Chainlink, with its 17th position among cryptocurrencies, continues to attract attention with its ability to integrate decentralized data movements and other data reliably.
Recently, LINK, which has already made a name for itself with its rise, surpassed the $8 level with an important move in the past few hours.
Chainlink (LINK) Current Status
Chainlink started to rise after finding support at the $5.7 level three weeks ago. The price seems to have returned to investors as a 40% increase, unaffected by the downturns in the cryptocurrency world.
When examining the chart, it appears that the RSI has risen gradually and crossed the overbought zone of 70. This can be an important point to consider for investors who want to invest in cryptocurrency. In addition, it seems to have approached its seasonal high of $8.3 reached on July 20, 2023.
Noteworthy Comment on LINK from an Analyst
As LINK price started to draw attention, analysts focused their comments around the cryptocurrency. A well-known analyst, docXBT highlighted the discrepancy between LINK price and Bitcoin in his post dated September 28, 2023.
The analyst, emphasizing that LINK price has crossed above $8 in the past, highlighted the interesting change in Bitcoin and said:
Every $LINK movement that has crossed above $8 in the past 15 months has led to an average 22% decrease in $BTC.
Since the beginning of 2023, LINK price, which has crossed above $8 six times, seems to have triggered Bitcoin sales. Whether this will happen again for LINK, currently trading at $8,170, will become apparent in the future.
Meanwhile, Bitcoin continues to trade just above $27,000. After dropping below $26,000 in recent days and reaching $27,000 in Binance futures in the afternoon, the future of Bitcoin has already become a topic of curiosity.
