Like Bitcoin and other crypto assets, Chainlink (LINK) has been on an interesting rally since the lows. The leading cryptocurrency in the week hit a high of $4.20 — up 170% from the lows of March 12th — per data from Tradingview.

LINK has only held above $4.00 for a brief period of your time . But a prominent analyst suggested that ought to this region hold as support, Chainlink could enter “price discovery ORBIT.”

Chainlink (LINK) must Hold ~$4.00

According to a prominent crypto trader, he thinks that if Chainlink can “build some semblance of structure above” $3.84, the cryptocurrency could soon enter “price discovery ORBIT.”

While he didn’t expand on now , his chart indicates that over the past few months, the extent of $3.84 has been extremely important, acting as support and resistance on multiple occasions.

As it stands, the cryptocurrency seems poised to carry this level.

LINK is trading at $4.07 as of the time of this article’s writing, with no notable pullback despite Bitcoin’s 5% retracement. In fact, on the day, the altcoin is up 5%, strongly outperforming the cryptocurrency market leader.

Strong Fundamental Factors Could Support the Crypto

The fundamentals of the crypto could support the holding of the present price levels.

Chainlink was just added to Gemini, the New York-based crypto exchange travel by the Winklevoss Twins, a number of the foremost prominent Bitcoin bulls. This listing, which also sees five other digital assets now supported by the platform, came shortly after Gemini CEO Tyler Winklevoss said:

“I really appreciate the eagerness of the LINK Marines. Their fervor and dedication jogs my memory of the first Bitcoin and Ethereum communities. Unlike many other crypto armies, they’re dedicated to a project that has real promise and technical merit.”

Also within the vein of the adoption of the favored cryptocurrency, ParaFi Capital, a crypto fund, has proposed that LINK should be supported by the Ethereum-based DeFi platform MakerDAO.

The reasons: Chainlink is that the 12th largest crypto asset and therefore the project has seen mounds of support within the DeFi community.

The discussion of LINK being added to Maker garnered much steam that Rune Christensen, founding father of MakerDAO, wrote:

“Even assets that are correlated with ETH, like LINK, would help to source more Dai generation and help with restoring the peg and DSR.”

Bitcoin’s the Crypto Market’s Focus

While this might play out, Bitcoin is that the focus of the crypto market at the instant .

Sharing the chart seen below, the lead technical analyst at crypto research firm Blockfyre remarked that as Bitcoin slows down, “altcoins are really getting to struggle,” adding that it’s an absolutely “brutal’ outlook for this segment of the market. He added that there’s “max pain ahead” in his opinion.

Bitcoin dominance chart Chart from @pentosh1, the lead technical analyst at crypto research firm Blockfyre.


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