The ChainLink (LINK) price has stabilized after the carnage of the recent Cryptocurrency bloodbath. After holding major support at $30.0, we wonder what comes next for the ChainLink price.
What is ChainLink?
Operating on the Ethereum blockchain, ChainLink essentially bridges the gap between the blockchain and the outside world.
The network allows developers access to real-world data via the blockchain whilst providing the security and efficiency of blockchain technology. LINK is the utility token used to power transactions on the ChainLink network.
The ChainLink Price has enjoyed a meteoric run higher over the last year. In April of 2020, the token was trading at a lowly $3.60. Fast forward 12 months and the price (at the time of writing) is 1000% higher at $35.85.
Where next for the ChainLink Price?
Looking at the daily price chart, we can see that since Q3 2020, the ChainLink price has been in an ascending trading channel. The token first traded to $36.0 in February of this year before a -43% decline to $21.0 in March.
Since then the Chainlink price has remained in step with the fate of the broader Crypto Market. LINK went on to make a new high of $44.30 on the 14th of April before the recent market rout saw the price retreat back to major support at $30.0, some 32.50% off the recent high.
The ChainLink price found its feet as the market tested the lower band of an ascending trendline, linking (excuse the pun) 23rd of December and 24th of March lows.
Some stability has since returned to the Chainlink price. At $35.85 it has enjoyed a close to 20% rally from the critical support at $30.0. The market remains in its broader trend channel and a break above the $39.0 mark could set it up for another run at the all-time highs of $44.30.
A close below critical support at $30 would signal that the uptrend is no longer valid and would target the $23.80 level (low of 24th of March).