Key Highlights:
- Chainlink’s token LINK increased by 13% to $13.51, showing stronger performance compared to the overall crypto market.
- This uptick is attributed to Chainlink’s exciting announcement about collaborating with Mastercard, which will enable 3 billion cardholders to purchase cryptocurrencies on-chain.
- Enhanced market conditions are noted, including a resurgence in cryptocurrency values, with Bitcoin reaching $106,000 due to a ceasefire in the Middle East.
Detailed Analysis
Chainlink’s oracle provider LINK token demonstrated remarkable performance on June 24 by surging 13% within 24 hours.
The decline of tensions in the Middle East following a ceasefire between Israel and Iran has positively affected the crypto market, driving 98 of the top 100 tokens up, with Bitcoin also rebounding significantly.
Despite gaining 2.8% for Bitcoin and a 5% increase in the CoinDesk 20 Index, LINK’s advance remains notably higher.
Technical Insights:
- LINK has established a robust uptrend with higher lows and highs, recently breaking resistance at $12.50 on significant volume.
- Strong support is seen at $12.85-$13.00, validated through multiple high-volume tests.
- Momentum indicators indicate continued bullish sentiment, potentially paving the way for greater gains.
- Traders should keep an eye on the $13.30-$13.35 resistance zone where profits may have been taken recently.
