Chainlink (LINK) Price Analysis: Leading the gainers among blue chip coins

Overall market has shown some signs of life and made a nice rebound from the local bottoms it touched last week.

Market cap is now at $224 billions and is about to hit confluence point of its moving averages that will act as its first resistance level on the way to recovery.

Bear in mind that the data from Tradingview is a bit different from the one from coinmarketcap and Tradingview puts the overall market cap almost $8 billions lower than CMC.

As you can see, it is about to hit a horizontal resistance level of $219 billion and right above it is the meeting point of its moving averages. If the market cap manages to burst through these resistances, we are in for some nice gains market wide.

The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 38 points on this scale that uses 5 different source of information to calculate its value. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.

Latest Crypto Fear & Greed Index

LINK/BTC Analysis

Just like the whole market, Link also saw a nice day of gains of almost 10% today, measured in USD. It beat BTC as well, by 6% thus making LINK one of the biggest gainers among top coins.

As shown by the chart above, LIN/BTC looks bullish. Chainlink managed to break through Fib382 and is about to hit Fib50 at 23500 sats. This zone has been a significant support/resistance historically, with LINK hanging around it back in July and August. So, for the short term, taking some profit around 23k seems like a good idea.

Other LINK news

Link has been added on Coinbase pro and Kraken, two of the biggest exchanges worldwide which is surely a good sign and a liquidity booster.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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