Most of the major cryptocurrencies have advanced as the US presidential election continued to progress with a winner not yet officially announced. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the threshold of 270 very soon.
Fundamental analysis: The future looks bright but there’s still a level of uncertainty surrounding the project
The price of Chainlink (LINK) has advanced from $9.8 above $13.5 in less than three days and the current price stands around $13. The main trend of this cryptocurrency remains bullish and Chainlink is eying to $15 as the uptrend continues.
It is also important to mention that the price of Chainlink is correlated with the price of Bitcoin and investors in this cryptocurrency should also have Bitcoin on their “watch list”. Bitcoin has advanced above $15000 and some analysts believe that BTC may start trading even higher in the upcoming days.
This is positive news for the cryptocurrency market and this month could be very significant for the future price of this cryptocurrency.
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink is one of DeFi tokens that are expected to skyrocket in the very same manner that Etherem did in 2017.
Since many of the enterprises and developers are looking for such a decentralized oracle network, the future looks bright but there’s still a level of uncertainty surrounding the project. There are some obvious risks when it comes to buying LINK currently but if the price jumps above $15 this November that will be confirmation of the bullish trend.
Technical analysis: Bulls are focused on breaking the resistance level at $15
Data source: tradingview.com
According to the rules of technical analysis, the current trend of this cryptocurrency remains bullish. The current resistance levels are $14 and $15, $12 and $10 represent the current support levels.
If the price jumps above $14 it would be a signal to buy Chainlink (LINK) and we have the open way to $15. Rising above $15 supports the continuation of the bullish trend and the next price target could be located around $16 or even 18.
On the other side, if the price falls below $10 it would be a strong “sell” signal and we have the open way to $9.
The US elections are closely watched, according to the latest news Biden is taking the lead in Georgia, Pennsylvania, Nevada and Arizona but the US presidential election continued to progress with a winner not yet officially announced. Chainlink (LINK) has found strong support above $10 and the technical picture implies that the price may advance above $15 this November. The transaction volumes of this cryptocurrency are expected to increase but there’s still a level of uncertainty surrounding the project.
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