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This article discusses Chainlink price prediction for the first month of 2021. If you have been thinking of buying some cryptocurrency, then you are in the right place because we will provide you with some of the information you will need. Just read on to find out our analysis and what other experts think about Chainlink’s performance in January 2021.

Chainlink (LINK) Overview

chainlink

Chainlink is an oracle blockchain project that seeks to bring smart contracts into real-life application. Founded on the Ethereum blockchain, the native token LINK is an ERC-20 token used mainly to incentivize node operators who keep the network safe. Following its ICO in 2017, 32% of the LINK tokens were allocated to node operators for this purpose.

LINK is not mined, as is the case with Bitcoin. Rather, there are a total of 1 billion LINK that are pre-mined. There are currently 399,509,556 LINK in circulation, having a market cap of $5,519,186,328, the biggest of any DeFi token. It is currently the 10th largest cryptocurrency by market cap and is now trading at $13.85, with $2,480,187,806 worth traded in the last 24 hours.

Chainlink (LINK) Price Prediction: Analysis

Chainlink was by far one of the best performing cryptocurrencies in 2020. The price reached close to $20 during the DeFi boom in August but has since dropped. As a large portion of the altcoin market is down as Bitcoin continues to surge, LINK is not left out of the downward move. After rising along with other altcoins and Bitcoin to reach $15 in November, it has been on a downward move, albeit slowly.

A death cross occurred between the 50 and 20 MA, indicating that the price is on a downward move or has stagnated at least. This means that no positive price movement may occur in the short-term until the trend is reversed. Also, both the 20 and 50 MAs are on their way down and could cross below the 100 MA, further worsening the situation if the trend continues.

The Relative Strength Index (RSI), however, shows that hope for a bounce may be on the way. The RSI is below 36%, which is one of the lowest levels it has reached recently before a bounce. This could, however, be heavily influenced by Bitcoin’s performance in the short-term, which is not slowing down at the moment. As is in the case for the most part, altcoins usually crash when Bitcoin rallies as it is doing now, and if the trend continues, then LINK could reach lower levels or at least maintain the current price and not go up.

Below are key support and resistance levels for LINK traders to note in making trading decisions. This was calculated by Walletinvestor:

  • Resistance Level (R3): 12.672;
  • Resistance Level (R2): 12.222;
  • Resistance Level (R1): 11.594;
  • Pivot Point: 11.143;
  • Support Level (S1): 10.516;
  • Support Level (S2): 10.065;
  • Support Level (S3): 9.437.

Developments

The Chainlink team, through the Chainlink Community Grant Program, has awarded a grant to The Link Marine for the creation of a news website known as Chainlink News. In an announcement on its official Twitter handle a few days ago, the team said it was part of its strategies to give back to the Chainlink community.

The Chainlink grant program supports development teams and researchers committed to building a more robust and functional Chainlink network. The new website will be independent, and it will be used for creating, aggregating, and consuming all Chainlink news in the entire crypto ecosystem.

Among other things, the website will translate important content into many languages to help maintain the diversity of the community. They will also help to ensure that the content created by the community is easily visible to the rest of the ecosystem.

Chainlink Price Prediction: Market Opinion for January 2021

The following are market opinions from leading websites on the performance of LINK in January 2021.

Walletinvestor

One of the leading market prediction websites, Walletinvestor, predicts that the highest LINK will reach within the first 14 days will be $15.078, while the lowest during this period will be $13.136.

DatePriceMin PriceMax Price
2021-01-06 13.292 12.313 14.227
2021-01-07 13.171 12.198 14.054
2021-01-08 13.288 12.380 14.195
2021-01-09 13.388 12.441 14.407
2021-01-10 13.696 12.766 14.677
2021-01-11 14.082 13.136 15.078
2021-01-12 13.861 12.896 14.805
2021-01-13 13.171 12.217 14.106
2021-01-14 13.050 12.072 13.936
2021-01-15 13.168 12.277 14.138
2021-01-16 13.268 12.339 14.232
2021-01-17 13.575 12.588 14.548
2021-01-18 13.962 13.008 14.937
2021-01-19 13.740 12.822 14.738

Tradingbeasts

Tradingbeasts predicts that LINK will start January 2021 at $9.93. It will reach a high of $12.576 and a low of $8.552 before closing the month at $10.061.

Digitalcoinprice

According to this website, LINK will reach an average price of $25.07 in January 2021.

Gov.capital

Gov.capital predicts a price of $11.250 for LINK at the start of January 2021. The minimum price for the month is expected to be $9.5625, while the maximum will be $15.3203, which will also be the closing price for the month.

Calendar dateRegularLeast possible priceBest possible price
2021 January
2021 January 05, Tuesday 12.441 10.57485 14.30715
2021 January 06, Wednesday 12.453 10.58505 14.32095
2021 January 07, Thursday 12.509 10.63265 14.38535
2021 January 08, Friday 12.642 10.7457 14.5383
2021 January 09, Saturday 12.790 10.8715 14.7085
2021 January 10, Sunday 12.873 10.94205 14.80395
2021 January 11, Monday 12.906 10.9701 14.8419
2021 January 12, Tuesday 12.734 10.8239 14.6441
2021 January 13, Wednesday 12.729 10.81965 14.63835
2021 January 14, Thursday 12.714 10.8069 14.6211
2021 January 15, Friday 12.803 10.88255 14.72345
2021 January 16, Saturday 12.896 10.9616 14.8304
2021 January 17, Sunday 13.043 11.08655 14.99945
2021 January 18, Monday 13.107 11.14095 15.07305
2021 January 19, Tuesday 12.992 11.0432 14.9408
2021 January 20, Wednesday 12.998 11.0483 14.9477
2021 January 21, Thursday 13.023 11.06955 14.97645
2021 January 22, Friday 12.981 11.03385 14.92815
2021 January 23, Saturday 13.077 11.11545 15.03855
2021 January 24, Sunday 13.158 11.1843 15.1317
2021 January 25, Monday 13.170 11.1945 15.1455
2021 January 26, Tuesday 13.028 11.0738 14.9822
2021 January 27, Wednesday 13.047 11.08995 15.00405
2021 January 28, Thursday 13.032 11.0772 14.9868
2021 January 29, Friday 13.054 11.0959 15.0121
2021 January 30, Saturday 13.242 11.2557 15.2283
2021 January 31, Sunday 13.322 11.3237 15.3203

Chainlink Price Prediction: Verdict

Chainlink seems quite weak right now, and the predictions do not suggest a big leap in January 2021 except that of Digitalcoiprice. However, analysts believe that Chainlink holds some critical use cases that should make LINK much more valuable in the future. However, care should be taken when investing, as it could be a long time before any real gain can be made.

Featured image: blog.bybit.com

Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.