Chainlink trading volume surpasses Bitcoin on Coinbase Pro, LINK/USD faces bearish correction

• LINK recently surpassed BTC to become the most traded cryptocurrency on Coinbase Pro. 
• LINK’s 24-hour trading volume on Coinbase Pro was $163 million.
• BTC’s trading volume was $96.48 million.

On August 9, Chainlink’s LINK outperformed Bitcoin to become the most traded cryptocurrency on the Coinbase Pro exchange. According to Messari, LINK’s 24-hour trading volume on Coinbase Pro was $163 million, around 70% higher than BTC’s trading volume of $96.48 million. Nevertheless, LINK’s 24-hour aggregate global volume of $3.13 billion still amounts to just 17% of Bitcoin’s global overall volume of $17.53 billion. 

Just recently, LINK’s price surged to a lifetime high of $14.38. The coin has gained 68% in the last week alone. While LINK’s year-to-date gain stands at 700%, Bitcoin’s price gain stands at 61%. According to IntoTheBlock data, all 184,330 LINK addresses are currently making a profit on their investment. LINK’s sudden rise can be attributed to the increased usage of Chainlink’s price oracles in the DeFi space.

The surge in LINK’s price and trading activity comes just a few days after Zeus Capital LLP, an asset management firm, accused Chainlink of manipulating prices and spreading fake partnership news. 

LINK/USD daily chart

LINK/USD experienced bearish correction following two straight bullish days as the price consolidates inside the pennant formation. The price fell from $13.89 to $13.85. MACD shows increasing bullish momentum, while the RSI is hovering inside the overbought zone.

LINK/USD has one strong resistance level at $13.89. On the downside, we have healthy support at $9.54, $9.10 (SMA 20), $8.66 and $7.22 (SMA 50).