LINK hits $30 as of today, with Grayscale adding 115,570 tokens to its reserves, prompting the price of the asset to surge by 5.10% as we read more in our latest chainlink news today.
The LINK/USD exchange rate reached a new weekly high before correcting lower in the early London session. The uptrend came as a part of the broader bullish trend across the market but LINK hits $30 either way as a part of Grayscale’s boost overnight. The data fetched by ByBt.com shows that the investment company purchased 115,570 LINK tokens for their Grayscale Chainlink Trust which includes the 65,570 coins purchase on Thursday, coinciding with the price pump in the Chainlink market.
The technical indicators on the LINK/USD charts show that the pair is trading inside an ascending rising wedge which has the bids oscillating between two diverging bullish lines that provide traders more opportunities to generate profits on every bounce in the lower trendline and a pullback from the upper trendline. The central charts noted that the current bullish structure leads to a downside potential breakout in 80% of the cases. If this happens, the LINK price could fall to as low as $25.
An analysis by Akash Girimath on FXStreet.com shows how Chainlink is turning bullish and the analyst noted that the pair is trading in a symmetrical triangle that raises the possibilities of logging a 37% bullish breakout move if it breaks above the upper trendline resistance of the pattern. Girimath noted:
“A bullish breakout above $30.3 could push LINK to $41.6, but a breakdown of the lower trend line at $25 might result in a sell-off to $15.7.”
Other crypto analysts presented a bullish outlook for Chainlink with Michael van de Poppe outlining the LINK’s growing strength against the top rival bitcoin. The value of the asset against the US dollar tends to rise faster if it grows against BTC:
“LINK is most likely bottomed out in the BTC pair.”
More bullish tailwinds from the on-chain data by Santiment can be seen as the platform noted that the number of wallets holding anywhere between 100 and 100,000 tokens increased in March and pointed to a higher buying sentiment:
“Chainlink knocked on the door of $30 for the first time in 11 days, climbing to $29.99 on Binance and still within close range. We’re keeping an eye on mid and large holders owning between 100 to 100k LINK, as they’ve accumulated greatly in March.”