Chainlink, Monero, ETC Price Analysis: 12 August – AMBCrypto

August 12, 2020 By admin

The beginning of the week has introduced selling pressure in the cryptocurrency market as, the price of various digital assets including Bitcoin, was noticing a downward trend. In the case of Bitcoin, its trading price fell by 3.5 percent in the past 24-hours bringing its trading price to $11,339.

Source: CoinStats

While almost all the major cryptos followed this trend, even the better performing altcoins indicated the selling pressure in the market.

Chainlink [LINK] 

Source: LINK/USD on TradingView

Chainlink [LINK] has been one such performance-driven alt, that has been surging owing to its growth in the market. The altcoin ranks sixth in the cryptocurrency market, according to the CoinMarketCap list, in terms of its market cap of $4.5 billion. The alt has been providing a return of 524% in YTD for investors, as it was being traded at $13.06, at press time. For LINK there is a  resistance at $14.67 and support at $11.40. Despite the weak support and resistance, LINK price has been pulled to either side by the traders.

According to the Parabolic SAR indicator, the daily chart of LINK appeared to be bullish as the