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- Chainlink is showing significant positive movement in the market with a 27.48% gain over the past four days.
- Currently, it is attempting to break the crucial level of $5 which will provide it a year-high point.
Chainlink has become one of the most attractive altcoins in this month. With the significant positive movement and strong fundamentals projections, it is becoming one of the recommended crypto assets for the portfolio of the investors.
Chainlink started showing gradual signs of positive movement from the starting of February. The altcoin started with a price level of $2.50 and broke the crucial level of $3.00 without any comprehension.
By the end of the month, it was again successfully broke another crucial level of $4.00. This indicates that the altcoin is building up significant bullish momentum in the market
Currently, with the price of $4.80 it is aiming to touch a strong level of $5.00. The market capitalization is $1,684,645,328 and volume traded of $623,795,386. The market pairs for chainlink are also performing well.
The LINK/BTC is at the level of $0.00054974 BTC with a 10.92% gain and LINK/ETH is at the level of 0.2149528 ETH with 12.67% gain.
Recently, the community also announced that it is having a partnership with Ethereum Classic. The partnership will integrate decentralized oracles into the ethereum classic network. Oracles are useful when it comes to integrating blockchain with traditional payment systems.
The technical graph also indicates that chainlink is in a position to make a significant bullish rally in the market. Fib retracement level has touched the mark of 1 which is a positive sign for the altcoin. MACD levels are also looking strong as they are in the bullish zone.
RSI is at a strong level of 70 and also have a negative divergence from the overbought region. However, CCI is in the overbought region but it is also having negative divergence which may lead to the normal region again.
Resistance level: $5.00
Support level: $4.50 and $4.10
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
