It has been another mixed day for most of the cryptocurrency markets. Most assets lost value or barely managed to break even. The Chainlink price is one notable exception, as it tries to regain some of its lost value.
Where is the Chainlink Price Headed?
With virtually all altcoins losing a lot of value this week, very few traders expected a positive end to the week. Those who stayed and watched could have made a fair bit of money on the recent Chainlink price surge. Overcoming a week-long bearish trend and turning it into a positive is not easy.
For Chainlink, this past week had a peak of $2.28, but that could not be sustained. In fact, the Chainlink price dropped all the way to $1,98 in the days to come, before rebounding somewhat strongly. Today’s gains push the LINK value to $2.1 again, indicating there is some sign of promise.
Unlike most of the top altcoins, Chainlink does not generate the highest amounts of trading volume. That is either a good or a bad sign. Even with just $34.2 million in trades, the Chainlink price still moved up by over 4.7%. A very interesting development well worth keeping an eye on.
Binance its the leading exchange for LINK trading with both a USDT and BTC pair. Mxc has its USDT and ETH pairs in the top five, separated by Coinbene’s BTC market. These five markets combined generate 58% of all trades. All markets show there is a decent amount of buy orders to negate any sudden price shifts.
On social media, the LINK momentum hasn’t gone by unnoticed. Trader MaviYildiz expects some more targets to be hit in the hours and days to come. If the altcoin can keep gaining on Bitcoin, things will get very interesting moving forward.
— MaviYildiz (@Ascending3Angel) December 15, 2019
A similar sentiment is echoed by the Keeper of the 7 links, albeit he uses different metrics. Determining how often a cryptocurrency is mentioned on Twitter can always provide market insights of some sorts. Chainlink appears to be checking the right boxes in this regard, albeit this is not a bullish indicator by any means.
— 🎃SergLink777🎃 (@XVGhulk) December 15, 2019