Why is Chainlink ($LINK) pumping?

Bombolo | News and Media

Chainlink's price has gone up a lot recently compared to the US dollar and Bitcoin. Analysts are noticing a pattern called an "inverse head and shoulders," which typically means the price might keep going up, possibly reaching $20. They're also pointing out some price levels to watch. If the price starts to drop, it might find support around $17, and if it drops even more, around $16.70.

So basically, they're saying the price might keep going up, but it's important to be cautious because it's already gone up a lot, and there are certain price levels to watch to see if it keeps going up or starts to drop.

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

Price:

Today, 6th February 2024, Chainlink is priced at ~$18.98 USD. In the last 24 hours, people have been buying and selling Chainlink, and the total value of these transactions is about $966,815,870. This is called the trading volume.Today, Chainlink's price has gone up by 1.19%.

Chainlink is ranked as the 11th most valuable cryptocurrency according to CoinMarketCap. Its total market value, or market cap, is $11,143,613,982. This is like the total value of all the Chainlink coins in existence.

Right now, there are about 587,099,970 Chainlink coins being traded around. But in total, there can only ever be 1,000,000,000 Chainlink coins. So, not all coins are being traded yet. Some might still be held by the creators or investors.

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Chainlink ($LINK) pumping?

Chainlink is making some big improvements to its system. One of the main things they're doing is making it easier for traditional finance and real-world assets to work with Chainlink.

They have launched something called the Cross Chain Interoperability Protocol (CCIP), which helps different blockchains talk to each other. This means Chainlink can work with more types of cryptocurrencies and assets.

They are also expanding something called Chainlink Data Streams and Chainlink Functions. These tools are use to gather and process data, making Chainlink more useful for different purposes.

Chainlink is trying to become more widely used and trusted, especially in the financial world. This could be why the market is reacting positively to these changes.

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