LINK eyes another ATH peak as it was soaring higher in the early European trading session and the traders continued looking for a hedge in the crypto market against Bitcoin’s unstableness, as we can see more in today’s chainlink news.
The LINK-to-dollar exchange rate increased to $24.9 from its intraday opening value. The latest upside seemed near at a confluence of supports around the $19 and $20 price range outlining the lower trendline of the LINK rising Channel and the 21-day simple moving average. The technical pattern showed that LINK will continue its retracement upwards to the Channel’s upper trendline while this level sits near the $30 which allows another record high for the Chainlink token.
Chainlink surged by more than 100 percent in the first month of 2021 thanks to the ongoing euphoria in the altcoin space against Bitcoin’s choppy price action. For example, the second biggest crypto market by market cap established a new record high previously in the week. In the meantime, decentralized finance tokens like Alpha, Uniswap, Aave, Sushiswap and more, hit record levels only hinting at a possible capital outflow from BTC into the altcoin market. LINK eyes another high as of late with its price recovering after the choppy market price action, going for a new ATH peak.
The number one cryptocurrency entered a consolidation phase after hitting an all-time high of $42,000 and it fell by more than 30 percent because of its fundamental catalysts including prof-taking sentiments among daytraders, a stronger US Dollar, and the uncertainties around Joe Biden’s stimulus plan. BTC established a strong support level of $30,000 but it was trading messily above it which raised the demand for alternative digital assets. The data from Dune Analytics shows that the total amount locked in Defi liquidity pools increased to $24 billion.
Chainlink is benefiting from this DeFi craze but this rally received more boom from Grayscale Investments. The New York-based company incorporated six trusts in its portfolio and one of them is LINK’s which only raises the potential to accumulate the tokens in the future. Michael van de Poppe noted:
“Chainlink is going according to plan here. Rejection at a very important resistance area, through which I’m assuming we’ll be consolidating a bit here. After that, in April or something, we’ll see a full-blown rally of crypto with LINK going $50+ in the next impulse wave.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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