Chainlink (LINK) is a smart contracts platform that ranks among the top 20 crypto projects in terms of market cap. LINK, the native token of the company, experienced a significant correction at the beginning of December that sent its price plummeting. But the coin was able to find sufficient support around $17 and consolidated there. Since then, it has seen decent gains. These are the highlights:

• At the time of writing, LINK was trading at $22. 43, down 4% in intraday day trading.

• Despite this, the coin is still up over the last 7 days, reporting gains of nearly 15% over that period.

• However, LINK is facing major resistance around the $23 mark, something that could hamper a prolonged bull run.

Data Sources: Tradingview.com

Chainlink (LINK) – Price analysis and prediction

After a decisive correction, there were fears among analysts that LINK could tumble well below $15. But despite this downtrend, we saw the coin find support and consolidation around $17. It stayed there for some time before breaking out towards $20. At the time of writing, the LINK was trading at $22.43.

We are however seeing a lot of resistance around $23. LINK must rise above that level and maintain those gains in order for any uptrend to be sustained. RSI readings indicate that LINK is too overbought. If current LINK owners decide to lock their profits, then upward momentum could be subject to severe bear pressure.

Should you buy Chainlink (LINK)

Chainlink has been a great investment to diversify your crypto portfolio. The long-term fundamentals of LINK are too great to ignore. LINK also has delivered decent returns in 2018. The price is currently at a discount and there’s still a chance to get in on this opportunity. However, there will be some short-term volatility.