Chainlink, The Tesla of Cryptocurrency is Likely to Breach its ATH
Chainlink is an altcoin that is gaining widespread popularity, especially, in the last six months or so. Calling Chainlink a decentralized oracle would be an oversimplification. As described by The Crypto Oracle in a medium post Chainlink, "In simple terms, Chainlink is middleware that acts as a decentralized oracle network, with the core functional objective being, bridging two environments, on-chain and off-chain, through the use of APIs." With the bZx exploit, there are fleeting rumours about Chainlink's oracles being used on the bZx platform. Regardless, the price of Chainlink is soaring through the roof without a stop.
- Chainlink's price is about 6% away from reaching its previous all-time high at $5.1.
- Reaching the precipice might occur, however, only after an 8% dip.
One Day ChartSource: TradingView.
Chainlink's price at press time faced resistance at $4.86 causing it to retaliate lower. The resurgence from a low of $3.8 was quick and exponential, causing another jab at $4.86 level. The rise to $4.86 level has not been a tough one, especially since the start of February 2020.
The coin has appreciated by more than 75% since the start of February, thus making its exponential rally look quite similar to the Tesla's rally. Tesla's stock is experiencing volatility seen quite often in the Bitcoin ecosystem.
One a larger scale, like the on-day, the price of Chainlink shows the formation of a double bottom, which is another reason for the rally. Especially, since double bottoms represent a trend reversal.
Like many altcoins, Chainlink has also undergone a golden cross, which also adds to its rally and provides further proof of the rally to come. Chainlink is in a league of its own when it comes to massive price surges.
As for the price movement, the resistance at $4.86 still holds, hence, a rejection at this level would push the price 14% lower to $4.12. Receiving support, the price will push higher, only needing a 24% surge to reach its previous all-time high. Especially with the start of an 'altseason', the FOMO will be enough to push the price of Link to new highs.
About The Author
Nick LeesonNick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.
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