Optimism In Chainlink Due To Coinbase, Can Link Gain 50%?

• 1 The MACD shows a bullish cross, RSI jumped from low, and fear and greed was  neutral.
• 2 Coinbase Derivatives filed with US regulated futures contracts for LINK.

The Chainlink (LINK) price has displayed the bulls’ presence this week as it followed an upward trendline and surged 9.18% on the basis of its price performance. Additionally, on an intraday basis, LINK rose 1.03% to $14.397 (at press time).

As per CoinMarketCap, its volume-to-market cap ratio stands at 2.67%. That exhibits comparatively low liquidity, followed by the last 24 hours of trading activity. At press time, LINK had a market cap dominance of 0.36%.

Chainlink Fear and Greed Index | Source: CFGI.com

The fear and greed index hovered at 56, which indicates that the sentiment for the LINK crypto is neutral.

Chainlink Adoption Update

As per the Chainlink on X, this week in the Chainlink Ecosystem, a flurry of activity was seen with 12 new integrations of 6 distinct Chainlink services.  These were rolled out across 8 diverse blockchain platforms.

Additionally, the ecosystem welcomed fresh integrations with various projects.

Coinbase to Launch Futures Contracts!

Coinbase is expanding its range of crypto derivatives by adding futures contracts for Chainlink and three other cryptocurrencies. The exchange filed for the futures contracts of these the three cryptos with the CFTC on June 28th.

These contracts will be released on July 15th with the intention of offering traders additional choices for handling capital and risk when making bets on price fluctuations.

What Does Crowd Vs MP Scale Highlight?

The Market Prophit website reported that the overall sentiment for LINK was determined by the retail crowd, with the sentiment scale tipping towards the bearish side at -0.63. 

Meanwhile, the sentiment among the smart money holders (typically institutional investors) was leaning towards the bullish side, registering at 0.48.

Chainlink (LINK) Crypto Outlook!

LINK has been facing resistance from the dynamic trendlines for a long time. The crypto was consolidating inside a small range zone for a short span of time.

If LINK breaks further above $15.10, it might head for the trendline resistance next. If the bulls manage to push towards a higher level and push beyond the dynamic trendline resistance, huge gains could be witnessed on a daily basis.

The MACD shows a bullish cross, but 50-day and 200-day EMAs formed a death cross on the daily chart. Meanwhile, the RSI jumped beyond 14-SMA from lower levels, and it flashed at 47.6 at press time.

This week, LINK displayed bullish activity, surging 9.18% to $14.397. Trading volume remained low at 2.67% of the market cap. The fear and greed index is neutral at 56. 

Moreover, Coinbase wishes to add Chainlink futures contracts. Market sentiment for LINK is bearish among retail investors and bullish among institutional investors. Resistance was at $15.10 with potential for gains, with $12.75 acting as support. 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.