Chainlink is a powerful platform for blockchain developers, providing tools to build scalable, secure, and interoperable distributed applications.
The price of Chainlink (LINK) has spiked higher today, breaking through the average bid price of $19. The current market cap is about $288m, and the daily volume is just over $300k. The buy/sell ratio is currently at 0.5, which indicates that there is a healthy interest in the project. This price spike is the result of some good news. The ChainLink team announced it had closed a $16m Series A led by an investment firm called Blockchain Capital. This is a positive development, though it’s still too early to say whether it will translate to a meaningful boost in price.Summary of the situation
- LINK began to rise yesterday.
- The $20 mark was broken last night.
- The next target for the bulls is resistance at $22.
The price analysis for Chainlink is bullish today, as the market gained momentum yesterday after hitting a slightly lower high and climbed above the $20 resistance level overnight. Therefore, we expect a further rise in the next 24 hours, with the next price target at $22.
The overall trend in price action remains bearish, with the market down over 55% until support was found around the $15 level. ETH/USD has begun to form a base from which it will move higher, with higher local highs and lows.
Yesterday, LINK/USD made a new low along the multi-day uptrend support line, and broke above the $20 resistance level last night. Since then, Chainlink’s share price has continued to move toward the next resistance level, which is around $22.
When the resistance at $22 is reached, we can expect LINK/USD to reverse and form a new higher low. From here, LINK should see many more rises throughout the rest of the month as bulls try to change the overall momentum of price action upwards.
Channel price analysis: Supplement
Analysis of the chain price suggests bullish momentum today, as the market peaked earlier this week and began approaching the $22 level yesterday. Overnight, the LINK/USD pair broke through the previous high around $20 and continues to move higher.
While we wait for Chainlink to hit the $22 resistance, check out our guides on the benefits of DeFi, fees in bitcoin, and what you can buy in bitcoin.
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