The crypto market is a mixed pattern of red and green after BTC’s dead cat bounce past $33k. Few Altcoins such as Chainlink are trading in the green, posting double-digit gains. Chainlink’s price has risen substantially through the course of 2021 to set fresh all-time highs at $25.50. Chainlink saw a massive liftoff when it embraced support at $17 on Jan. 22 while extending its bullish leg higher today. At the time of writing, Chainlink is exchanging hands at $24.95 after reaching intraday highs of $25.50. On a 24-hour and 7 day basis, the decentralized oracle token is up by 15.98% and 16.38% respectively. Presently, LINK has a 402 million circulating token supply, with $5.1 billion in trade volume over the past 24 hours. At a current market cap of $10.1 billion, Chainlink flips Litecoin to rank 7th largest. This feat comes after it surpassed Bitcoin Cash earlier this week. Chainlink’s price surge coincides with rumors earlier in the week that Grayscale is preparing to add a Chainlink Trust product.
*Chainlink saw a massive liftoff when it embraced support at $17 on Jan. 22 while extending its bullish leg higher
*At the time of writing, Chainlink is exchanging hands at $24.95 after reaching intraday highs of $25.50
*At a current market cap of $10.1billion, Chainlink flips Litecoin to rank 7th largest
Key levels
Resistance Levels: $30.00, $27.50, $25.50
Support Levels: $21.21, $17.10, $15.00
LINK/USD Daily ChartChainlink rallied to intraday highs of $25.50 before pausing the uptrend. If the bulls can sustain the price above $25.50, the LINK/USD pair could be on its way to set new record highs. A breakout and close above this barrier may resume the uptrend, with the next target at $27 and then $30. Chainlink price gains have always been punctuated by a period of consolidation or minor pullback.
If the price turns down from current levels, brief consolidation may ensue. The first level of support is at $23.73 (before January 2021 high). Primary support is envisaged at $20 which was the previous all-time high in 2020. The trend will turn in favor of the bears if the price drops below $17.10, in this scenario a pullback to $14.78 and $12.33 coinciding with the MA 50 and 200 support may be likely.
LINK/USD 4- Hour ChartChainlink’s 4-hour chart indicated that the oracle token met immediate resistance at $25.50, dipping slightly to $24.56 as at press time. If LINK is unable to go past this immediate barrier, a strong dip to the support at $21.12 which coincides with the MA 50 close may seem likely. On the upside, Chainlink’s price has hit its target but aims for even more amid immediate bullish momentum.
LINK’s next leg up could drive its price towards $27 and $30. The LINK/USD pair is only bullish while trading above the $21 level, key resistance is found at the $25.50 and the $27.50 levels. If the LINK/USD pair trades below the $21.12 mark, sellers may test the $17.10 level and $15.44 coinciding with the MA 200.
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