• Chainlink price has defended a crucial support level and aims for a new all-time high.
  • The digital asset seems to be facing very low resistance above according to various metrics.

Chainlink bulls have bought the dip and defended the 26-EMA support level on the daily chart. The digital asset is on its way to crack $18.43 and ultimately establish a new all-time high above $20. 

Chainlink price can quickly rise as whales have been accumulating

On the daily chart, Chainlink price fell as low as $12.5 on January 11, but investors quickly bought the dip pushing the digital asset to a price of $17.34 at the time of writing.

link price

LINK/USD daily chart

According to the In/Out of the Money Around Price (IOMAP) chart there is practically no resistance above $16 but strong support on the way down which adds credence to the bullish outlook.

link price

LINK IOMAP chart

Furthermore, the number of whales has continued to rise since December 2020. For instance, the amount of large holders with 10,000 to 100,000 coins increased from 2,812 on December 9, 2020, to 2,865 currently. Similarly, whales holding between 100,000 and 1,000,000 coins also continued to accumulate more Chainlink coins in the same time period. 

link price

LINK Holders Distribution chart

However, Chainlink had a lot of trouble in the past climbing above $17.5 which seems to be a robust resistance level. Another rejection from this point can quickly drive the digital asset down to $16. 

link price

LINK MVRV (30d) chart

The MVRV chart shows Chainlink has crossed into the danger zone which has been an accurate indicator of upcoming corrections in the past. We have seen similar levels in July 2020 and August 2020, right before major pullbacks. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin must reclaim $40,000 or risk plummeting to $20,000, curtailing crypto bull run

Cryptocurrencies in the market seem to be resuming their uptrends, following significant losses in the previous weeks. Uncertainty in the market was brought about by Bitcoin’s swings to $40,000 and back to $34,000.

More Bitcoin News

Chinese investors are growingly concerned that Polkadot fails amid EOS-like fraudulent activity

Polkadot is known as the Ethereum Killer and although started trading in 2020, quickly reached a market capitalization of $4 billion. This blockchain protocol offers a high throughput and low-cost transactions, but what does make DOT different than any of the other Ethereum competitors like EOS?

More Crypto News

Binance Coin Price Forecast: BNB makes new all-time highs, bulls target $60 before ultimate upswing to $100

BNB price was able to hit a new all-time high at $46.88 on January 18 after a long grind that started in March 2020. The digital asset has been trading inside a healthy and robust uptrend and could rise even higher.

More Binance Coin News

Ethereum price looks ready for lift-off, targeting new all-time high of $1,700

Ethereum outperformed Bitcoin this past weekend and remains trading above $1,200. The digital asset seems to be contained inside an ascending triangle pattern on the 4-hour chart and could see a breakout in the near term. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP