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Chainlink (LINK)Price Analysis

Chainlink (LINK) Is Fairly Close to Hitting $10 After Printing New All-Time High

Chainlink’s LINK cryptocurrency continues to show its outstanding performance in the cryptocurrency market as the coin’s price value has surged high on August 4, 2020, to post a new all-time high at around $9.71. Earlier on Tuesday, the ninth-ranked cryptocurrency started a bullish rally which sent the price value of the coin to new all-time high value before making a downward correction later on the day. Chainlink’s LINK is now fairly close to reaching the $10 mark for the first time in its history.

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LINK Price Eyes $10 Now

LINK started rallying in the upward direction on Sunday and continued the rally until it broke above $9. The $9 level was a crucial resistance level which was creating difficulty for LINK to claim $10 but now it has been broken and the LINK’s way towards reaching the double-figure is almost clear now.

The coin is fairly close to breaking above $10. LINK has already set a bullish momentum in the market. It is currently trading extremely bullish in the market holding the $9.49 mark and is up 10.80% at the time of writing. In order to achieve its next target, the coin needs to maintain this momentum in the coming days. If LINK slips down from its bullish trajectory in the short-term case scenario, it may fall into the bearish territory instead of hitting $10.

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2020 has proved to be a great year for Chainlink so far

So far, 2020 has proved to be an amazing year for the Chainlink’s LINK token. Since the beginning of the year 2020, Chainlink has shown outstanding performance by printing rally after rally. After breaking above its resistance level at $5 and making it its new all-time high value, the cryptocurrency did not stop and continued to rise up.

If we talk about the year-to-date (YTD) performance of the coin, Chainlink’s LINK has been outperforming so far. According to the Year-to-Date performance, the price value of the coin has shown a surge of 445.45% while rising from January’s $1.76 mark to hitting the new all-time high at $9.71 on August 4.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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