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Chainlink Price adds 13%, LINK/USD Bullish but will $30 Hold?

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Chainlink Price Analysis
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The Chainlink price is grinding higher, trading at around an all-time high, and back to the top-10. Although LINK prices have contracted, the uptrend is firm, and buyers are in the driving seat.

As of Feb 19, the LINK price is up 13 percent week-to-date versus the greenback, adding a ballpark five percent versus both BTC and ETH. However, on the last day, a resurgent USD is outperforming LINK.

The last few days’ horizontal oscillations following the breakout and confirmation bars of Feb 12 and 13 are sapping momentum.

Accordingly, even with bullish expectations, the average trading volume is down 19 percent on the last day.

There will be a revival in participation if LINK prices rise above the immediate resistance level of $36, in price discovery following the overvaluation of Feb 14.

Chainlink (LINK) Price Overview

Provided LINK/USD is above $30, every low may provide an opportunity for aggressive traders. Nonetheless, bulls will resume their uptrend if there is a sharp break above $36, as aforementioned.

Presently, buyers are in control. Note that even with a contraction in average trading volumes and horizontal consolidation of prices, the uptrend is firm. The LINK/USD price currently ranges inside Feb 12 and 13 bull bars with comparatively low trading volumes.

A surge past $36 with above-average volumes may see the LINK price liftoff to over $40. On the flip side, there could be a shock for bulls if prices sink below Feb 15 lows and the middle BB at around $30 with equally high participation levels.

Chainlink (LINK) Market Movers

The Chainlink project is a blockchain-agnostic decentralized oracle supplying DeFi protocols with approved real-world tamper-proof data feeds. Chainlink is the most adopted, finding integration in over 200 different open finance protocols.

There are 350 million LINK coins in circulation out of the 1 billion. Sergey Nazarov, the co-founder of the project, believes LINK/USD could do a 10X.

He explains that the availability of off-chain trusted and tamper-proof data on smart contracting platforms, especially in DeFi, is sparking different levels of innovation.

Without the robustness of Chainlink’s decentralized oracles, DeFi would be hemorrhaging millions of dollars, mostly through pricing exploits.

The latest to adopt is Badger DAO that’s promoting Bitcoin DeFi. Their daily DIGG rebase will be using Chainlink DIGG/BTC price feed.

Additionally, traders expect more liquidity. The LINK/sLINK pool is now active at Curve after launch by Andre Cronje—the founder of Yearn Finance.

Chainlink Price Prediction

Chainlink Price adds 13%, LINK/USD Bullish but will $30 Hold?

The Chainlink price is trading within a bullish breakout pattern. After easing past Aug 2020 highs at $20 in January 2021, the uptrend has been near parabolic.

From price action in the daily chart, buyers appear likely to push higher. Note that despite the spot consolidation, bull bars are banding along the upper BB in higher time frames.

Presently, their uptrend is with decent trading volumes. Besides, the consolidation might provide another opportunity for aggressive traders.

Because LINK/USD is oscillating within Feb 12 and 13 bull bars, every low may be a loading opportunity. The immediate bull targets will be first at Feb 14 highs of $36 and later $44—the 2.618 Fibonacci extension level of the June to August 2020 trade range.

For bears to take charge, the LINK price must sink below $30 or Feb 15 lows—around the middle BB, with relatively high trading volumes.

In that case, the resulting correction may see LINK/USD retest $20 in a retest.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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