While the majority of altcoins have suffered during Bitcoin’s recent parabolic rise above $10,000, that hasn’t been the case for ChainLink, which has rallied an astonishing 950% in two months.
At the start of May, ChainLink’s LINK token was worth just under $0.50 – 70% down from its January 2018 all-time high of $1.50.
It then proceeded to begin its own bull run over shorter time frames, rising like a phoenix to its previous all-time high before consolidating and finding support above $0.80.
Several traders suggested that it was time to take profits, especially in light of Bitcoin’s surge all the way to $14,000.
However, despite the fact that Bitcoin’s market dominance was rising and most altcoins were stuttering, ChainLink kept going to make a new all-time high above the $2 mark.
San Francisco-based exchange Coinbase then listed ChainLink on its platform, sending price further to the upside before it peaked at $4.78.
From a fundamental standpoint, Google’s announcement of a partnership with ChainLink couldn’t have come at a better time.
The search-engine giant will use ChainLink as the “middleware” between native smart contracts and Google’s data.
Technically, ChainLink’s chart remains in a notably bullish formation, with a price discovery phase still in full effect.
If Bitcoin stutters, ChainLink could begin to fall against its USD pair, with the $1.50 and $2.15 levels coming in as key levels of support.
The 0.618 fibonacci level also comes in at $3.13, meaning this could also be a key level of support moving forwards.
While it’s difficult to predict upside targets with no prior price history at this level, if the market cap of LINK reaches the likes of TRON and Cardano, it will be worth around $7, while the $5 and $10 levels will also come in as psychological levels of resistance.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.