- Chainlink coin price is observing an upside trend on the daily chart. It can see give a breakout above the downside parallel channel
- LINK widespread adoption to its users may push it beyond $50. In contrast, the LINK/BTC pair is seeing a loss of more than 6% in the intraday session.
Chainlink is one of the major blockchain abstraction layers which connects smart contracts universally. The network of LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, various security auditors, and many more. Chainlink has an ROI of more than 2330%, which has always filled its investors pocket with profits. LINK crypto price is currently seeing a positive correction and is trading near the value of $16. The LINK/BTC pair can also see an upside correction in the future. One should wait for the conformational breakout in Chainlink before investing in the project
Chainlink has a market dominance of more than 0.55% and has a market cap of $15,886,096,549. It is ranked 15th in the CMC and has seen a decrease of 6% in the trading volume. The volume to market capitalization ratio for LINK is near 0.09 ,suggesting a consolidated momentum in price.
Technical Indicators Hints The Uptrend In The LINK Crypto Price
The weekly technical chart of Chainlink suggests a strong downtrend in the price for upcoming weeks. On the daily time frame, LINK price may see a strong uptrend in the future. Resistance for Chainlink while going upwards can be observed near $25. The support in the price on the downside can be found near $12. It is trading below 50 and 100 Daily Moving Average. The 50MA line is near $21, making it a temporary resistance zone for the price. In the daily time frame,the LINK price has formed a downward parallel channel. If the coin price moves above the mark of $30, then a strong bullish momentum can be seen in upcoming days. LINK/BTC pair can also break its previous resistance and can touch new highs in future.
LINK crypto price has given a return of more than 250% to its investors in the past and can see the same gain in the future. It is currently in a slump but can soon revert to the bullish momentum. Investors should do their due diligence before investing.