High Activity Price Raises to New Heights in Popular Altcoin.
LINK’s success is due to the continuing growth of activity in the ChainLink network since the beginning of 2020. Daily active addresses in the LINK network reached 9,355 on July 8. The team at Santiment announced this success with the following tweet.
$LINK is continuing to see sky-high daily active addresses, indicating just how active the network has been. The four highest outputs in network activity over the past year for #Chainlink have occurred in the past six days. https://t.co/9Vn1WSNKjX pic.twitter.com/1xVMVgfWAV
— Santiment (@santimentfeed) July 10, 2020
LINK Network Event Presents Future Price Insights
In June 2019 , one of the time slots when the event at LINK was so high, LINK had reached the all-time high of $ 4.80. Therefore, it can be concluded that the network activity in the LINK network can be used to predict the price movement, as explained by the team at Timothy Peterson and Cane Island.In a recent analysis of ChainLink, the team at Cane Island announced that LINK users are growing.
Increasing by 17% on a monthly basis, the future adoption of the ChainLink network will ensure the adoption of the token and its price. LINK’s analysis by his team at Cane Island predicts that the price of LINK could reach $ 8 levels by December 2020.
Short Technical Analysis of ChainLink (LINK)
Since September 2017, we can focus on Tradingview’s daily LINK / USDT charts to provide a clearer picture of LINK’s price action.The graph (below) clearly shows how past LINK resistance levels have become major support levels in a macro view.
The all-time high of $ 1.54 in January 2018 eventually turned into solid support, as seen in the Coronavirus crash in September 2019 and mid March 2020.The all-time high of July 2019 at $ 4.80 was a serious resistance zone before the mid-March crash, and may ultimately become the new support zone on a macro scale.
The trading volume is still green, and the daily MACD has not yet shown the extinction landscapes that signaled LINK that it had broken the all-time high of $ 6.85.MFI indicates an overbought condition. Therefore, it is stated that the rise in LINK will continue.