Quick take:
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.
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.
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.