The crypto market is in the green, the bull run in the market continues with BTC eyeing gains to $50,000. Chainlink’s price resumed its climb after dipping to lows of $25.25 on February 10. The smart contract token had attained record highs of $28.64 before the bears took their toll. A fresh upswing on LINK/USD targets a $30 high as chainlink rises in tandem with the rest of the market. At the time of writing, Chainlink is exchanging hands at $27.93 after reaching intraday highs of $28.58. Chainlink is significantly up from its opening price of $26.82, having gained 4.40% on the day and 17.12% on a 7-day basis. Ranking 9th largest, LINK market valuation stands at $11.36 billion with a present circulating token supply of 405 million and $3.21 billion in trade volume over the past 24 hours. A Feb 10 official blogpost stated that Chainlink price feeds can now fetch high-quality FX price data. Foreign Exchange (FX) rates are of particular interest within the DeFi space for creating options, futures, and other complex derivatives. This move could be the initial step to systematically onboard FX markets that have an average daily volume of $7 trillion onto DeFi.
*Chainlink price resumed its climb after dipping to lows of $25.25 on February 10
*Chainlink is exchanging hands at $27.93 after reaching intraday highs of $28.58
*Chainlink’s official blogpost stated that Chainlink price feeds can now fetch high-quality FX price data
Resistance Levels: $33.00, $30.00, $28.64
Support Levels: $25.25, $23.00, $21.12
LINK/USD Daily Chart: Bullish
LINK/USD Daily Chart
After consolidating at around $25 in the latter part of January, Chainlink’s climb to highs of $27 on Feb 5 was followed by a pullback. Based on previous antecedents, Chainlink price gains have always been punctuated by a period of consolidation or minor pullback. The recent rejection at $28.64 unveiled fresh support at $25.25. LINK/USD must avoid a fall beneath this level to avoid a steep correction.
A brief consolidation may ensue and LINK may be forced to revisit support at $23 and the MA 50 located at $19.25. On the contrary, If the price rises from the current levels and breaks above $28.64, the LINK/USD pair may rally to $30 and then $33. The RSI just above the midline still has room for further growth.
LINK/USD 4-Hour Chart: Bullish
LINK/USD 4-Hour Chart
LINK began its upward climb after it hit support at $25.25. LINK is seeking to extend its bullish leg past the barrier at $28.64, reaching intraday highs of $28.58. A sustained breach beyond $28.64 holds the key to LINK uptrend eyeing $30. On the contrary, if the price turns down due to the resistance at $28.64, LINK sits atop of robust support located at the 4-hour MA 50 ($25.73).
However, losing this key support level would be a breakdown capable of pushing Chainlink’s price down to the MA 200 support at $22.02 and then $20. The LINK/USD pair is only bullish while trading above the $25 level, key resistance is found at the $28.64 and the $30 levels.
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