A pleasant surprise came from the <a href="https://www.cryptoknowmics.com/news/beam-announces-integration-with-chainlinks-price-feeds-for-defi-apps/">Chainlink</a> project token for its investors last week. After a protracted correction from August 2020, the LINK price again begins a trend in its style. During the week, the price on the LINK market increased by 50% from the opening point of the <a href="http://tradingview.com" target="_blank" rel="nofollow noopener">weekly candle</a>:

<img class="aligncenter wp-image-185564 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/01/link-1w.png" alt="LINK" width="1532" height="895" />

The weekly candle closed above the previous historical high, setting a new one at $23.76. The candle closed without a pin, which shows the lack of serious resistance from LINK sellers at the moment. Last week trading volumes increased significantly and highlighted the demand for the coin, which has not attracted attention for six months. In fact, as early as the third week, trading volumes are growing, which indicates the prospect of continued price growth. The main mark of $13 is finally under the control of buyers. The chart shows how difficult it was for buyers to fix above this mark. And even in the last 3 weeks, it is noticeable that sellers have tried to regain control over this level.
<h4>Fly in the ointment in the LINK market</h4>
The positive dynamics of the LINK price opens new growth prospects with the first serious target of $36-$40. However, is everything so smooth in the LINK market?

<img class="aligncenter wp-image-185565 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/01/link-1d.png" alt="LINK" width="1532" height="832" />

On the daily chart, we see that only after the historical high update, sellers with the help of limit orders began to slow down price growth. If you compare the lengths of the daily candles on 14 and 15 January, you cannot notice the difference. Though, if you pay attention to their volumes, it becomes clear that LINK buyers had to work hard to break the historical high.

As early as the third day, the <a href="https://www.cryptoknowmics.com/news/chainlink-surges-to-record-high-as-link-reaches-to-2360/">LINK price</a> does not continue to grow vertically, as is often the case after the setting of new highs. Thus, we assume that for a new attempt to test the range of $36-$40, buyers may retreat to the range of $16.4-$17.4.

Breaking this range down activates the second scenario - the continuation of price movements within the black channel with a re-test of $13. Let's see if buyers will have enough strength after such a difficult LINK price way to a new historical high.

LINK Is Back - the Price has Grown by 50% for the Week

As early as the third day, the LINK price does not continue to grow vertically, as is often the case after the setting of new highs.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

LINK Is Back - the Price has Grown by 50% for the Week

Top Picks