Chainlink’s LINK Crypto Hits All-Time High on China Adoption

Yashu Gola

Last Updated: July 7, 2020 3:50 pm

2 mins read

chainlink, link, bitcoin, cryptocurrency, crypto

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Chainlink blockchain’s native asset LINK hit an all-time high Tuesday.
The crypto topped at $5.76 on Binance exchange, up by about 4,164 percent from its first day of trading.
Its gains appeared as a part of a market-wide upside move but received unique bullish cues from its mention in China’s Blockchain Service Network project.

LINK price set an all-time high on Tuesday as the altcoin rallied alongside the rest of the crypto market.

The LINK/USD exchange rate rose by up to 7.53 percent, topping at $5.76 on Binance crypto exchange. It later corrected lower to $5.58 on profit-taking sentiment but maintained its intraday bullish bias, nevertheless.

Chainlink (LINK) price hits an all-time high. Source: TradingView.com

A more significant part of LINK’s upside move came on Monday. The Chainlink crypto closed the day 23 percent higher from its opening rate. Its gains appeared mostly as a part of a market-wide rally led by the top cryptocurrency, Bitcoin. Other top coins, including Ethereum and XRP, surged as well.

But LINK managed to maximize its upside sentiment due to its recent collaboration with the Chinese government.

Mainland Adoption

The Zhejiang district in China this weekend launched an ambitious nationwide blockchain project dubbed as Blockchain Service Network (BSN). The authorities stated that they would use Chainlink’s smart contracts and oracles to establish the said project.

SmartContract, the company backing the Chainlink Oracle Network, will assist the BSN in the sourcing information from the real world. Meanwhile, the solution will receive further help from the Cosmos network, a rival blockchain project, in ensuring interoperability between the different systems.

Cosmos (ATOM) price surged 12 percent on China adoption sentiment. Source: TradingView.com

The price of Cosmos’s ATOM token also rallied 12 percent since the beginning of this week.

Chainlink Technical Outlook

The LINK/USD exchange rate has corrected lower from its YTD top. Incidentally, the downside pullback also appeared upon testing the upper trendline of Chainlink’s Ascending Channel. So it seems, traders sold LINK at its local top to extract short-term profits.

That has not precisely reduced the crypto’s bullish bias. More so, its price may fall towards $4.90 in the coming sessions. The move would signal bulls to buy more LINK at local lows, starting another push to the upside towards $5.76 or beyond.

Photo by Colton Jones on Unsplash

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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