Convergence

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Chainlink

Chainlink (LINK) price has experienced a notable increase in value recently, marking a consistent uptrend over the past several days. This positive momentum mirrors broader movements in the cryptocurrency market, highlighting investor enthusiasm.&nbsp;
The rise in LINK’s price reflects growing confidence among traders, aligning with gains across other digital currencies. This surge underscores a bullish trend in the crypto sphere as more investors are drawn to its potential.
<h2 id="strong-chainlink-price-rallies-amidst-cryptocurrency-market-uptrend-strong">Chainlink Price Rallies Amidst Cryptocurrency Market Uptrend</h2>
<a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/LINK/deep-dive?group=financials&amp;chart=inAndOut">Into the Block</a> data shows that the LINK cryptocurrency has shown significant price volatility, affecting investor portfolios and market sentiment. This variability has led to 610.99 million LINK tokens, valued at $6.94 billion, being classified as ‘In the Money,’ which indicates profitable positions for the majority of holders.&nbsp;
Conversely, about 281.13 million LINK, worth roughly $3.2 billion, are ‘Out of the Money,’ reflecting potential losses for many investors. This segment accounts for 28.11% of the tokens.
Furthermore, only 10.79% of LINK tokens are at a breakeven point, known as ‘At the Money,’ with a total market coverage of 100%. These dynamics illustrate the ongoing fluctuations in LINK’s price and their potential impact on future investment decisions and market strategies among stakeholders.
<figure id="attachment_213664" aria-describedby="caption-attachment-213664" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213664" src="https://coingape.com/wp-content/uploads/2024/08/186F1A61-3D32-41E6-AB4E-5D33AB736AE1.jpeg" alt="Chainlink Price Skyrockets 10%, Eyeing $10 as Market Confidence Soars." width="1212" height="442" srcset="https://coingape.com/wp-content/uploads/2024/08/186F1A61-3D32-41E6-AB4E-5D33AB736AE1.jpeg 1212w, https://coingape.com/wp-content/uploads/2024/08/186F1A61-3D32-41E6-AB4E-5D33AB736AE1-300x109.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/186F1A61-3D32-41E6-AB4E-5D33AB736AE1-768x280.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/186F1A61-3D32-41E6-AB4E-5D33AB736AE1-150x55.jpeg 150w" sizes="(max-width: 1212px) 100vw, 1212px">
 <figcaption id="caption-attachment-213664" class="wp-caption-text">
 Source: Into The Block
 </figcaption>
</figure>
<h2 id="strong-chainlink-price-analysis-can-link-break-through-8-soon-strong">Chainlink Price Analysis: Can LINK Break Through $8 Soon?</h2>
Over the past 24 hours, the altcoin Chainlink has hovered above $10, currently eyeing more gains ahead. In the past week, LINK’s price has surged by approximately 12%, following the ascending trend observed in the cryptocurrency markets.&nbsp;
At the time of writing, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">LINK price</a> is trading at $11.37, making a strong surge during the day. According to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/chainlink/">CoinMarketCap</a> data, the trading volume has surged by 53% to $302.26 million, indicating heightened investor interest in the token.
Chainlink is currently bullish, showing potential for breaking through the $12 resistance level. Such a move could signal a shift towards a more bullish stance. Achieving this breakthrough could propel Chainlink towards an important $15 resistance marker. Strengthening this bullish momentum may push the coin’s value to $20 in an expected rally.
The 4-hour <a href="https://coingape.com/best-indicators-for-crypto-trading/" rel="noopener noreferrer nofollow">technical indicators</a> for Chainlink price have recently shown signs of a potential trend reversal after consolidation. The Moving Average Convergence Divergence (MACD) presents a bullish crossover with the signal line, indicating that upward momentum might be strengthening.&nbsp;
The Relative Strength Index (RSI), while near the overbought territory at 67, suggests that there is still room for some upward movement before reaching typical overbought levels.
<figure id="attachment_213665" aria-describedby="caption-attachment-213665" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213665" src="https://coingape.com/wp-content/uploads/2024/08/LINKUSDT_2024-08-22_22-57-31.png" alt="Chainlink Price Skyrockets 10%, Eyeing $10 as Market Confidence Soars." width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/LINKUSDT_2024-08-22_22-57-31.png 1154w, https://coingape.com/wp-content/uploads/2024/08/LINKUSDT_2024-08-22_22-57-31-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/LINKUSDT_2024-08-22_22-57-31-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/LINKUSDT_2024-08-22_22-57-31-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-213665" class="wp-caption-text">
 Chainlink Price Chart| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/HfN2WRip/">TradingView</a>
 </figcaption>
</figure>
Conversely, lacking solid market support could cause the LINK price to decline. It may soon reach a support threshold of around $11. An escalation in selling pressure could push the <a href="https://coingape.com/price-predictions/chainlink-link-price-prediction/" rel="noopener noreferrer nofollow">Chainlink price prediction</a> back to the $12 support level. A more substantial decrease might lower its value to $10.
The post <a href="https://coingape.com/markets/chainlink-price-skyrockets-10-eyeing-10-as-market-confidence-soars/" rel="noopener noreferrer nofollow">Chainlink Price Skyrockets 10%, Eyeing $10 as Market Confidence Soars.</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Chainlink Price Skyrockets 10%, Eyeing $10 as Market Confidence Soars.

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