Decentralized oracle network Chainlink (LINK) saw impressive gains over the past 24 hours, surging 4.89% to $7.87. LINK now has a market cap of $4.31 billion, with $386.01 million in trading volume over the past day.
Analyzing LINK's short-term action, it has pulled back -0.95% in the last hour, indicating some profit-taking after its rally. Over the past week, LINK is down a modest -1.92%. However, expanding the timeframe shows strong momentum, with LINK up 27.03% in the last month and 6.59% over 6 months.
Will Chainlink Continue Its Uptrend?
Chainlink's bullish long-term momentum and recent bounce suggest its uptrend remains intact. The key $8.00 resistance level is within reach in the near-term if buying pressure persists. LINK also has firm support around $7.00-$7.20, making large downside unlikely barring broader crypto market weakness.
Fundamentally, Chainlink continues to announce promising partnerships and expansions, further demonstrating the real-world value of its oracle services. As adoption grows, LINK stands to benefit greatly over the long-term.
How Should Traders Approach LINK Now?
Traders should look to buy the dip if any pullbacks materialize towards $7.50 support. A breakout above $8.00 could signal a continued rally towards $9.00-$10.00 levels. Stop losses on longs should be maintained around $7.00.
Long-term investors should consider accumulating more LINK on any dips to lower their basis cost. LINK deserves a 3-5% allocation in a diversified crypto portfolio.
Overall, Chainlink's technical and fundamental outlook remains bullish. Traders and investors alike can look to capitalize on further upside, but prudent risk management remains key.