LINK’s Proof of Reserve Announcement May Result in Gains

  • LINK’s price is slightly down over the last 24 hours.
  • Santiment tweeted that there may be a big uptick in LINK’s price.
  • Technical indicators for LINK remain bullish.

The price of Chainlink (LINK) is slightly down 0.01% over the last 24 hours according to CoinMarketCap. At press time, the altcoin’s price stands at $7.09. Despite the 24-hour drop in price, LINK’s weekly performance is still in the green at +5.59%.

The blockchain intelligence firm, Santiment, tweeted yesterday that there has been a big uptick in social volume regarding LINK shortly after Chainlink shared its proof of reserve advantages.

The tweet added that the increased crowd interest in LINK may have a positive impact on its price.

Looking at the daily chart for LINK, the altcoin’s price is currently in an ascending wedge chart pattern. As LINK’s price approaches the apex of the chart pattern, it will look to break out.

Technical indicators on LINK’s daily chart suggest that LINK’s price will break away towards the upside once it approaches the apex of the chart pattern.

Currently, the 9-day EMA line is positioned above the 20-day EMA line. In addition to this, the daily RSI line is positioned above the daily RSI SMA line, and the daily RSI line is sloped positively towards the overbought territory.

Should LINK’s price enter into a mini rally, it will need to overcome the resistance levels at $7.438 and $7.772 before it will post significant gains. Should LINK’s price successfully overcome these two levels, then the next target for the altcoin’s price will be $8.755.

On the other hand, if LINK’s price breaks below the current ascending wedge pattern, then it will likely fall to the 9-day EMA level at around $6.841.

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