The Chainlink price pulled back from its all-time high but remains in range mode.
As of writing on Jan 20, the coin is changing hands at around $21, down three percent on the last day but adding 47 percent in the past week of trading. Week-to-date, Chainlink continues to outperform ETH and BTC, posting double-digit gains against these crypto leaders.
Overly, the path of least resistance is northwards as the investment community pin their hopes on the role of Chainlink.
This could explain why the average daily volumes remain steady at $1.3 billion despite the contraction of the last day of trading.
Chainlink (LINK) Price Overview
The Chainlink price is within a bullish breakout pattern versus the USD.
Highlighting last week’s performance is the rapid gains of the past week. Justifying the double-digit gains versus the USD, the LINK/USD price is above $20, a psychological level, previously support.
Technically, LINK bulls will remain in charge as long as prices are trading above $20. However, for trend continuation, a surge past LINK’s all-time high above $24 could trigger FOMO, propelling the token valuation to new levels.
In turn, this could push the token up the leader-board, flipping Bitcoin Cash and Cardano in the process.
Conversely, losses below August 2020 highs may pour cold water on LINK’s prospects. The resulting cool-off may see traders fade the current trend in a move that may cause a sell-off back to critical supports at around $17.
Chainlink (LINK) Market Movers
The Chainlink project plays a critical role in DeFi and blockchain, linking vetted real-world data to smart contracts. Like Bitcoin and Ethereum, Chainlink is the first blockchain oracle that’s now enjoying the first-mover advantage as a leader and pioneer.
Over 200 DeFi and blockchain projects spread across several projects have integrated the decentralized oracles of Chainlink. Because of its utility, there has been countless innovation in Ethereum since reliable data would be sourced from approved sources, enabling other processes.
The latest to do so is Prophet Finance. They will use Chainlink’s oracles for “decentralized no-loss lottery to pick winners in a provably secure and fair manner.”
Outside of its role in the secure and tamper-proof supply of smart contract data, the project continues to improve, recently releasing v0.9.9. This version packs better private key management with better database performance and reliability.
🚨 #Chainlink Release v0.9.9 🚨
– Improved private key management for OCR, P2P, and ETH
– Improved database performance and reliability
– Tuning parameters for Off-Chain Reporting mechanism
– Key management deletion protections
Chainlink Core V1.0 incoming? 🤔 pic.twitter.com/e7GidiBxh3
— ChainLinkGod.eth (@ChainLinkGod) January 18, 2021
The Chainlink architecture is designed to evolve, easily adaptable to new oracle models ensuring fluidity without disruption of services.
Chainlink Price Prediction
The Chainlink price is trading within a bullish breakout pattern.
With a defined trend, every low is technically a loading opportunity for aggressive traders.
In the immediate term, resistance lies at $24—the token’s all-time high.
Since LINK/USD prices are trending inside Jan 17 high low, bouncing off Aug 2020 highs—now support, at $20, bulls are back in content. Backing this is volumes analysis favoring buyers.
Notably, the last few days’ consolidations have relatively low trading volumes, below those of Jan 17. Accordingly, as long as prices trend above $20, traders may find an opportunity to ramp up the dips with immediate targets at $24.
Beyond that, the first buy target will be $30, the 1.618 Fibonacci extension of the H2 2020 trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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