Quick take:
- Chainlink has just set a new all-time high of $24.64 – Binance rate
- The bullish momentum is a result of Grayscale adding a LINK trust to its investment products
- Basic Attention (BAT), Tezos, MANA and Livepeer are also reportedly being considered by the investment firm
The digital asset of Chainlink (LINK) has just set a new all-time high of $24.64 – Binance rate. Chainlink’s bullish momentum was evident from around the 20th of this month when it held the $19.30 support area.
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— Market Meditations (@MrktMeditations) January 22, 2021
LINK, XTZ, BAT, MANA, LPT Benefit Positively from the News
A quick glance at Coinmarketcap reveals that all five digital assets mentioned above, have benefited positively from the news as can be seen in the following screenshot.
