Chainlink price has been quite positive, noting it is still trading well-within a large triangle formation
The Chainlink price situation as of the end of the year has been quite positive, as the bulls broke the previous resistance around $ 12 and picked up momentum as the DeFi sector rallied. LINK was inherently fairly well maintained today despite some volatility for Bitcoin and Ethereum. At press time, LINK is trading around $ 12.67, slightly up slightly over the past 24 hours.
LINK/USD 4-hour chart | Source: TradingView
Chainlink price is stable below $ 13 when bulls are against a downtrend
The latest sell-offs stemmed from the positive information about vaccine efficacy from Pfizer. This news dealt a blow to safe-haven assets, as it shows that the global economic turmoil could end soon.
Altcoins have not been too affected by this news, signaling that investors are becoming more comfortable adding risk by accessing high beta assets.
At the time of writing, Chainlink is just over 1% off at its current price of $ 12.6. This is where it has been trading for the past few days.
Last week, in parallel with massive rallies witnessed by YFI’s Yearn.finance and other blue-chip DeFi tokens, LINK saw a sudden spike that drove its price upwards. 14.00 dollars. The rejection here was fierce, and the start of the ongoing consolidation phase.
Its next trend will depend largely on whether the bulls can overcome the existing selling pressure at $ 13.00.
According to crypto trader UB, he feels an extremely optimistic outlook on LINK’s short-term price action, emphasizing that LINK has yet to post any significant breakout and could soon rise to $ 16.5 levels before finding it—any resistance level.
A break above this level will cause it to break out of the bullish triangle formation. It is currently being held inside and leads to a significant gain.
“Friendly reminder: LINK is another one that has even broken out yet and has a powerful Daily & Weekly chart. I’m all beginning to take some profits on longs at $ 16.5. When LINK gets going…. It goes.”
The coming days will provide some serious insights into the cryptocurrency’s trend over the next few weeks.
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