Chainlink (LINK) is a smart contracts platform that ranks among the top 20 crypto projects in terms of market cap. At the start of December, LINK, its native token, saw a sizable correction that sent the price tumbling. But the coin was able to find sufficient support around $17 and consolidated there. It has since reported decent gains ever since. Here are the highlights:
At the time of writing, LINK was trading at $22.43, down 4% in intraday day trading.
Despite this, the coin is still up over the last 7 days, reporting gains of nearly 15% over that period.
However, LINK is facing major resistance around the $23 mark, something that could hamper a prolonged bull run.
Data Sources: Tradingview.com
Chainlink (LINK) – Price analysis and prediction
After a decisive correction, there were fears among analysts that LINK could tumble well below $15. But despite this downtrend, we saw the coin find support and consolidation around $17. It stayed there for some time before breaking out towards $20. At the time of writing, the LINK was trading at $22.43.
We are however seeing a lot of resistance around $23. LINK must surge beyond that and sustain those gains for any decent uptrend to take hold. It is however important to note that RSI readings suggest that LINK is overbought. For this reason, upward momentum could face severe bear pressure if current LINK holders decide to lock in their profits.
Should you buy Chainlink (LINK)
Chainlink (LINK) has always been a great investment for anyone looking to diversify their crypto portfolio. The long-term fundamentals are just too good to ignore and besides, LINK has also delivered decent returns this year. We think the price right now is still discounted and offers a good opportunity to get in on the action. There will however be significant short-term volatility.