On the cryptocurrency market, Chainlink’s (LINK) coin has been receiving a lot attention following a 0.5% dip recently, sinking its value to $7.64 amidst a 1% overall drop in the market. Despite the downturn, LINK’s trajectory over the past week indicates a 4.5% hike, exhibiting a trade volume surge amounting to $400 million. This appears to be a positive knock-on effect from the recent announcement that Chainlink-based price feeds are now operational on Base, Coinbase’s Ethereum layer-two protocol.
Following this development, LINK rose by 23% over the last month, representing an overall growth of 37% since 2021 began. The coin anticipates a steady recovery in the coming months. With LINK’s 30-day moving average creeping higher than its 200-day average, this charismatic altcoin bears potential for further advances before entering the overbought territory.
However, it’s essential to remember the wavering path of LINK that has experienced a slump since mid-July, with no assurance of this medium-term decline being over yet. The green signal line that symbolize its support level seems to be fluctuating downwards. Yet, the fundamentally strong nature of Chainlink indicates its recent drop has pushed it into an oversold and undervalued state, suggesting it’s about time for a rebound.
The selection of Chainlink to supply price feeds to Base, Coinbase’s nascent layer-two network, reinforces this belief. The coin has been silently expanding within the bear market, with a significant focus on developing its long-anticipated Cross-Chain Interoperability Protocol (CCIP). This novel protocol will become a critical ingredient for developers to build cross-chain applications and services. Its promising potential resonates with Chainlink’s partnership with Swift, an interbank communication system, signifying a big leap for the platform linking numerous financial institutions to blockchain networks.
While LINK may require some months to record considerable price gains, traders keen on short-term benefits may look at newer altcoins. One particularly promising coin is the presale token Wall Street Memes (WSM), which has procured $22.8 million since initiating its sale in June. The extensive Twitter following of 258,000 users implies strong support for WSM once it goes live on trading platforms.
Joining the WSM presale is straightforward—interested investors can link their crypto wallets from the official Wall Street Memes website. With cryptocurrency being a high-risk asset class, this article only serves to be informative and not to provide investment advice.
Source: Cryptonews
