Lorenzo Stroe
Independent Analyst
- Chainlink price has established its new all-time high at $25.78 on January 25.
- The digital asset has hit another all-time high in trading dominance at 4.7%.
- LINK bulls are ready to push the digital asset above $26 facing very little resistance above.
Chainlink has been one of the best performing coins in 2020 and is trying to do the same in 2021. The digital asset has reached a market capitalization of $10 billion positioning itself rank seven.
Chainlink price faces no resistance to a new all-time high
According to statistics from TheTie, Chainlink has just hit a new all-time high in trading dominance volume over the market hitting 4.7%. This rise coincides with the digital asset hitting a new all-time high at $25.78.
LINK Trading Dominance
According to the In/Out of the Money Around Price (IOMAP) chart, LINK faces almost no barriers on the way up. The most significant resistance area is located between $23.92 and $24.21 where 4,040 addresses reached 4.24 million total volume. A breakout above this point would easily drive Chainlink price towards $26.
LINK IOMAP chart
It’s also worth noting that the IOMAP model indicates that between $22.7 and $21.4, there is a robust support area where 20 million LINKs were purchased by over 11,000 different addresses, adding a lot of credence to the bullish outlook.
LINK/USD 4-hour chart
However, on the 4-hour chart, Chainlink has established a downtrend and is on the verge of losing a crucial support level at $22.2, the 50-SMA. If the bears can push Chainlink price below this point, it could dive towards the 100-SMA at $20.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.