However, the recent Bitcoin crash courtesy of panic selling as a result of traders misinterpreting news related to a BTC double-spend, sent Chainlink to a local low of $17.10. In the process of dipping hard, Chainlink printed a bull-flag as can be seen in the 6hr LINK/USDT chart below.
From the 6 hour LINK/USDT chart, the following can be observed.
Trade volume is in the green with Chainlink clearly in bullish territory above the 50, 100 and 200 moving averages on the 6-hour time frame
The 6-hour MACD has just crossed in a bullish manner hinting that LINK still has more fuel in its tanks
The 6-hour MFI is in the neutral territory of 47 with the RSI at 67
Chainlink could continue on its upward trajectory given that today is the beginning of the weekend
The weekly close might be the only hurdle for Chainlink setting new highs
Rumor of Grayscale Adding a Chainlink Trust
Besides printing a bull-flag, Chainlink’s bullish momentum is very much linked to unconfirmed reports of Grayscale adding a LINK trust to its budding list of investment products. Furthermore, the Wall Street firm is reportedly considering crypto trusts of Basic Attention Token (BAT), Decentraland (MANA), Livepeer (LPT) and Texos (XTZ).
This information was shared by Market Meditations via the following tweet. Grayscale Investments is yet to confirm this information.
BREAKING: New filing from Grayscale hints at 5 more cryptocurrency trusts for – Chainlink $LINK – Basic Attention Token $BAT – Decentraland $MANA – Livepeer $LPT – Tezos $XTZ