Chainlink Price Prediction: LINK is ready for a new all-time high above $20

Chainlink was perhaps the best performing cryptocurrency in 2020 if we are talking about high market capitalization coins. LINK price reached an all-time high of $20.11 on August 16, 2020, which was a 1,300% increase since the low of March.

Chainlink price is currently around $17 after a significant breakout in the past two days from $13.37. LINK bulls are eying up a new all-time high as the resistance above seems to be quite weak.

LINK Price Analysis: No hurdles in the way to $20

Looking at the In/Out of the Money Around Price chart, there seem to be almost no barriers on the way up above $17. According to the chart, the most significant resistance area is located between $16.6 and $17.4, something that bulls are currently trying to crack. 

link price

On the way down; however, there is a ton of support from $16 down to $14. The most critical support level during the bull rally of Chainlink since April 2020 has been the 200-EMA which was held several times.

This EMA and the area above and below have served as robust support for LINK price. During the sell-off of January 11, Chainlink price was again close to this area, but the bulls managed to buy the dip before it could touch the 200-EMA.

One of the main bullish factors that have led many investors to believe Chainlink price is ready for a new all-time high is the accumulation done by whales. According to statistics from Santiment, the number of whales holding between 100,000 and 1,000,000 LINK ($1,700,000 and $17,000,000) increased by 33 since November 2020.
link price
Similarly, the number of whales holding between 1,000,000 and 10,000,000 LINK ($17,000,000 and $170,000,000) also increased from a low of 48 holders on November 21, 2020 to 52 currently.
This significant rise of whales shows that large holders are very interested in Chainlink even though the digital asset has been trading below its all-time high price since August 2020.
The only concern bulls have is to avoid a double top on the weekly chart at $20. The chances of this happening are low, considering the entire market has been extremely bullish in the past two months and whales continue to accumulate LINK.

Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analysis

chainlink price prediction
chainlink price prediction© Cryptoticker

scroll to top