- ChainLink (LINK) continues on its bullish path despite all signs initially pointing towards a correction.
- The drive up has been attributed to LINK marines aiming to liquidate authors of the malicious ChainLink report.
- LINK marines are optimistic $10 will be broken soon.
Back in mid-July, crypto investors and traders responded to a poll asking them whether ChainLink (LINK) would break $10 before Bitcoin broke through $10,000. When the poll concluded, 67% of the respondents believed that LINK would be the first to moon before Bitcoin as seen in the tweet below.
— Timothy Peterson (@nsquaredcrypto) July 13, 2020
ChainLink’s (LINK) Visible Correction Interrupted by a Plot to Liquidate Authors of Malicious Report
Furthermore, and a few days after the tweet, ChainLink (LINK) hit its previous all-time high of $8.92 and looked set to embark on a correction that could have seen it fall to as low as $5 – another previous all-time high value.
However, ChainLink’s bullish momentum was experiencing a revival after LINK marines united in a bid to liquidate the authors of the malicious report that called for a $0.07 value of ChainLink. Since the campaign to pump LINK begun, the digital asset has rebounded from $6.50 levels to its new all-time high of $9.98 – Binance rate.
This value is 2 cents shy of the $10 value of LINK predicted by participants of the poll presented by Timothy Peterson of Cane Island Alternative Advisors.
LINK Marines Optimistic $10 Will Be Broken Soon
It is with this brief background of ChainLink’s recent price movements that LINK investors – also known as LINK marines – believe that $10 will be broken soon. Furthermore, many believe that the digital asset will continue on its upward trajectory as seen through the following sample of LINK related Tweets.
— D.Smith (@Link_Operator) August 6, 2020
— chainlink wizard (@chainlinkwizard) August 6, 2020
What The ChainLink (LINK) Chart Says
A quick look at the daily LINK/USDT chart reveals that the digital asset has attempted to break the $10 ceiling a second time since the all-time high value was set yesterday, August 5th.
Taking a second look at the daily LINK/USDT chart, the following can be observed.
- Trade volume is in the green.
- The daily MACD also hints at bullish momentum.
- The daily MFI is at 58 pointing towards possible sideways before another push up.
- LINK’s current price at $9.62 is above the 50, 100 and 200 Moving averages providing more evidence of bullish momentum.
Summing it up, ChainLink (LINK) has bounced from what looked like a certain pullback, to post a new all-time high of $9.98. This push towards $10 has been catalyzed by LINK marines banding together in a bid to liquidate the authors of the report that called for a $0.07 LINK.
With a few cents separating LINK from its $10 ceiling, the daily chart provides more evidence that this level could be broken in the hours or days ahead.
As with all analyses of ChainLink (LINK), traders and investors are advised to use adequate stop losses as well as low leverage on the various derivatives platforms.