Resilient LINK price Bounces more Than 16%
After providing an opportunity to accumulate more ChainLink at $20, the LINK price recovers like a giant to chase the target at $30. The price currently appears to have successfully completed the correction phase and is heading towards the ATH to form a new one.
The accelerated LINK price rally may chase the target initially set at $50 and eventually go higher too. As per a popular analyst Johnny, the Chainlink price may also hit $150 in the coming days.
One of the most crucial retests in #Chainlink 's history of price discovery and people were bearish?
These are the same people who will FOMO in at $150 pic.twitter.com/odUV1gZGTr
— Johnny (@CryptoGodJohn) March 2, 2021
The trading volume also geared up close to 80% that led the price rally more than 16% to stand at the current levels around $30. As the initial target at $30 is accomplished, LINK marines now attempt to dive the price to the next target at $36 and eventually proceed towards $50.
Chainlink Price Analysis
Chainlink price closed the previous month’s trade with a plunge, close to levels around $23. However, with the beginning of the current month, the price exploded like never before and gained more than 30% since the last working day.
As Coinpedia reported earlier that the LINK price is ready to propel after a strong consolidation, it appears that the price has followed the plot. The trading volume experienced a massive spike which was absent in the recent past, and hence the price tends to explode to the higher limits.
The 4-hour chart indicates a strong support line building around $23 indicating a positive momentum required to smash the levels around $35. The RSI indicator is also pretty bullish trending close to 80 levels.
- The resistance levels are formed initially at $31 and later at the ATH
- The support levels are formed at $23
- The indicators point out towards a ‘buy’ signal
The on-chain metrics for LINK price, Github dev activity and Google trends continue to showcase a strong uptrend in the user interest. Moreover Chainlink integrations and adoption also continues to grow exponentially adopting more projects.