Chainlink (LINK) Coin Persists With Its Price Discovery Journey

Chainlink coin price registers new ATH of $23.61 during current market session
  • Chainlink coin price levels continued their uncovering of new bullish regimes registering a new ATH at $23.61 
  • The LINK/ETH pair also performed positively with an overall gain of 8.86% bringing the current level to 0.01800 ETH
Source: Coinmarketcap

The intraday chart of Chainlink coin reflects on the significant bullish momentum built by the price levels registering new ATH during the current market session around $23.00. The CMP is placed at $22.02 with a massive gain of 9.81% bringing the market capitalization to $8,969,166,495 resulting in an uptrend of 11.23%. The 24-hour volume traded has reached $4,845,770,747 causing a moderate decline of 0.74%. On the contrary, the price levels have registered a 24-h low around $19.78. For sustaining its ongoing positive momentum, the price levels must sustain above the crucial bullish mark of $20.00. 

Is Chainlink Price Prediction of Three Figures Vague or Precise?

Individualistic blockchain researcher, The Crypto Oracle, said that the current rise in the prices of Chainlink is mainly associated with the expansion and maturity of the DeFi ecosystem. According to him, the rise in the demand for DeFi related projects is gonna spike up in which Chainlink will acting as the main engine for market data and off-chain computation. This can surely increase the scalability of the decentralized oracle network and might take its trading price to new heights.    

Chainlink Coin Price Re-enters Rising Channel Forming New ATH

Source: Tradingview
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The technical chart of Chainlink highlights the tremendous bullish momentum build by the price levels forming a rising channel on the chart. There was moderate retracement witnessed during yesterday’s market session (January 17, 2020) but with the help of a support line placed at 0.236fib level, the bulls bounced back firmly registering a new ATH around the price level of $23. The price levels are showcasing ample magnitude of sustainability above the crucial bullish mark of $20.00 while facing moderate resistance at $24.00.

Accumulation/Distribution (BULLISH): The levels haven’t shown any significant signs of retracement suggesting that the accumulation phase is still in continuation for the crypto asset. 

RSI-55.94 (BULLISH): The levels are holding the bullish regime quite well on the chart suggesting that it might again target a positive breakout to the overbought region.   

MACD (BEARISH): The levels have faced a bearish crossover and started to form red candles on the histogram which might be the indication of moderate corrections for the digital asset. 

Resistance Level: $24.00

Support Level: $20.00 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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