Bitcoin, the cryptocurrency market leader, is trading in the red, as are most cottage coins. On the other hand, Caldano is up by more than 5%. As the daily chart shows, LINK price has been under pressure in recent days. It has fallen nearly 12% from its peak last week. It has also surpassed the key support level of $20.87, which is the lowest level since September 22.
At the time of writing, Link has fallen more than 7% and is trading at $24.25. Ity is currently down 54% from its new high.
Therefore, as long as Chainlink price stays above both moving averages, it will almost certainly continue to rise. If that happens, the next important level to watch is $30. If the price falls below the important support level of $22, then the optimistic outlook will be invalidated.
This analyst says the ecosystem is exaggerated
Despite its poor performance in the market last year, a leading cryptocurrency expert believes Chainlink (LINK) is on the rise.
The host of YouTube financial education channel InvestAnswers shares his optimistic take on the decentralized prophecy machine network in a new interview with cryptocurrency analyst Benjamin Cowen.
“This is the prophecy machine ……LINK / ETH that every bottom mining pool has a finger on, below the 0.008 ($26.25) level. Any time that happens, that’s a buy indicator for Chainlink …… It’s a little consolidated right now, but I think with the addition and consultation [of] Google’s former CEO out there, Chainlink’s future is just bullish for the times.”
Chainlink revealed in December that former Google CEO Eric Schmidt has joined the project as an advisor. The host went on to say that he was concerned about the token economics of cryptocurrency assets, but that its ubiquity sets it apart.
He believes that one aspect of Chainlink that is relevant to him is inflation – it's a little bigger than he would like, but there's no denying that it's part of all the smart contracts on chain around the world.