- Relative newcomer cryptocurrency Chainlink (LINK) is showing strong bullish patterns.
- LINK currently sits around $12 but has reached as much as $19.83 this year.
- Analysts suggest breaking resistance of $13 is the new challenge.
LINK on the path to success
Relative newcomer Chainlink is set to test new peaks according to analyst Kevin Svenson. In a Twitter post Svenson stated:
‘If #Chainlink can clear above $12.85 and ultimately $13.40 we should be ready to go parabolic again to new ATHs.’
@KevinSvenson_
The currency had reached all-time highs of $19.83 as recently as August 2020 but currently sits around $12, after the cryptocurrency momentum slowed in the wake of DeFi’s short term collapse. Svenson argues that reaching the $13 mark consistently could see further heights just around the corner.
‘I hope you are buying #ChainlinkLink during the dips … because a $100 $LINK price is less than 10x away … $100 is the first Target Direct hit in a major bull market.’
What is Chainlink?
The currency was first introduced in 2017 by Sergey Nazarov, with Steve Ellis as the co-founder. It acts as the central currency for the decentralized Oracle network of the same name. The network’s stated goal is to act as a meeting point for blockchain-based smart contracts on Ethereum and real-world third party applications. However, the currency has also expanded into other sectors, namely gaming and insurance. Despite its success, the currency has detractors. Analyst and investor Cryptowhale has stated that the currency is in a bubble, fuelled by ‘DeFi hype and greed,’ that is sure to burst soon.
The LINK currently sits around 6th place in the cryptocurrency market as of writing and seeing impressive growth. Despite a recent shift to a buyers’ market, the currency has not been hard hit, suggesting a strong bullish pattern. Analysts believe that Chainlink could have new challenges in its path, including the fast-approaching Ethereum 2.0 release. But for now, the currency’s main goal is hitting the $13 resistance.
