Chainlink Rises 50% in a Week, LINK Price Rally Set to Break ATH
Chainlink is finally joining the crypto price rally after LINK’s price broke above $16, with our technical analysis indicating there is plenty of room for a rally passed $20 and its ATH.
Chainlink is finally joining the crypto price rally after LINK’s price broke above $16. Our technical analysis indicates that there is plenty of room for a price rally passed $20 and on to a new all-time high (ATH).
Chainlink has been lagging behind Bitcoin and the rest of the crypto market over the past few weeks, hovering around the low $10 range. As of LINK’s overnight rally, the LINK price has now gained around 50% since the start of 2021.
LINK’s price has seen a massive surge from its recent lows of $8.00 that were set in December when the entire market experienced a temporary downtrend. At the time of writing, the Chainlink price up over 15.54% in the last 24hrs and its current price is $16.68 according to CoinMarketCap.
As Bitcoin and Ethereum rallied bringing most of the crypto market along for the ride, LINK appeared to face intense resistance at around the $14 dollar level. After breaking through this resistance where it has consolidated the past week, LINK quickly surged above $16.
LINK’s price consolidation appears to be over and Chainlink’s token could easily see a price of above the $20 level shortly as the crypto bulls take over the market.
LINK Price Analysis
Source: LINK/BTC TradingView
If we look at the LINK/BTC chart, we can notice that there was a false breakout a few days ago, and it quickly went back up and traded within the range. Our view is slightly positive towards the next price movement and it has the potential to break upwards.
Source: LINK/BTC TradingView
In the first part of 2020, LINK was one of the leading performers in the cryptocurrency market, and history may repeat itself in the first quarter of 2021. LINK/BTC is in the area of strong buying interest now and the price could easily increase 2x - 3x in the next couple of months. However, we cannot overlook the risks, and we just need to observe if the previous low of the weekly bar of LINK/BTC will be defended in the future. If the support is held, it could see the LINK price surge to the $20 ~ $30 area and record a new all-time high.
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