Chainlink eventually exits the crypto market rally after the price of LINK broke above $16. Our technical review reveals that there is plenty of space for a $20 price rally and a new peak all-time rally (ATH).
Over the past few weeks, Chainlink has lagged behind Bitcoin and the majority of the crypto industry, lingering in the low $10 level. As of the night rally of LINK, the price of LINK has already risen by about 50 percent since the beginning of 2021.
LINK’s price has seen a huge spike from its previous $8.00 downtrend set in December, when the entire market witnessed a temporary downtrend. At the time of publishing, the Chainlink price has increased by more than 15.54 per cent in the last 24 hours and its present price is $16.68 per CoinMarketCap.
As Bitcoin and Ethereum surged to pull much of the crypto industry along for the ride, Connect seemed to face extreme resistance at a $14 dollar range. After breaking through this resistance, where it was consolidated over the past week, Connect quickly grew above $16.
LINK’s price consolidation appears to be over and Chainlink’s token could easily see a price of above the $20 level shortly as the crypto bulls take over the market.
LINK Price Analysis
If we look at the LINK/BTC chart, we can see that there was a false breakout a couple of days ago, then it quickly got back up and traded inside the range. Our outlook is slightly optimistic about the next price change and has the potential to split up.
In the first part of 2020, Connection was one of the leading performers in the cryptocurrency industry, and history could be replicated in the first quarter of 2021. LINK/BTC is now in the region of high purchasing demand and the price could easily climb 2x-3x in the next few months. However, we cannot disregard the threats, and we only need to see if the previous low of the weekly LINK/BTC bar is to be defended in the future. If the help is sustained, the Connection price rise to the $20 ~ $30 region could be seen and a new all-time high could be recorded.
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