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- Chainlink (LINK) has had a rather positive week compared to the other altcoins gaining about 40% in its market value amidst the negative rollout.
- Chainlink has caught the attention of many market watchers and investors after the announcement of its new project collaboration with the Blockchain project Polkadot.
Chainlink (LINK) has had a rather positive week compared to the other altcoins gaining about 40% in its market value amidst the negative rollout. Bitcoin has dived below its support level, which has caused the ripple effect among the other altcoins to follow the same trend of diving.
However, Chainlink managed to show immunity and also has gained in figures the same week. At the start of this month of this year, Chainlink gained 6.6% in just 24 hours, which led it to trade at $4.35. Chainlink also showed a rise in its market capitalization, acquiring about $1.456 Billion at the same time.
Doubt may arise as to why Chainlink shows such a positive trend in the almost bearish market, market watchers and analysts reported that since Bitcoin followed a negative trend this week.
The Bitcoin assets holders transferred the asset to different smaller tokenized assets to save from the downfall of the value, and in such case, Chainlink was also an option of asset exchange. Similarly, Monero has also gained this week following a similar situation.
Many investors have categorized Chainlink as a hedging option over the fear that Bitcoin will lose and fallback to its basic value in the future. Chainlink has caught the attention of many market watchers and investors after the announcement of its new project collaboration with the Blockchain project Polkadot.
The new collaboration is aiming to create a platform of service that will bind the gap of the transaction between different networks. The gain is not final, said the analysts and market watchers, Chainlink is going to fall to its support levels indicated by the trading charts.
However, on the positive side, LINK is expected to climb to its resistance level at $4.8 while many have speculated LINK to reach a $7 mark by the end of this month.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
