Chainlink Eyes New All-Time High Following Grayscale Listing

Chainlink made headlines after Grayscale announced that it would launch a new LINK trust fund for institutional investors, with the token’s price surging by 14%.
Chainlink Pumps on Grayscale News
Decentralized oracles token Chainlink resumed its uptrend after Grayscale revealed that it would allow accredited investors to issue trust shares backed by LINK. The shares will come with a lock-in period and are non-redeemable, similar to the other prior altcoin listings. 
Chainlink had endured a two-week-long consolidation period before Grayscale’s announcement. As the tenth-largest cryptocurrency by market capitalization made a series of lower highs and higher lows, a symmetrical triangle developed on its 4-hour chart. 
The news from the world’s largest digital asset manager catalyzed LINK to slice through the triangle’s upper trendline to hit a high of $31.40. 
LINK/USD on TradingViewNow, Chainlink could be preparing to advance to new all-time highs if the recent buying pressure persists. The height of the triangle’s y-axis suggests that its market value can rise by 37.50%, which puts LINK at a target of $41. 
No Resistance Ahead
Transaction history shows that Chainlink sits on top of a large demand wall with little to no resistance. 
Roughly 13,000 addresses had previously purchased nearly 50 million LINK at an average price of $28.60. Such a massive interest area could absorb any selling pressure behind this altcoin, capping its downside potential. 
In/Out of the Money Around Price by IntoTheBlockGiven the lack of supply barriers ahead, only a 4-hour candlestick close below the $28.60 support level might have …
Story continues on Crypto Briefing

Related posts

Everipedia (IQ) rallies 400% after an NFT collaboration with the Associated Press

Everipedia price spiked to its highest level in years following the project’s pivot toward NFT art. Non-fungible tokens (NFTs) continue to take the world by storm as evidenced by the March 16 announcement that Sotheby’s would be entering the NFT game…
AdoptionAltcoin WatchBasic Attention TokenBitcoin PriceCointelegraph.comFilecoinGrayscaleMarket UpdateMarkets

$60K Bitcoin price back in sight after Morgan Stanley and Fed announcements

Bitcoin bulls are making a renewed push toward $60,000 after the Federal Reserve and Morgan Stanley made announcements that could bode well for BTC price. Optimism returned across the cryptocurrency market on March 17 following a brighter economic forecast from…
Basic Attention Tokenbitcoin trustBitcoin.comChainlinkDecentralandFilecoinFinanceGBTCGrayscaleGrayscale Fundsgrayscale investmentsgrayscale stockinvestment trustslivepeer

Grayscale Launches 5 New Crypto Investment Products as Investor Demand for Cryptocurrencies Soars

Grayscale Investments has launched five new cryptocurrency investment products, which are now available for subscription by eligible individual and institutional accredited investors. The company now offers a total of 14 crypto investment products. The new products are the Basic Attention…