The cryptocurrency market leader Bitcoin trades in red and so do the majority of the altcoins. Cardano on the other hand has gained more than five percent. The LINK price has been under pressure in recent days, as shown by the daily chart. It has dropped by nearly 12% from its previous peak last week. It has also risen over the critical support level of $20.87, which had been the lowest since September 22nd.
At the time of writing Link has declined by more than seven percent and is trading at $24.25. Ity is currently 54 percent down from its ATH.
As a result, the Chainlink price will almost certainly continue to rise as long as it remains above the two moving averages. If this occurs, the next important level to observe is $30. The optimistic outlook will be invalidated if the price falls below the important support level of $22.
The Ecosystem is Bombastic, Says This Analyst
Despite its not-so-good performance in the market last year, a famous crypto expert believes Chainlink (LINK) is on course to rise.
The host of the financial education YouTube channel InvestAnswers shares his bullish perspective for the decentralised oracle network in a new interview with crypto analyst Benjamin Cowen.
“This is the oracle that has its fingers in every single pot… LINK/ETH, under the 0.008 ($26.25) level. Anytime that happens, that’s a buy indicator for Chainlink…It’s kind of consolidating a little bit right now, but I think with the addition as well as the advisory [of] the former CEO of Google being on there, nothing but bullish times ahead for Chainlink.”
Chainlink revealed in December that former Google CEO Eric Schmidt has joined the project as an advisor. The host goes on to remark that he’s concerned about the tokenomics of the crypto asset, but that its ubiquity sets it differently.
He believes that the one aspect of Chainlink that concerns him is the inflation – which is a little greater than he would like, but one can’t dispute that it is a part of everything in smart contracts on all chains around the world.
Source: https://coinpedia.org/altcoin/bullish-times-ahead-for-chainlink-link-price/