Reserve

bullish

Change

Chainlink

Billion

Chainlink (LINK) price has surged 4% in the last 24 hours to $10.56. It rose 31% from a critical demand zone in the past ten days after a significant drop from the second quarter of 2024. However, the weak momentum restricted growth. 
As of writing, with 60.8% of the 1 Billion LINKs in circulation, the asset has a market cap of $6.42 Billion. With a large market cap, <a href="https://www.thecoinrepublic.com/price-prediction/chainlink/">Chainlink</a> (LINK) ranks 16th among the top cryptos. 
<h2 class="wp-block-heading" id="h-derivatives-overview">Derivatives Overview</h2> 
Recently, LINK’s derivatives data showed that open interest was $136.37 Million. As per Coinglass, 5.44% of new contracts were added in the previous session. The long versus short ratio for 24 hours was 0.9964. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="245" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-1024x245.png" alt="Total Liquidations Chart Data | Source: Coinglass" class="wp-image-663495" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-1024x245.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-300x72.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-768x184.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-1536x368.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-150x36.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-696x167.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134-1068x256.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-134.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Total Liquidations Chart Data | Source: Coinglass
 </figcaption>
</figure> 
Meanwhile, the short liquidation was higher at $109.94K versus $66.63K for the long liquidation. This signified a bullish perspective in the perpetual market ahead. 
<h2 class="wp-block-heading" id="h-why-is-fear-still-looming-on-chainlink-link-price">Why is Fear Still Looming on Chainlink (LINK) Price?&nbsp;</h2> 
Last week and as of writing, the fear and greed index was at 30, indicating expectation of a price rally. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="947" height="403" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133.png" alt="Fear &amp; Greed Index | Source: alternative" class="wp-image-663490" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133.png 947w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133-300x128.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133-768x327.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133-150x64.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-133-696x296.png 696w" sizes="(max-width: 947px) 100vw, 947px">
 <figcaption class="wp-element-caption">
 Fear &amp; Greed Index | Source: alternative
 </figcaption>
</figure> 
Despite the surge in most assets like LINK, the confirmations have yet to appear on the charts. Like in the LINK daily chart, the bullish trend would continue once its price sustains above the Change of Character (CHoCH) mark of $15. 
Similarly, on August 12, Chainlink announced its esteemed partnership with an asset management firm specializing in tokenized financial products, Superstate. They wish to integrate LINK’s price data feeds into its tokenized treasury fund (USTB). The Superstate Short Duration US Government Securities Fund (USTB) would enable on-chain tracking of its net asset value. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Asset management firm <a href="https://twitter.com/superstatefunds?ref_src=twsrc%5Etfw">@superstatefunds</a> is now leveraging <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a>’s infrastructure for tokenized assets. How Chainlink Data Feeds and soon Proof of Reserve help bring critical NAV and AUM data onchain for Superstate’s USTB tokenized treasuries fund ↓<a href="https://t.co/4rrW2VcY05">https://t.co/4rrW2VcY05</a> <a href="https://t.co/K3OA6GnhAi">pic.twitter.com/K3OA6GnhAi</a>— Chainlink (@chainlink) <a href="https://twitter.com/chainlink/status/1823029513086755118?ref_src=twsrc%5Etfw">August 12, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
While this partnership marks an optimistic development for LINK, investors’ sentiments are mixed. Meanwhile, the on-chain data reflected expectation of a price rise and showed traits of potential sell-off signals.&nbsp; 
The announcement of the partnership was followed by a drop in the number of addresses holding LINK. Investors unhappy with the partnership might have offloaded their balances and cashed out. The number of transactions increased by more than 80%, too. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="329" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-1024x329.png" alt="On Chain data | Source: IXFI" class="wp-image-663485" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-1024x329.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-300x96.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-768x247.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-150x48.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-696x224.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132-1068x343.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-132.png 1331w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 On Chain data | Source: IXFI
 </figcaption>
</figure> 
This has suggested that investors may be positioning themselves to sell. In response, Technical analysis indicates that LINK investors should be cautious and prepared (DYOR). 
<h2 class="wp-block-heading" id="h-what-lies-ahead-in-link-s-daily-chart">What Lies Ahead in LINK’s Daily Chart?</h2> 
The overall trend is a bearish, as the price fell below the 50-day and 200-day EMA bands. However, the price is above the demand zone. Likewise, the MACD formed a bullish cross while the RSI pierced 14-SMA from below.  
<a href="https://in.tradingview.com/chart/LINKUSD/5LSG7Xa3-What-Lies-Ahead-In-LINK-s-Daily-Chart/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
LINK must cross the $12, and $14 resistance levels for investors to believe it’s bullish. On the contrary, if the prevailing trend continues, bears would be eyeing the $8 and $6 levels. 
The post <a href="https://www.thecoinrepublic.com/2024/08/14/chainlink-link-price-to-hit-20-soon-amid-partnership-news/">Chainlink (LINK) Price to Hit $20 Soon, Amid Partnership News?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Chainlink (LINK) Price to Hit $20 Soon, Amid Partnership News?

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