- Chainlink has just set a new all-time high of $21.45 – Binance rate
- The weekly Chainlink chart hints at a continuation to higher levels
- Crypto analysts and traders have provided several price predictions including $32, $43 and $60
- However, Chainlink’s fate depends on Bitcoin providing the ideal environment for LINK to thrive
The digital asset of ChainLink (LINK) has just set a new all-time high of $21.45 – Binance rate. Chainlink’s potential of breaking the previous all-time high of $20 was evident when its value refused to drop below the $12 support during the recent Bitcoin crash. The $12 price area has been a strong support area for the digital asset with $16 looking like the next solid support for ChainLink moving forward.
Chainlink’s Weekly Charts Hints of Bullish Momentum
Additionally, and from the weekly LINK/USDT chart below, Chainlink looks ready to keep pushing higher as shall be elaborated below.
To begin with, the weekly MACD has just crossed in a bullish manner with its histogram confirming the bullishness.
Secondly, the weekly RSI and MFI are at levels last witnessed in June of 2020 when Link marines banded together in a quest to liquidate Zeus Capital for calling the project vaporware.
Thirdly, today is Friday and the past few weekends have been green for altcoins. Therefore, Chainlink could very well have a cool 48 hours to keep pushing higher before the weekly close that might provide downward selling pressure.
How High can Chainlink Go?
With regards to how high Chainlink can go, it is once again a guessing game. Going back in time, Bitcoin and crypto analyst Timothy Peterson had provided a $32 price forecast during the aforementioned attempt by LINK marines to liquidate Zeus Capital. Once again, such a value is within reach for Chainlink.
A $43 – $60 price prediction has also been provided by crypto analyst and trader, Pentoshi, via the following tweet.
Broken downtrend from ATH's vs BTC starting a new cycle.
Breaking USDT ath's = price discovery
Bottomed vs Eth.
Damn been tweeting this setup all week. Targets $43-47 and $57-60 imo pic.twitter.com/Kq3c6Pm7cz
— Pentoshi 🐧wont DM you (@Pentosh1) January 15, 2021
Chainlink’s Fate is in the Hands of Bitcoin
As with the case with the majority of altcoins, Chainlink needs an ideal environment to keep thriving. Bitcoin needs to experience sideways movement above the crucial $30k price zone for altcoins such as Chainlink to flourish. Therefore, having an eye out on Bitcoin might be advised when considering to go long on Chainlink at current levels.