fxstreet.com 05 Feb, 2021 12:30 am

LINK is on the verge of a 30% breakout

Chainlink price has seen a steady increase in its market value since late September 2020 and picked up the pace in early January 2021. With over 150%

Chainlink price has seen a steady increase in its market value since late September 2020 and picked up the pace in early January 2021.On February 5, Chainlink price broke out of the ascending triangle on the 4-hour chart.LINK/USDT 4-hour chart IntoTheBlock's In/Out of the Money Around Price (IOMAP) model shows that since Chainlink is in price discovery mode, it faces no opposition ahead that will prevent it from reaching the ascending triangle’s target.LINK IOMAP chart Only a 4-hour candlestick close below this support level will invalidate the bullish outlook and lead to a downswing that pushes Chainlink price towards $17.

Today, Chainlink's Price Reference Data Feeds are among the most widely used decentralized oracle solutions in the nascent DeFi space.For example, Chainlink price rose by 16% after development activity surged by 33% between January 10 and January 19 of the present year.

Read full story at fxstreet.com