- ChainLink (LINK) recently hit an all-time high of $8.50 on the 13th of July.
- LINK is now a top 10 coin on Coinmarketcap.
- In a Twitter poll, Crypto traders are confident LINK will hit $10 before Bitcoin retests $10,000.
Since mid-June, ChainLink (LINK) has more than doubled in value from around $3.65 to the new all-time high of $8.50 on the 13th of July. At the time of writing this, LINK is hovering around $7.50.
The rise of LINK in the crypto markets has been attributed to two factors. To begin with, ChainLink (LINK) has proven to be immune to the price movements of Bitcoin. Secondly, the LINK network continues to grow at an impressive rate. The team at Cane Island had found that the user growth rate on ChainLink has seen an increment of approximately 17% per month.
LINK Becomes a Top 10 Coin on Coinmarketcap
The incredible run of LINK in the crypto markets has resulted in the digital asset edging out several ‘heavyweights’ on Coinmarketcap. On its rise to the top 10, LINK has zoomed past the prominent digital assets of Stellar (XLM), Tezos (XTZ), EOS and Crypto.com Coin (CRO).
If the current bullish momentum of ChainLink is maintained, LINK could also edge out Binance Coin (BNB)
, Litecoin (LTC) and Cardano (ADA) in the near future.
ChainLink (LINK) Will Hit $10 Before Bitcoin Retests $10,000
It is with this brief background surrounding the crypto market activity of ChainLink, that crypto traders are optimistic that LINK will hit $10 before Bitcoin retests $10,000. Their confidence in LINK outperforming BTC was captured in a poll by Timothy Peterson: an Investment Manager at Cane Island Alternative Advisors and a believer that LINK will outperform Bitcoin.
— Timothy Peterson (@nsquaredcrypto) July 13, 2020
With three hours till the end of the poll, 66% of respondents believe that LINK will most likely break its all-time high of $8.50 and hit $10 before Bitcoin revisits $10,000. A quick glance at the daily LINK/USDT chart reveals that there is plenty of bullishness present around LINK.
However, judging by the over-extended parabolic move above the major moving averages of the 50-day, 100-day and 200-day, LINK/USDT might be due for a correction with adequate support at the previous all-time high value around $5.
As with all technical analyses of ChainLink, traders and investors are advised to use risk management techniques such as stop losses when trading LINK using leverage.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.