- Chainlink ranks 20 with a market capitalization of $3,178,139,710.
- LINK reached a maximum market capitalization of 3.92B on December 2.
- LINK ends up in an unsuccessful breakout but if it does break out it could rebound on 200-day MA.
Chainlink (LINK) ranks 20 with a market capitalization of $3,178,139,710 while Wrapped Bitcoin (WBTC) ranked 21 with a market cap of $3,160,716,451. As shown below in the chart, LINK’s market cap has been on a roller coaster ride during the past 30 days.
LINK had a market cap of 3.05B on November 17, however, its market cap fell to 2.75B in four days. Following this fall, LINK made a quick recovery and shot up and reached 3.6B on November 27.
On its way up, LINK reached a maximum of 3.92B on December 2. Now that the uptrend is over, LINK is slowly descending down, and currently, the market cap of LINK stands at 3.18B.
According to CoinMarketCap, LINK is down 5.42% in the last 24 hours and is trading at $6.25, at press time.
LINK has been fluctuating very close to the 200-day MA at times breaking through the 200-day MA from above and breaking out from down below. However, this trend of breaking the 200-day MA under and above came to an end when LINK finally broke through in late October. Since it made a breakout, LINK has been rebounding off the 200-day MA as highlighted in elliptical.
Similarly, LINK rebounded off the 200-day MA when it broke through it on November 22 and reached Resistance 1 positioned at $7.78. However, once again the price of LINK has broken below the 200-day MA from above. It made a break-out attempt but it was unsuccessful. Hence, LINK is currently trading below the 200-day MA.
Interestingly, the Relative Strength Index of LINK is at 28.56 which is in the oversold region. Hence, the market could correct the prices and LINK could gain value.
If LINK gains enough momentum from the bulls it could break the 200-day MA. And another possibility is that LINK could rebound on the 200-day MA. With more force from the bulls, LINK could be expected to target hitting resistance 1. But if the bears take over, LINK may land on Support 1.
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