Chainlink is a blockchain project based on Ethereum and increases the power of developing blockchain solutions. It provides tamper-proof inputs and outputs for smart contracts on a blockchain.
This unique technology helps smart contracts to connect the outside world. Ethereum introduced the concept of smart contract; Chainlink aims to bridge the gap between blockchain and its real-world applications.
Users of smart contracts operate the network to retrieve data from real-world resources and integrate it into the blockchain. It takes data from external resources through APIs.
For example, it could connect a real-world application like PayPal with Ethereum. Besides that, it could help to transfer funds from smart contracts to their bank accounts.
Indeed, it has the potential to dominate the crypto market. Let’s find more details on the price analysis of LINK.
At the time of writing this analysis, the Chainlink price is trading at $26.98, which shows a bullish sign, and it could go up to $33.27. As you can see in the heart, it maintains a trendline where $18 worked as a support, and $33.27 is the strong resistance level.
Based on the overall crypto market sentiment, it will not cross the resistance now. However, it will cross in a few years and reach a new ATH. RSI is 69 in the overbought zone; the MACD line is also bullish. Overall, the technicals are good.
Bollinger Bands lack volatility on the daily chart, and candlesticks are forming well above the baseline.
The token is bullish even in the weekly chart; the MACD line is going to make a bullish sign, the RSI is stable around 53. It is interesting to note that today’s candlestick has formed in the upper half of the BB, and it shows long-term bullishness.
However, the resistance level mentioned in this analysis should not be forgotten, as it has failed to cross that level almost five times.
Overall, the chart is great for a long-term investment, and it is the best time if traders want to invest in this coin. It has reflected almost all the signs of bullishness.
However, traders should keep a closer look at the resistance levels. The trade volume has increased, so people are interested in this project.
Source: https://www.cryptonewsz.com/chainlink-to-trigger-long-entry-and-surge-to-34-usd/