As most crypto-assets continue to recover from the January slump, Chainlink (LINK) has actually been lagging behind its peers. Although we have seen some consolidation in recent days, LINK has failed to truly rally. However, the coin is starting to develop a significant bullish reversal that could take it to $31. Here are some highlights:
Despite strong resilience, LINK has faced extensive resistance around the $18 mark in the last week.
In fact, at the time of writing, the token was selling for $18.95 and has been bouncing off that threshold for the past 7 days.
But we are seeing strong consolidation and a bullish reversal that could push LINK towards $31.
Data Source: Tradingview.com
Can Chainlink actually break $30?
It will not be the first time LINK is trading above the $30 mark. The challenge however is that the coin has been quite slow to recover even as sentiment in the market improves. The key for LINK would be to break above the $18 resistance.
If that happens, we could see it surge past $20 and inch closer to the $30 mark. However, this thesis will be invalidated if bulls are not able to bounce off the price action around $18.
In fact, if LINK falls towards $15, then more weakness will follow before it finds some support at around $12. At press time, the coin was trading for $18.95.
Is Chainlink (LINK) a good buy?
With a market capitalisation of around $12 billion, LINK is one of the biggest crypto assets in the market. It has mainstream status and has been one of the best performing coins over the last year or so.
Although we have seen some weaknesses this year, the underlying fundamentals are still quite good. In that case, LINK is a perfect buy, especially for investors who want to hold it for a year or longer.
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