LINK was up 4% on Friday during a five-day winning streak.
Cryptocurrencies face resistance at 50-day moving averages
Investors should buy for potential corrections and target $8
Friday’s intraday gain of 4% chain link price (LINK/USD) to $6.9. The token is clearly bullish after overcoming resistance at $6. Cryptocurrencies have been printing green candlesticks for the past five days. There are no clear fundamentals for the surge, but expectations regarding Chainlink 2.0 economics may be driving demand for his LINK. What lies ahead?
Chainlink Staking (v0.1), one of the key changes introduced in Chainlink Economics 2.0, is very close. The developer announced that the staking feature will go live on Ethereum mainnet on his December 6th. Eligible addresses can stake up to 7,000 tokens in the capped v0.1 staking pool. The staking pool will open to general access on December 8th at 12pm ET. From there, anyone can bet up to the initial cap of 7,000 LINK tokens per address. The staking pool will initially be limited to 25 million LINK tokens or 5% of the circulating supply.
The launch of staking will allow users to participate in the growth of the Chainlink ecosystem. Users can commit tokens to smart-her contracts for rewards. As with most changes, native tokens tend to perform better than primary development. Potentially, this is why LINK is witnessing a bullish surge.
LINK Attempts Recovery Above Moving Averages
The technical outlook for the Chainlink token shows that it is on the rise in the short term. The token price has broken above the 20-day moving average.
A bullish MACD crossover has also occurred, with indicators showing improving momentum.
Will LINK remain bullish?
recovery above $6 chain link Opportunity to remain bullish over the medium term. However, the 50-day moving average is resistance. It will be interesting to see if the bears force a correction at his 50-day moving average.
As long as the LINK price stays above $6, the adjustment will attract buyers. In the medium term, LINK is likely to rise to find resistance at $8.
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