Price Analysis

LINK Price Correction to end soon, Is the New ATH Approaching at lightning Speed?

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After providing an opportunity to accumulate more ChainLink at $20, the LINK price recovers like a giant to chase the target at $30. The price currently appears to have successfully completed the correction phase and is heading towards the ATH to form a new one.

The accelerated LINK price rally may chase the target initially set at $50 and eventually go higher too. As per a popular analyst Johnny, the Chainlink price may also hit $150 in the coming days.

The trading volume also geared up close to 80% that led the price rally more than 16% to stand at the current levels around $30. As the initial target at $30 is accomplished, LINK marines now attempt to dive the price to the next target at $36 and eventually proceed towards $50.

Chainlink Price Analysis

Chainlink price closed the previous month’s trade with a plunge, close to levels around $23. However, with the beginning of the current month, the price exploded like never before and gained more than 30% since the last working day.

As Coinpedia reported earlier that the LINK price is ready to propel after a strong consolidation, it appears that the price has followed the plot. The trading volume experienced a massive spike which was absent in the recent past, and hence the price tends to explode to the higher limits. 

The 4-hour chart indicates a strong support line building around $23 indicating a positive momentum required to smash the levels around $35. The RSI indicator is also pretty bullish trending close to 80 levels. 

Technical Specifications

  • The resistance levels are formed initially at $31 and later at the ATH 
  • The support levels are formed at $23
  • The indicators point out towards a ‘buy’ signal

The on-chain metrics for LINK price, Github dev activity and Google trends continue to showcase a strong uptrend in the user interest. Moreover Chainlink integrations and adoption also continues to grow exponentially adopting more projects.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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