The backbone of any asset is always what is going on in terms of network expansion. And Chainlink is at the forefront of this. Chainlink’s solutions have extended beyond the crypto industry in recent days, with DApps deploying them on chains other than Ethereum and BSC. Avalanche, Fantom, and Polygon were the most recent additions to the mix. While the network continues to expand, its investors gain from the increased use brought about by the recent price recovery.

LINK broke its downtrend again around 10 days ago, this time perhaps for good. Chainlink has a possibility to rise to $30.

Key Takeaways (LINKUSD)

• Chainlink (LINK) surged after receiving a grant. A post on the blog states, “To ensure that the Chainlink community and the broader smart contract economy can keep up with the ecosystem’s exponential growth, we are pleased to announce that TheLinkMarine has been awarded a grant to support the significant enhancement of chainlinkecosystem.com—an independent resource for the latest in Chainlink ecosystem integrations and collaborations. As a key contributor to this popular community resource and the news website Chainlink Today, TheLinkMarine is a good choice for this funding, which will be used to improve the ecosystem site’s original design and feature set.”
• 2021 has been a year of strong growth for the Chainlink ecosystem, with rising acceptance throughout Chainlink’s portfolio of decentralised services, which aim to assist the construction of a better society based on cryptographic truth. The Chainlink ecosystem currently includes 1,000+ projects, with the Chainlink Network assisting with the security of $75 billion or more in smart contract value throughout the multi-chain ecosystem.

Price Analysis of LINKUSD

Fear & Greed Index: 22, Fear

All-time High: $52.88

ROI: 15901.67%

24h change: 1.42%

7d change: 9.15%

Market Cap: $11,706,730,925

Circulation Supply: 467,009,550 LINK

Total Supply: 1,000,000,000 LINK 

Weekly Chart Breakdown of LINKUSD

Source: TradingView

On the weekly timeframe, LINK’s price is in a symmetrical triangle. As mentioned in our previous Chainlink Price Analysis, we predicted the recent rally towards $30. Right now, LINK is hovering over $25 and seems bullish. Alternatively, a break and a close below $25 will push the market towards $18.

Daily Chart Breakdown of LINKUSD

Source: TradingView

LINK’s price action is showing bullish rejections from the $25 level. We might see LINK rallying towards $30, as there is a 61.8% Fib retracement with the confluence of the falling trendline.

4h Chart Breakdown of LINKUSD

Source: TradingView

On the 4h time frame, LINK’s price is moving in an expanding wedge. The market has bounced from the support multiple times, and price action seems bullish right now. We might see a rally towards $27 in this or coming week. Alternatively, a break below $25 will push the market towards $22.

1 Hour Chart Breakdown of LINKUSD

Source: TradingView

LINK’s market is showing RSI bullish divergence on the 1h timeframe, and this could result in a rally towards $27. On the other hand, a break below $24 and the trendline will push the market towards $23.

Final Thoughts

Price action on all timeframes looks promising for the growth of Chainlink (LINK). However, you should always consider huge volatility and the high risks involved in trading crypto.