ChainLink (LINK) Reclaims the #5 Spot on Coinmarketcap

November 7, 2020 Editor Ethereum 0

Quick take:

  • ChainLink has reclaimed the number 5 spot on Coinmarketcap
  • LINK has edged out Bitcoin Cash (BCH) and Binance Coin (BNB)
  • LINK has reclaimed the $12 support and hit a local peak of $13.60
  • ChainLink’s daily chart still hints of bullishness that could assist LINK in retesting $14 or even $15

The digital asset of ChainLink (LINK) is once again a top 5 digital asset on Coinmarketcap. LINK has had an impressive few days in the crypto markets having rallied from $10.20 on the 4th of November, to a local high of $13.60 set earlier today. This is an impressive increment of 33% and has resulted in ChainLink edging out Bitcoin Cash (BCH) and Binance Coin (BNB) to reclaim the number 5 spot according to Coinmarketcap.

ChainLink’s achievement was highlighted by Crypto Analyst Timothy Peterson, who explained that LINK has reclaimed its rightful spot back in the top five. Mr. Peterson shared his analysis of ChainLink via the following tweet.

ChainLink Reclaims the $12 Support, $14 – $15 Probable

A quick glance at the daily LINK/USDT chart reveals that ChainLink has once again reclaimed the crucial $12 support zone. At the time of writing, ChainLink is consolidating around another support zone found at $12.50.

Also from the daily LINK/USDT chart, the following can be observed.

  • ChainLink’s trade volume is very much in the green with today’s candle being particularly bullish
  • LINK is trading above both the 50-day and 100-day moving averages hinting at a continuation of the bullishness
  • The 100-day moving average (yellow) is providing short term support around the $12 price area
  • The daily MACD has crossed in a bullish manner above the baseline. Its most recent histogram is a green one further confirming the bullishness
  • The daily MFI is in neutral territory around 51
  • RSI is also a bit neutral at a value of 63
  • If ChainLink’s bullishness is maintained, LINK could restest the $14 to $15 price area last visited in August and September of this year

Conclusion

Summing it up, ChainLink (LINK) has once again reclaimed the number 5 spot according to Coinmarketcap due to an impressive rally from the 4th of November. This rally resulted in LINK posting a local peak at $13.60 and retention of the crucial support zone at $12.

Additionally, the daily LINK/USDT indicates that ChainLink still has some bullishness that could provide enough momentum for the digital asset to revisit the $14 to $15 price level last witnessed in August and September of this year.

As with all analyses of ChainLink, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms. Furthermore, Bitcoin looks set for a correction that could pull down the entire altcoin market with it.