Chainlink has achieved the all-time high earlier today on the LINK/USDT pair, with the price hitting $51.20 before a corrective pullback took it back below the $50 mark. This price move is the culmination of a V-shaped upside move that started on 18 April. As a result of this move, the market capitalization of LINK has surpassed the $20 billion mark. This move has also enabled Chainlink to solidify its position as the 11th most capitalized cryptocurrency on the Coinbase list.
This move comes on the back of yet another integration announcement. This time, the integration comes from SmartZip, bringing real estate data to the blockchain using a Chainlink node. This node is expected to enable SmartZip to offer predictive analytics across several blockchain markets.
Chainlink is presently 5.05% higher on the day following the intraday pullback.
Technical Outlook for Chainlink (LINK/USDT)
Chainlink has pulled back from its all-time high of 51.20, set earlier on Wednesday, as traders who rode the trend early opted to take some profits. Price is now at a point where it tests the 47.91 resistance (88.6% Fibonacci extension from the 24 March to 15 April price swing).
A break above this level allows the bulls to retest the all-time high point. A further advance beyond this level opens the door towards the 55.81 (127.2% Fibonacci extension) potential resistance.
On the other hand, a rejection at 47.91 extends the corrective pullback of Chainlink towards the 45.86 (78.6% Fibonacci extension) price mark, with the 44.11 (15 April) and 42.50 price levels acting as additional support targets.