Chainlink price hit new ATH of $6.85 because of the high network activity of LINK

Chainlink price has reached a new milestone today, recording an all-time high of $ 6.85. A few hours ago, LINK broke the $ 6.57 resistance level and recorded the above record.

chainlink-price-hit-new-ath-of-6-85-because-of-the-high-network-activity-of-link

LINK/USD 4-hour chart | Source: TradingView

The high network activity is one reason Chainlink price keeps gaining in the crypto markets

Since the beginning of 2020, ChainLink’s network activity continues to thrive, with daily active network addresses reaching a new high of 9,335 on July 8.

The last time activity on the network reached such a high was in June 2019 – the same time LINK reached an all-time high of $ 4.80. Therefore, it can be concluded that activity on the Chainlink network can be used to predict the price movements of LINK.

In a recent analysis of ChainLink, Timothy Peterson and the team at Cane Island explained that LINK users had grown significantly:

“The number of Chainlink users has grown by 17% per month, and the use of ChainLink networks in the future will accelerate the adoption of the token and its price.”

The team also provides a chart that predicts LINK prices will reach around $ 8 by December 2020.

chainlink-price-hit-new-ath-of-6-85-because-of-the-high-network-activity-of-link[1]

They stated:

“We can zoom out a bit on the daily LINK / USDT chart courtesy of Tradingview. The chart (below) clearly illustrates how past LINK resistance levels have flipped to become major support levels on a macro view.”

Looking at the history of the daily LINK / USD chart, one can conclude as follows.

chainlink-price-hit-new-ath-of-6-85-because-of-the-high-network-activity-of-link2

January 2018’s all-time high of $ 1.54 eventually turned into reliable support, as seen in September 2019 and the coronavirus crash in mid-March 2020. Meanwhile, the April 2019 all-time high of $ 4.80 was a severe resistance area that tried before the fall of mid-March and could eventually become a new support area on a scale macro.

Volume remains in the green, and the daily indicator has yet to show exhaustion, indicating that LINK could break its all-time new high of $ 6.85. MFI indicates an overbought situation. Therefore, if hodl LINK, you should be cautious.

As with all ChainLink (LINK) analysis, stop loss, and use low leverage. Besides, tracking the price movement of Bitcoin will provide a measure of the fate of the cryptocurrency market.

You can also check Chainlink Price here.

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