Chainlink was perhaps the best performing cryptocurrency in 2020 if we are talking about high market capitalization coins. LINK price reached an all-time high of $20.11 on August 16, 2020, which was a 1,300% increase since the low of March.
Chainlink price is currently around $17 after a significant breakout in the past two days from $13.37. LINK bulls are eying up a new all-time high as the resistance above seems to be quite weak.
LINK Price Analysis: No hurdles in the way to $20
Looking at the In/Out of the Money Around Price chart, there seem to be almost no barriers on the way up above $17. According to the chart, the most significant resistance area is located between $16.6 and $17.4, something that bulls are currently trying to crack.
On the way down; however, there is a ton of support from $16 down to $14. The most critical support level during the bull rally of Chainlink since April 2020 has been the 200-EMA which was held several times.
LINK/USD daily chart – TradingView
This EMA and the area above and below have served as robust support for LINK price. During the sell-off of January 11, Chainlink price was again close to this area, but the bulls managed to buy the dip before it could touch the 200-EMA.
