Chainlink is now bigger than Litecoin as LINK is more than above $24. It has now entered a new price zone that investors may want to watch few critical levels for the next vital move.
A news post on cointelegraph stated that Chainlink or LINK is one of the large performing cryptocurrencies in the market at the moment. It has proved to be so in the past twelve months. January 23rd was a new day because LINK hit a new rate of more than $24.
Officially, it is more significant than Litecoin and ranks at seven with a val2 billion value. It was able to do so after moving ahead of Bitcoin Cash this week. The surge in LINK price of LINK also coincides with rumors this week that Grayscale is adding to add a Chainlink Trust product.
Fuzzy.One is a supply chain and information engineering service had to tweet this about the development on Chainlink now bigger than Litecoin as LINK price hits new high above $24.
— Fuzzy.One (@FuzzyOne10) January 23, 2021
It was also due to the fact that the price of Chainlink was able to move toward a new all-time high. Traders and investors, in general, like to enter a position when the price is doing well. Unfortunately, in trading, those who support resistance flips tend to get the best results.
The first resistance flip happened when it reached the $10 level, and the same happened with the $13 and $17.30 as well. Hence, traders may want to watch out for the downside until the $17.30 areas and the $19.50 areas are reached.
The Fibonacci extension tool is an excellent indicator for understanding and finding these figures for investments in 2021. According to analysts, the next massive surge of wave can happen for Bitcoin (BTC) pair of LINK.
The altcoin-BTC pairs have been doing well this week. They cannot be called “altseason” for now because the altcoins must still consolidate and gain strength for the next leg up to happen in the market.
For Chainlink, for this kind of accumulation to happen, the price of Bitcoin should be steady because the volatility in the price of bitcoin may impact it on a large scale. The LINK/BTC faces a crucial test period now.