What is LINK?
LINK was founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network. – CMC
LINK Price Action
LINK had long been a favorite of many traders. It’s original Price Action was captivating for traders as it respected TA straight out of the gate. price Targets were respected as well as Support and Resistance levels. For a long time, LINK did it’s own thing. Unbound from Bitcoin and Ethereum price volatility.
LINK has settled down now but is still a bit of a Black Sheep in the Crypto world of trading. After is $20 ATH in August of 2020, LINK spent the next 152 days under that new Level. However, when $20 was finally broken in mid-January of 2021, LINK went on to make another new ATH and another level it has yet to best since making it. LINK crushed Price Action and brought its value up 558% in a very long and choppy 138-day uptrend. This is when LINK hit a $53 ATH.
Shortly after the ATH, LINK dropped 75% from $53 all the way down to $13.38. Two attempts to reclaim the high have been made but both took heavy resistance at $36. However, LINK is on the move – again.
LINK Price Discovery
In the outside chance that LINK tries to approach $36 again, it will need to overcome a very important piece of the Resistance puzzle and therefore a very important piece to the reversal uptrend puzzle. The downward sloping trendline from the ATH will need to be broken if LINK is to reach $36. If that is the case, $36 should fold this time as the momentum from the trendline should be enough to flip $36 as support.
If LINK can manage this bullish move, we look for a retest of the previous high at $53 first. After that, we see levels at $61 and $77 as interesting potential Price Discovery Profit-Taking areas.
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