Crypto News

Chainlink’s LINK Crypto Hits All-Time High on China Adoption

  • Chainlink blockchain’s native asset LINK hit an all-time high Tuesday.
  • The crypto topped at $5.76 on Binance exchange, up by about 4,164 percent from its first day of trading.
  • Its gains appeared as a part of a market-wide upside move but received unique bullish cues from its mention in China’s Blockchain Service Network project.

LINK price set an all-time high on Tuesday as the altcoin rallied alongside the rest of the crypto market.

The LINK/USD exchange rate rose by up to 7.53 percent, topping at $5.76 on Binance crypto exchange. It later corrected lower to $5.58 on profit-taking sentiment but maintained its intraday bullish bias, nevertheless.

chainlink, link, bitcoin, cryptocurrency, crypto

Chainlink (LINK) price hits an all-time high. Source: TradingView.com

A more significant part of LINK’s upside move came on Monday. The Chainlink crypto closed the day 23 percent higher from its opening rate. Its gains appeared mostly as a part of a market-wide rally led by the top cryptocurrency, Bitcoin. Other top coins, including Ethereum and XRP, surged as well.

But LINK managed to maximize its upside sentiment due to its recent collaboration with the Chinese government.

Mainland Adoption

The Zhejiang district in China this weekend launched an ambitious nationwide blockchain project dubbed as Blockchain Service Network (BSN). The authorities stated that they would use Chainlink’s smart contracts and oracles to establish the said project.

SmartContract, the company backing the Chainlink Oracle Network, will assist the BSN in the sourcing information from the real world. Meanwhile, the solution will receive further help from the Cosmos network, a rival blockchain project, in ensuring interoperability between the different systems.

cosmos, atom, bitcoin, ethereum, cryptocurrency, crypto, ethusdt, ethusd

Cosmos (ATOM) price surged 12 percent on China adoption sentiment. Source: TradingView.com

The price of Cosmos’s ATOM token also rallied 12 percent since the beginning of this week.

Chainlink Technical Outlook

The LINK/USD exchange rate has corrected lower from its YTD top. Incidentally, the downside pullback also appeared upon testing the upper trendline of Chainlink’s Ascending Channel. So it seems, traders sold LINK at its local top to extract short-term profits.

That has not precisely reduced the crypto’s bullish bias. More so, its price may fall towards $4.90 in the coming sessions. The move would signal bulls to buy more LINK at local lows, starting another push to the upside towards $5.76 or beyond.

Photo by Colton Jones on Unsplash

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers...
Tracing Fishy Risks With Blockchain Tech Amid the COVID-19 Pandemic
The COVID-19 pandemic has highlighted challenges in global seafood supply chains, and blockchain tech may help improve them. COVID-19...
Chainlink Reaches New LINK Price All-Time High Eyeing $10 Next
The price of Chainlink has climbed to new heights as LINK continues to be one of the strongest cryptocurrency...
HaruBank Celebrates One Year of Operations, Showing Strong Growth
Bitcoin Press Release: Blockchain-based digital asset depository service HaruBank celebrates 1 year of giving users market-leading interest rates, with transacted volumes of over...
From Broke To Bitcoin: The Post-Pandemic Rags To Riches Story
The pandemic has brought about tough times on many. The economy is struggling, jobless claims are rocketing, yet thanks...
Sceptre Monitor Review – 27″ Curved Gaming Monitor (C275B-144RN)
Note: This review is in no way sponsored by Sceptre. I had no contact with the company and bought...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...