The rise of Bitcoin (BTC) past the $8,400 USD key resistance level has blinded the success of a number of well-performing cryptocurrencies as the altcoin market remains anticipatory of a possible bullish momentum in the coming week. Chainlink (LINK), a cryptocurrency smart contract that allows users to use external data feed and oracles, has grown over 29% over the past week to change hands at an intra-week high of $2.381 against the dollar.
"This price action continues five straight days of growth, during which #Chainlink has improved by a total of 32.7%, making Chainlink one of the best performers as of late—narrowly edging out the 30.2% achieved by Monero ( $XMR )."$LINKhttps://t.co/O198SdYvra
— Chainlink News (@LINKNewsOracle) January 8, 2020
Chainlink rises 29% in a week as blockchain integrates 2keys
LINK currently changes hands at $2.171 USD on the market representing a slight 4% increase since the early Asian trading hours. The coin holds on to the 16th position on Coinmarketcap charts with a total market capitalization of $765 million USD.
The spike in price comes in light of a partnership with 2key, a second layer solution that integrates smart links on the Chainlink platform to disburse rewards on contributing oracles on the blockchain.
“Users leveraging 2key’s “Smart Link” tech can use Chainlink oracles for trustless growth campaigns that pay participants based on decentralized sourcing of market prices & ad performance data.”
— 2key – Reinventing the Link (@2keyNetwork) January 7, 2020
The magnanimous growth in LINK’s price has since slowed down reversing to the $2.180 USD region as the market bulls aim to keep the price above the psychological $2.00 USD level.
LINK/USD bulls fails to breach SMA 100 line as bears charge in
The sharp rise in LINK/USD tested the SMA 100 line for the first time since early December as bulls went all out at the start of the trading session. However, the retracement to current $2.171 USD level shortly after breaching the resistance provided by the SMA line, signals exhaustion by bulls in the market.
The 20-day relative strength index (RSI) currently oscillates at 61 with a bearish trajectory signaling a possible bearish reversal in the coming days. The lower time frames shows a bleeding market as price failed to breach key resistance at $2.40 USD on the 4-hour charts.
The 4-hour RSI is spiking downwards signaling a possible further push lower in the coming weeks.
Image from TradingView