LINK Token Reaches Seven-Month High After 10% Surge
Chainlink's (LINK) token rose 10% to over $24, marking a seven-month high and a 42% increase in one week. Key factors include:
- A partnership with Intercontinental Exchange to integrate foreign exchange and precious metals pricing data on-chain.
- The Chainlink Reserve program aims to convert revenue into LINK tokens, creating ongoing buying pressure.
Technical Indicators
- LINK is above the 50-day and 200-day moving averages, indicating bullish momentum.
- Resistance is near $24, while support is between $21.00 and $21.30.
- The relative strength index (RSI) is at 72.72, nearing overbought territory.
- A breakthrough above the $24.10-$24.13 resistance zone may lead to further gains.