a major force in the DeFi space, becoming the largest shareholder in the decentralised oracle network niche.

At press time, the asset is trading at $22.20, with an increase of 11.21% in the last 24 hours; however, the LINK token has lost 11.94% in the last 7 days. The smart contract enabling asset currently dominates 0.44% of the global crypto market on the 21st spot.

The market cap of $10 billion shows that LINK has increased 11.21% in the past day, while a 24-hour trading volume worth over $1 billion reveals that LINK has slightly gained 20.53% of its liquidity level in the last 24 hours. The figures from the market cap and the trading volume suggests this is a good time to buy LINK.

Within the last 24 hours, the asset hit a price low of $19.87 and a high of $22.27. On the seven days chart, LINK suffered a low of $17.61 and attained a high of $26.81.

The asset year to date (YTD) has increased by 99.44%, while on the other hand, LINK has recorded a 4.34% hike on the six-month chart. However, LINK has lost 19.99% in three months.

LINK Technical And Fundamental Analysis

Despite the price increase recorded by LINK on the last day, the digital token is trading under the 20-day moving average (MA) support price of $24.55, indicating a bearish undertone. The 200-day MA price of $25.15 confirms the bearish run of the asset in the long term.

The 14-day relative strength index (RSI) figure of 38.68 indicates that LINK is trading in the underbought region. Also, the moving average convergence and divergence (MACD) show that the sell signal dominates the buy signal.

Since the asset was launched in 2017 by the Chainlink Labs, the Chainlink network has provided real-world data to Ethereum and other blockchain networks’ smart contracts through a decentralised oracle network.

The protocol appears to be expanding following an announcement that former Google CEO Eric Schmidt has joined the organisation as a strategic advisor.

Schmidt’s role at the network will involve researching and providing guidance to find what strengths, weaknesses, and opportunities exist in Chainlink’s operation.

The protocol has also embarked on some partnerships to enhance the Chainlink brand. One such announcement is that RomanPunks — a retro-futuristic, cyberpunk-derivative, and world-building project —has integrated Chainlink Verifiable Random Function (VRF) on the Ethereum blockchain.

This integration enables Chainlink to get an unlimited series of random numbers that are cryptographically verified on-chain as being tamper-proof.

Also, Germany-based crypto broker Bison has added support for the LINK token in another deal. This project will now buy, sell, and hold LINK and UNI while accessing more digital asset offerings on the brokerage platform.

The growing adoption of the Chainlink network was further enhanced when the media firm, Associated Press (AP) in a release, disclosed that it will store its critical data on the Chainlink network for developers to access data by running a node on the Chainlink blockchain.

These strings of partnerships embarked on by the network suggest that this is a good time to buy LINK due to the huge potential for future growth.

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