Positive LINK Fundamental Trends Boost The Price By 10%

The positive LINK fundamental trends boost the price by 10% over the past 24-hours as Bitcoin continued to hold the $13,000 level. the popular altcoin is now trading at $12 which is the highest price recorded in weeks as we can see in today’s Chainlink news.

The coin is now among the top performers in the top 10 cryptocurrencies, outpacing bitcoin’s 1.5% gain and Ethereum’s 5% surge. Analysts think that the cryptocurrency will gain even more traction in the upcoming das as the fundamentals and technicals align.

1/ Chainlink VRF has launched on the #Ethereum mainnet, providing users with a source of verifiable randomness directly on-chain. No-loss savings game @PoolTogether_ is live using #Chainlink VRF to securely & fairly select random winners in its v3 release.

— Chainlink – Official Channel (@chainlink) October 22, 2020

Analysts believe that the Positive Link fundamental trends could boost the price even higher in the upcoming weeks ahead as it forms pivotal technical formations despite the 60% drop. One crypto-asset analyst shared a chart that shows that LINK is breaking through the downtrend that formed at August highs which also were the coin’s all-time high price. another cryptocurrency trader shared the chart later during LINK’s push higher and it showed that Chainlink is moving above the important horizontal level at $12 which is setting the assets up for a  push at $13:

“$LINK has emerged from the cloud of red. On to pasture new, and greener. I’m not looking for specific targets (aside from the near term retest of $11.50 and an upper resistance of $13) The green wave is what I’ll ride.”

Chainlink will follow the price of bitcoin and Ethereum in the near-term and if these two push higher, LINK will follow. Chainlink continues to gain traction in the Defi space and is securing the products as crucial for the crypto ecosystem. The ETH-based PoolTogether rolled out its V3 release which is a no-loss lottery where users pool their funds and then get deployed in interest-generating activities. The release includes an integration with the latest VRF chainlink product which enables blockchain applications to have verifiable randomization in the contracts. Chainlink announced a series of other integrations with other leading products in the crypto space as well as many DeFi projects.

On the upside, there is initial resistance near the $12.20 level with the first major hurdle being near the $12.50 level above which the price could rally at the $13.20 level. if chainlink’s price starts a downturn, the next major support could be near the $11.20 level below which the bears are likely to aim and test the 100 simple moving average in the upcoming days. the 4-hour MACD for the pair is gaining pace in the bullish zone while the 4-hour RSI is well above the 65 level.