LINK has now continued its very strong rise from Higher Low to form a new ATH level, which reflects a very capable rally in this Chainlink token, so the prospects will be the basis of my analysis this time.
Now, based on data from CoinMarketCap (CMC), at the time of writing, LINK has a market capitalization of $19,992,910,503 and a daily trading volume of $3,012,973,304 which makes this crypto ranked 12th by market capitalization. And if we compare it to 2020, the market capitalization has experienced a very rapid increase as new investor interest in altcoins has increased.
4 Hour Chart Technical
At the time of writing, LINK, which had previously formed a new ATH, is now still under mild pressure, reflecting that investor optimism is still high for it, so AltSeason is the basis of this analysis.
In our technical view, the bulls still hold dominance in terms of the price structure, where the previous Higher Low level became the new basis in their strong bullish structure so far.
Here I try to describe it in the 4-hour technical chart below:
Based on the picture above, Link prices have continued to strengthen very convincingly for a rally, where Bullish seems to still dominate, so optimism is clear here.
In my view, at this time frame, LINK has a Key Support-Resistance (SR) level that is capable enough for us to use as a handle in validating potential trends, namely at the levels of $ 40.20, $ 44.20 and $ 50.30.
All the SR levels in the analysis this time are confirmation points that we see as quite capable in reading the market view, where the bullish potential is still better as long as the price is able to stay above the $44.20 key level.
Daily Chart Technical:
Also, in the medium term view, the Chainlink token is at the time of writing still in a bullish trend and continuing its medium term rally, which AltSeason plays a big role on LINK as the market has shifted its sights towards Altcoins.
In view of this analysis, Key Daily Support will work as a ‘Validator’ of our efforts to determine the existence of bullish flows and rallies, where as seen on the 4-hour chart, prices still have the potential to rise as long as they can stay above it.
And as for its Bearish scheme, price was able to break down strongly the Key Daily Support level, which continued to drag the price down and threaten the rally line of the 12th crypto by market cap.
And for the fundamental view, the strong increase in LINK has many supporting factors, including AltSeason, Chainlink performance, and also increasing adoption so that the increase is still overshadowed by the potential for a more real continuation compared to last 2017.