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Chainlink (LINK) Price Prediction and Analysis in January 2021

This article discusses Chainlink price prediction for the first month of 2021. If you have been thinking of buying some cryptocurrency, then you are in the right place because we will provide you with some of the information you will need. Just read on to find out our analysis and what other experts think about Chainlink’s performance in January 2021.

Chainlink (LINK) Overview

chainlink

Chainlink is an oracle blockchain project that seeks to bring smart contracts into real-life application. Founded on the Ethereum blockchain, the native token LINK is an ERC-20 token used mainly to incentivize node operators who keep the network safe. Following its ICO in 2017, 32% of the LINK tokens were allocated to node operators for this purpose.

LINK is not mined, as is the case with Bitcoin. Rather, there are a total of 1 billion LINK that are pre-mined. There are currently 399,509,556 LINK in circulation, having a market cap of $5,519,186,328, the biggest of any DeFi token. It is currently the 10th largest cryptocurrency by market cap and is now trading at $13.85, with $2,480,187,806 worth traded in the last 24 hours.

Chainlink (LINK) Price Prediction: Analysis

Chainlink was by far one of the best performing cryptocurrencies in 2020. The price reached close to $20 during the DeFi boom in August but has since dropped. As a large portion of the altcoin market is down as Bitcoin continues to surge, LINK is not left out of the downward move. After rising along with other altcoins and Bitcoin to reach $15 in November, it has been on a downward move, albeit slowly.



A death cross occurred between the 50 and 20 MA, indicating that the price is on a downward move or has stagnated at least. This means that no positive price movement may occur in the short-term until the trend is reversed. Also, both the 20 and 50 MAs are on their way down and could cross below the 100 MA, further worsening the situation if the trend continues.

The Relative Strength Index (RSI), however, shows that hope for a bounce may be on the way. The RSI is below 36%, which is one of the lowest levels it has reached recently before a bounce. This could, however, be heavily influenced by Bitcoin’s performance in the short-term, which is not slowing down at the moment. As is in the case for the most part, altcoins usually crash when Bitcoin rallies as it is doing now, and if the trend continues, then LINK could reach lower levels or at least maintain the current price and not go up.

Below are key support and resistance levels for LINK traders to note in making trading decisions. This was calculated by Walletinvestor:

  • Resistance Level (R3): 12.672;
  • Resistance Level (R2): 12.222;
  • Resistance Level (R1): 11.594;
  • Pivot Point: 11.143;
  • Support Level (S1): 10.516;
  • Support Level (S2): 10.065;
  • Support Level (S3): 9.437.

Developments

The Chainlink team, through the Chainlink Community Grant Program, has awarded a grant to The Link Marine for the creation of a news website known as Chainlink News. In an announcement on its official Twitter handle a few days ago, the team said it was part of its strategies to give back to the Chainlink community.

The Chainlink grant program supports development teams and researchers committed to building a more robust and functional Chainlink network. The new website will be independent, and it will be used for creating, aggregating, and consuming all Chainlink news in the entire crypto ecosystem.

Among other things, the website will translate important content into many languages to help maintain the diversity of the community. They will also help to ensure that the content created by the community is easily visible to the rest of the ecosystem.

Chainlink Price Prediction: Market Opinion for January 2021

The following are market opinions from leading websites on the performance of LINK in January 2021.

Walletinvestor

One of the leading market prediction websites, Walletinvestor, predicts that the highest LINK will reach within the first 14 days will be $15.078, while the lowest during this period will be $13.136.

Date Price Min Price Max Price
2021-01-06  13.292  12.313  14.227
2021-01-07  13.171  12.198  14.054
2021-01-08  13.288  12.380  14.195
2021-01-09  13.388  12.441  14.407
2021-01-10  13.696  12.766  14.677
2021-01-11  14.082  13.136  15.078
2021-01-12  13.861  12.896  14.805
2021-01-13  13.171  12.217  14.106
2021-01-14  13.050  12.072  13.936
2021-01-15  13.168  12.277  14.138
2021-01-16  13.268  12.339  14.232
2021-01-17  13.575  12.588  14.548
2021-01-18  13.962  13.008  14.937
2021-01-19  13.740  12.822  14.738

Tradingbeasts

Tradingbeasts predicts that LINK will start January 2021 at $9.93. It will reach a high of $12.576 and a low of $8.552 before closing the month at $10.061.

Digitalcoinprice

According to this website, LINK will reach an average price of $25.07 in January 2021.

Gov.capital

Gov.capital predicts a price of $11.250 for LINK at the start of January 2021. The minimum price for the month is expected to be $9.5625, while the maximum will be $15.3203, which will also be the closing price for the month.

Calendar date Regular Least possible price Best possible price
2021 January
2021 January 05, Tuesday  12.441  10.57485  14.30715
2021 January 06, Wednesday  12.453  10.58505  14.32095
2021 January 07, Thursday  12.509  10.63265  14.38535
2021 January 08, Friday  12.642  10.7457  14.5383
2021 January 09, Saturday  12.790  10.8715  14.7085
2021 January 10, Sunday  12.873  10.94205  14.80395
2021 January 11, Monday  12.906  10.9701  14.8419
2021 January 12, Tuesday  12.734  10.8239  14.6441
2021 January 13, Wednesday  12.729  10.81965  14.63835
2021 January 14, Thursday  12.714  10.8069  14.6211
2021 January 15, Friday  12.803  10.88255  14.72345
2021 January 16, Saturday  12.896  10.9616  14.8304
2021 January 17, Sunday  13.043  11.08655  14.99945
2021 January 18, Monday  13.107  11.14095  15.07305
2021 January 19, Tuesday  12.992  11.0432  14.9408
2021 January 20, Wednesday  12.998  11.0483  14.9477
2021 January 21, Thursday  13.023  11.06955  14.97645
2021 January 22, Friday  12.981  11.03385  14.92815
2021 January 23, Saturday  13.077  11.11545  15.03855
2021 January 24, Sunday  13.158  11.1843  15.1317
2021 January 25, Monday  13.170  11.1945  15.1455
2021 January 26, Tuesday  13.028  11.0738  14.9822
2021 January 27, Wednesday  13.047  11.08995  15.00405
2021 January 28, Thursday  13.032  11.0772  14.9868
2021 January 29, Friday  13.054  11.0959  15.0121
2021 January 30, Saturday  13.242  11.2557  15.2283
2021 January 31, Sunday  13.322  11.3237  15.3203

Chainlink Price Prediction: Verdict

Chainlink seems quite weak right now, and the predictions do not suggest a big leap in January 2021 except that of Digitalcoiprice. However, analysts believe that Chainlink holds some critical use cases that should make LINK much more valuable in the future. However, care should be taken when investing, as it could be a long time before any real gain can be made.

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