LINK Increases 40% Despite Crypto Market Meltdown

LINK increases 40 percent and is among the biggest gainers as the majority coins in the market dropped dramatically earlier this week as we are reading further in the Chainlink news.

The eleventh-largest crypto surpassed the bearish odds to grow by about 40 percent since two days ago. It established a week-to-day high at $4.38 over the weekend showing an inclination to behave as a strong support level against Bitcoin, the top asset dropped by about 16 percent this week. The safe-haven narrative was not quite in the first picture for most of February.

The Link-to-USD exchange rate dropped almost at the same time with the rest of the crypto market after trying to settle the year-to-date high of $4.90 and it was down by up to 36 percent before getting to a new pullback. Now, LINK increases by 40 percent and validated its key supports which some of the other cryptocurrencies failed to maintain. The coin even went back from its 50-day moving average showing high buying interest close to the area and it was not the case with Bitcoin which dropped along with XRP below their short-term moving averages.

The ability of LINK to maintain its crucial floors dropped to a decent recovery again this week opening the new options to extend the upside momentum:

 “A bullish retest of the monthly close bought up recently. There is now zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.”

LINK increased during the backdrop of the new deal and Coronavirus outbreak all across the world. Chainlink announced back on Tuesday that it would start offering decentralized oracle services to a blockchain interoperability platform. Polkadot will use Chainlink to gain safe access ‘’virtually any external, real-world resource’’ through so-called para chain technology that will serve as a difference between Link and other blockchains.

One day shortly after the announcement, the LINK-to-Dollar exchange rate also increases. The growth happened with the chances of further retracements. In comparison to other assets, LINK offers better profit-taking prospects when traders are looking to liquidate their positions for hard cash. Gold, crypto, and stocks are all going down as the coronavirus outbreak happened. LINK could even continue its near-term bull run to about $4.80 before it starts a pullback to test a new support level close to the $4.10.