Chainlink attempts to sustain the key resistance after failing twice

on Aug 17, 2020
  • Chainlink became the fifth cryptocurrency after overtaking Bitcoin Cash in terms of market capitalisation.
  • Chainlink is trying to break past the $19 resistance level after falling two times today.
  • LINK remains the king of all tokens with its recent price actions despite dropping by 2% following Bitcoin.

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Chainlink has been a significant performer since the beginning of July. The native token of Decentralised Oracle Network Chainlink (Link/USD), set a new all-time high (ATH) in terms of market capitalisation.

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This intense behavior of Chainlink led it to trade at $19.03 a few hours ago. And as the bullish trend goes on, Chainlink is expected to gain more momentum shortly. Initially, Chainlink started gaining momentum after surpassing the $5 mark as the crypto was trading sideways continuously for two months.

Chainlink showed some impressive gains in July and now in August, it is setting a record high. Notably, LINK has been the key performer for over 6 months although its price tanked once in a while.

Moreover, the current uptrend propelled Chainlink to replace Bitcoin Cash (BCH/USD) with its market capitalisation nearly approaching $6 billion. Given that, the total market capitalisation of Bitcoin Cash stands at $5.63 billion.

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The price of Chainlink slumped after hitting $19.03 following the price action of Bitcoin. Today, Chainlink’s price touched the $19 mark twice. At the time of writing, its price stands above $19 and it is hitting the $19 mark third time today.

Despite dropping by 2.90% today, the technical outlook of the LINK looks promising as it keeps hitting its key resistance level.

As per the experts, LINK will touch the $33 value in the near-term. Although, this does not seem impossible keeping the performance on Chainlink in perspective.

While Chainlink makes a stir with its major price action, few out of many people are referring to its conflict with ZeusCapital. Many might be aware of the analyst at ZeusCapital throwing allegations on Chainlink for massive price manipulation. For the first time, the price of Chainlink hit $19.53 on 15th August.

The coin reached this level for the second in August 2020. More so, it will reach new highs as the market keeps following the bullish behavior. The most prominent factors attributing to the success of Chainlink include the rocketing price of Ethereum and the growth of users on Chainlink.

Chainlink Crypto