Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

Chainlink (LINK) Erupts to $13 as Buyers Continue to Rush In

NewsBTC by NewsBTC
August 9, 2020
in Analysis, chainlink, crypto, LINKBTC, LINKUSD
0
0
SHARES
1
VIEWS

Chainlink (LINK) has continued to surge higher since NewsBTC’s last market update. Just minutes ago, as per data from TradingView, the cost of the popular altcoin crossed above $13 just minutes ago, reaching a local high of $13.60.

LINK is clearly in a price discovery phase, with no historical resistances to suppress its price action.

Related Reading: XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: Trader

Chainlink Erupts to $13

Just minutes ago, Chainlink crossed $13 for the first time in its storied history. The cryptocurrency is now up approximately 30% in the past 24 hours, outpacing basically all other digital assets.

The cryptocurrency has been seeing massive inflows on spot and margin markets, pushing its price higher.

While LINK has been benefiting from capital inflows from buyers, the asset is also being boosted by those attempting to short-sell it.

The funding rate of Binance Futures’ Chainlink market is currently negative 0.02% per eight hours. This means that shorts are relatively overleveraged compared to long positions.LINK’s explosive price action, coupled with the funding rates, suggests that shorts were “squeezed” out of their position, pushing the asset higher.

Chart of Chainlink's price action over the past three days from TradingView.com

This assertion can be corroborated by Ethereum blockchain data, where analysts have found transactions where individuals can be seen being liquidated on-chain.

Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches

All Oracle Coins Are Rallying

Chainlink’s explosive price action comes as other cryptocurrencies offering oracle technology, which is Chainlink’s premise, have also surged higher.

Band Protocol (BAND) has gained 52% in the past 24 hours, rallying to $12 in a similar manner to LINK. The asset is benefiting from an impending listing on Coinbase Pro.

Related Reading: How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost Crypto
Featured Image from Shutterstock
Price tags: linkusd, linkbtc
Charts from TradingView.com
Chainlink (LINK) Erupts to $13 as Buyers Continue to Rush In
0
0

Related posts:

No related posts.

Previous Post

How 51% Attacks Crippled This Ethereum Crypto Offshoot

Next Post

Here’s Why Analysts Expect Bitcoin to Plunge Towards $10,300 Next

NewsBTC

NewsBTC

Next Post
Here’s Why Analysts Expect Bitcoin to Plunge Towards $10,300 Next

Here’s Why Analysts Expect Bitcoin to Plunge Towards $10,300 Next

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In