Chainlink’s performance over the past few months has pushed it from 12th position in market capitalization to become fifth. In the last couple of weeks, the coin has also seen exponential growth, breaking the highs of $20, forming resistance at that price.
Technical analysis
After hitting the highs of $20, the crypto experienced a minor retreat, testing the previous highs of 14, which has acted as the support in the last few days. The retreat was, however, shortlived, as the coin picked up its pace and started pushing upwards and currently trading at just above $17 mark.
The crypto is expected to face some resistance at the $18 mark as it pushes upwards. However, all the technicals show that Chainlink will continue pushing, and will break the $20 mark, with its next big move heading for the $30 mark.
The 14 days RSI also shows that the crypto is currently coming out of the oversold region in the one hour chart. The indicators show that the crypto is in the early stages of an upward move that may push it past the $20 mark.
Reason for the growth
The crypto growth has been attributed to its growing popularity and its community of investors, who vigilantly market the crypto on social media sites. These communities have come to be known as the ‘LINK Marines,’ a mimicry of Ripples XRP Army.
The crypto has also invested heavily in the decentralized finance (DeFi) and has become a trusted asset for users who use DeFi for their daily borrowing and lending of cryptocurrencies. The popularity of DeFi and its ever-growing user base has also raised confidence in investors and has pushed the cryptocurrency upwards, and as the growth continues, the coin is expected to hit $30 in the coming future.
Chainlink has insisted that it is at the center of the DeFi due to its live price feeds to its apps, which are used in aiding all the public public blockchain derivatives. The company has also insisted that the path they have taken with their crypto will continue to see its growth in the unforeseeable future.
