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Price Analysis

Chainlink (LINK) Recovers From $20 and Continues the Rally

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Chainlink Price Analysis

Chainlink has regained the $23 level last touched in October. According to a recent tweet by Santiment, the 20th-ranked LINK was able to do so due to investors’ continuous unfavorable sentiment since October.

The analytics team has proposed two crucial criteria that, if met, will allow LINK to prosper in the future. There is little enthusiasm and a lot of FUD. According to Santiment’s tweet, LINK will thrive as long as these two parameters are met. Like many other altcoins, LINK hit a new all-time high in May of this year, when the flagship cryptocurrency, Bitcoin, surpassed the $63,000 mark. Prior to that, Tesla CEO Elon Musk managed to declare that the business would begin accepting Bitcoin as payment for e-cars, only to later discontinue such payments due to mining-related environmental difficulties.

On May 10, LINK reached an all-time high of $52.88. Since then, it has dropped to a low of $13.78 on July 20 and, since then, the highest price points Chainlink currency has been able to attain have been $34 on September 6 and Nov. 11.

Key Takeaways (LINKUSD)

  • An Ethereum whale has acquired 45,999 LINK for $1,034,075, according to a recent tweet by WhaleStats.
  • The recent rally could be due to a collab between Chain and Waterfall DeFi. As Waterfalldefi has integrated Chainlink Price Feeds on BSC, enabling its novel tranching products to reference tamper-proof price data.

Price Analysis of LINKUSD

Fear & Greed Index: 23, Fear

All-time High: $52.88

ROI: 14917.19%

7d change: 6.55%

Market Cap: $10,975,858,991

Circulation Supply: 467,009,550 LINK

Total Supply: 1,000,000,000 LINK 

Weekly Chart Breakdown of LINKUSD

LINK Price Analysis

Source: TradingView

The market recovered from $20 and has been rising ever since. The bullish momentum might push the price towards $30.

Daily Chart Breakdown of LINKUSD

LINK Price Analysis

Source: TradingView

A break and close above $25 on daily might push the market towards $30.

4h Chart Breakdown of LINKUSD

LINK Price Analysis

Source: TradingView

On 4h, bullish momentum seems strong if the bulls can break above $25, there is a chance of a retest and continuation of this rally towards $28.

1 Hour Chart Breakdown of LINKUSD

LINK Price Analysis

Source: TradingView

The market sentiment at this point seems bullish. A break and a close above $25 will be significant for LINK.

Final Thoughts

2021 was a year of massive growth for Chainlink. Supporters of Chainlink still hope for its success and growth in 2022.

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

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