Even Though Chainlink (LINK) Spiked to $9, Dave Portnoy Isnt Buying It

Wednesday 05 August 2020, 1:26 PM AEST - 1 month ago

Its been an explosive past few days for Chainlink (LINK), despite the implosion Bitcoin saw on Saturday evening.

As reported by NewsBTC, the price of the popular altcoin surmounted $9 for the first time ever on Monday. The asset reached a local high of $9.40 at the time of our report, around 5% above the previous all-time high of $8.94. Blockchain analytics firm Santiment suggested that the surge came on an uptick of trading volume and social sentiment.

While Chainlinks price action is impressive, it isnt convincing Barstools Dave Portnoy to buy the coin.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

Chainlink Continues Surge as Analysts Remain Bullish

Since NewsBTCs last market update on Chainlink, the asset has continued to trend higher. Just minutes ago, the cryptocurrency hit a price of $9.85 — nearing the pivotal $10 level.

Analysts remain optimistic as the technicals remain skewed in favor of growth.

One trader, for instance, shared the chart below. It indicates that the four-hour 50 moving average and 100 moving average have seen a bullish cross. The trader who shared the chart wrote in reference to this technical signals implications:

Going strong here and on the 4H we have the 50MA crossing the 100MA which is clearly telling the direction for now. Chart of LINK's recent price action with the 50 and 100 moving averages (simple, four-hour chart) from trader Steve (@Thetradingtramp on Twitter). Chart from TradingView.com

IntoTheBlock, a blockchain analytics firm, has separately noted that the asset has a slew of positive indicators despite weakness in the rest of the cryptocurrency market.

Data from August 3rd from the company suggests that Chainlink is growing as a network while LINKs order book is being skewed by buyers.

Dave Portnoy of Barstool Sports Isnt Buying It

Despite LINKs price strength, which has made it a top-performing cryptocurrency in 2020, Barstools Dave Portnoy is

Read full story on NewsBTC