Chainlink seems poised to hit its current highs soon. Investors have been waiting for over three years for LINK to break above $52. Despite low trading volumes, market intelligence platform Santiment believes it is time for the token to take off and create new history. Let us analyze the market and see what is happening and what to expect from it.
technical indicators
Let’s start with the current price. As of this writing, Chainlink is currently trading at $25.50, almost 50% off its ATH of $52. If you look at the daily chart, you will see that there are no moving averages nearby to support the price. The nearest MA is 20, which sits at about $19.32. However, we may soon see a golden crossover when MA 100 is ready to cross MA 200. This gives a feeling of building strength.
The RSI is 74.24, so the asset is still below the overbought zone and has room to grow. This momentum is supported by the Average Directional Index at 52.83. The histogram of MACD shows a surprising upward trend. Sometimes the bull gets tired but maintains his momentum.
market sentiment
According to market intelligence platform Santiment, market sentiment towards Chainlink is currently low. This can be confirmed by looking at the volume. Daily trading volume has decreased by 10.98% in the last 24 hours. Nonetheless, the price soared 8.47%.
Chain Link has worked with several financial institutions such as SWIFT and Euroclear, including major banks and capital markets institutions.
On December 3, X’s official Chainlink account shared a list of companies and financial institutions that X is working with. They are helping enterprises develop blockchain applications and tokenized assets.
What should you expect?
Chainlink is not a random cryptocurrency going into a pump and dump phase. They are pioneers in the blockchain field. As adoption of blockchain and RWA increases globally, there is no power in the world that can stop LINK’s growth.
Strength is building and it is reflected in the charts. It’s not too long before we can create a new ATH. Just waiting for the right moment.