Chainlink makes a comeback from the lower levels after taking support from $23. Taking cue of its trendline support and consistent uptrend, we can expect the Chainlink price to continue to move upwards towards $50 levels. But this price action can only be seen once LINK can surpass the resistance or barrier at the immediate level of $35.
Chainlink is not a newbie in the crypto world, and it stands at the 15th position in terms of market capitalization with a combined in circulation asset of $15.76 billion. Close to 46% of its digital crypto is under circulation, which is consistently growing with the growth of smart contracts.
Chainlink Price Analysis
Chainlink hits a close to the recent August 2021 high of $36. Continued buying at current levels can further push the LINK price to new heights. Considering the price momentum indicating a steep rise in buying strength with the upsize movement despite the decreasing transaction volumes indicates genuine buying. The 200 DMA strong support level is active at $27, which is just 40% short of current levels.
Comparing similar price differences between 200 DMA and the current value of leading cryptocurrencies in the smart contract domain, one can expect chainlink to rally above the $50 level before the end of this year as per our Chainlink price forecast.
This price momentum can take place only if LINK successfully manages to breach the resistance level of $36 and $50 in the current swing. Investors should worry only if the value of LINK crypto falls under $20.