Chainlink has surged by 15% in the past 24 hours, with the LINK price reaching $17.91 on a day when the wider crypto market has risen by 2%.
LINK is now up by an impressive 29% in the past week and 16% in the last 30 days, with the utility token also having gained by 146% in the past year.
Yet its momentum looks like it’s about to peak, potentially bringing a correction in the coming days and/or weeks.
Traders may therefore do well to investigate promising alternatives, with innovative ERC-20 coin Meme Kombat on course for big listings after raising $8 million in its presale.
Is It Too Late to Buy Chainlink? LINK Price Blasts Up
LINK’s chart definitely shows considerable momentum right now, and it may be that this momentum continues for one or two days.
Yet the coin’s indicators do also suggest that things are close to peaking, with its relative strength index (purple) touching 70 today, close to overbought territory.
Source: TradingView
At the same time, LINK’s current price has shot beyond its 30-day average (yellow), which in turn is racing further above the 200-day average (blue).
Again, this signals overheating, meaning that a correction may have to follow soon enough.
One encouraging sign, however, is that LINK’s 24-hour trading volume has jumped considerably, reaching $1.8 billion today.
This represents a 500% increase compared to where the volume was only a few days ago, indicating a strong bounce in interest.
Indeed, the past few days had brought news of some large LINK transfers, with January 30 witnessing a transfer from Binance worth $22 million.
1,509,650 #LINK (22,743,359 USD) transferred from #Binance to unknown wallethttps://t.co/hItS25r1su
— Whale Alert (@whale_alert) January 30, 2024
Aside from the fact that the market is gradually becoming more bullish, Chainlink’s recent fortunes are also the result of growing usage.
Its blockchain serves as an ‘oracle’ network for other blockchains and cryptocurrency platforms, providing reliable data with applications in DeFi, Web3 and other areas.
It’s likely to continue attracting more usage as the wider cryptocurrency sector returns to consistent growth, something which can only push the LINK price higher over time.
Traditional financial institutions need data, compute, and cross-chain capabilities to adopt blockchains and tokenized #RWAs at scale.
Only the Chainlink platform provides all three.https://t.co/PwvLwsN5To pic.twitter.com/bJw2FG5TVC
— Chainlink (@chainlink) February 1, 2024
It’s likely to reach $25 by the spring, and potentially $50 by the end of the summer.
Unique Gaming and Staking Model Propels MK Token
Because LINK may be too hot right now and close to correcting, many traders may prefer to turn to alternatives, particularly newer coins that have yet to enjoy initial growth spurts.
There’s a growing selection of such alts in the market this year, with several holding presales that have enabled them to gain momentum in the buildup to their listings.
For example, Meme Kombat (MK) is an ERC-20 coin that has raised close to $8 million in its hugely presale.
Can you believe that we’re almost in the final stretch of our presale?
$7.9 million and approaching $8m very quickly pic.twitter.com/UszuTKH0UH
— Meme Kombat (@Meme_Kombat) February 2, 2024
Meme Kombat’s presale has been so successful because the platform offers something unique within the meme coin category.
Namely, it’s also a social gambling platform, with users able to bet on the results of AI-generated battles between meme characters.
The use of AI means that results will be randomized, while the use of smart contracts ensures transparency and fairness.
Players can place bets using MK tokens, something which will feed demand for the coin, while winnings will also come in the form of MK tokens.
On top of this, MK holders can stake the coin, earning themselves a passive income, which comes in addition to any price gains and winnings.
And because MK offers staking, a substantial percentage of its supply may leave circulation, boosting relative demand and its price.
Staking Numbers
We have paid out more than 7m $MK in staking rewards.
There are now more than 11,000 active stakers! pic.twitter.com/qhXvcXBCVT
— Meme Kombat (@Meme_Kombat) February 2, 2024
Its presale is likely to end in the next few weeks, given that it has a hard cap of $10 million.
Yet investors can still join by visiting the official Meme Kombat website, where they can buy MK at a price of $0.279 per token.
Such a price is likely to seem very cheap once the coin lists on exchanges, with early signs suggesting that demand for the token will be very high.
Visit Meme Kombat Now
The post Is It Too Late to Buy Chainlink? LINK Price Blasts Up as Unique Gaming and Staking Model Propels MK Token appeared first on Cryptonews.
