Chainlink Paints Golden Cross as BlockFi Announces LINK Support

A gold cross formed on Chainlink’s four-hour chart (LINK) a week after its price fell nearly 45 percent from its record high of $ 37.07, signaling a bullish revival of the world’s ninth largest cryptocurrency by market cap.

In retrospect, a gold cross appears when an asset’s short-term moving average exceeds the long-term moving average. Ideally, traders treat a crossover between a 50-day MA and a 200-day MA as a benchmark indicator to determine their bullish bias. When the 20-period MA of an asset closes above the 50-period MA, it signals traders that there is immediate buying sentiment in the market.

LINK Bullish Crossover

The LINK / USD exchange rate saw the golden cross between 20 and 50 on Tuesday as its bids rose to an intraday high of $ 30.89. Measured against its previous low, the pair’s upward move added 53.24 percent to the price. This was followed by a minor correction, but the short-term bullish bias appeared to be intact.

Chainlink tests the resistance level on February 24th for a breakout move. Source: LINKUSD on TradingView.com

LINK found a resistance target near $ 29.75 that had previously capped its February 24 breakout attempts. Still, this time around, the cryptocurrency rally was marked by a flurry of bullish fundamentals that could cause it to break above the price cap and target its earlier support of the ascending trendline (in black) as an upside target.

Conversely, a $ 29.75 pullback would cause LINK to slide towards its 20-EMA in support, with the 50-SMA serving as an intermediate downside target. Another slip could cause traders to open their short entries towards the previous support target near 22.69.

Oracle upgrade, BlockFi support

The rally in Chainlink markets was also evident when it was announced that an off-chain reporting protocol (OCR) would be developed to improve the Oracle network. Excerpts:

“All nodes communicate over a peer-to-peer network. During the communication process, a light consensus algorithm is carried out in which every single node reports and signs its price observation. A single aggregated transaction is then transmitted, saving a significant amount of gas. “

Meanwhile, more bullish tailwinds came from BlockFi, a crypto lending company that announced support for LINK tokens. In this way, the company enables LINK holders to deposit their tokens in the BlockFi pool for a stable annual return of 5.5 percent. The interest is paid with the Chainlink tokens.

It happens @chainlink Marines: Starting March 2nd, BlockFi lets you earn 5.5% APY in crypto on your #LINK. RT to get the word out.

– BlockFi (@BlockFi) March 1, 2021

BlockFi was founded in 2017 and already offers similar income services for various cryptocurrencies, including Bitcoin, Ethereum and Litecoin. Recently, more than $ 20 million in interest was paid on its BTC and ETH deposits.

At this point in time, LINK was trading at 29:28.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...