Lorenzo Stroe
Independent Analyst
- Chainlink price is inside a massive uptrend since the beginning of 2021.
- The digital asset hit a new all-time high at $26.15 in the past 24 hours.
- Technicals suggest that Chainlink is poised for a significant rebound towards a new high above $26.
Chainlink has been extremely bullish for the majority of 2021 hitting new all-time highs almost every single day. LINK bulls are not done yet and aim for yet another high after defending a crucial support level.
Chainlink price defends critical support level and aims for $30
On the 9-hour chart, Chainlink price has been trading above the 50-SMA support level since the beginning of 2021. Every time LINK touched the 50-SMA, it saw a significant rebound within the next few days. In the past 12 hours, Chainlink price has defended the support level again which indicates that a rebound is underway.
LINK/USD 9-hour chart
The nearest and most important resistance level is located at $26.15 which is the last all-time high. A breakout above this point can easily push Chainlink price towards the psychological level at $30.
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LINK Holders Distribution chart
Surprisingly, despite Chainlink price rising, the number of whales holding between 100,000 and 1,000,000 coins has increased significantly since January 23 from a low of 266 to 278 currently indicating that large holders are accumulating LINK even at high prices.
LINK/USD 9-hour chart
However, on the same 9-hour chart, the TD Sequential indicator has presented a sell signal despite bulls defending the 50-SMA. If this support level breaks, Chainlink price can fall towards $21.64. Other significant support levels can be found at $20.29 and $17.1.
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