Chainlink (LINK) exchange rate analysis: can the cryptocurrency exchange rate hold?

If you are in the crypto market, you cannot avoid a cryptocurrency: Chainlink (LINK). Triggered by a large number of partnerships and the current DeFi hype, the LINK course got off to a rocket start. But will this course be able to keep up? Our partners from Cryptory.de took a closer look at the LINK course.

LINK chart analysis: Resistance now serves as a support zone

Although many cryptocurrencies are currently enjoying price increases, Chainlink (LINK) in particular stands out with regular new all-time highs. Meanwhile, LINK is the 7th largest cryptocurrency in the world, leaving famous candidates such as Litecoin (LTC) and Bitcoin SV (BSV) behind.

At the beginning of the year, the LINK price was still below $ 2 USD. But these times are long history. The all-time high of $ 4,70 USD for June 2019 was reached again in February 2020. But then came the corona pandemic and with it the crash of the crypto market. In March the LINK price was low at $ 1,30 USD. Since that date, the LINK course has only known one direction: upwards.

According to the chart analysis by our partners at Cryptory.de, the most important support is at the $ 4,70 USD mark - the all-time high from June 2019 and February 2020. This value previously served as resistance and could prove to be a support from now on.

Source: https://www.tradingview.com/x/1isYiebX/

Link price analysis: three important zones in the daily chart

Three zones are currently important for the daily chart:

  1. Speculative long / buy zone: This is $ 7,1 USD and is more recommended as a day trade if the price perceives this brand as support.
  2. The second zone is $ 6 USD, and the first major investors could jump up here.
  3. The third and most important zone is between $ 4,5 to $ 4,8 USD. As already mentioned above, this represents the former resistance zone and could now serve as support.

In the following daily chart we have drawn out the most important zones for you:

Source: https://www.tradingview.com/x/R10R6daH/

Many thanks to our partners of Cryptory.de for this chainlink course analysis and the graphics!

In addition to the current popularity of DeFi applications, one of the triggers of the hype about Chainlink is the use of Chainlink oracles from China's national blockchain service. The integration is intended to make it easier for companies and governments to implement their off-chain data in the network:

China's national blockchain service network is now using Chainlink - LINK price rises to almost $ 5 USD

 

Markus from Kryptokumpel.de
Photo credit: pixabay.com | CC0