Popular altcoin Chainlink has become one of the best performing cryptocurrencies in 2020 after the general market crash in March. The coin not only recovered, but managed to set an all-time high of $ 20 after a massive rally of 1,500%. On August 16, after touching $ 20 on several exchanges, Chainlink’s total market capitalization surpassed Bitcoin Cash and Litecoin. With this move, the coin settled in 5th place on Coinmarketcap, but later dropped to 7th place. With these developments, several bull-focused Chainlink price predictions have come from analysts.
According to experts, one of the main factors behind Chainlink’s price increase is the number of partnerships and services or products that use the cryptocurrency. In June 2019, Google Cloud announced it would use Chainlink to make things easier for developers on the platform. There are currently over 74 different Blockchain projects integrating LINK and 315 integrations in total. So where does the LINK price go amid these positive developments?
Here are the levels that the Chainlink price will see, according to Erie Maxwell According to renowned crypto analyst and expert Erie Maxwell, Chainlink appears to have set up a long-term rising parallel channel on the daily chart. The lower trend line has been a solid support level for LINK and continues to hold the price so far. According to Erie Maxwell, we can identify potential price targets on both sides using the height of the pattern. According to Erie Maxwell, a break below the support trendline will quickly drive the price of Chainlink to $ 8.3. On the other hand, climbing above the 12-EMA and 26-EMA will be enough to push LINK to the upper limit of the model, $ 16.8.
This critical $ 16.8 level of resistance is key to the digital asset, according to Erie Maxwell. According to the analyst, a break above this point will send Chainlink’s price to its all-time high price target of $ 22.72. Most technical indicators stay in favor of the bulls on the daily chart, suggesting traders to buy in the short term, according to the analyst. However, according to Erie Maxwell, it is seen that 90% of all major moving averages in the 4-hour chart showed a downward trend and contributed to the above-mentioned bearish outlook.