Bitcoin reached $19,310.02 in the past 24 hours, BTC even climbed above USD 19,400, but it struggled to surpass the USD 19,500 resistance. This bullish sentiment extended to many other large-cap cryptocurrencies. At present, LINK Price is poised to move higher as technical support bullish price targets.
However, other altcoins like Compound (COMP), Waves (WAVES ), Ethereum (ETH), Cardano (ADA ) are toiled under minor Buying pressure over the past few hours and could be set to register further gains.
Will LINK Price Hit $1K?
$Link is going to $1,000 and there’s nothing anyone can do about it.
If $Xrp was able to hit a MC of $130B+ then given Chainlink’s network effects, with price feeds alone, I have no doubt that 1k is coming.
Now, imagine the network effects once service agreements are live.
— WolfOfChainlink (@bullishgentlemn) December 3, 2020
Active Trader and Crypto analyst with Twitter handle @bullishgentlemn shared is super bullish on Chainlink. He believes that “$Link is going to $1,000 and there’s nothing anyone can do about it.” He compares LINK with XRP saying: If $Xrp was able to hit a MC of $130B+ then given Chainlink’s network effects, with price feeds alone, I have no doubt that 1k is coming.
Chainlink Whales Continue to Rise
🔗🐳 The amount of high-end #Chainlink investors continue to grow, according to our 'Holder Distributions' data. There are 445 more addresses holding 1,000 or more $LINK (currently at least $13,950), compared to last month. The behavior of whale holders pic.twitter.com/0LG5MSRXWl
— Santiment (@santimentfeed) December 3, 2020
According to data provided by crypto analytics firm Santiment, 445 more wallets hold over 1,000 LINK tokens now compared to early November.
Chainlink Price Analysis
At press time, LINK price is hovering near the $13.68 USD level, close to the 100-hour simple moving average. The price is facing stiff resistance at the $14.37 level.
According to short term analysis, LINK is moving inside a symmetrical triangle. This pattern is characterized by two trend lines connecting a series of beaks and bottoms.
This usually indicates a state of uncertainty on the market and serves as a precursor for sharp price swings in the direction of the imminent breakout.
The Bollinger Bands are contracting and show that a bull or bear move is imminent. The RSI stands at 54 meaning there’s still a lot of room left on the upside. MACD is hovering near the middle of the chart, signifying that the pair is currently neutral.
The LINK/USD is all set to close beneath the ascending price channel’s descending trend line. Such a move can materialize into a bearish trend for the pair on the hourly chart. However, consistent price action above $13 indicates that bulls are still in the battle.
Further, if LINK price outperforms the $15 level, the next resistance stands at the $15.66 level, which is the 0.786 Fibonacci retracement of the current uptrend. The upper end of the ascending price channel must break for the price to cross the $16.7 resistance.