Chainlink is currently trading at $13.16 still under consolidation since the overall market crash on November 26. The digital asset has been one of the best performing cryptocurrencies in 2020 gaining more than 1,400% since the crash in March 2020.
Chainlink price hit an all-time high of $20 on August 16 and a market capitalization of $6.6 billion. It remains trading at $13,18 with a current market cap of $5.2 billion.
Chainlink Price Analysis: Technical Indicators
On the 4-hour chart, LINK price has established a symmetrical triangle pattern from which will see a breakout or breakdown within the next 48 hours.
LINK/USD 4-hour chart – TradingView
It seems that bears have the upper hand as Chainlink price fell below the 12-EMA and the 26-EMA, turning both levels into resistance points. A breakdown below the lower trendline at $12.83 can quickly drive LINK price towards $9.5 in the long-term.
On the other hand, if the bulls can regain the 12-EMA and the 26-EMA, they will shift the odds in their favor. Buyers will still need to climb above the upper boundary of the pattern at $13.5 which would drive Chainlink price towards $17.
LINK/USD daily chart – TradingView
On the daily chart, the parallel channel formed in October remains in place. The lower trendline of this pattern coincides with the support level of the symmetrical triangle. The upper boundary coincides with the bullish target at $17.
Similarly, Chainlink price needs to climb above the 12-EMA and the 26-EMA to favor the bulls. The MACD is also bearish and not showing signs of recovery. The RSI is right in the middle while most technicals scream sell.
Chainlink Price Analysis: On-Chain metrics
However, when it comes to on-chain metrics, the In/Out of the Money Around Price chart shows very little resistance above despite Chainlink price trading below the EMAs. It seems that the range between $13,16 and $13.95 is the strongest with very little opposition above this area.
On the other hand, there seems to be a lot of support on the way down from $13.15 until $11.98. Furthermore, it seems that the number of new addresses has been rising significantly over the past month being up 10% just in the past week. This shows an increase in interest from new investors in Chainlink which adds a lot of buying pressure.
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