Prices have improved in the last 24 hours as the buyers in the crypto market enter into an aggressive accumulation phase.
The crypto Prices have surged in the last 24 hours as the buyers enter into an aggressive accumulation phase. The total market cap has increased to $1.73 trillion, with a 2,5% increase in the last 24 hours.
Remarkably, Bitcoin once again exerts its dominance as its recovery has influenced the prices of altcoins positively. Binance’s launch of an Inscription Marketplace trading of BRC-20 tokens is likely supporting this recovery.
Also, crypto platform Celsius’ dramatic recovery from bankruptcy and repayment plan for investors might have influenced the market. As a result of these events, some coins have emerged as the top gainers today, also benefiting from their internal ecosystem developments.Chainlink The Web3 Hub
Chainlink’s cryptocurrency, LINK, has surged by over 12% in the last 24 hours, reaching $18 for the first time since April 2022. An on-chain analysis provider, Santiment, observed a spike in activity in previously inactive Chainlink wallets, indicating renewed interest.
This influx of LINK back into circulation is seen as a contributing factor to the price increase.
The analysis suggests that, based on these on-chain trends indicating increased network usage and token circulation, LINK could potentially rebound to $20 and beyond. The recent surge in Chainlink’s LINK token is drawing attention as it outpaces other digital assets in the market.
Santiment’s analysis today highlights a significant increase in Age Consumed, indicating LINK moving after a period of dormancy. This uptick in circulation is believed to contribute to the rise in LINK’s price.
The token reached an intra-day peak of $18.13, and current trends suggest $28 as the next significant resistance point.
This rally has increased Chainlink’s profitability by 30% over seven days, pushing its market capitalization above $10 billion, surpassing Tron, and securing the twelfth rank by market value. The excitement in the market and Chainlink’s price movements are closely tied to its role in tokenizing real-world assets. Chainlink Breaks Out of the Ranging Market – Is the Next Resistance Targeted?
In the chart above, LINK is on an overall bullish market trend as it trades above its 50-day and 200-day Simple Moving Average (SMA). This implies strong price growth momentum for the coin in the coming days.
Furthermore, it has broken out of the ranging trend, suggesting a break in market structure.
As such, an uptrend is likely to occur, with LINK trading towards the $19.5 resistance level. Moreover, the Relative Strength Index (RSI) is at 68.88, pointing upward. This shows the bulls are strong and driving the market to the overbought region.
If the buying pressure is upheld throughout the weekend, LINK’s RSI could go above 70.
However, if not, it could plunge to the neutral level or oversold zone (below 30). For now, LINK is trading above its dynamic support levels (50-day SMA).
If any pullback occurs, this level should trigger a bounce, as buyers may wait for the price to hit the discount level. If that happens, the coin could pump further, even above the $19.
