Chainlink Price Prediction as $400 Million Trading Volume Comes In – Are Whales Buying?

cryptonews.com:

The price of Chainlink (LINK) has dipped by 0.5% in the past 24 hours, slipping to $7.64 as the wider cryptocurrency market suffers a 1% fall today.

LINK remains up by 4.5% in the past week, with the coin's 24-hour trading volume rising to $400 million in the past couple of days, as it appears to benefit from this week's announcement that Chainlink-based price feeds are now live on Base, Coinbase's very own Ethereum layer-two protocol.

This development has helped to put LINK up by 23% in the last 30 days, with the altcoin also up by 37% since the beginning of the year, as it looks set to continue its gradual recovery over the next few months.

Chainlink's price chart has now reached a bullish position, with its relative strength index (purple) having risen close to 70, up from 30 last week in a sign of gathering momentum.

Another sign of intensifying momentum is LINK's 30-day moving average (yellow), which has begun climbing beyond its 200-day average (blue), with the indicator having more room to rise higher before the altcoin becomes overbought.

Of course, it needs to be rembered that LINK has been falling since the middle of July and that there's no guarantee that this medium-term slump has finished yet, especially when its support level (green) appears to be sliding further.

However, Chainlink remains a fundamentally strong cryptocurrency, implying that its recent falls have put it in an oversold and undervalued position, and that it really is overdue a rebound.

This was underscored by the fact that Chainlink has been chosen to supply price feeds to Base, Coinbase's under-development layer-two network.

This is a big endorsement for Chainlink, which has slowly been expanding under the radar during the ongoing bear market.

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