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At present, Bitcoin seems to be struggling to gain bullish momentum above the $27,300 barrier. This bullish sentiment extended to many other large-cap cryptocurrencies. At present, Chainlink (LINK) Price is poised to move higher as technical support bullish price targets.
The weekly chart of Chainlink is showing a sideways trend, which is followed by modest price corrections at regular intervals.
The price is currently sitting at $12.52, testing its resistance zone of $12.89 and the following support zone of $10.19 if it breaks above the resistance zone. Again can see a bullish trend.
LINK Price Analysis
Since December, although the price of cryptocurrency has slowed, it has been in the consolidation process. Consolidation appeared to be a descending triangle, with a fake-out that recently led to a sudden 23% decrease in the 6-hour candle.
However, after this plunge, the price has surged, with the same in the descending triangle trend. If this is to continue, we may expect LINK to evolve further and pass sideways.
At press time, Chainlink price is trading at $12.00 USD with a 24-hour trading volume of $1,829,310,371 USD. LINK is down 1.89% in the last 24 hours. The current CoinMarketCap ranking is #10, with a market cap of $4,781,604,092 USD.
Currently, Chainlink (LINK) is testing its resistance zones with a negative trend from last week, and now can be in a consolidation phase. If it breaks above the resistance level and 200 days SMA, we can further see a bullish trend in the upcoming year of 2021.
Will LINK Enter the Top 3 Crypto Market?
Popular YouTuber, investor, and trader with Twitter handle @QuintenFrancois seems to be super bullish on Chainlink. According to his recent tweet, he believes that LINK would one day be ranked as the 3rd most valuable cryptocurrency (after $BTC and $ETH). The investor strongly believes this will happen by the end of 2021.