Chainlink (LINK) establishes upward trendline despite market-wide crypto correction

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Chainlink (LINK) appears to be establishing an upward trend line that could see it surge towards $33. The coin has in fact been one of the better performers despite the market-wide crypto correction that we have seen over the past week or so. LINK is building this upward momentum, but can it hold? Well, here are some highlights first:

  • LINK has managed to retrace its 200-day exponential moving average over the last few days

  • The token also shows a bullish crossover of its 20- and 50-day EMAs

  • The coin has shown outstanding resilience even with massive downward pressure from the broader crypto market.

Data Source: Tradingview.com 

Chainlink (LINK) – Price prediction and analysis

LINK had shown some signs of recovery after the December Santa rally. The coin was testing its $23.16 resistance at the time. However, even despite massive downward pressure from the broader crypto market, LINK showed exemplary resilience, surging past $23.16. 

At the time of writing, the coin was trading at $26.28 and is firmly testing overhead resistance of around $28.7. When you consider the downtrend we have seen in crypto over the last week, it is clear that LINK has actually done quite well. 

If the coin is able to break past $28.7, we expect it to surge past $33 in the near term. But with sentiment in broader crypto still bearish at the moment, it may take longer for LINK to break that threshold.

Should you buy Chainlink (LINK)

LINK has always been one of the best crypto assets to buy and hold for the long term. The coin right now is heavily discounted. As such, it’s a good time to get in. 

The underlying fundamentals are positive, and the price analysis suggests a short-term rally that could help mask out some of the losses we saw in the last 7 days.