The Chainlink price is performing particularly well over the past few days. At the time of writing, the LINK price is sitting at $16.29 (+0.64%). In our previous LINK price analysis, we had mentioned that the volatility of the cryptocurrency market seems to have declined and the signal line hanging above the price bars showed the upward trending price of the LINK. At the moment, we can say the cryptocurrency market is in the lazy zone. The major cryptocurrencies like Bitcoin and Ethereum are showing lazy momentum. Chainlink price, on the other hand, has increased by almost +12.7% in the last 7 days. Where is LINK price headed? Let’s take a look at it in more detail.
Chainlink Price Analysis: LINK Price and Bulls are Dominating
Chainlink Price Analysis: LINK/USD 1 Day Chart: Tradingview
At the moment, the LINK/USD price is showing bullish momentum. The 30 days volatility is almost 1.71 and the 30 days Sharpe ratio is comfortably sitting at 6.29. This could indicate that the Chainlink price is displaying a promising growth. The next three resistances levels could be crucial for the Chainlink price to touch the $23 mark.
Now, the key metrics are as follows:
The most crucial metric for the long-term is the notable increase in trading volume and this could normally means the price increase is robust. Just in the last two weeks, LINK price has already outperformed many altcoins, and going from a 0.3% market dominance to a current peak of 1.5% could be really promising.
ChainLink Price Analysis: LINK Price and the Trading Volume
Chainlink Price Analysis: LINK/USD Weekly Chart: Tradingview
When it comes to longer timeframes, ChainLink price is trying to obliterate major coins like Bitcoin and even Ethereum. The weekly chart is displaying the bullish behavior with a strong uptrend and very limited resistance to the upside. Bulls also succeeded to build a few support levels on the way up which should help LINK price in case of a pullback.
The 12-EMA and the 26-EMA have crossed(slightly) bullishly and the MACD respectively since April 2020. The bulls have only lost a few times to maintain the 26-EMA but bears got no restoration whatsoever. Now, the trading volume has grown in the past few days. The price of ChainLink is up by more than 94% in the last 30 days. The RSI is surely overextended but it’s clearly not an important factor as FOMO and the market being so bullish are still driving LINK price to new highs.
Now, it will be too early to predict anything about the LINK price. The $30 mark could be too high. But the cryptocurrency world is full of surprises. Right now, LINK/USD is showing excellent growth. All the parameters are in the green zone. It will be interesting to see how LINK/USD behaves in the next 45 days.
Conclusion
Now, if we closely analyze the entire cryptocurrency market then we will find that we can still compare Chainlink price to other cryptocurrencies when they had their own peaks. Bitcoin Cash managed to touch a $56 billion market capitalization and Litecoin reached a $20 billion market cap in December 2017. Obviously the biggest crypto bull run was behind that, but we might not be far away from another one. Either way, the current $6.6 billion market cap of LINK is obviously not that ‘extraordinary’ regarding other altcoins have been able to reach market caps significantly higher.
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