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Home Technical analysis

After 65% Rally, ChainLink Just Surpassed a Major Level For First Time in 3 Months

Joseph Young by Joseph Young
12 months ago
in Technical analysis
Reading Time: 2min read
After 65% Rally, ChainLink Just Surpassed a Major Level For First Time in 3 Months
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ChainLink (LINK), the 17th most valuable cryptocurrency in the market, surpassed the $2.8 level for the first time since November 2019 after a  65 percent rally.

With strong partnerships, ChainLink has maintained an active community of users, investors, and developers throughout the past year. It is one of the few cryptocurrencies to be down less than 40 percent from its record high.

Major cryptocurrencies like Ethereum, XRP, and Bitcoin Cash are generally down by 85 to 95 percent from their all-time highs.

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Where is ChainLink headed next?

In the short-term, technical analysts anticipate ChainLink to test heavy resistance levels above $2.8, between $2.8 to $3.7.

One trader noted that initial exchange offerings (IEOs) are starting to see some momentum after a slow past six months.

He said:

“A breakout above $2.33, retest & continuation. Approaching the next target at $2.80 for a nice 21% move here. Meanwhile; IEO’s starting to show a slight sign of life as BNB is bouncing upwards as well.”

The overall positive trend of IEOs could act as a catalyst for cryptocurrencies like ChainLink.

chainlink price
ChainLink rises 65% in the past two weeks (Source: TradingView)

Big volatility expected

On January 16, NewsBTC reported that Binance Futures integrated ChainLink. It now allows users to trade the cryptocurrency with up to 75x leverage.

Often, when a major futures trading platform integrates a cryptocurrency, it tends to see significant volatility.

XRP and ETC, for instance, saw significant short-term price movements almost immediately after Binance Futures integrated the two assets.

If ChainLink cleanly breaks above $2.8, which has acted as a heavy resistance level throughout the past year, the expected volatility could play into the favor of the asset.

On the side of fundamentals, the infrastructure of ChainLink is being used by conglomerates like Google. 

On June 14, 2019, the Google Cloud team released a detailed blog post on using the BigQuery ChainLink Oracle, officially mentioning a blockchain project for the first time in the context of cloud.

At the time, Sergey Nazarov confirmed it is working with Google to as an on-chain data provider to assist in the usage of blockchain technology.

In the short-term, however, technicals such as the clean break of resistance above $2.8 and the overall improvement in the sentiment around the crypto market are likely to be the biggest factors for the upside potential of ChainLink.

Traders target $9,400 for bitcoin

Throughout the past two weeks, bitcoin and the altcoin market have risen in tandem. It indicates that the upsurge is more than just a short squeeze.

Break 9000, 9400 is next

Get rejected here, we possibly head back down to retest 8600$BTC pic.twitter.com/9H1Fx3Qv0k

— Satoshi Flipper (@SatoshiFlipper) January 17, 2020

After the bitcoin price hit $9,000 across major platforms like Binance, traders are targeting $9,400 at the least, and $12,000 as a macro target.

A strong break above $9,000 by bitcoin would further provide strength to the altcoin market.

Tags: chainlink
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Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

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