Chainlink (LINK) has been in a strong uptrend once again after a drop into the end of July. Just minutes ago, the asset crossed over the pivotal $10 resistance level for the first time in its history.
This comes as Bitcoin and Ethereum have stagnated at their multi-day highs, retracing slightly.
As of the time of this article’s writing, LINK trades for $10.20. And the asset is up 6.5% in the past 24 hours.
Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, ETH’s DeFi Space Still in Vogue
Chainlink Pops Past $10
Just minutes ago, LINK passed $10 for the first time in its existence. This latest surge has made the cryptocurrency the ninth largest cryptocurrency in circulation by market cap, touting a network value of $3.54 billion.
Chart of LINK's price action since the start of June from TradingView.com
Analysts seem to be optimistic about the asset moving forward.
Brave New Coin’s Josh Olszewicz noted that there are critical bullish signals for the cryptocurrency despite the already-impressive rally. Olsewicz noted that the transactions per day of Chainlink, active addresses, Google Trends, and price are all at all-time highs in tandem. He added that his moving average multiplier target is $13.37.
Related Reading: Even Though Chainlink (LINK) Spiked to $9, Dave Portnoy Isn’t Buying It
Band Is Also Surging
Chainlink’s surge comes as Band Protocol (BAND), a competitor to the project, has also been rallying. The cryptocurrency gained 50% in the span of five minutes due to a Coinbase listing. Coinbase wrote on August 5th:
“Mon, Aug 10, our BAND-USD, BAND-BTC, BAND-EUR & BAND-GBP order books will enter transfer-only mode, accepting inbound transfers of BAND in supported regions. Orders cannot be placed or filled. Trading will begin on/after 9AM PT the following day, if liquidity conditions are met.”
The market seems to be acknowledging a need for oracles, which both projects provide.
Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Chainlink (LINK) Just Surged Past $10: Here's What Analysts Are Saying
from NewsBTC https://www.newsbtc.com/2020/08/06/chainlink-link-surged-past-10-heres-what-analysts-are-saying/
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