Chainlink (LINK) Price Explosion: What Happened?
Chainlink Surges Ahead of Crypto Market
Chainlink has outperformed the rest of the crypto market with a remarkable 16% rally in the past two days. This surge can be attributed to various factors, including a spike in activity in previously inactive wallets, signaling renewed movement within the Chainlink ecosystem.
Analytics have revealed a spike in Age Consumed of 5.38 billion, a metric that measures the multiplication of coins moved by the number of days they had remained passive. This sudden mobilization of LINK tokens has injected volatility and liquidity into the market, driving the price higher.
From a technical standpoint, Chainlink’s price has broken through crucial resistance levels, now aiming to establish new support. Soaring past the $15.29 mark, which previously acted as a significant resistance barrier, suggests strong bullish sentiment, with potential for further growth if the momentum is sustained.
Ethereum (ETH) Price Rally Lacks Backbone
Ethereum Struggles Amidst Stagnation
Ethereum, the second-largest decentralized network by market capitalization, is experiencing a period of stagnation, with its anticipated price rally showing signs of faltering. Despite its prominence, the network is seeing a significant challenge from competitors, impacting its blockchain activity.
A closer look at Ethereum’s price movement reveals a lack of momentum, possibly due to the decrease in on-chain traction and volume. Ethereum’s price is currently consolidating around the $2,300 mark, struggling to find the strength for a decisive move.
Can Bitcoin (BTC) Break Through 50 EMA?
Bitcoin’s Bold Move
Bitcoin has recently made a bold move, slicing through the 50-day Exponential Moving Average (EMA), a key technical resistance level. This breakthrough is a sign of strength from the leading cryptocurrency, indicating a potential reversal from its recent price consolidation.
In terms of price analysis, the successful breach of the 50 EMA has set the stage for Bitcoin to test the next resistance level near $43,500. This level is critical, as a break above could pave the way for a move toward the $45,000 resistance zone.
This article was originally published on U.Today
