Chainlink (LINK) Presents Impressive Performance Despite Market Uncertainty
Chainlink recorded impressive performance within the past seven days, regardless of uncertain conditions. The alternative token surged from the $7.05 mark to test the resistance at $7.9 but failed. Nevertheless, LINK left investors and traders with attractive returns.
Moreover, some analysts hole LINK will eventually overcome the $8 mark. The forecast seems logical, as altcoins perform well in September. Also, Chainlink’s latest Hebys partnership would support the positive sentiments.
LINK Encounters New Resistance at $8.0
Chainlink is among the few digital coins making profits, regardless of the ongoing market uncertainty. While the altcoin noted some turbulence over the week, LINK ensured significant returns for altcoin traders. The oracle token opened the previous week steady at $7.38. Nevertheless, the following day wasn’t smooth, as LINK noted a sharp fall to $7.05.
The best thing is the token secured support around that mark and recovered within no time, reclaiming its starting foothold as of Tuesday. Chainlink added more gained during the week, even testing the $8 hurdle. Meanwhile, the token met resistance near $7.9 before resorting to downsides. While publishing this post, LINK traded at $7.5.
LINK 1Day Timeframe: Not So Good
Chainlink hasn’t recorded impressive performance within the previous day after riding profit waves over the last week. The alternative coin lost more than 0.41% over the past 24 hours and seemed primed for more downsides.
The open-source network saw its token plunging from the floor at $7.55 to $7.42, translating to a 1.72% trader loss. Meanwhile, LINK had soared to $7.65 and seemed prepared to retain the momentum. Chainlink crept to its flow during this publication.
Nevertheless, it’s unclear how high LINK will go as altcoins have seen sluggish movements. Meanwhile, the bigger picture shows Chainlink ensured gins against the two leading cryptocurrencies, BTC and ETH. The alt had surged 0.35% against Bitcoin and 0.43% against Ethereum.
Also, LINK has seen lucrative activity on the trading volume front. The metric gained more than 29% over the previous week to $293,395,930. This uptick confirms additional room for LINK to soar before the day ends.
The LINK community has cheered bullish updates this week. The blockchain firm revealed partnering with Sigma Two Securities on 5 October. Meanwhile, Sigma Two Securities is a trading business and systematic liquidity provider.
Also, Hebys partnered with Chainlink to integrate LINK’s VRF (Verifiable Random Function on various NFT blockchains, including BNB Chain, Polygon, and Ethereum. That allows them to distribute non-fungible tokens effectively on their site.
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