- The ChainLink network has hit a new milestone in terms of cumulative transaction volume
- According to Glassnode, ChainLink’s cumulative transaction volume has just exceeded $30 Billion
- LINK has also witnessed a resurgence in the crypto markets
- ChainLink (LINK) is currently attempting to break through the $11.20 – $12 resistance area
The ChainLink (LINK) network has hit a new milestone in terms of cumulative transaction volume by exceeding $30 Billion. According to on-chain data from Glassnode, the ChianLink network has handled a total of $30,005,175,590 since it was launched in 2017. Below is the tweet by the team at Glassnode highlighting the new milestone on the ChainLink network.
Cumulative $LINK Transaction Volume just went above $30,000,000,000.
Current value: $30,005,175,590
— glassnode alerts (@glassnodealerts) October 13, 2020
ChainLink’s $8.80 Support Held Well, LINK Eyeing $12
In terms of market performance, the digital asset of ChainLink (LINK) is still in the top 10 digital assets in terms of market capitalization. At the time of writing, ChainLink s occupies the number seven spot on Coinmarketcap ahead of popular digital assets such as Polkadot (DOT), Cardano (ADA) and Litecoin (LTC).
Furthermore, the crucial $8.80 support zone that was tested earlier this month, provided a good bounce for ChainLink (LINK) which has since reclaimed the $10 psychological price level and is currently attempting to retest $12.
To gauge the possible future of ChainLink in the crypto markets, the following daily LINK/USDT chart courtesy of Tradingview shall be used.
From the LINK/USDT chart, the following can be observed.
- ChainLink is currently trading above the 100-day (yellow) and 200-day moving (green) averages thus confirming the bullish environment
- However, the 50-day moving average is providing considerable resistance at the current $11.50 price level
- Trade volume is also in the green with the daily MACD still in bullish territory
- The daily MFI is at 55 which is neutral territory and could hint of either sideways or a continuation of the bullishness
- In terms of short term resistances, LINK is facing the following levels moving forward: $11.80, $12, $12.37 and $12.46
Summing it up, the ChainLink network has hit a new milestone of over $30 Billion in cumulative transaction volume. Additionally, LINK experienced a significant bounce from the $8.80 support area and is currently trading at $11.50 as it eyes $12.
As with all analyses of ChainLink, traders and investors are advised to have an eye out on any sudden Bitcoin movements that might ruin the party. Furthermore, with the US elections less than a month away, it might be prudent to have an ear out for any announcements by President Trump that might sway the stock markets and consequently the crypto markets.