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Chainlink’s sudden 18% surge in the past 24 hours has caught the crypto community’s attention, sparking speculation about a potential $10 valuation in the near future.
Chainlink Pumps by 18%
Chainlink’s price has displayed a jagged upward trend since June 21, 2023, surging by 18% in the past 24 hours.
At 7.15am EST, LINK was trading at $8.17, boasting a 24-hour trading volume of $1.2 billion (a 317% surge) and a market capitalization of $4.4 billion.
Chainlink YTD History
Chainlink (LINK) started 2023 at $5.4, rising to $8.57 after Bitcoin surpassed $20k for the first time, but its inability to maintain that level negatively impacted its value.
In June, it traded around $5.37 before experiencing a brief uptrend. Recently, the token saw two slight pumps, with the latest being an 18% increase.
Crypto influencers like Ash Crypto are now seeking advice from their followers on the next steps, including whether to close their LINK long positions.
Should I close my $LINK long ? pic.twitter.com/rCAWzQtn3v
— Ash Crypto (@Ashcryptoreal) July 20, 2023
Why is LINK Pumping?
Chainlink’s recent surge is unexpected, given that Bitcoin has lost its long-held $30k support.
However, this hasn’t affected Chainlink negatively. Twitter searches indicate that Chainlink’s rise aligns with the launch of Chainlink CCIP.
1/ Chainlink CCIP is now available to all developers on 5 testnets 🏗️
∙ Arbitrum Goerli
∙ Avalanche Fuji
∙ Ethereum Sepolia
∙ Optimism Goerli
∙ Polygon Mumbai#LinkTheWorld pic.twitter.com/IoxdRdVUjT— Chainlink (@chainlink) July 20, 2023
Chainlink CCIP, a cross-chain interoperability protocol facilitating token transfers and communication between assets, is now accessible to the top five developers on 5 tenets, indicating developers’ optimism about its potential amid recent market movements.
Chainlink Price Analysis – Can it Reach $10?
Chainlink has struggled to surpass the $10 mark since May 2022, and its performance this year has been unremarkable.
To reach the $10 valuation, it needs to increase by over 23%, but historical patterns indicate possible retracement after a significant pump like this one.
The latest candle shows early signs of retracement as it turned red.
Technically, the token shows positive sentiment with an RSI of 69, indicating overbought conditions, and positive MACD histograms, reinforcing the positive outlook for LINK.
Chainlink Alternative – BTC20
Community speculation surrounds Chainlink’s potential to approach its early 2022 highs of $10, fueled by recent tailwinds and historic performance, making a double-digit increase seem possible.
However, considering the crypto market’s volatility, the best alternative may lie in a presale asset that offers gains outside these fluctuations.
BTC20 is one such asset. Following along the likes of Bitcoin, BTC20 bills itself as the Ethereum version of the oldest crypto asset. It has the same tokenomic as the original Bitcoin, with a total supply of 21 million.
6.05 million of these tokens are to be given away in a presale at the price of $1 per token, similar to how Bitcoin was sold at $1 in 2011. The remaining 14.95 million are locked inside a liquidity contract that will be extracted by BTC20 holders to stake their tokens.
The stake to earn mechanic of BTC20 mirrors Bitcoin’s mining but without any environment-harming hardware requirements. So, for those looking for a presale asset that is also environmentally friendly, BTC20 could be a great buy.
Visit btc20.com to participate in this presale.
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