Chainlink Price Prediction – Will LINK Price Hit $70 in 2021?

This Chainlink Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our LINK price analysis and prediction.

Chainlink’s recent achievement in breaking its $14 resistance level catches the investors’ attention in the crypto market. As a result, crypto analysts can’t stop projecting the increase of LINK’s price in the days to come.

In the past weeks, the Zenlink crypto exchange has integrated its system with Chainlink to upgrade its network’s security. In this partnership, Chainlink price oracles serve as the main technology in the exchange’s financial apps. Hence, the mass adoption of Chainlink tokens is anticipated.

Now that we know Chainlink’s latest developments, will Chainlink be a profitable investment in 2021? Let’s find out in this CoinQuora Chainlink Price Analysis and Price Prediction 2021.

What is Chainlink (LINK)?

Chainlink is founded in 2017, it is a blockchain-based abstraction layer that allows universally combined smart contracts. Moreover, through a decentralized oracle network, Chainlink enables blockchains to securely interact with data feeds, events, and payment methods, offering the critical off-chain information needed by complex smart contracts to become the dominant digital agreement form.

Added to this, the Chainlink Network is driven by a huge open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. Moreover, the firm aims to ensure that decentralized participation is guaranteed for all node operators and users that look to contribute to the network.

Now that we have an idea about LINK, do you think LINK will be profitable crypto in 2021? Join me and let us see the charts in this LINK price analysis and LINK price prediction.

LINK Current Market Status

As of the time of writing this Chainlink price analysis, LINK trades at $34.80 with a 24-hour trading volume of $$1,226,963,260. The price of LINK has decreased by 1.10% in the last 24 hours.

Furthermore, LINK has a current circulating supply of 432,509,553.92 LINK. Currently, the top cryptocurrency exchanges for LINK are Binance, Huobi Global, ZBG, Upbit, and OKEx.

Now, let’s proceed to the next part of this LINK technical analysis for 2021.

Chainlink Showing Descending Channel Pattern

Currently, LINK holds 14th place on CoinGecko. But will the latest upgrades, development, and changes in the LINK blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this LINK price prediction article.

In the chart above, which is set in a daily time frame, we can see the Descending Channel pattern. A descending channel is the price action occurring in a downward direction through a sloping parallel line. Also, the chart displays the Lower Highs and Lower Lows from this price pattern. More so, this pattern represents a short-term bearish.

As shown above, at the beginning of this month, LINK turned from its bull to bear trend. This is the result of the high trade volume that happened during that time.

The Relative Strength Index (RSI) is above 49.3, which means that LINK is in neither overbought nor oversold state. Hence, traders may trade safely without any fear. Keeping all this in mind, traders can be aware and shift away from unexpected losses that happen due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of LINK.

Since the start of 2021, LINK’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, LINK has a competitive market this 2021.

Chainlink Price Prediction 2021

The chart below shows that Chainlink has performed great over the past few days. Moreover, the LINK price is over 30% in the last 7 days. If this trend continues, LINK might run along with the bulls, overtaking its $58.12 resistance level and climb higher.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone LINK from its uptrend position. In simpler terms, the price of LINK might plummet to almost 15.6, a bearish signal.

Meanwhile, our long-term LINK price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $52.88 this year. However, that will only happen if it breaks many previous psychological resistances.

Conclusion

Chainlink has a bright future ahead of it in 2021. With the ongoing developments happening within the LINK ecosystem, as well as in the overall crypto market, we may see LINK reach new heights. Bullish LINK price prediction 2021 is $58.12. As said above, it may even reach $70 if investors have decided that LINK is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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