Is Chainlink Ready To Break Its All Time High at $52?
Chainlink appears poised to break out of its current all-time high soon. Investors have been waiting for LINK to break above $52 for more than three years. Despite low trading volumes, market intelligence platform Santiment believes it’s time for the coin to jump ahead and make new history. Let’s analyze the market and explore what’s happening and what we should expect from it.
Technical indicators
Let’s start with current prices. As of this writing, Chainlink is trading at $25.50, nearly 50% off its current ATH of $52. The daily chart shows that there are no moving averages nearby to support the price. The nearest moving average is 20, located near $19.32. However, we may soon see a golden cross as MA 100 gets ready to cross MA 200. This lets us know that strength is building.
The RSI is 74.24, so the asset remains below overbought territory and has room to grow. This momentum is supported by an average directional index of 52.83. The MACD histogram shows a significant uptrend. There are times when bulls get tired but still maintain momentum.
market sentiment
Market sentiment towards Chainlink is currently low, according to market intelligence platform Santiment. This can be verified by looking at the volume. Daily trading volume dropped by 10.98% in the past 24 hours. Despite this, the price increased by 8.47%.
Chainlink has been cooperating with SWIFT, Euroclear and many other financial institutions, including major banks and capital market institutions.
On December 3, X’s official Chainlink account shared a list of companies and financial institutions they are working with. They are helping companies develop blockchain applications and tokenized assets.
What to expect?
Chainlink is not a random cryptocurrency that enters the pump and dump phase. They are pioneers in the blockchain field. As blockchain and RWA become increasingly popular around the world, no force in the world can stop the development of LINK.
Strength is building and is reflected on the charts. The time to create a new ATH is not far away. It’s just waiting for the right moment.
