Chainlink (Ticker: LINK) rebounded from its short-term corrective downtrend on Wednesday as its price surged 9 percent on a 24-hour timeframe.
The LINKUSD exchange rate established an intraday high near $14.11 on Binance exchange, up 21.95 percent from its week-to-date low. The pair’s gains appeared despite a broader sell-off in the cryptocurrency market, wherein the overall valuation fell by more than $8 billion.
Chainlink chart on TradingView.com shows its bullish continuation bias.
What helped the Chainlink token during the turbulent 24-hour period is the growing demand for DeFi assets. Traders increased their bids for LINK, COMP, MKR, and other decentralized finance tokens after the launch of Yam Finance.
The new “yield farming protocol” went live on …