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Price Analysis – Trading Green at $4.76 LINK Set to Retest its ATH value of $4.95

Where most of the other altcoins have got affected by Bitcoin’s recent price drop, Chainlink (LINK) remained untouched as the coin is trading green in the market with no signs of bearish trend ahead. With the support of strong bullish sentiments in the crypto market, the price value of LINK is trading at $4.76 and is all set to make another attempt to retest its all-time high of $4.95 which the coin set in the present year.

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LINK Strongly Holds the Bullish Territory

Chainlink’s LINK token has been surprising the whole market with its outshining performance in recent times. The altcoin is known to perform well even in the severe market price crashes as well. Recently, the thirteenth-ranked altcoin set its all-time high of $4.95 on May 4, 2020. Now, the coin is preparing to retest this figure.

Currently, LINK is strongly holding the bullish territory in the market. The value of the token is trading above all of the moving averages. Apart from this, the MACD of the coin is also suggesting the bullish behavior ahead. This means that the coin has a high bullish scenario which may help the coin to break above its all-time high value.

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To retest its ATH value, a little bit of effort is required from LINK because a short-term resistance level of $4.85 is standing ahead on its way to achieving its desired milestone. The token has to go through this resistance before reclaiming its all-time high value. However, there are some levels that may provide short-term support to the coin. These stand at $4.55, $4.37, and $4.21.

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An increase of 100% has been noticed in the number of LINK holders

The number of Chainlink’s LINK holders has been continuously rising in the year 2020. Since the start of the year, an increase of 100% has been noticed in the number of LINK token holders. The recent data shared by Glassnode shows that over 160,000 addresses are currently holding LINK token.

The increasing number of LINK holders refers to the popularity of the coin among investors and this is a positive sign for the token.

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Bentley Kapoor

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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