Quick grip:
- ChainLink has claimed number 5 on Coinmarketcap
- LINK surpassed Bitcoin Cash (BCH) and Binance Coin (BNB)
- LINK recovered support of $ 12 and reached a local high of $ 13.60
- ChainLink’s daily chart still suggests a bullish trend that could help LINK retest $ 14 or even $ 15
ChainLink’s digital asset (LINK) is once again one of the top 5 digital assets on Coinmarketcap. LINK has had an impressive few days in the cryptocurrency markets, rising from $ 10.20 on November 4th, to a local high of $ 13.60 set earlier today. This is an impressive 33% increase and led to ChainLink overtaking Bitcoin Cash (BCH) and Binance Coin (BNB) to claim number 5 according to Coinmarketcap.
ChainLink’s result was highlighted by cryptocurrency analyst Timothy Peterson, who explained that LINK has regained its rightful place in the top five. Mr. Peterson shared his analysis of ChainLink via the following tweet.
The (upward) correction a #ChainLink it is already in place; returned to 5th place in the standings. https://t.co/mcw3pKx2Cu pic.twitter.com/wCUgN0cTor
– Timothy Peterson (@nsquaredcrypto) November 7, 2020
ChainLink Claims $ 12 Support, $ 14 – $ 15 Likely
A quick glance at the LINK / USDT daily chart reveals that ChainLink has again claimed the crucial $ 12 support zone. At the time of writing, ChainLink is consolidating around another support zone found at $ 12.50.
Also from the LINK / USDT daily chart, the following can be seen.
- The trading volume of ChainLink is very positive with today’s candle being particularly bullish
- LINK is trading above the 50-day and 100-day moving averages, suggesting a continuation of the upside
- The 100-day moving average (yellow) provides short-term support around the $ 12 price area
- The daily MACD crossed bullish above the baseline. Its most recent histogram is green, further confirming the bullish trend
- The daily MFI is in neutral territory around 51
- The RSI is also somewhat neutral with a value of 63
- If ChainLink’s bullish trend is maintained, LINK could re-establish the $ 14 to $ 15 price area last visited in August and September of this year
Conclusion
In summary, ChainLink (LINK) has once again regained number 5 according to Coinmarketcap due to an impressive rally since November 4th. This rally led LINK to a local peak at $ 13.60 and the maintenance of the crucial support zone at $ 12.
Additionally, the LINK / USDT newspaper indicates that ChainLink still has some upward trend which could provide enough momentum for the digital asset to revisit the $ 14 to $ 15 price level last seen in August and September of this one. year.
As with all ChainLink analysis, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivative platforms. Furthermore, Bitcoin seems set for a correction that could bring down the entire altcoin market with it.
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