Chainlink on the Rise: Could it Overtake Dogecoin in Rankings Amid Recent Surge?

Bombolo | Coin News and Articles

Chainlink(LINK) is becoming really popular. It has been going up in value and is getting close to being worth more than Dogecoin. Right now, one unit of Chainlink is trading for more than $20.03, which is higher than before. In the past day, Chainlink's value has gone up by more than 0.10%. This means that more people are buying Chainlink, which is making its price go higher.

This year, LINK has been a standout in the world of digital assets, experiencing a significant surge in its value. It's like watching a firework go off! In just one week, its value shot up by 10%, which is pretty exciting stuff. And over the last month, that increase has been even more impressive, hitting a staggering 30%! Right now, it's sitting comfortably as the 11th biggest cryptocurrency by how much money people have invested in it, just a spot below Dogecoin.

Many people believe that Chainlink (LINK) will soon overtake Dogecoin in popularity. Why? Well, it's because LINK is on a roll! Its value has not been this high since early 2022, and experts think it can keep going up.

Also Read: Is Chainlink ($LINK) coin good for a long term investment? Chainlink ($LINK) price predictions 2024, 2025, 2026, 2027, 2028, 2029, 2030.

They look at something called technical indicators, which are like signs that show if a digital asset is likely to go up or down. Right now, those signs for LINK are really good.

One of these indicators is called the relative strength index (RSI). When it's between 80 and 90, it means there's a lot of buying happening, which is great for LINK. Currently, it's at 70, which is still high but not at the peak yet. So, there's still space for LINK to grow even more before it becomes a problem. It's like having more space to climb higher on a ladder before reaching the top.

Chainlink is poised to benefit from the ongoing positive trends in the entire digital asset market. With the expected rise in trading volumes due to the approval of the Spot Bitcoin ETF and the upcoming Bitcoin halving event in April, the overall momentum is likely to continue.

What's more, Chainlink's increasing usage adds to its value. It has become integrated with over 1,000 projects on Ethereum, which has significantly contributed to its price surge. As a result, some experts anticipate that its price could potentially reach $50 in the latter half of 2024. Looking ahead to 2025, if the current growth rate persists, it might even approach the triple-digit mark.

Also Read: Pyth Network (PYTH) Coin Analysis, Price, Market-cap and Future Predictions.